Hangzhou First PV Material Co Ltd (603806) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Hangzhou First PV Material Co Ltd ¥8.70, price ¥14.30, upside -39.2%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 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 24, 2026.
How to read this chart
60‑month range ¥11.94 – ¥59.27 · fair‑value band ¥5.65 – ¥11.30 · the ¥14.30 price screens above the ¥8.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Hangzhou First Applied Material Co., Ltd., together with its subsidiaries, engages in the research and development, production, and sales of new materials in China and internationally. It operates through Photovoltaic Materials, Electronic Materials, Functional Film Materials, and Coating Materials divisions.
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Hangzhou First Applied Material Co., Ltd., together with its subsidiaries, engages in the research and development, production, and sales of new materials in China and internationally. It operates through Photovoltaic Materials, Electronic Materials, Functional Film Materials, and Coating Materials divisions. The company offers photovoltaic encapsulant film, such as EVA film for PV module, POE encapsulant, co-extrusion film, color encapsulant, light conversion film, and special film for busbar-free (0BB) PV module; backsheet for PV module; and isolation strips, reflective gap encapsulant, moisture barrier sealant, structural adhesive, insulating ink, isolating ink, and wet-film photoresist. It also provides dry film photoresist, photoimageable coverlay, and flexible copper clay laminates; and dry lamination process series aluminum plastic film and hot pressing process series aluminum plastic film. In addition, the company offers membrane support fabric comprising reverse osmosis membrane support fabric, ultrafiltration/microfiltration, membrane support fabric, and PV paper; OLED display panel encapsulation ink; and optoelectronic materials. Further, it is involved in solar power generation system, enterprise management consulting, software and information technology, and equity and industrial investment activities. Additionally, the company provides photovoltaic films, photovoltaic backsheets, photosensitive dry films, solar power generation systems, and other products. It also exports its products. The company was formerly known as Hangzhou First PV Material Co., Ltd. and changed its name to Hangzhou First Applied Material Co., Ltd. in March 2017. Hangzhou First Applied Material Co., Ltd. was founded in 2003 and is headquartered in Hangzhou, China.
Stock analysis
Hangzhou First PV Material Co Ltd (603806) currently trades at ¥14.30, while our model-based Fair Value estimate is ¥8.70, implying the stock looks roughly 64.4% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ¥10.62 per share, and 0 of the 26 models we run sit above the ¥14.30 price.
Bear case: the Economic Profit group reads lowest at ¥3.03, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: ¥5.65 (bear) to ¥11.30 (bull), the price of ¥14.30 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 53/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Hangzhou First PV Material Co Ltd reported revenue of 15.5B CNY in FY2025 versus 12.9B CNY in FY2021, a compound +4.8%/yr. Reported net income was 770M CNY in FY2025, compounding −23.1%/yr from FY2021.
Key figures
Market cap 37.3B CNY (≈ $5.6B) · P/E ratio 55.0 · P/S ratio 2.73 · EPS (TTM) ¥0.2600 · Dividend yield 1.0% · Net margin 5.0% · Return on equity 3.9% · Return on assets (EBIT) 9.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 29% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −34% fair-value upside, at −39%, 603806 screens richer than that median.
Fair Value models
Bear ¥5.65Fair Value ¥8.70Bull ¥11.30
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (¥0.0805 per share) are deliberately not added.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.
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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−19.1%
Revenue growth 3 years ⓘ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.
−6.4%
Revenue growth 5 years ⓘ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.
+13.0%
Start year 2020 (pandemic). Over 10 years: +16.6% a year
Revenue growth 16 years ⓘ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.
+25.2%
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What shareholders gained per year (last 5 years) ⓘ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.
−18.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−19.3%
Dividend (yield on the price)1.0%
Pace: 5 vs 10 years ⓘ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.−19% vs −5%, slowing
Profit margin 2020 to 2025 ⓘ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.21% → 6%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+17.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +15.7% a year for the price.
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Peer Groupⓘ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.Semiconductor Equipment & Materials · 216 stocks
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Cite: Fair Value Calculator (2026). "Hangzhou First PV Material Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/603806
Frequently asked questions
Is Hangzhou First PV Material Co Ltd (603806) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ¥8.70 versus a price of ¥14.30, about −39% upside (overvalued).
What is the fair value of 603806?
Our model-based fair value for Hangzhou First PV Material Co Ltd is ¥8.70 (as of Sep 24, 2026), built from audited fundamentals. The current price: ¥14.30.
What is the quality score of 603806?
Hangzhou First PV Material Co Ltd has a Quality Score of 53/100. 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 Hangzhou First PV Material Co Ltd (603806)?
Our model-based price target is the fair value of ¥8.70 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario ¥5.65, optimistic scenario ¥11.30. It is a calculation from audited fundamentals, not an analyst target.
What is the Hangzhou First PV Material Co Ltd stock forecast for 2026?
Our models put fair value at ¥8.70, about −39% upside versus a price of ¥14.30 (overvalued). Cautious scenario ¥5.65, optimistic scenario ¥11.30. The calculation is refreshed regularly with new filings.
What is the revenue of Hangzhou First PV Material Co Ltd (603806)?
Hangzhou First PV Material Co Ltd reported trailing-twelve-month revenue of about 15.2B CNY (latest available figure, as of Sep 24, 2026).
Does Hangzhou First PV Material Co Ltd pay a dividend?
Hangzhou First PV Material Co Ltd currently shows a dividend yield of about 1.05% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Hangzhou First PV Material Co Ltd (603806)?
