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Zhejiang Dingli Machinery Co (603338) Fair Value & Analysis

Industrials · CN · Market cap 25.0B CNY

ZD Zhejiang Dingli Machinery Co 603338 · SHG
Price¥56.98
Fair Value¥68.44
Upside+20.1%
Quality62/100
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Mixed Growth
Highly profitable · 21.1% net margin
Low debt · generates free cash flow
2.37% dividend yield
Ranks above peers (11/14)
Wide moat 73/100
Evidence: High Range ¥45.97 – ¥131.05 Share as image

Fair value as of: Jul 11, 2026

From 26 valuation models · updated 30 days ago

Fair value updated Jul 11, 2026, revised from ¥78.77 to ¥68.44 (−13.1%) since Jun 24, 2026. Share price +9.6% over the past month.

A solid business, screening 20% undervalued on our models.

What matters now

  • The model range is unusually wide (¥45.97 to ¥131.05). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

¥133.27 ¥32.38 Fair Value ¥68.44 Feb 2021 Aug 2026

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 ¥32.38 – ¥133.27 · fair‑value band ¥45.97 – ¥131.05 · the ¥56.98 price screens below the ¥68.44 fair value. Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Zhejiang Dingli Machinery Co (603338) currently trades at ¥56.98, while our model-based Fair Value estimate is ¥68.44, implying the stock looks roughly 20.1% undervalued today. The Quality Score stands at 62/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Zhejiang Dingli Machinery Co generated revenue of 9.1B CNY at a net margin of 21.1%. Revenue grew 29.5% year over year. It earns a return on equity of 17.3%. The balance sheet holds a net cash position of 4.5B CNY. Fundamentals as of Jul 11, 2026

Our scenario range runs from ¥45.97 (bear case) to ¥131.05 (bull case); at ¥56.98, the current price sits within 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 12% below its 52-week high and 35% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 12% fair-value upside, at 20%, 603338 screens cheaper 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.

Model BearBaseBull Evidence
Highest evidence
Growth DCF ¥29.08 ¥46.58 ¥81.96 80
Residual Income ¥24.85 ¥32.97 ¥109.39 76
Rev-Margin DCF ¥32.54 ¥56.62 ¥102.89 74
All 26 models by family
DCF Models
FCF DCF ¥30.37 ¥42.77 ¥82.29 38
Owner Earnings ¥54.02 ¥111.80 ¥233.09 31
5Y Revenue Exit ¥31.92 ¥50.62 ¥89.92 39
5Y EBITDA Exit ¥48.33 ¥83.82 ¥153.60 41
5Y P/E Exit ¥59.27 ¥131.48 ¥231.58 38
10Y Revenue Exit ¥30.94 ¥61.54 ¥82.28 36
10Y EBITDA Exit ¥43.88 ¥96.89 ¥192.48 37
10Y P/E Exit ¥51.86 ¥120.44 ¥237.08 35
Earnings-Based
Graham-Dodd ¥25.51 ¥177.87 ¥249.62 54
Lynch FV ¥71.18 ¥101.68 ¥132.19 50
PEG = 1.0 ¥71.18 ¥101.68 ¥132.19 46
EPV ¥42.28 ¥47.87 ¥52.76 59
Dividend Discount
Gordon GGM ¥9.77 ¥20.31 ¥32.22 70
DDM Multi-Stage ¥9.77 ¥17.13 ¥21.32 61
Multiples
P/E Multiple ¥59.07 ¥78.77 ¥98.46 63
P/S Multiple ¥25.40 ¥33.87 ¥42.34 58
P/B Multiple ¥47.82 ¥63.76 ¥79.70 55
EV/EBIT ¥61.43 ¥78.99 ¥96.56 53
EV/EBITDA ¥53.33 ¥68.19 ¥83.06 54
EV/Revenue ¥30.07 ¥39.21 ¥48.36 43
Asset-Based
NCAV (Graham) ¥11.26 ¥15.09 ¥22.53 50
Growth DCF
Growth DCF ¥29.08 ¥46.58 ¥81.96 80
Rev-Margin DCF ¥32.54 ¥56.62 ¥102.89 74
Economic Profit
Residual Income ¥24.85 ¥32.97 ¥109.39 76
ROIC Compounder ¥53.29 ¥76.49 ¥101.13 72
Growth Earnings
Growth-Adj P/E ¥89.53 ¥127.90 ¥166.27 68

Widest divergence: Growth Earnings (¥127.90) versus Asset-Based (¥15.09). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 9.1B CNY
Revenue growth (YoY) +29.5%
Net margin 21.1%
Return on equity 17.3%
Free cash flow 651M CNY FY2025
P/E ratio 13.0
More key figures
Operating margin 24.8%
EPS (TTM) ¥3.79
Dividend yield 2.4%
EPS growth (YoY) +4.7%
Net cash 4.5B CNY FY2024

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 61 · Market factors (momentum, volatility) 56

Profitability 56
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 34
Earnings quality: real cash, not paper profit
Fin. Strength 98
Balance sheet, leverage, solvency risk
Investment 38
Disciplined investing over empire-building
Low Volatility 69
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 61
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Zhejiang Dingli Machinery Co.,Ltd engages in research, development, manufacturing, sales, and services of various intelligent aerial work platforms in China and internationally. It offers electric, diesel, and hybrid model boom lifts; scissor lifts; mast-type aerial work platform; and differentiated product series.

