Tangshan Sunfar Silicon Ind (603938) Fair Value & Analysis
Basic Materials · CN · Market cap 16.4B CNY (≈ $2.5B) · ISIN CNE100002WS7
What is Tangshan Sunfar Silicon Ind really worth?
A solid business, but trading 92% above our fair value of ¥20.60.
Strengths
Risks
Fair value as of: Sep 5, 2026
From 26 valuation models · updated today
Fair value updated Sep 5, 2026, revised from ¥3.07 to ¥20.60 (+571.0%) since Aug 13, 2026. Share price −0.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (¥29.93). The favourable scenario is already priced in.
- Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (¥14.43 to ¥29.93) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.
How to read this chart
60‑month range ¥9.43 – ¥75.81 · fair‑value band ¥14.43 – ¥29.93 · the ¥39.49 price screens above the ¥20.60 fair value. Dashed = 300-day average. As of Sep 5, 2026.
Analysis
Tangshan Sunfar Silicon Ind (603938) currently trades at ¥39.49, while our model-based Fair Value estimate is ¥20.60, implying the stock looks roughly 91.7% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Basic Materials sector. Bull case: the Asset-Based group reads highest at a median of ¥4.38 per share, and 0 of the 26 models we run sit above the ¥39.49 price. Bear case: the Economic Profit group reads lowest at ¥2.29, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Tangshan Sunfar Silicon Ind generated revenue of 2.2B CNY at a net margin of 4.1%. Revenue grew 30.9% year over year. It earns a return on equity of 3.7%. The balance sheet holds a net cash position of 148M CNY. Fundamentals as of Sep 5, 2026
Our scenario range runs from ¥14.43 (bear case) to ¥29.93 (bull case); at ¥39.49, 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 39% below its 52-week high and 203% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −48% fair-value upside, at −48%, 603938 screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ¥0.1481 per share, which is 0.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: Asset-Based (¥4.38) versus Dividend Discount (¥0.2700). Highest evidence: FCF DCF (78).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 54 · Market factors (momentum, volatility) 51
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Tangshan Sunfar Silicon Industries Co.,Ltd. engages in the research, development, production, and sale of chemical products in China.
Full company description
Tangshan Sunfar Silicon Industries Co.,Ltd. engages in the research, development, production, and sale of chemical products in China. Its product portfolio includes trichlorosilane, silicon tetrachloride, high-purity silicon tetrachloride, electronic-grade dichlorosilane, electronic-grade trichlorosilane, electronic-grade silicon tetrachloride, fumed silica, silane coupling agents, potassium hydroxide, and potassium sulfate. Tangshan Sunfar Silicon Industries Co.,Ltd. was founded in 2006 and is headquartered in Tangshan, China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Tangshan Sunfar Silicon Ind reported revenue of 2.1B CNY in FY2025 versus 1.6B CNY in FY2021, a compound +7.0%/yr. Reported net income was 80.3M CNY in FY2025, compounding −30.0%/yr from FY2021.
of which total revenue +12.1 % · buybacks/dilution −3.1 %
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).
603938 screens 92% overvalued. Compare with Saudi Basic Industries Corporation →
Peer Group
Chemicals · 341 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 Chemicals median · lower = cheaper
Strength profile in five axes (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.
Similar stocks
10 more Chemicals stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Saudi Basic Industries Corporation 2010 | 49.50 SAR | 18.13 SAR | −63% |
| A. Schulman, Inc SLMNP | $849.00 | $203.64 | −76% |
| Ningxia Baofeng Energy Group 600989 | ¥24.49 | ¥20.17 | −18% |
| Dow Inc DOW | $30.51 | $21.03 | −31% |
| Zhejiang Juhua Co 600160 | ¥41.32 | ¥21.62 | −48% |
| Rongsheng Petrochemical Co 002493 | ¥13.76 | ¥2.39 | −83% |
| Zangge Mining Company 000408 | ¥78.04 | ¥20.99 | −73% |
| Ganfeng Lithium Group 002460 | ¥52.53 | ¥16.17 | −69% |
| PT Barito Pacific Tbk, BRPT | 1,855 IDR | 1,584 IDR | −15% |
| Hengli Petrochemical Co 600346 | ¥18.87 | ¥17.09 | −9% |
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