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Fuyao Glass Industry Group (3606) Fair Value & Analysis

Consumer Cyclical · HK · Market cap HK$131B

FG Fuyao Glass Industry Group 3606 · HK
PriceHK$56.35
Fair ValueHK$67.98
Upside+20.6%
Quality68/100
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Healthy Growth
Solidly profitable · 19.4% net margin
Low debt · generates free cash flow
4.10% dividend yield
Ranks above peers (11/14)
Wide moat 76/100
Evidence: High Range HK$49.56 – HK$93.42 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from HK$67.50 to HK$67.98 (+0.7%) since Jul 7, 2026. Share price +9.5% over the past month.

A solid business, screening 21% undervalued on our models.

What matters now

  • Solid quality (68/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (HK$49.56 to HK$93.42) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

HK$76.59 HK$21.65 Fair Value HK$67.98 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$21.65 – HK$76.59 · fair‑value band HK$49.56 – HK$93.42 · the HK$56.35 price screens below the HK$67.98 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Fuyao Glass Industry Group (3606) currently trades at HK$56.35, while our model-based Fair Value estimate is HK$67.98, implying the stock looks roughly 20.6% undervalued today. The Quality Score stands at 68/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Fuyao Glass Industry Group generated revenue of HK$46.3B at a net margin of 19.4%. Revenue grew 5.1% year over year. It earns a return on equity of 23.4%. Net debt stands at HK$2.4B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$49.56 (bear case) to HK$93.42 (bull case); at HK$56.35, the current price sits within 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 32% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -52% fair-value upside, at 21%, 3606 screens cheaper 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.

Model 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
Highest evidence
Growth DCF HK$35.92 HK$65.86 HK$112.55 80
Residual Income HK$21.39 HK$25.75 HK$75.92 76
Rev-Margin DCF HK$25.45 HK$39.44 HK$58.74 74
All 26 models by family
DCF Models
FCF DCF HK$36.65 HK$63.81 HK$125.45 38
Owner Earnings HK$40.03 HK$74.11 HK$138.59 31
5Y Revenue Exit HK$25.45 HK$39.77 HK$59.51 39
5Y EBITDA Exit HK$44.59 HK$81.74 HK$130.88 41
5Y P/E Exit HK$53.10 HK$100.42 HK$157.95 38
10Y Revenue Exit HK$28.30 HK$43.71 HK$68.36 36
10Y EBITDA Exit HK$41.86 HK$75.60 HK$131.87 37
10Y P/E Exit HK$47.65 HK$89.79 HK$155.96 35
Earnings-Based
Graham-Dodd HK$23.64 HK$133.70 HK$185.78 54
Lynch FV HK$37.52 HK$53.60 HK$69.68 50
PEG = 1.0 HK$37.52 HK$53.60 HK$69.68 46
EPV HK$35.62 HK$40.56 HK$44.88 59
Dividend Discount
Gordon GGM HK$23.87 HK$49.64 HK$78.75 70
DDM Multi-Stage HK$23.87 HK$41.86 HK$52.10 61
Multiples
P/E Multiple HK$57.35 HK$76.47 HK$95.58 63
P/S Multiple HK$15.43 HK$20.57 HK$25.71 58
P/B Multiple HK$43.20 HK$57.60 HK$72.00 55
EV/EBIT HK$57.29 HK$74.39 HK$91.50 53
EV/EBITDA HK$50.42 HK$65.23 HK$80.04 54
EV/Revenue HK$20.38 HK$26.55 HK$32.72 43
Asset-Based
NCAV (Graham) HK$7.20 HK$9.65 HK$14.40 50
Growth DCF
Growth DCF HK$35.92 HK$65.86 HK$112.55 80
Rev-Margin DCF HK$25.45 HK$39.44 HK$58.74 74
Economic Profit
Residual Income HK$21.39 HK$25.75 HK$75.92 76
ROIC Compounder HK$40.27 HK$52.17 HK$67.49 72
Growth Earnings
Growth-Adj P/E HK$57.28 HK$81.82 HK$106.37 68

Widest divergence: Growth Earnings (HK$81.82) versus Asset-Based (HK$9.65). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$46.3B
Revenue growth (YoY) +5.1%
Net margin 19.4%
Return on equity 23.4%
Free cash flow HK$5.7B FY2025
P/E ratio 12.6 as of Jul 2, 2026
More key figures
Operating margin 21.9%
EPS (TTM) HK$3.45
Dividend yield 4.1%
EPS growth (YoY) -15.4%
Net debt HK$2.4B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 68/100

Of which business quality 67 · Market factors (momentum, volatility) 45

Profitability 66
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 55
Earnings quality: real cash, not paper profit
Fin. Strength 91
Balance sheet, leverage, solvency risk
Investment 46
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 30
Distance to the 52-week high (market factor)
Net Issuance 77
Buybacks instead of dilution

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

Fuyao Glass Industry Group Co., Ltd., together with its subsidiaries, provides safety glass solutions and automotive accessories for various transportation vehicles in China and internationally. It designs, manufactures, sells, and services automotive float glass, automotive glass, locomotive glass, motorcycle glass, luggage racks, and window accessories.

