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Solareast Holdings (603366) Fair Value & Analysis

Technology · CN · Market cap 5.7B CNY

SH Solareast Holdings 603366 · SHG
Price¥6.80
Fair Value¥3.65
Upside-46.3%
Quality47/100
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Expensive Growth
Thin margins · 4.3% net margin
Low debt · generates free cash flow
Mixed vs. peers (6/12)
Narrow moat 26/100
Evidence: High Range ¥2.58 – ¥4.57 Share as image

Fair value as of: Jul 11, 2026

From 21 valuation models · updated 30 days ago

Share price +5.1% over the past month.

Below-average quality, and screening another 46% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥4.57). The favourable scenario is already priced in.
  • Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

¥21.78 ¥3.36 Fair Value ¥3.65 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 ¥3.36 – ¥21.78 · fair‑value band ¥2.58 – ¥4.57 · the ¥6.80 price screens above the ¥3.65 fair value. Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Solareast Holdings (603366) currently trades at ¥6.80, while our model-based Fair Value estimate is ¥3.65, implying the stock looks roughly 46.3% overvalued today. The Quality Score stands at 47/100 (below-average quality), in the Technology 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, Solareast Holdings generated revenue of 4.2B CNY at a net margin of 4.3%. Revenue grew 17.3% year over year. It earns a return on equity of 4.1%. Net debt stands at 228M CNY. Fundamentals as of Jul 11, 2026

Our scenario range runs from ¥2.58 (bear case) to ¥4.57 (bull case); at ¥6.80, 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 49% below its 52-week high, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -7% fair-value upside, at -46%, 603366 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.

Model BearBaseBull Evidence
Highest evidence
Growth DCF ¥0.3600 ¥0.4900 ¥0.6600 80
Residual Income ¥3.91 ¥3.87 ¥3.44 76
Gordon GGM ¥0.7700 ¥1.33 ¥2.00 70
All 21 models by family
DCF Models
FCF DCF ¥0.3600 ¥0.5000 ¥0.6900 38
Owner Earnings ¥0.1200 ¥0.1600 ¥0.2100 31
5Y Revenue Exit ¥0.3200 ¥0.4700 ¥0.6500 39
5Y EBITDA Exit ¥1.15 ¥1.94 ¥2.84 41
5Y P/E Exit ¥2.00 ¥3.47 ¥4.95 38
10Y Revenue Exit ¥0.3200 ¥0.4600 ¥0.6200 36
10Y EBITDA Exit ¥0.8400 ¥1.43 ¥2.18 37
10Y P/E Exit ¥1.36 ¥2.44 ¥3.70 35
Earnings-Based
Graham-Dodd ¥1.46 ¥3.53 ¥4.57 54
PEG = 1.0 ¥0.6300 ¥0.8900 ¥1.16 46
Dividend Discount
Gordon GGM ¥0.7700 ¥1.33 ¥2.00 70
DDM Multi-Stage ¥0.7700 ¥1.13 ¥1.51 61
Multiples
P/E Multiple ¥3.38 ¥4.51 ¥5.64 63
P/S Multiple ¥2.74 ¥3.65 ¥4.57 58
P/B Multiple ¥2.74 ¥3.65 ¥4.57 55
EV/EBITDA ¥1.84 ¥2.45 ¥3.06 54
EV/Revenue ¥0.3200 ¥0.4500 ¥0.5700 43
Asset-Based
NCAV (Graham) ¥2.66 ¥3.56 ¥5.31 50
Growth DCF
Growth DCF ¥0.3600 ¥0.4900 ¥0.6600 80
Economic Profit
Residual Income ¥3.91 ¥3.87 ¥3.44 76
Growth Earnings
Growth-Adj P/E ¥2.58 ¥3.69 ¥4.80 68

Widest divergence: Economic Profit (¥3.87) versus Growth DCF (¥0.4900). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 4.2B CNY
Revenue growth (YoY) +17.3%
Net margin 4.3%
Return on equity 4.1%
Free cash flow 26.2M CNY FY2025
P/E ratio 31.8
More key figures
Operating margin -5.9%
EPS (TTM) ¥0.2200
EPS growth (YoY) -19.9%
Net debt 228M CNY FY2025

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

Quality Score breakdown

Overall quality 47/100

Of which business quality 48 · Market factors (momentum, volatility) 23

Profitability 28
Margins and returns on capital today
Quality Growth 33
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 55
Balance sheet, leverage, solvency risk
Investment 68
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 7
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 78
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

Solareast Holdings Co., Ltd. engages in the research and development, production, and sales of water heaters, kitchen appliances, clean energy heating, water purification, and other businesses in China and internationally.

