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Opple Lighting Co (603515) Fair Value & Analysis

Consumer Cyclical · CN · Market cap 14.0B CNY

OL Opple Lighting Co 603515 · SHG
Price¥16.89
Fair Value¥16.81
Upside-0.5%
Quality62/100
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Weak Growth
Solidly profitable · 13.1% net margin
generates free cash flow
4.51% dividend yield
Ranks above peers (9/13)
Moderate moat 52/100
Evidence: High Range ¥11.10 – ¥25.00 Share as image

Fair value as of: Jul 11, 2026

From 25 valuation models · updated 30 days ago

Share price −0.9% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (¥11.10 to ¥25.00) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

¥33.23 ¥13.82 Fair Value ¥16.81 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 ¥13.82 – ¥33.23 · fair‑value band ¥11.10 – ¥25.00 · the ¥16.89 price screens above the ¥16.81 fair value. Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Opple Lighting Co (603515) currently trades at ¥16.89, while our model-based Fair Value estimate is ¥16.81, implying the stock looks roughly 0.5% fairly valued today. The Quality Score stands at 62/100 (solid quality), in the Consumer Cyclical 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, Opple Lighting Co generated revenue of 7.0B CNY at a net margin of 13.1%. Revenue grew 0.1% year over year. It earns a return on equity of 13.0%. The balance sheet holds a net cash position of 1.5B CNY. Fundamentals as of Jul 11, 2026

Our scenario range runs from ¥11.10 (bear case) to ¥25.00 (bull case); at ¥16.89, 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 23% below its 52-week high and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 16% fair-value upside, at 0%, 603515 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
Residual Income ¥9.03 ¥10.73 ¥19.06 76
Growth DCF ¥7.12 ¥9.00 ¥11.54 72
Gordon GGM ¥8.19 ¥13.33 ¥19.21 70
All 25 models by family
DCF Models
FCF DCF ¥6.97 ¥8.98 ¥11.82 38
Owner Earnings ¥12.77 ¥17.27 ¥23.64 31
5Y Revenue Exit ¥9.87 ¥14.49 ¥20.23 39
5Y EBITDA Exit ¥12.52 ¥19.18 ¥26.64 41
5Y P/E Exit ¥14.83 ¥23.28 ¥31.68 38
10Y Revenue Exit ¥8.45 ¥12.38 ¥17.28 36
10Y EBITDA Exit ¥10.39 ¥15.54 ¥21.93 37
10Y P/E Exit ¥11.83 ¥18.29 ¥25.58 35
Earnings-Based
Graham-Dodd ¥8.42 ¥18.94 ¥24.23 54
PEG = 1.0 ¥3.10 ¥4.42 ¥5.75 46
EPV ¥13.42 ¥15.27 ¥16.89 59
Dividend Discount
Gordon GGM ¥8.19 ¥13.33 ¥19.21 70
DDM Multi-Stage ¥8.19 ¥11.95 ¥16.16 61
Multiples
P/E Multiple ¥19.51 ¥26.01 ¥32.51 63
P/S Multiple ¥11.25 ¥15.01 ¥18.76 58
P/B Multiple ¥15.79 ¥21.06 ¥26.32 55
EV/EBIT ¥19.32 ¥25.00 ¥30.67 53
EV/EBITDA ¥17.64 ¥22.75 ¥27.87 54
EV/Revenue ¥12.16 ¥16.38 ¥20.60 43
Asset-Based
NCAV (Graham) ¥4.72 ¥6.32 ¥9.44 50
Growth DCF
Growth DCF ¥7.12 ¥9.00 ¥11.54 72
Rev-Margin DCF ¥9.87 ¥14.50 ¥19.38 67
Economic Profit
Residual Income ¥9.03 ¥10.73 ¥19.06 76
ROIC Compounder ¥13.81 ¥16.41 ¥19.25 67
Growth Earnings
Growth-Adj P/E ¥14.58 ¥20.83 ¥27.08 68

Widest divergence: Multiples (¥21.06) versus Asset-Based (¥6.32). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 7.0B CNY
Revenue growth (YoY) +0.1%
Net margin 13.1%
Return on equity 13.0%
Free cash flow 328M CNY FY2025
P/E ratio 15.0
More key figures
Operating margin 7.4%
EPS (TTM) ¥1.25
Dividend yield 4.5%
EPS growth (YoY) -5.3%
Net cash 1.5B 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) 45

Profitability 55
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 28
Earnings quality: real cash, not paper profit
Fin. Strength 92
Balance sheet, leverage, solvency risk
Investment 80
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 18
Distance to the 52-week high (market factor)
Net Issuance 74
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

Opple Lighting Co.,LTD engages in the research and development, production, and sale of smart lighting products in China and internationally. The company offers home lighting, commercial lighting, and light sources and control products. It also provides lamps and overall lighting solutions.