Full company description

Fuyao Glass Industry Group Co., Ltd., together with its subsidiaries, provides safety glass solutions and automotive accessories for various transportation vehicles in China and internationally. It designs, manufactures, sells, and services automotive float glass, automotive glass, locomotive glass, motorcycle glass, luggage racks, and window accessories. The company's glass products include smart and panoramic skylight glass, dimmable glass, head-up display glass, coated heatable glass, and flush mounted tempered laminated glass. It is also involved in property leasing; manufacture of machinery; exploitation and sale of minerals; production and sale of mold, automotive parts, fiber products, plastic products, automotive decoration, and refined aluminums; installation of automotive glass accessories; and technology transfer, technical services, and technology promotion. In addition, it offers warehousing and automotive glass logistics services. The company was formerly known as Fujian Yaohua Glass Industry Group Co., Ltd. and changed its name to Fuyao Glass Industry Group Co., Ltd. in June 1992. Fuyao Glass Industry Group Co., Ltd. was founded in 1987 and is headquartered in Fuqing, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Fuyao Glass Industry Group reported revenue of HK$44.7B in FY2025 versus HK$23.6B in FY2021, a compound +17.3%/yr. Reported net income was HK$9.1B in FY2025, compounding +30.3%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$44.7B
Latest YoY
+14.0%
Avg. growth/yr (3Y) ⓘ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.
+16.8%
Avg. growth/yr (5Y) ⓘ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.
+17.6%
Avg. growth/yr (32Y) ⓘ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.
+19.0%
Revenue +17.3%/yr
FY21 HK$23.6B
FY22 HK$28.1B
FY23 HK$33.2B
FY24 HK$39.3B
FY25 HK$44.7B
Net income +30.3%/yr
FY21 HK$3.1B
FY22 HK$4.8B
FY23 HK$5.6B
FY24 HK$7.5B
FY25 HK$9.1B
Character of growth · EPS growth decomposed (2014-2025) +10.5 % p.a.
Revenue per share +10.2 pp

of which total revenue +11.7 pp · buybacks/dilution −1.6 pp

EBIT margin +0.0 pp
Tax rate +0.1 pp
Residual (interest, one-offs) +0.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Fuyao Glass Industry Group · Fair Value
HK$67.98 +21%Fair Value
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Cite: Fair Value Calculator (2026). "Fuyao Glass Industry Group Fair Value". https://www.fairvalue-calculator.com/stock/3606

Peer Group

Auto Parts · 642 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.

Quality Score 68 · Top 25%
Fair Value upside +21% · Above median
Return on equity (TTM) 23% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 19% · Top 25%
Operating margin (TTM) 22% · Top 25%
Revenue growth 5% · Above median
Dividend yield (TTM) 4.1% · Top 25%
Debt / equity 0.10× · Lower than median

Valuation Multiples vs Auto Parts median · lower = cheaper

P/E (TTM) 12.6× · Cheaper than 75% of peers
P/B 3.49× · Pricier than 75% of peers
P/S (TTM) 2.84× · Pricier than 75% of peers
P/FCF 2.9× · Pricier than median
EV/EBITDA 8.9× · Cheaper than median

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 61 · sector 16
FUTURE 26 · sector 23
PAST 94 · sector 26
HEALTH 95 · sector 95
DIVIDEND 82 · sector 30

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

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

Is Fuyao Glass Industry Group (3606) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$67.98 versus a price of HK$56.35, about +21% (undervalued).
What is the fair value of 3606?
Our model-based fair value for Fuyao Glass Industry Group is HK$67.98 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$56.35.
What is the quality score of 3606?
Fuyao Glass Industry Group has a Quality Score of 68/100. 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 revenue of Fuyao Glass Industry Group (3606)?
Fuyao Glass Industry Group reported trailing-twelve-month revenue of about HK$46.3B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 3606?
The net profit margin of Fuyao Glass Industry Group is about 19.4%, meaning it keeps roughly 19.4% of revenue as net income. Based on the latest reported figures.
Does Fuyao Glass Industry Group pay a dividend?
Fuyao Glass Industry Group currently shows a dividend yield of about 4.10% relative to its recent price (as of Aug 13, 2026).

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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