Liaoning Fu-An Heavy Industry Co (603315) Fair Value & Analysis

Basic Materials · CN · Market cap 5.2B CNY

A solid business, but screening 64% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (¥4.28). The favourable scenario is already priced in.
• Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.
• A fairly wide model range (¥2.20 to ¥4.28) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range ¥7.65 – ¥31.45 · fair‑value band ¥2.20 – ¥4.28 · the ¥12.02 price screens above the ¥4.28 fair value. Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Liaoning Fu-An Heavy Industry Co (603315) currently trades at ¥12.02, while our model-based Fair Value estimate is ¥4.28, implying the stock looks roughly 64.4% overvalued today. The Quality Score stands at 50/100 (solid quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Liaoning Fu-An Heavy Industry Co generated revenue of 1.3B CNY at a net margin of 3.2%. Revenue grew 6.2% year over year. It earns a return on equity of 2.2%. Net debt stands at 301M CNY. Fundamentals as of Jul 11, 2026

Our scenario range runs from ¥2.20 (bear case) to ¥4.28 (bull case); at ¥12.02, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 42% below its 52-week high and 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -7% fair-value upside, at -64%, 603315 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: DCF Models (¥5.03) versus Earnings-Based (¥1.49). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Liaoning Fu-An Heavy Industry Co.,Ltd produces and sells steel castings in China. 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 …

Full company description

Liaoning Fu-An Heavy Industry Co.,Ltd produces and sells steel castings in China. 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Liaoning Fu-An Heavy Industry Co reported revenue of ¥1.3B in FY2025 versus ¥951M in FY2021, a compound +7.6%/yr. Reported net income was ¥47.7M in FY2025, compounding −10.7%/yr from FY2021.

603315 screens 64% overvalued. Compare with Tata Steel Limited →

Peer Group

Steel · 378 stocks

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.

Valuation Multiples vs Steel median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.