Sanxiang Advanced Materials (603663) fair value: what the stock is really worth
We calculate from audited financials what Sanxiang Advanced Materials is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 12, 2026.
How to read this chart
60‑month range ¥4.40 – ¥81.54 · fair‑value band ¥16.44 – ¥28.25 · the ¥41.54 price screens above the ¥22.61 fair value. Dashed = 300-day average. As of Sep 12, 2026.
Sanxiang Advanced Materials Co., Ltd. engages in the manufacture and sale of fused zirconia, cast modified materials, and single crystal fused aluminum materials.
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Sanxiang Advanced Materials Co., Ltd. engages in the manufacture and sale of fused zirconia, cast modified materials, and single crystal fused aluminum materials. The company offers monoclinic and stabilized zirconia, nano zirconium, sponge zirconium, zirconium oxychloride and tetrachloride, silicon tetrachloride, micro silica, cast modified materials, single crystal fused aluminum, silica fumes, magnesium and aluminum alloys, liquid metal, and ceramics. It has operations in China, the United States, Brazil, Mexico, France, Germany, Italy, Spain, Turkey, Holland, Australia, Japan, South Korea, Iran, India, Thailand, Vietnam, Malaysia, Singapore, Taiwan, and internationally. The company was formerly known as Fujian Sanxiang Advanced Materials Co., Ltd. and changed its name to Sanxiang Advanced Materials Co., Ltd. in March 2012. Sanxiang Advanced Materials Co., Ltd. was founded in 1988 and is headquartered in Ningde, China.
Stock analysis
Sanxiang Advanced Materials (603663) currently trades at ¥41.54, while our model-based Fair Value estimate is ¥22.61, implying the stock looks roughly 83.7% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ¥4.28 per share, and 0 of the 26 models we run sit above the ¥41.54 price.
Bear case: the Growth Earnings group reads lowest at ¥3.26, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: ¥16.44 (bear) to ¥28.25 (bull), the price of ¥41.54 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 68/100 (solid quality), in the Basic Materials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Sanxiang Advanced Materials reported revenue of 1.2B CNY in FY2025 versus 789M CNY in FY2021, a compound +10.2%/yr. Reported net income was 118M CNY in FY2025, compounding +4.0%/yr from FY2021.
Key figures
Market cap 23.8B CNY (≈ $3.6B) · P/E ratio 173.1 · P/S ratio 17.5 · EPS (TTM) ¥0.2400 · Dividend yield 0.2% · Net margin 10.1% · Return on equity 10.8% · Return on assets (EBIT) 7.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 48% below its 52-week high and 80% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −57% fair-value upside, at −46%, 603663 screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (¥0.1677 per share) are deliberately not added.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.
Sanxiang Advanced Materials reported revenue of 1.2B CNY in FY2025 versus 789M CNY in FY2021, a compound +10.2%/yr. Reported net income was 118M CNY in FY2025, compounding +4.0%/yr from FY2021.
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.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.2B CNY
Latest YoY
+10.6%
Avg. revenue growth/yr (3Y) ⓘ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.
+6.2%
Avg. revenue growth/yr (5Y) ⓘ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.
+9.7%
Avg. revenue growth/yr (14Y) ⓘ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.
+8.0%
Value creation/yr (5Y) ⓘ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.
+4.5%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+4.3%
Dividend yield0.2%
Trend ⓘ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.5Y 4.3% vs 10Y 8.7%, flattening
Operating margin (EBIT) ⓘ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.12.0% (2020) → 14.8% (2025) · rising
Worst earnings drop50% (2024) · in CNY
Revenue+10.2%/yr
FY21789M CNY
FY22972M CNY
FY231.1B CNY
FY241.1B CNY
FY251.2B CNY
Net income+4.0%/yr
FY21100M CNY
FY22151M CNY
FY2379.2M CNY
FY2475.8M CNY
FY25118M CNY
Character of growth · EPS growth decomposed (2013-2024)+8.2 % p.a.
Revenue per share+9.5 %
of which total revenue +14.6 % · buybacks/dilution −4.5 %
EBIT margin−1.3 %
Tax rate+0.9 %
Residual (interest, one-offs)−0.7 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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.
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
Quality Score67 · Top 25%
Profitability
Return on equity (TTM)11% · Above median
Return on assets5% · Above median
Net margin (TTM)12% · Top 25%
Operating margin (TTM)17% · Top 25%
Growth and dividend
Revenue growth14% · Above median
Dividend yield (TTM)0.2% · Bottom 25%
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiples vs Specialty Chemicals median · lower = cheaper
P/E (TTM)173.1× · Priciest 25%
P/B17.40× · Priciest 25%
P/S (TTM)19.87× · Priciest 25%
P/FCF31.0× · Priciest 25%
EV/EBITDA95.2× · Priciest 25%
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must Sanxiang Advanced Materials deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Implied FCF growth, 10 years+37.1 % per year
Achieved revenue growth, 5 years+9.7 % p.a.
