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Fuyao Glass Industry Group Co Ltd Class A (600660) Fair Value & Analysis

Consumer Cyclical · CN · Market cap 133B CNY (≈ $19.9B) · ISIN CNE000000230

What is Fuyao Glass Industry Group Co Ltd Class A really worth?

FG Fuyao Glass Industry Group Co Ltd Class A 600660 · SHG
Price¥57.33
Fair Value¥44.06
Upside−23.2%
Quality71/100

A solid business, but trading 30% above our fair value of ¥44.06.

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Strengths

Healthy Growth (revenue 5y +18.1 %/yr)
Solidly profitable · 19.4% net margin
Low debt · generates free cash flow
Ranks above peers (11/15)
Wide moat 74/100

Risks

!Weak on valuation: 3 out of 100
!Weak on future: 26 out of 100

For context

·3.66% dividend yield
Evidence: High Range ¥30.18 – ¥54.76

Fair value as of: Aug 26, 2026

From 26 valuation models · updated 10 days ago

Fair value updated Aug 26, 2026, revised from ¥84.47 to ¥44.06 (−47.8%) since Aug 23, 2026. Share price +1.3% over the past month.

What runs behind every stock

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

What matters now

  • A high-quality business (quality 71/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (¥54.76). The favourable scenario is already priced in.
  • A fairly wide model range (¥30.18 to ¥54.76) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

¥74.20 ¥28.53 Fair Value ¥44.06 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 26, 2026.

How to read this chart

60‑month range ¥28.53 – ¥74.20 · fair‑value band ¥30.18 – ¥54.76 · the ¥57.33 price screens above the ¥44.06 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 26, 2026.

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Analysis

Fuyao Glass Industry Group Co Ltd Class A (600660) currently trades at ¥57.33, while our model-based Fair Value estimate is ¥44.06, implying the stock looks roughly 30.1% overvalued today. The Quality Score stands at 71/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Growth Earnings group reads highest at a median of ¥113.94 per share, and 18 of the 26 models we run sit above the ¥57.33 price. Bear case: the Asset-Based group reads lowest at ¥12.56, and 8 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Fuyao Glass Industry Group Co Ltd Class A generated revenue of 46.3B CNY at a net margin of 19.4%. Revenue grew 5.1% year over year. It earns a return on equity of 23.4%. The balance sheet holds a net cash position of 7.6B CNY. Fundamentals as of Aug 26, 2026

Our scenario range runs from ¥30.18 (bear case) to ¥54.76 (bull case); at ¥57.33, 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 23% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −46% fair-value upside, at −23%, 600660 screens cheaper 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 ¥0.9173 per share, which is 2.1 % 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.

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
FCF DCF ¥50.12 ¥85.68 ¥176.09 76
Growth DCF ¥48.90 ¥91.88 ¥160.32 75
EPV ¥48.41 ¥55.18 ¥61.10 74
All 26 models by family
DCF Models
FCF DCF ¥50.12 ¥85.68 ¥176.09 76
Owner Earnings ¥52.53 ¥99.90 ¥191.65 72
5Y Revenue Exit ¥34.18 ¥54.27 ¥82.24 72
5Y EBITDA Exit ¥60.90 ¥113.90 ¥184.90 73
5Y P/E Exit ¥71.75 ¥138.11 ¥219.94 69
10Y Revenue Exit ¥38.23 ¥60.09 ¥95.76 65
10Y EBITDA Exit ¥57.28 ¥105.87 ¥188.73 65
10Y P/E Exit ¥64.71 ¥124.45 ¥220.46 61
Earnings-Based
Graham-Dodd ¥31.61 ¥188.02 ¥261.94 63
Lynch FV ¥53.47 ¥76.39 ¥99.30 61
PEG = 1.0 ¥53.47 ¥76.39 ¥99.30 57
EPV ¥48.41 ¥55.18 ¥61.10 74
Dividend Discount
Gordon GGM ¥32.30 ¥67.16 ¥106.54 66
DDM Multi-Stage ¥32.30 ¥56.63 ¥70.49 66
Multiples
P/E Multiple ¥76.71 ¥102.28 ¥127.85 63
P/S Multiple ¥20.57 ¥27.43 ¥34.29 58
P/B Multiple ¥56.25 ¥75.00 ¥93.75 55
EV/EBIT ¥77.80 ¥101.14 ¥124.48 66
EV/EBITDA ¥68.29 ¥88.46 ¥108.63 67
EV/Revenue ¥26.99 ¥35.22 ¥43.45 54
Asset-Based
NCAV (Graham) ¥9.38 ¥12.56 ¥18.75 54
Growth DCF
Growth DCF ¥48.90 ¥91.88 ¥160.32 75
Rev-Margin DCF ¥34.18 ¥53.73 ¥81.17 72
Economic Profit
Residual Income ¥28.49 ¥34.20 ¥101.77 66
ROIC Compounder ¥54.98 ¥71.54 ¥92.89 72
Growth Earnings
Growth-Adj P/E ¥79.76 ¥113.94 ¥148.12 67