Full company description

Opple Lighting Co.,LTD engages in the research and development, production, and sale of smart lighting products in China and internationally. The company offers home lighting, commercial lighting, and light sources and control products. It also provides lamps and overall lighting solutions. Opple Lighting Co.,LTD was founded in 2018 and is based in Shanghai, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Opple Lighting Co reported revenue of ¥7.0B in FY2025 versus ¥8.8B in FY2021, a compound −5.8%/yr. Reported net income was ¥920M in FY2025, compounding +0.4%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
7.0B CNY
Latest YoY
−1.8%
Avg. growth/yr (3Y)
−1.4%
Avg. growth/yr (5Y)
−2.6%
Avg. growth/yr (14Y)
+7.0%
Revenue −5.8%/yr
FY21 ¥8.8B
FY22 ¥7.3B
FY23 ¥7.8B
FY24 ¥7.1B
FY25 ¥7.0B
Net income +0.4%/yr
FY21 ¥907M
FY22 ¥784M
FY23 ¥924M
FY24 ¥903M
FY25 ¥920M

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Cite: Fair Value Calculator (2026). "Opple Lighting Co Fair Value". https://www.fairvalue-calculator.com/stock/603515

Peer Group

Furnishings, Fixtures & Appliances · 311 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 −1% · Above median
Return on equity (TTM) 13% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 7% · Above median
Revenue growth 0% · Above median
Dividend yield (TTM) 4.5% · Above median

Valuation Multiples vs Furnishings, Fixtures & Appliances median · lower = cheaper

P/E (TTM) 15.0× · Cheaper than median
P/B 1.99× · Pricier than median
P/S (TTM) 2.01× · Pricier than 75% of peers
P/FCF 6.3× · Pricier than median
EV/EBITDA 11.9× · Pricier 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 33 · sector 26
FUTURE 1 · sector 0
PAST 52 · sector 19
HEALTH 0 · sector 98
DIVIDEND 90 · sector 55

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 Furnishings, Fixtures & Appliances stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

Stock Price Fair Value vs Fair Value
Midea Group 000333 ¥82.71 ¥107.22 +30%
Gree Electric Appliances, Inc 000651 ¥38.25 ¥88.02 +130%
Haier Smart Home Co 600690 ¥21.46 ¥36.04 +68%
King Slide Works Co 2059 8,655 TWD 1,917 TWD -78%
Guangdong Songfa Ceramics Co 603268 ¥155.59 ¥38.95 -75%
SharkNinja, Inc SN $154.53 $89.07 -42%
Hisense Home Appliances Group 000921 ¥26.33 ¥48.03 +82%
Zhejiang Supor Co 002032 ¥43.85 ¥44.84 +2%
COWAY Co 021240 96,700 KRW 112,530 KRW +16%
Ecovacs Robotics Co 603486 ¥50.13 ¥54.11 +8%

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Frequently asked questions

Is Opple Lighting Co (603515) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of ¥16.81 versus a price of ¥16.89, about −0% (fairly valued).
What is the fair value of 603515?
Our model-based fair value for Opple Lighting Co is ¥16.81 (as of Jul 11, 2026), built from audited fundamentals. The current price is ¥16.89.
What is the quality score of 603515?
Opple Lighting 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 Opple Lighting Co (603515)?
Opple Lighting Co reported trailing-twelve-month revenue of about 7.0B CNY (latest available figure, as of Jul 11, 2026).
What is the net profit margin of 603515?
The net profit margin of Opple Lighting Co is about 13.1%, meaning it keeps roughly 13.1% of revenue as net income. Based on the latest reported figures.
Does Opple Lighting Co pay a dividend?
Opple Lighting Co currently shows a dividend yield of about 4.51% 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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