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ZheJiang KangLongDa Special Protection Technology Co (603665) Fair Value & Analysis

Consumer Cyclical · CN · Market cap 4.2B CNY

ZK ZheJiang KangLongDa Special Protection Technology Co 603665 · SHG
Price¥22.45
Fair Value¥5.76
Upside-74.3%
Quality45/100
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Expensive Growth
Loss-making · -1.3% net margin
Low debt · negative free cash flow
0.61% dividend yield
Trails peers (4/12)
Narrow moat 21/100
Evidence: High Range ¥3.77 – ¥8.72 Share as image

Fair value as of: Jul 11, 2026

From 17 valuation models · updated 30 days ago

Share price −14.9% over the past month.

Below-average quality, and screening another 74% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥8.72). The favourable scenario is already priced in.
  • Solid but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (¥3.77 to ¥8.72) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

¥55.64 ¥11.08 Fair Value ¥5.76 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 ¥11.08 – ¥55.64 · fair‑value band ¥3.77 – ¥8.72 · the ¥22.45 price screens above the ¥5.76 fair value. Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

ZheJiang KangLongDa Special Protection Technology Co (603665) currently trades at ¥22.45, while our model-based Fair Value estimate is ¥5.76, implying the stock looks roughly 74.3% overvalued today. The Quality Score stands at 45/100 (below-average 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, ZheJiang KangLongDa Special Protection Technology Co generated revenue of 1.4B CNY at a net margin of -1.3%. Revenue declined 6.9% year over year. It earns a return on equity of -9.7%. Net debt stands at 914M CNY. Fundamentals as of Jul 11, 2026

Our scenario range runs from ¥3.77 (bear case) to ¥8.72 (bull case); at ¥22.45, 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 45% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 0% fair-value upside, at -74%, 603665 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 ¥3.77 ¥4.34 ¥7.02 76
ROIC Compounder ¥3.13 ¥3.64 ¥4.09 72
Gordon GGM ¥2.89 ¥5.76 ¥8.72 70
All 17 models by family
DCF Models
Owner Earnings ¥8.90 ¥13.94 ¥21.46 31
Earnings-Based
Graham-Dodd ¥3.38 ¥11.27 ¥15.10 54
Lynch FV ¥2.56 ¥3.66 ¥4.75 50
PEG = 1.0 ¥2.56 ¥3.66 ¥4.75 46
EPV ¥3.13 ¥3.64 ¥4.09 59
Dividend Discount
Gordon GGM ¥2.89 ¥5.76 ¥8.72 70
DDM Multi-Stage ¥2.89 ¥4.85 ¥6.08 61
Multiples
P/E Multiple ¥8.19 ¥10.93 ¥13.66 63
P/S Multiple ¥6.33 ¥8.44 ¥10.55 58
P/B Multiple ¥6.33 ¥8.44 ¥10.55 55
EV/EBIT ¥5.24 ¥7.03 ¥8.82 53
EV/EBITDA ¥11.91 ¥15.92 ¥19.92 54
EV/Revenue ¥3.49 ¥5.04 ¥6.59 43
Asset-Based
NCAV (Graham) ¥2.05 ¥2.75 ¥4.10 50
Economic Profit
Residual Income ¥3.77 ¥4.34 ¥7.02 76
ROIC Compounder ¥3.13 ¥3.64 ¥4.09 72
Growth Earnings
Growth-Adj P/E ¥6.91 ¥9.87 ¥12.83 68

Widest divergence: DCF Models (¥13.94) versus Asset-Based (¥2.75). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 1.4B CNY
Revenue growth (YoY) -6.9%
Net margin -1.3%
Return on equity -9.7%
Free cash flow −14.2M CNY FY2025
Operating margin 9.5%
More key figures
EPS (TTM) ¥-0.1100
Dividend yield 0.6%
EPS growth (YoY) -85.7%
Net debt 914M CNY FY2025

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

Quality Score breakdown

Overall quality 45/100

Of which business quality 42 · Market factors (momentum, volatility) 33

Profitability 33
Margins and returns on capital today
Quality Growth 50
Are margins and returns improving?
Cashflow 21
Earnings quality: real cash, not paper profit
Fin. Strength 18
Balance sheet, leverage, solvency risk
Investment 91
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 25
Price trend over the last 3–12 months (market factor)
52W Momentum 12
Distance to the 52-week high (market factor)
Net Issuance 79
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 KangLongDa Special Protection Technology Co., Ltd. researches, designs, develops, produces, and sells labor protection products primarily in China, Europe, the United States, and Japan.