For today's price to be fair in a discounted-cash-flow model, Hangzhou First PV Material Co Ltd would have to grow free cash flow by +17.7 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 603806 use?
Our models discount Hangzhou First PV Material Co Ltd at 9.5 %: a base by market capitalisation (large), damped by beta 0.85, country premium for China. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Hangzhou First PV Material Co Ltd that is +17.7 % per year a year over ten years, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Hangzhou First PV Material Co Ltd (603806) delivered so far?
Over the past 5 years revenue at Hangzhou First PV Material Co Ltd grew +13.0 % a year. The price currently implies +17.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Hangzhou First PV Material Co Ltd (603806) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Hangzhou First PV Material Co Ltd (+17.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Hangzhou First PV Material Co Ltd (603806)?
The free-cash-flow yield on the price is 2.75 %: that much free cash flow Hangzhou First PV Material Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hangzhou First PV Material Co Ltd (603806)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hangzhou First PV Material Co Ltd it is ¥8.70 per share (as of Sep 24, 2026), against a price of ¥14.30. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Hangzhou First PV Material Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 603806 trades above its calculated fair value: price ¥14.30, fair value ¥8.70, a gap of about −39% (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 603806?
No. The price is what the market pays today (¥14.30); the fair value is what the company's own numbers justify (¥8.70). For Hangzhou First PV Material Co Ltd the two are ¥5.60 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hangzhou First PV Material Co Ltd worth?
The market values Hangzhou First PV Material Co Ltd at about 37.3B CNY (market capitalisation, as of Sep 24, 2026). Per share that is ¥14.30; our models calculate a fair value of ¥8.70 per share.
What do the bullish and bearish scenarios say about 603806?
Our models span a range for Hangzhou First PV Material Co Ltd: cautious scenario ¥5.65, base ¥8.70, optimistic ¥11.30 per share (as of Sep 24, 2026, price ¥14.30). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 603806?
Hangzhou First PV Material Co Ltd trades at a price-to-earnings ratio of 55.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥8.70 is built from several models across several years. Other multiples: P/B 2.3, P/S 2.4, EV/EBITDA 31.4.
How solid is the balance sheet of Hangzhou First PV Material Co Ltd (603806)?
Balance-sheet figures for Hangzhou First PV Material Co Ltd (as of Sep 24, 2026): return on equity 3.9%, debt of 0.17 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is 603806 from its 52-week high?
Hangzhou First PV Material Co Ltd trades at ¥14.30, about 29% below its 52-week high of ¥20.00 and 9% above the low of ¥13.17 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ¥8.70 is for.
Which stocks are comparable to Hangzhou First PV Material Co Ltd?
From the same area (Technology) we also value ASML Holding, Applied Materials, Inc, Lam Research Corporation, KLA Corporation, 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 Hangzhou First PV Material Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price ¥14.30, calculated fair value ¥8.70 (−39%), Quality Score 53/100, 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 603806 calculated?
We run Hangzhou First PV Material Co Ltd 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 ¥8.70, 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 14.1 % above its aggregate fair value. Hangzhou First PV Material Co Ltd 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 is it worth investing now.
What is the share price of Hangzhou First PV Material Co Ltd (603806)?
The closing price on Sep 23, 2026 was ¥14.30. Our model-based fair value is ¥8.70, about −39% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hangzhou First PV Material Co Ltd right now?
The price sits above even our optimistic bull case (¥11.30). The favourable scenario is already priced in. Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (¥5.65 to ¥11.30) leaves room in how you read the outcome.
Where does the earnings growth of Hangzhou First PV Material Co Ltd (603806) come from?
Earnings per share at Hangzhou First PV Material Co Ltd grew +3.2 % a year from 2013 to 2024. Broken into its drivers: revenue per share +15.7 %, EBIT margin −11.1 %, tax rate +0.6 %, residual (interest, one-offs) −0.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Hangzhou First PV Material Co Ltd
How large is the market capitalisation of Hangzhou First PV Material Co Ltd (603806)?
The market capitalisation of Hangzhou First PV Material Co Ltd is 37.3B CNY (≈ $5.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Hangzhou First PV Material Co Ltd (603806)?
The price-to-sales ratio of Hangzhou First PV Material Co Ltd is 2.73 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Hangzhou First PV Material Co Ltd (603806)?
Earnings per share at Hangzhou First PV Material Co Ltd are ¥0.2600 (price ÷ EPS = P/E 55.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hangzhou First PV Material Co Ltd (603806)?
The dividend yield of Hangzhou First PV Material Co Ltd is 1.0% (payout 57.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Hangzhou First PV Material Co Ltd (603806)?
The net margin of Hangzhou First PV Material Co Ltd is 5.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Hangzhou First PV Material Co Ltd (603806)?
The return on equity (ROE) of Hangzhou First PV Material Co Ltd is 3.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Hangzhou First PV Material Co Ltd (603806)?
On an EBIT basis the return on assets of Hangzhou First PV Material Co Ltd is 9.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Hangzhou First PV Material Co Ltd (603806)?
The operating margin of Hangzhou First PV Material Co Ltd is 10.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hangzhou First PV Material Co Ltd (603806)?
Revenue at Hangzhou First PV Material Co Ltd is growing −6.9% versus a year earlier (3y avg −6.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Hangzhou First PV Material Co Ltd (603806)?
Earnings per share at Hangzhou First PV Material Co Ltd are growing −19.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hangzhou First PV Material Co Ltd (603806) carry?
The net debt of Hangzhou First PV Material Co Ltd is 433M CNY (fiscal year 2025, ≈ 0.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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