Sector median revenue growth+3.1 %
FCF yield on price0.65 %
Discount rate (WACC) in the models10.1 %
The price demands an acceleration versus past growth: a high bar the company still has to clear. Ranking of the largest stocks →
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.
This stockSector peers
VALUE0· sector 0
FUTURE72· sector 21
PAST43· sector 23
HEALTH100· sector 95
DIVIDEND5· sector 29
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
Similar stocks
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Is Sanxiang Advanced Materials (603663) overvalued or undervalued?
As of Sep 12, 2026, our model estimates a fair value of ¥22.61 versus a price of ¥41.54, about −46% upside (overvalued).
What is the fair value of 603663?
Our model-based fair value for Sanxiang Advanced Materials is ¥22.61 (as of Sep 12, 2026), built from audited fundamentals. The current price: ¥41.54.
What is the quality score of 603663?
Sanxiang Advanced Materials has a Quality Score of 68/100. 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 Sanxiang Advanced Materials (603663)?
Our model-based price target is the fair value of ¥22.61 (as of Sep 12, 2026) from 26 valuation models. Cautious scenario ¥16.44, optimistic scenario ¥28.25. It is a calculation from audited fundamentals, not an analyst target.
What is the Sanxiang Advanced Materials stock forecast for 2026?
Our models put fair value at ¥22.61, about −46% upside versus a price of ¥41.54 (overvalued). Cautious scenario ¥16.44, optimistic scenario ¥28.25. The calculation is refreshed regularly with new filings.
What is the revenue of Sanxiang Advanced Materials (603663)?
Sanxiang Advanced Materials reported trailing-twelve-month revenue of about 1.2B CNY (latest available figure, as of Sep 12, 2026).
What is the net profit margin of 603663?
The net profit margin of Sanxiang Advanced Materials is about 11.8%, meaning it keeps roughly 11.8% of revenue as net income. Based on the latest reported figures.
Does Sanxiang Advanced Materials pay a dividend?
Sanxiang Advanced Materials currently shows a dividend yield of about 0.24% relative to its recent price (as of Sep 12, 2026).
What growth is priced into Sanxiang Advanced Materials (603663)?
For today's price to be fair in a discounted-cash-flow model, Sanxiang Advanced Materials would have to grow free cash flow by +37.1 % per year for ten years (discount rate 10.1 %, then 2 % perpetual growth). Over the last 5 years revenue grew +9.7 % per year. As of Sep 12, 2026.
What discount rate (WACC) does the fair value of 603663 use?
Our models discount Sanxiang Advanced Materials at 10.1 %: a base by market capitalisation (mid), damped by beta 0.87, country premium for China. The same rate applies in all 26 models.
What is the intrinsic value of Sanxiang Advanced Materials (603663)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sanxiang Advanced Materials it is ¥22.61 per share (as of Sep 12, 2026), against a price of ¥41.54. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Sanxiang Advanced Materials stock overvalued or undervalued in 2026?
As of Sep 12, 2026, 603663 trades above its calculated fair value: price ¥41.54, fair value ¥22.61, a gap of about −46% (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 603663?
No. The price is what the market pays today (¥41.54); the fair value is what the company's own numbers justify (¥22.61). For Sanxiang Advanced Materials the two are ¥18.93 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sanxiang Advanced Materials worth?
The market values Sanxiang Advanced Materials at about 23.8B CNY (market capitalisation, as of Sep 12, 2026). Per share that is ¥41.54; our models calculate a fair value of ¥22.61 per share.
What do the bullish and bearish scenarios say about 603663?
Our models span a range for Sanxiang Advanced Materials: cautious scenario ¥16.44, base ¥22.61, optimistic ¥28.25 per share (as of Sep 12, 2026, price ¥41.54). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 603663?
Sanxiang Advanced Materials trades at a price-to-earnings ratio of 173.1 (as of Sep 12, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥22.61 is built from several models across several years. Other multiples: P/B 17.4, P/S 19.9, EV/EBITDA 95.2.
How solid is the balance sheet of Sanxiang Advanced Materials (603663)?
Balance-sheet figures for Sanxiang Advanced Materials (as of Sep 12, 2026): return on equity 10.8%, debt of 0.00 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is 603663 from its 52-week high?
Sanxiang Advanced Materials trades at ¥41.54, about 48% below its 52-week high of ¥79.50 and 80% above the low of ¥23.03 (as of Sep 12, 2026). Distance from the high says nothing about value: that is what the fair value of ¥22.61 is for.
Which stocks are comparable to Sanxiang Advanced Materials?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, 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 Sanxiang Advanced Materials stock attractive at the current price?
The data as of Sep 12, 2026: price ¥41.54, calculated fair value ¥22.61 (−46%), Quality Score 68/100, 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 603663 calculated?
We run Sanxiang Advanced Materials through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥22.61, 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 31.6 % above its aggregate fair value. Sanxiang Advanced Materials 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 <a href="/is-it-worth-investing-now/">is it worth investing now</a>.
What should I pay attention to with Sanxiang Advanced Materials right now?
The price sits above even our optimistic bull case (¥28.25). The favourable scenario is already priced in. Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder.
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