Full company description

ZheJiang KangLongDa Special Protection Technology Co., Ltd. researches, designs, develops, produces, and sells labor protection products primarily in China, Europe, the United States, and Japan. It offers wear-resistant, cut-resistant, tear-resistant, impact-resistant, chemical-resistant, anti-static, and heat- and cold-resistant gloves, as well as other functional labor protective gloves. The company also provides glasses, shoes, hats, clothing, etc. In addition, it engages in research and development, production, and sales of lithium sulfate solution. Its products are used in construction, electric power, electronics, automobile, machinery manufacturing, metallurgy, petrochemical, mining, and other industries. The company was formerly known as Shangyu Dongda knit Co.,Ltd. and changed its name to ZheJiang KangLongDa Special Protection Technology Co., Ltd. ZheJiang KangLongDa Special Protection Technology Co., Ltd. was founded in 2000 and is based in Shaoxing, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ZheJiang KangLongDa Special Protection Technology Co reported revenue of ¥1.4B in FY2025 versus ¥1.1B in FY2021, a compound +7.5%/yr. Reported net income was ¥79.5M in FY2025.

Growth Quality 35/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
1.4B CNY
Latest YoY
−7.5%
Avg. growth/yr (3Y)
+0.8%
Avg. growth/yr (5Y)
+6.8%
Avg. growth/yr (14Y)
+7.7%
Revenue +7.5%/yr
FY21 ¥1.1B
FY22 ¥1.4B
FY23 ¥1.6B
FY24 ¥1.5B
FY25 ¥1.4B
Net income
FY21 −¥154M
FY22 ¥209M
FY23 −¥220M
FY24 −¥486M
FY25 ¥79.5M

603665 screens 74% overvalued. Compare with NIKE, Inc →

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Cite: Fair Value Calculator (2026). "ZheJiang KangLongDa Special Protection Technology Co Fair Value". https://www.fairvalue-calculator.com/stock/603665

Peer Group

Footwear & Accessories · 94 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 45 · Below median
Fair Value upside −74% · Bottom 25%
Return on assets 0% · Below median
Net margin (TTM) -1% · Below median
Operating margin (TTM) 10% · Above median
Revenue growth -7% · Below median
Dividend yield (TTM) 0.6% · Bottom 25%
Debt / equity 0.27× · Higher than 75% of peers

Valuation Multiples vs Footwear & Accessories median · lower = cheaper

P/B 0.95× · Cheaper than median
P/S (TTM) 0.45× · Cheaper than median
EV/EBITDA 4.1× · Cheaper 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 4
FUTURE 0 · sector 0
PAST 0 · sector 23
HEALTH 87 · sector 97
DIVIDEND 12 · sector 41

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

Stock Price Fair Value vs Fair Value
NIKE, Inc NKE $44.37 $35.63 -20%
adidas AG 1ADS €165.00 €65.71 -60%
Deckers Outdoor Corporation DECK $106.49 $125.16 +18%
On Holding ONON $38.20 $17.64 -54%
Zhejiang China Commodities City Group 600415 ¥12.11 ¥13.03 +8%
Birkenstock Holding BIRK $44.36 $44.14 -0%
Crocs, Inc CROX $138.91 $203.65 +47%
Huali Industrial Group 300979 ¥31.10 ¥54.71 +76%
PUMA SE PUM €29.31 €10.57 -64%
Steven Madden, Ltd SHOO $43.26 $11.69 -73%

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Frequently asked questions

Is ZheJiang KangLongDa Special Protection Technology Co (603665) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of ¥5.76 versus a price of ¥22.45, about −74% (overvalued).
What is the fair value of 603665?
Our model-based fair value for ZheJiang KangLongDa Special Protection Technology Co is ¥5.76 (as of Jul 11, 2026), built from audited fundamentals. The current price is ¥22.45.
What is the quality score of 603665?
ZheJiang KangLongDa Special Protection Technology Co has a Quality Score of 45/100. 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 KangLongDa Special Protection Technology Co (603665)?
ZheJiang KangLongDa Special Protection Technology Co reported trailing-twelve-month revenue of about 1.4B CNY (latest available figure, as of Jul 11, 2026).
What is the net profit margin of 603665?
The net profit margin of ZheJiang KangLongDa Special Protection Technology Co is about -1.3%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does ZheJiang KangLongDa Special Protection Technology Co pay a dividend?
ZheJiang KangLongDa Special Protection Technology Co currently shows a dividend yield of about 0.61% 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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