Full company description

Solareast Holdings Co., Ltd. engages in the research and development, production, and sales of water heaters, kitchen appliances, clean energy heating, water purification, and other businesses in China and internationally. The company's water heater products comprise solar water heaters, air energy water heaters, electric water heaters, solar heating, air energy heating, gas heaters, etc.; kitchen appliances include various hood, gas stoves, integrated stoves, water purifiers, electric and gas water heaters, disinfection cabinets, steam oven, microwave oven, built-in electric ovens, dishwashers, and garbage disposers; and clean energy products, such as solar heating, air energy heating, gas wall-hung boilers, multi-energy heating products, etc. distributed photovoltaic development, etc. It offers its products under the Taiyangyu, Sijimuge, and Shuaikang brand name. The company was formerly known as Jiangsu Sunrain Solar Energy Co.,Ltd. and changed its name to Solareast Holdings Co., Ltd. The company was founded in 1997 and is based in Lianyungang, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Solareast Holdings reported revenue of ¥4.1B in FY2025 versus ¥4.2B in FY2021, a compound −0.7%/yr. Reported net income was ¥175M in FY2025, compounding −4.8%/yr from FY2021.

Growth Quality 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
4.1B CNY
Latest YoY
−19.5%
Avg. growth/yr (3Y)
+1.6%
Avg. growth/yr (5Y)
+2.9%
Avg. growth/yr (16Y)
+6.3%
Revenue −0.7%/yr
FY21 ¥4.2B
FY22 ¥3.9B
FY23 ¥4.8B
FY24 ¥5.1B
FY25 ¥4.1B
Net income −4.8%/yr
FY21 ¥213M
FY22 ¥259M
FY23 ¥209M
FY24 ¥212M
FY25 ¥175M

603366 screens 46% overvalued. Compare with First Solar, Inc →

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Cite: Fair Value Calculator (2026). "Solareast Holdings Fair Value". https://www.fairvalue-calculator.com/stock/603366

Peer Group

Solar · 119 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 47 · Above median
Fair Value upside −46% · Below median
Return on equity (TTM) 4% · Above median
Return on assets -1% · Above median
Net margin (TTM) 4% · Above median
Operating margin (TTM) -6% · Below median
Revenue growth 17% · Above median
Debt / equity 0.12× · Lower than median

Valuation Multiples vs Solar median · lower = cheaper

P/E (TTM) 31.8× · Pricier than median
P/B 1.32× · Pricier than median
P/S (TTM) 1.35× · Pricier than median
P/FCF 32.3× · Pricier than 75% of peers

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 · sector 22
FUTURE 87 · sector 0
PAST 16 · sector 0
HEALTH 94 · sector 85
DIVIDEND 0 · sector 14

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.

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 Solar stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

Stock Price Fair Value vs Fair Value
First Solar, Inc FSLR $221.03 $284.45 +29%
Nextpower Inc NXT $111.50 $69.61 -38%
Waaree Energies Limited WAAREEENER ₹2,923 ₹3,613 +24%
Tongwei Co 600438 ¥13.08 ¥12.13 -7%
Jinko Solar Co 688223 ¥4.39 ¥4.75 +8%
Hengdian Group 002056 ¥21.64 ¥22.76 +5%
CSI Solar Co 688472 ¥10.11 ¥7.01 -31%
Enphase Energy, Inc ENPH $44.83 $22.20 -50%
Premier Energies Limited PREMIERENE ₹1,086 ₹912.32 -16%
Trina Solar Co 688599 ¥12.98 ¥7.97 -39%

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Frequently asked questions

Is Solareast Holdings (603366) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of ¥3.65 versus a price of ¥6.80, about −46% (overvalued).
What is the fair value of 603366?
Our model-based fair value for Solareast Holdings is ¥3.65 (as of Jul 11, 2026), built from audited fundamentals. The current price is ¥6.80.
What is the quality score of 603366?
Solareast Holdings 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 revenue of Solareast Holdings (603366)?
Solareast Holdings reported trailing-twelve-month revenue of about 4.2B CNY (latest available figure, as of Jul 11, 2026).
What is the net profit margin of 603366?
The net profit margin of Solareast Holdings is about 4.3%, meaning it keeps roughly 4.3% of revenue as net income. Based on the latest reported figures.

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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