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Shanghai Originaldow Advanced (603991) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Shanghai Originaldow Advanced stock ¥90.60, price ¥128, that is 29.5% below the price, quality 36 out of 100. Rating: overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Technology CN · ISIN CNE100002YK0

SO Shanghai Originaldow Advanced logo Thin data Nov 10, 2026

Shanghai Originaldow Advanced

603991 · SHG
Expensive, weak quality

Our calculation puts a fair price 29% below what the stock costs today.

Low debt
Generates free cash flow over the last twelve months
Revenue last quarter +23% vs. a year ago.
Expensive Growth (revenue 5y +12.3 %/yr in CNY)
Thin margins · 9.1% net margin (TTM)
Fair value ¥90.60 · Overvalued
Quality 36/100
Trails peers (3/13)
Narrow moat 44/100 · thin data
Thin data
⟳ CyclicalEstimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

¥185.57 ¥25.06 Fair Value ¥90.60 Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range ¥25.06 – ¥185.57 · fair‑value band ¥67.95 – ¥113.25 · the ¥128.46 price screens above the ¥90.60 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

Shenzhen Original Advanced Compounds Co., Ltd. engages in the research and development, production, and sale of polymer materials in the China and internationally.

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The company provides polyolefin polymer materials for optical communication cables and optical cables, as well as electrical equipment wires; and insulating polymer materials for power cables in power grid systems.

It also offers semiconductor back-end advanced packaging equipment, including cleaning, oven, etching, coating and developing, degumming, slicing, and other equipment. The company was incorporated in 2004 and is based in Shanghai, China.

Stock analysis

Shanghai Originaldow Advanced (603991) currently trades at ¥128.46, while our estimate is ¥90.60, 29% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: ¥67.95 (bear) to ¥113.25 (bull), the price of ¥128.46 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 36/100 (below-average quality), in the Technology sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Shanghai Originaldow Advanced reported revenue of 556M CNY in FY2025 versus 128M CNY in FY2021, a compound +44.4%/yr. Reported net income was −45.8M CNY in FY2025.

Key figures

Market cap 18.3B CNY (≈ $2.7B) Mid · P/E ratio 65.5 · P/S ratio 5.18 · EPS (TTM) ¥1.96 · Dividend yield 0.0% · Net margin 9.1% · Return on equity 14.9% · Return on assets (EBIT) −5.4% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (low confidence).

What moves the price

The share trades about 31% below its 52-week high and 92% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −14% fair-value upside, at −29%, 603991 screens richer than that median.

Fair Value

Bear ¥67.95 Fair Value ¥90.60 Bull ¥113.25
Price ¥128.46 · Downside -29.5%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 36/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 6
How much profit the company makes from its sales and capital
Quality Growth 52
Are margins and returns getting better?
Cashflow 4
Do the profits arrive as real cash?
Financial strength 92
Debt, balance sheet and risk of trouble
Investment 33
Does it invest with discipline instead of growing at any price?
Low Volatility 51
How calm the share price moves, does not count
Price momentum 66
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 76
Distance to the 52-week high, does not count
New shares 29
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 59/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+52.6%
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.
+62.6%
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.
+12.3%
Start year 2020 (pandemic). Over 10 years: +6.3% a year
Revenue growth 13 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.
+10.4%
Profit margin (trend) ⓘ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.
−16.6% (2020) → −12.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

603991 screens overvalued: fair value 29% below the price. Compare with ASML Holding →

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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 · 245 stocks

Beats the industry median on 3/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 36 · Bottom 25%
Fair Value upside −29.5% · Above median
Profitability
Return on equity (12 months) 14.9% · Above median
Return on assets −0.9% · Bottom 25%
Net margin (12 months) 9.1% · Below median
Operating margin (12 months) 19.7% · Above median
Growth and dividend
Revenue growth (quarter YoY) 23.3% · Below median
Dividend yield (12 months) 0.0% · Bottom 25%
Balance sheet
Debt / equity 0.15× · Above median

Valuation Multiplesvs Semiconductor Equipment & Materials median · lower = cheaper

P/E (12 months) 65.5× · Priciest 25%
P/B 5.23× · Pricier than median
P/S (12 months) 5.18× · Pricier than median
EV/EBITDA 35.4× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)100 · sector 100
PAST (return on equity)60 · sector 38
HEALTH (low debt)93 · sector 96
DIVIDEND (yield)0 · sector 19

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

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

Similar stocks

10 more Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Lam Research Corporation LRCX $221.31 $243.44 +10% vs 603991
Hon. Precision, Inc 7769 4,220 TWD 4,444 TWD +5% vs 603991
ASML Holding ASML €1,361 €1,345 −1% vs 603991
Applied Materials, Inc AMAT $370.55 $365.99 −1% vs 603991
KLA Corporation KLAC $151.38 $129.49 −14% vs 603991
Entegris, Inc ENTG $140.06 $91.54 −35% vs 603991
Qnity Electronics, Inc Q $125.09 $70.54 −44% vs 603991
Advanced Micro-Fabrication Equipment Inc 688012 ¥245.66 ¥123.44 −50% vs 603991
Teradyne, Inc TER $246.00 $66.14 −73% vs 603991
Hangzhou Changchuan Technology Co 300604 ¥180.91 ¥45.22 −75% vs 603991

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Shanghai Originaldow Advanced: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Shanghai Originaldow Advanced Fair Value". https://www.fairvalue-calculator.com/stock/603991

