Liaoning Fu-An (603315) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Liaoning Fu-An stock ¥4.21, price ¥9.14, that is 54.0% below the price, quality 47 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range ¥7.65 – ¥31.45 · fair‑value band ¥4.18 – ¥4.35 · the ¥9.14 price screens above the ¥4.21 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 2026.
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Liaoning Fu-An Heavy Industry Co.,Ltd produces and sells steel castings in China.
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It offers casting products, such as alloy steel, ordinary steel, ductile iron, gray cast iron, and various types of sheet metal structural parts, which are widely used in energy and power, transportation, ships, rolling machinery, mining machinery, coal machinery, petroleum and chemical machinery, and other industries.
The company also develops small and medium-sized gas turbines used in distributed energy; designs, produces, sells, and after-sales service of gas turbine units; and provides installation and commissioning of gas turbine units, as well as training, maintenance and repair, and spare parts supply.
In addition, it provides heavy machinery and equipment, including mining mills, crushers, mobile semi-mobile crushing stations, various beneficiation equipment, stockyard equipment, sintering, pelletizing, and ring equipment; coal grinding equipment; and cement equipment for power stations.
Further, the company is involved in the EPC general contracting of construction projects, cogeneration, new energy, distributed energy development and construction, energy-saving and environmental protection project construction, architectural engineering design, metallurgical engineering design, environmental engineering design, municipal engineering design, power engineering design, flue gas desulfurization and denitrification, dust removal and resource recycling, engineering survey, engineering surveying and mapping, engineering consulting, contract energy management, and other services.
Liaoning Fu-An Heavy Industry Co.,Ltd was founded in 2004 and is based in Anshan, China.
Stock analysis
Liaoning Fu-An (603315) currently trades at ¥9.14, while our model-based Fair Value estimate is ¥4.21, 54% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of ¥5.93 per share, and 1 of the 26 models we run sit above the ¥9.14 price.
Bear case: the Growth Earnings group reads lowest at ¥2.28, and 25 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: ¥4.18 (bear) to ¥4.35 (bull), the price of ¥9.14 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 47/100 (below-average quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Liaoning Fu-An reported revenue of 1.3B CNY in FY2025 versus 951M CNY in FY2021, a compound +7.6%/yr. Reported net income was 47.7M CNY in FY2025, compounding −10.7%/yr from FY2021.
Key figures
Market cap 2.9B CNY (≈ $439M) Small · P/E ratio 114.3 · P/S ratio 2.43 · EPS (TTM) ¥0.0800 · Dividend yield 0.5% · Net margin 2.2% · Return on equity 1.2% · Return on assets (EBIT) 2.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 27 out of 100 (medium confidence).
What moves the price
The share trades about 54% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −34% fair-value upside, at −54%, 603315 screens richer than that median.
Fair Value models
Bear¥4.18Fair Value ¥4.21Bull¥4.35
Price ¥9.14 · Downside -54.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥0.0299 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF¥4.56¥6.75¥10.0080
Growth DCF¥4.54¥6.53¥9.3578
Owner Earnings¥3.64¥5.26¥7.6976
All 26 models by family
DCF Models
FCF DCF¥4.56¥6.75¥10.0080
Owner Earnings¥3.64¥5.26¥7.6976
5Y Revenue Exit¥3.70¥5.32¥7.4173
5Y EBITDA Exit¥4.17¥6.26¥8.7775
5Y P/E Exit¥3.36¥4.64¥6.0372
10Y Revenue Exit¥3.92¥5.47¥7.6567
10Y EBITDA Exit¥4.28¥6.10¥8.6768
10Y P/E Exit¥3.79¥5.02¥6.6065
Earnings-Based
Graham-Dodd¥1.01¥4.15¥5.6564
Lynch FV¥1.04¥1.49¥1.9361
PEG = 1.0¥1.04¥1.49¥1.9357
EPV¥2.84¥3.10¥3.3374
Dividend Discount
Gordon GGM¥1.35¥2.49¥3.5067
DDM Multi-Stage¥1.35¥2.25¥2.6667
Multiples
P/E Multiple¥1.90¥2.53¥3.1663
P/S Multiple¥1.90¥2.53¥3.1658
P/B Multiple¥11.87¥15.83¥19.7955
EV/EBIT¥1.74¥2.64¥3.5365
EV/EBITDA¥2.39¥3.50¥4.6067
EV/Revenue¥1.39¥2.38¥3.3852
Asset-Based
