WPG (Shanghai) Smart Water Public Co (603956) Fair Value & Analysis
Industrials · CN · Market cap 2.7B CNY
Fair value as of: Jul 24, 2026
From 9 valuation models · updated 17 days ago
Share price +16.8% over the past month.
Below-average quality, and screening another 93% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (¥0.7990). The favourable scenario is already priced in.
- Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The model range is unusually wide (¥0.2295 to ¥0.7990). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 24, 2026.
How to read this chart
60‑month range ¥4.26 – ¥18.55 · fair‑value band ¥0.2295 – ¥0.7990 · the ¥6.95 price screens above the ¥0.5185 fair value. Dashed = 300-day average. As of Jul 24, 2026.
Analysis
WPG (Shanghai) Smart Water Public Co (603956) currently trades at ¥6.95, while our model-based Fair Value estimate is ¥0.5185, implying the stock looks roughly 92.5% overvalued today. The Quality Score stands at 38/100 (below-average quality), in the Industrials 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: medium).
Over the trailing twelve months, WPG (Shanghai) Smart Water Public Co generated revenue of 1.2B CNY at a net margin of -13.2%. Revenue declined 58.5% year over year. It earns a return on equity of -9.4%. Net debt stands at 292M CNY. Fundamentals as of Jul 24, 2026
Our scenario range runs from ¥0.2295 (bear case) to ¥0.7990 (bull case); at ¥6.95, 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 10% below its 52-week high and 54% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at -93%, 603956 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.
All 9 models by family
Widest divergence: Asset-Based (¥2.23) versus Dividend Discount (¥0.2400). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 24, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 40 · 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.
About the company
WPG (Shanghai) Smart Water Public Co.,Ltd. engages in water resources equipment manufacturing and sales in China. The company offers water plants, water management, rural water supply, direct drinking water, drainage, wastewater, engineering design and EPC, and water conservancy solutions, as well as secondary water supply, pump room component series, …
Full company description
WPG (Shanghai) Smart Water Public Co.,Ltd. engages in water resources equipment manufacturing and sales in China. The company offers water plants, water management, rural water supply, direct drinking water, drainage, wastewater, engineering design and EPC, and water conservancy solutions, as well as secondary water supply, pump room component series, network metering series, water plant series, direct drinking water series, secondary supply information, and IoT hardware products. It also provides software solutions. The company was founded in 2011 and is based in Shanghai, China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
WPG (Shanghai) Smart Water Public Co reported revenue of ¥1.2B in FY2025 versus ¥1.3B in FY2021, a compound −2.1%/yr. Reported net income was −¥153M in FY2025.
603956 screens 93% overvalued. Compare with GE Vernova Inc →
Peer Group
Specialty Industrial Machinery · 808 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 Industrial Machinery 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.
Similar stocks
10 more Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Jul 24, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| GE Vernova Inc 1GEV | €887.60 | €186.93 | -79% |
| 1SIE 1SIE | €273.20 | €91.93 | -66% |
| SMNS SMNS | C$31.76 | C$22.68 | -29% |
| Eaton Corporation ETN | $407.28 | $171.92 | -58% |
| Atlas Copco AB ATCOA | kr 195.15 | kr 112.59 | -42% |
| Sandvik AB SAND | kr 384.10 | kr 193.01 | -50% |
| Doosan Enerbility Co 034020 | 76,400 KRW | 7,938 KRW | -90% |
| Vestas Wind Systems A/S VWS | kr 178.10 | kr 124.54 | -30% |
| Zhejiang Sanhua Intelligent Controls Co 002050 | ¥43.20 | ¥22.68 | -48% |
| NARI Technology Co 600406 | ¥22.19 | ¥18.71 | -16% |
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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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