Shanghai Smith Adhesive New Material Co (603683) Fair Value & Analysis

Basic Materials · CN · Market cap 4.6B CNY

Below-average quality, and screening another 72% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (¥5.54). The favourable scenario is already priced in.
• Weak quality (33/100) and above fair value at the same time, the margin of safety is missing on both counts.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 11, 2026.

How to read this chart

60‑month range ¥6.39 – ¥36.39 · fair‑value band ¥3.23 – ¥5.54 · the ¥15.73 price screens above the ¥4.43 fair value. Dashed = 300-day average. As of Aug 11, 2026.

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Analysis

Shanghai Smith Adhesive New Material Co (603683) currently trades at ¥15.73, while our model-based Fair Value estimate is ¥4.43, implying the stock looks roughly 71.9% overvalued today. The Quality Score stands at 33/100 (below-average quality), in the Basic Materials 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, Shanghai Smith Adhesive New Material Co generated revenue of 2.3B CNY at a net margin of 4.3%. Revenue grew 21.1% year over year. It earns a return on equity of 5.9%. Net debt stands at 383M CNY. Fundamentals as of Aug 11, 2026

Our scenario range runs from ¥3.23 (bear case) to ¥5.54 (bull case); at ¥15.73, 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 57% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -58% fair-value upside, at -72%, 603683 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.

Widest divergence: Growth Earnings (¥5.43) versus Dividend Discount (¥2.33). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Shanghai Smith Adhesive New Material Co.,Ltd manufactures and sells various adhesive tapes and adhesives in China. The company offers industrial materials, including masking, duct, rice paper, electronics, foam, aluminum foil, covering, double sided, and kraft paper tapes, as well as BOPP tapes; electronic materials, which comprise PET, blue film, transfer, …

Full company description

Shanghai Smith Adhesive New Material Co.,Ltd manufactures and sells various adhesive tapes and adhesives in China. The company offers industrial materials, including masking, duct, rice paper, electronics, foam, aluminum foil, covering, double sided, and kraft paper tapes, as well as BOPP tapes; electronic materials, which comprise PET, blue film, transfer, conductive, PE foam, tissue, and fireproof paper tapes; and functional film materials, comprising anti-reflection, anti-glare, OCA optical, high temperature and polyurethane protective films, functional and antistatic AB glue. It also provides thermal management composites, which include synthetic graphite high thermal and graphene thermal conductive films; and specialty paper products, as well as solvent and waterborne acrylic pressure sensitive adhesives. The company offers its products under the Ginnva brand. Its products are used in consumer electronics, transportation, new energy battery, architectural decoration, smart medical, household appliances, office and home, and other fields. The company also exports its products. Shanghai Smith Adhesive New Material Co.,Ltd was founded in 2006 and is headquartered in Shanghai, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shanghai Smith Adhesive New Material Co reported revenue of ¥2.2B in FY2025 versus ¥1.4B in FY2021, a compound +11.7%/yr. Reported net income was ¥89.3M in FY2025, compounding +29.6%/yr from FY2021.

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Peer Group

Specialty Chemicals · 669 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.

Valuation Multiples vs Specialty Chemicals median · lower = cheaper

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: 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.

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

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Frequently asked questions

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.