Full company description

Zhejiang Dingli Machinery Co.,Ltd engages in research, development, manufacturing, sales, and services of various intelligent aerial work platforms in China and internationally. It offers electric, diesel, and hybrid model boom lifts; scissor lifts; mast-type aerial work platform; and differentiated product series. The company's products are used in industrial, commercial, construction, engineering, building decoration and maintenance, warehousing and logistics, petrochemical industry, and ship production and maintenance, as well as hydropower stations, nuclear power plants, state grids, airports, tunnels, and other projects. Zhejiang Dingli Machinery Co.,Ltd was founded in 2005 and is headquartered in Huzhou, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zhejiang Dingli Machinery Co reported revenue of ¥8.6B in FY2025 versus ¥4.9B in FY2021, a compound +14.8%/yr. Reported net income was ¥1.9B in FY2025, compounding +21.1%/yr from FY2021.

Growth Quality 86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
8.6B CNY
Latest YoY
+10.0%
Avg. growth/yr (3Y)
+16.3%
Avg. growth/yr (5Y)
+23.7%
Avg. growth/yr (14Y)
+28.9%
Revenue +14.8%/yr
FY21 ¥4.9B
FY22 ¥5.4B
FY23 ¥6.3B
FY24 ¥7.8B
FY25 ¥8.6B
Net income +21.1%/yr
FY21 ¥884M
FY22 ¥1.3B
FY23 ¥1.9B
FY24 ¥1.6B
FY25 ¥1.9B

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Cite: Fair Value Calculator (2026). "Zhejiang Dingli Machinery Co Fair Value". https://www.fairvalue-calculator.com/stock/603338

Peer Group

Farm & Heavy Construction Machinery · 148 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.

Quality Score 62 · Top 25%
Fair Value upside +20% · Above median
Return on equity (TTM) 17% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 21% · Top 25%
Operating margin (TTM) 25% · Top 25%
Revenue growth 30% · Top 25%
Dividend yield (TTM) 2.4% · Above median
Debt / equity 0.03× · Lower than median

Valuation Multiples vs Farm & Heavy Construction Machinery median · lower = cheaper

P/E (TTM) 13.0× · Cheaper than 75% of peers
P/B 2.19× · Pricier than median
P/S (TTM) 2.74× · Pricier than 75% of peers
P/FCF 5.7× · Pricier than median
EV/EBITDA 8.8× · Cheaper than median

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 60 · sector 22
FUTURE 100 · sector 30
PAST 69 · sector 32
HEALTH 99 · sector 93
DIVIDEND 47 · sector 40

Insider activity: 51/100

Values & ESG

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

None of the checked exposures detected

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

Similar stocks

10 more Farm & Heavy Construction Machinery stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

Stock Price Fair Value vs Fair Value
Caterpillar Inc CAT $952.41 $307.83 -68%
Deere & Company DE $597.24 $187.86 -69%
AB Volvo (publ), VOLVA kr 336.60 kr 288.08 -14%
PACCAR Inc PCAR $126.20 $94.80 -25%
Epiroc AB EPIA kr 251.90 kr 144.14 -43%
Exor N.V EXO €69.40 €219.41 +216%
Sany Heavy Industry Co 600031 ¥18.65 ¥20.84 +12%
XCMG Construction Machinery Co 000425 ¥8.39 ¥11.79 +41%
Sinotruk (Hong Kong) Limited 3808 HK$41.00 HK$53.51 +31%
Yutong Bus Co 600066 ¥32.29 ¥42.00 +30%

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Frequently asked questions

Is Zhejiang Dingli Machinery Co (603338) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of ¥68.44 versus a price of ¥56.98, about +20% (undervalued).
What is the fair value of 603338?
Our model-based fair value for Zhejiang Dingli Machinery Co is ¥68.44 (as of Jul 11, 2026), built from audited fundamentals. The current price is ¥56.98.
What is the quality score of 603338?
Zhejiang Dingli Machinery Co has a Quality Score of 62/100. 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 revenue of Zhejiang Dingli Machinery Co (603338)?
Zhejiang Dingli Machinery Co reported trailing-twelve-month revenue of about 9.1B CNY (latest available figure, as of Jul 11, 2026).
What is the net profit margin of 603338?
The net profit margin of Zhejiang Dingli Machinery Co is about 21.1%, meaning it keeps roughly 21.1% of revenue as net income. Based on the latest reported figures.
Does Zhejiang Dingli Machinery Co pay a dividend?
Zhejiang Dingli Machinery Co currently shows a dividend yield of about 2.37% relative to its recent price (as of Jul 11, 2026).

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.

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