NCAV (Graham)¥1.74¥2.64¥3.3054
Growth DCF
Growth DCF¥4.54¥6.53¥9.3578
Rev-Margin DCF¥3.70¥5.32¥7.3473
Economic Profit
Residual Income¥3.61¥3.63¥3.7576
ROIC Compounder¥2.84¥3.10¥3.3372
Growth Earnings
Growth-Adj P/E¥1.60¥2.28¥2.9767
The fair value above starts from this blend and is adjusted for a cyclical trough year.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.70/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+3.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.6%
Start year 2020 (pandemic). Over 10 years: +11.7% a year
Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.8%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
−6.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.6%
Dividend (yield on the price)0.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−14.3% vs −6.8%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.13% → 6%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+27.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +25.2% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Steel · 410 stocks
Beats the industry median on 2/14 measures
Overall it trails its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside−54.0% · Bottom 25%
Profitability
Return on equity (12 months)1.2% · Below median
Return on assets1.5% · Below median
Net margin (12 months)2.2% · Below median
Operating margin (12 months)8.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)−25.1% · Bottom 25%
Dividend yield (12 months)0.5% · Bottom 25%
Balance sheet
Debt / equity0.03× · Below median
Valuation Multiplesvs Steel median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Liaoning Fu-An Fair Value". https://www.fairvalue-calculator.com/stock/603315
Frequently asked questions
Is Liaoning Fu-An (603315) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of ¥4.21 versus a price of ¥9.14, about 54% lower (overvalued).
What is the fair value of 603315?
Our model-based fair value for Liaoning Fu-An is ¥4.21 (as of Nov 7, 2026), built from audited fundamentals. The current price: ¥9.14.
What is the quality score of 603315?
Liaoning Fu-An has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Liaoning Fu-An (603315)?
Our model-based price target is the fair value of ¥4.21 (as of Nov 7, 2026) from 26 valuation models. Cautious scenario ¥4.18, optimistic scenario ¥4.35. It is a calculation from audited fundamentals, not an analyst target.
What is the Liaoning Fu-An stock forecast for 2026?
Our models put fair value at ¥4.21, about 54% lower versus a price of ¥9.14 (overvalued). Cautious scenario ¥4.18, optimistic scenario ¥4.35. The calculation is refreshed regularly with new filings.
What is the revenue of Liaoning Fu-An (603315)?
Liaoning Fu-An reported trailing-twelve-month revenue of about 1.2B CNY (latest available figure, as of Nov 7, 2026).
Does Liaoning Fu-An pay a dividend?
Liaoning Fu-An currently shows a dividend yield of 0.49% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Liaoning Fu-An (603315) and when is the ex-dividend date?
Liaoning Fu-An pays a dividend of ¥0.045 per share a year, a dividend yield of 0.5%. The last ex-dividend date was Jul 17, 2026. The payout ratio is 56.3% of earnings. Free cash flow covers the dividend 5.38 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Liaoning Fu-An (603315)?
For today's price to be fair in a discounted-cash-flow model, Liaoning Fu-An would have to grow free cash flow by +27.3 % per year for five years (discount rate 10.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.6 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of 603315 use?
Our models discount Liaoning Fu-An at 10.6 %: a base by market capitalisation (small), damped by beta 0.57, country premium for China. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Liaoning Fu-An that is +27.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.6 %) and the same formula as our fair value.
How much growth has Liaoning Fu-An (603315) delivered so far?
Over the past 5 years revenue at Liaoning Fu-An grew +7.6 % a year. The price currently implies free-cash-flow growth of +27.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Liaoning Fu-An (603315) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Liaoning Fu-An (+27.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Liaoning Fu-An (603315)?