Widest divergence: Growth Earnings (¥113.94) versus Asset-Based (¥12.56). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 14.8 as of Jul 15, 2026
P/S ratio 3.01 P/E × margin
EPS (TTM) ¥3.45 price ÷ EPS = P/E 14.8
Dividend yield 3.7% payout 60.9%
Net margin 20.3% FY2025
Return on equity 23.4% TTM
More key figures
Profitability
Return on assets (EBIT) 12.1% avg 5y
Operating margin 21.9% TTM
Growth
Revenue (TTM) 46.3B CNY TTM
Revenue growth (YoY) +5.1% 3y avg +17.7%
EPS growth (YoY) −15.4%
Balance sheet & cash flow
Free cash flow 5.9B CNY FY2025
Net cash 7.6B CNY FY2025

Figures from reported company fundamentals · as of Aug 26, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 71/100

Of which business quality 70 · Market factors (momentum, volatility) 52

Profitability 67
Margins and returns on capital today
Quality Growth 72
Are margins and returns improving?
Cashflow 56
Earnings quality: real cash, not paper profit
Fin. Strength 91
Balance sheet, leverage, solvency risk
Investment 45
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 35
Distance to the 52-week high (market factor)
Net Issuance 83
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.

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

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 Co Ltd Class A reported revenue of 45.8B CNY in FY2025 versus 23.6B CNY in FY2021, a compound +18.0%/yr. Reported net income was 9.3B CNY in FY2025, compounding +31.2%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
45.8B CNY
Latest YoY
+16.7%
Avg. revenue 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.
+17.7%
Avg. revenue 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.
+18.1%
Avg. revenue 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.
+19.1%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+29.0% (25.3 + 3.7)
Revenue +18.0%/yr
FY21 23.6B CNY
FY22 28.1B CNY
FY23 33.2B CNY
FY24 39.3B CNY
FY25 45.8B CNY
Net income +31.2%/yr
FY21 3.1B CNY
FY22 4.8B CNY
FY23 5.6B CNY
FY24 7.5B CNY
FY25 9.3B CNY
Character of growth · EPS growth decomposed (2014-2025) +10.6 % p.a.
Revenue per share +10.3 %

of which total revenue +11.9 % · buybacks/dilution −1.4 %

EBIT margin +0.1 %
Tax rate +0.1 %
Residual (interest, one-offs) +0.1 %

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).

600660 screens 30% overvalued. Compare with O'Reilly Automotive, Inc →

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Cite: Fair Value Calculator (2026). "Fuyao Glass Industry Group Co Ltd Class A Fair Value". https://www.fairvalue-calculator.com/stock/600660

Peer Group

Auto Parts · 640 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 71 · Top 25%
Fair Value upside −23% · Below 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) 3.7% · Top 25%
Debt / equity 0.10× · Lower than median

Valuation Multiples vs Auto Parts median · lower = cheaper

P/E (TTM) 14.8× · Cheaper than median
P/B 3.54× · Pricier than 75% of peers
P/S (TTM) 2.88× · Pricier than 75% of peers
P/FCF 3.4× · Pricier than median
EV/EBITDA 9.1× · Cheaper than median
PEG 0.56× · Cheaper than median

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE3 · sector 14
FUTURE26 · sector 21
PAST94 · sector 28
HEALTH95 · sector 95
DIVIDEND73 · sector 32

Insider activity: 40/100

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 Auto Parts stocks, each showing price versus our Fair Value estimate (as of Aug 26, 2026).

Stock Price Fair Value vs Fair Value
O'Reilly Automotive, Inc ORLY $88.50 $47.50 −46%
AutoZone, Inc AZO $2,932 $2,287 −22%
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Samvardhana Motherson International Limited MOTHERSON ₹165.30 ₹80.63 −51%
Magna International Inc MGA $65.57 $68.17 +4%
Genuine Parts Company GPC $137.51 $58.07 −58%
Bosch Limited BOSCHLTD ₹48,700 ₹11,534 −76%
Ningbo Tuopu Group 601689 ¥45.82 ¥28.28 −38%
Bharat Forge Limited BHARATFORG ₹2,063 ₹393.20 −81%
Autoliv, Inc ALIVSDB kr 1,154 kr 198.76 −83%

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Frequently asked questions

Is Fuyao Glass Industry Group Co Ltd Class A (600660) overvalued or undervalued?
As of Aug 26, 2026, our model estimates a fair value of ¥44.06 versus a price of ¥57.33, about −23% upside (overvalued).
What is the fair value of 600660?
Our model-based fair value for Fuyao Glass Industry Group Co Ltd Class A is ¥44.06 (as of Aug 26, 2026), built from audited fundamentals. The current price: ¥57.33.
What is the quality score of 600660?
Fuyao Glass Industry Group Co Ltd Class A has a Quality Score of 71/100. 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 Co Ltd Class A (600660)?
Fuyao Glass Industry Group Co Ltd Class A reported trailing-twelve-month revenue of about 46.3B CNY (latest available figure, as of Aug 26, 2026).
What is the net profit margin of 600660?
The net profit margin of Fuyao Glass Industry Group Co Ltd Class A 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 Co Ltd Class A pay a dividend?
Fuyao Glass Industry Group Co Ltd Class A currently shows a dividend yield of about 3.66% relative to its recent price (as of Aug 26, 2026).
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