Frequently asked questions

Is Shanghai Originaldow Advanced (603991) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is ¥90.60 versus a price of ¥128.46, about 29% lower (overvalued).
What is the fair value of 603991?
Our estimate for Shanghai Originaldow Advanced is ¥90.60 (as of Nov 10, 2026), built from audited fundamentals. The current price: ¥128.46.
What is the quality score of 603991?
Shanghai Originaldow Advanced has a Quality Score of 36/100. 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 Shanghai Originaldow Advanced (603991)?
Our calculated price target is the estimate of ¥90.60 (as of Nov 10, 2026). Cautious scenario ¥67.95, optimistic scenario ¥113.25. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Shanghai Originaldow Advanced stock forecast for 2026?
Our estimate puts fair value at ¥90.60, about 29% lower versus a price of ¥128.46 (overvalued). Cautious scenario ¥67.95, optimistic scenario ¥113.25. The calculation is refreshed regularly with new filings.
Does Shanghai Originaldow Advanced pay a dividend?
Shanghai Originaldow Advanced currently shows a dividend yield of 0.01% relative to its recent price (as of Nov 10, 2026).
How much is the dividend of Shanghai Originaldow Advanced (603991) and when is the ex-dividend date?
Shanghai Originaldow Advanced pays a dividend of ¥0.01 per share a year, a dividend yield of 0.0%. The last ex-dividend date was Feb 10, 2026. The payout ratio is 0.5% of earnings. Our assessment: Token dividend. At a yield of 0.0% the dividend is symbolic. On paper it is not fully covered by earnings or free cash flow, but at this size that hardly matters: even scrapping it entirely would cost less than 0.0% a year, and coverage ratios on amounts this small swing with ordinary working-capital movements. Judge this company on its business, not on its dividend.
What is the intrinsic value of Shanghai Originaldow Advanced (603991)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Shanghai Originaldow Advanced it is ¥90.60 per share (as of Nov 10, 2026), against a price of ¥128.46.
Is Shanghai Originaldow Advanced stock overvalued or undervalued in 2026?
As of Nov 10, 2026, 603991 trades above its calculated fair value: price ¥128.46, fair value ¥90.60, a gap of about −29% (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 603991?
No. The price is what the market pays today (¥128.46); the fair value is what the company's own numbers justify (¥90.60). For Shanghai Originaldow Advanced the two are ¥37.86 per share apart. That gap is exactly why we show both numbers side by side.
How much is Shanghai Originaldow Advanced worth?
The market values Shanghai Originaldow Advanced at about 18.3B CNY (market capitalisation, as of Nov 10, 2026). Per share that is ¥128.46; our models calculate a fair value of ¥90.60 per share.
What do the bullish and bearish scenarios say about 603991?
Our models span a range for Shanghai Originaldow Advanced: cautious scenario ¥67.95, base ¥90.60, optimistic ¥113.25 per share (as of Nov 10, 2026, price ¥128.46). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 603991?
Shanghai Originaldow Advanced trades at a price-to-earnings ratio of 65.5 (as of Nov 10, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥90.60 is built from several models across several years. Other multiples: P/B 5.2, P/S 5.2, EV/EBITDA 35.4.
How solid is the balance sheet of Shanghai Originaldow Advanced (603991)?
Balance-sheet figures for Shanghai Originaldow Advanced (as of Nov 10, 2026): return on equity 14.9%, debt of 0.15 per unit of equity. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is 603991 from its 52-week high?
Shanghai Originaldow Advanced trades at ¥128.46, about 31% below its 52-week high of ¥185.57 and 92% above the low of ¥66.91 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of ¥90.60 is for.
Which stocks are comparable to Shanghai Originaldow Advanced?
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 Shanghai Originaldow Advanced stock attractive at the current price?
The data as of Nov 10, 2026: price ¥128.46, calculated fair value ¥90.60 (−29%), Quality Score 36/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.2% above its aggregate fair value. Shanghai Originaldow Advanced 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 Shanghai Originaldow Advanced (603991)?
The closing price on Nov 10, 2026 was ¥128.46. Our estimate is ¥90.60, about 29% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Shanghai Originaldow Advanced right now?
The price sits above even our optimistic bull case (¥113.25). The favourable scenario is already priced in. Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Shanghai Originaldow Advanced

How large is the market capitalisation of Shanghai Originaldow Advanced (603991)?
The market capitalisation of Shanghai Originaldow Advanced is 18.3B CNY (≈ $2.7B). 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 Shanghai Originaldow Advanced (603991)?
The price-to-sales ratio of Shanghai Originaldow Advanced is 5.18 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Shanghai Originaldow Advanced (603991)?
Earnings per share at Shanghai Originaldow Advanced are ¥1.96 (price ÷ EPS = P/E 65.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Shanghai Originaldow Advanced (603991)?
The dividend yield of Shanghai Originaldow Advanced is 0.0% (payout 0.5%). 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 Shanghai Originaldow Advanced (603991)?
The net margin of Shanghai Originaldow Advanced is 9.1% (last twelve months). 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 Shanghai Originaldow Advanced (603991)?
The return on equity (ROE) of Shanghai Originaldow Advanced is 14.9% (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 Shanghai Originaldow Advanced (603991)?
On an EBIT basis the return on assets of Shanghai Originaldow Advanced is −5.4% (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 Shanghai Originaldow Advanced (603991)?
The operating margin of Shanghai Originaldow Advanced is 19.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Shanghai Originaldow Advanced (603991)?
Revenue at Shanghai Originaldow Advanced is growing +23.3% versus a year earlier (3y avg +62.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Shanghai Originaldow Advanced (603991) generate?
The free cash flow of Shanghai Originaldow Advanced is −19.4M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Shanghai Originaldow Advanced (603991) carry?
The net debt of Shanghai Originaldow Advanced is 83.9M CNY (fiscal year 2024). 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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