The free-cash-flow yield on the price is 2.65 %: that much free cash flow Liaoning Fu-An produces per unit of market value. When it exceeds the discount rate of our models (10.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Liaoning Fu-An (603315)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Liaoning Fu-An it is ¥4.21 per share (as of Nov 7, 2026), against a price of ¥9.14. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Liaoning Fu-An stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 603315 trades above its calculated fair value: price ¥9.14, fair value ¥4.21, a gap of about −54% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 603315?
No. The price is what the market pays today (¥9.14); the fair value is what the company's own numbers justify (¥4.21). For Liaoning Fu-An the two are ¥4.93 per share apart. That gap is exactly why we show both numbers side by side.
How much is Liaoning Fu-An worth?
The market values Liaoning Fu-An at about 2.9B CNY (market capitalisation, as of Nov 7, 2026). Per share that is ¥9.14; our models calculate a fair value of ¥4.21 per share.
What do the bullish and bearish scenarios say about 603315?
Our models span a range for Liaoning Fu-An: cautious scenario ¥4.18, base ¥4.21, optimistic ¥4.35 per share (as of Nov 7, 2026, price ¥9.14). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 603315?
Liaoning Fu-An trades at a price-to-earnings ratio of 114.3 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥4.21 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 83.6. Other multiples: P/B 1.7, P/S 2.4, EV/EBITDA 25.1.
How solid is the balance sheet of Liaoning Fu-An (603315)?
Balance-sheet figures for Liaoning Fu-An (as of Nov 7, 2026): return on equity 1.2%, debt of 0.03 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is 603315 from its 52-week high?
Liaoning Fu-An trades at ¥9.14, about 54% below its 52-week high of ¥19.88 and 5% above the low of ¥8.67 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥4.21 is for.
Which stocks are comparable to Liaoning Fu-An?
From the same area (Basic Materials) we also value Nucor Corporation, ArcelorMittal S.A, Steel Dynamics, Inc, JSW Steel Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Liaoning Fu-An stock attractive at the current price?
The data as of Nov 7, 2026: price ¥9.14, calculated fair value ¥4.21 (−54%), Quality Score 47/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 603315 calculated?
We run Liaoning Fu-An through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ¥4.21 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Liaoning Fu-An itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Liaoning Fu-An (603315)?
The closing price on Nov 6, 2026 was ¥9.14. Our model-based fair value is ¥4.21, about 54% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Liaoning Fu-An right now?
The price sits above even our optimistic bull case (¥4.35). The favourable scenario is already priced in. Weak quality (47/100) and above fair value at the same time, the margin of safety is missing on both counts. The models converge in a tight band (¥4.18 to ¥4.35), unusually little disagreement for a valuation.
Where does the earnings growth of Liaoning Fu-An (603315) come from?
Earnings per share at Liaoning Fu-An grew −4.6 % a year from 2013 to 2024. Broken into its drivers: revenue per share +4.1 %, EBIT margin −10.2 %, tax rate +1.3 %, residual (interest, one-offs) +0.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Liaoning Fu-An
How large is the market capitalisation of Liaoning Fu-An (603315)?
The market capitalisation of Liaoning Fu-An is 2.9B CNY (≈ $439M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Liaoning Fu-An (603315)?
The price-to-sales ratio of Liaoning Fu-An is 2.43 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Liaoning Fu-An (603315)?
Earnings per share at Liaoning Fu-An are ¥0.0800 (price ÷ EPS = P/E 114.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Liaoning Fu-An (603315)?
The dividend yield of Liaoning Fu-An is 0.5% (payout 56.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Liaoning Fu-An (603315)?
The net margin of Liaoning Fu-An is 2.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Liaoning Fu-An (603315)?
The return on equity (ROE) of Liaoning Fu-An is 1.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Liaoning Fu-An (603315)?
On an EBIT basis the return on assets of Liaoning Fu-An is 2.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Liaoning Fu-An (603315)?
The operating margin of Liaoning Fu-An is 8.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Liaoning Fu-An (603315)?
Revenue at Liaoning Fu-An is growing −25.1% versus a year earlier (3y avg +6.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Liaoning Fu-An (603315)?
Earnings per share at Liaoning Fu-An are growing −50.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Liaoning Fu-An (603315) carry?
The net debt of Liaoning Fu-An is 301M CNY (fiscal year 2025, ≈ 3.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 7, 2026