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Ningbo Tuopu Group Co Ltd (601689) Fair Value & Analysis

Consumer Cyclical · CN · Market cap 88.1B CNY (≈ $13.1B) · ISIN CNE1000023J3

What is Ningbo Tuopu Group Co Ltd really worth?

NT Ningbo Tuopu Group Co Ltd 601689 · SHG
Price¥45.82
Fair Value¥28.28
Upside−38.3%
Quality41/100

Below-average quality, and trading another 62% above our fair value of ¥28.28.

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Strengths

Low debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +35.3 %/yr)
!Thin margins · 9.1% net margin
!Mixed vs. peers (6/14)
!Moderate moat 51/100
!Weak on dividend: 21 out of 100

For context

·1.07% dividend yield
Evidence: High Range ¥20.38 – ¥36.18

Fair value as of: Sep 5, 2026

From 26 valuation models · updated today

Share price −8.8% 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 (¥36.18). The favourable scenario is already priced in.
  • Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts.

Price vs Fair Value (5 years)

¥83.42 ¥18.40 Fair Value ¥28.28 Mar 2021 Sep 2026

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 ¥18.40 – ¥83.42 · fair‑value band ¥20.38 – ¥36.18 · the ¥45.82 price screens above the ¥28.28 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 5, 2026.

Full chart & analysis →

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Analysis

Ningbo Tuopu Group Co Ltd (601689) currently trades at ¥45.82, while our model-based Fair Value estimate is ¥28.28, implying the stock looks roughly 62.0% overvalued today. The Quality Score stands at 41/100 (below-average quality), in the Consumer Cyclical sector. Bull case: the Growth Earnings group reads highest at a median of ¥52.23 per share, and 6 of the 26 models we run sit above the ¥45.82 price. Bear case: the Dividend Discount group reads lowest at ¥8.35, and 20 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Ningbo Tuopu Group Co Ltd generated revenue of 30.4B CNY at a net margin of 9.1%. Revenue grew 14.9% year over year. It earns a return on equity of 11.7%. Net debt stands at 5.8B CNY. Fundamentals as of Sep 5, 2026

Our scenario range runs from ¥20.38 (bear case) to ¥36.18 (bull case); at ¥45.82, 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 47% below its 52-week high and 6% 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 −38%, 601689 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 ¥0.7542 per share, which is 2.7 % 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.

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 best evidence ¥12.75 ¥18.42 ¥36.46 77
Growth DCF ¥12.16 ¥20.16 ¥36.31 75
EPV ¥17.57 ¥20.02 ¥22.16 74
All 26 models by family
DCF Models
FCF DCF best evidence ¥12.75 ¥18.42 ¥36.46 77
Owner Earnings ¥15.35 ¥31.26 ¥64.66 71
5Y Revenue Exit ¥17.11 ¥29.40 ¥55.26 69
5Y EBITDA Exit ¥25.71 ¥46.79 ¥88.24 71
5Y P/E Exit ¥25.49 ¥57.72 ¥102.36 67
10Y Revenue Exit ¥15.47 ¥34.82 ¥48.55 66
10Y EBITDA Exit ¥22.39 ¥53.31 ¥109.66 63
10Y P/E Exit ¥22.23 ¥52.85 ¥105.08 59
Earnings-Based
Graham-Dodd ¥10.87 ¥75.84 ¥106.42 63
Lynch FV ¥27.94 ¥39.91 ¥51.89 61
PEG = 1.0 ¥27.94 ¥39.91 ¥51.89 57
EPV ¥17.57 ¥20.02 ¥22.16 74
Dividend Discount
Gordon GGM ¥4.77 ¥9.91 ¥15.72 66
DDM Multi-Stage ¥4.77 ¥8.35 ¥10.40 66
Multiples
P/E Multiple ¥26.39 ¥35.18 ¥43.98 63
P/S Multiple ¥15.28 ¥20.38 ¥25.47 58
P/B Multiple ¥20.39 ¥27.19 ¥33.98 55
EV/EBIT ¥26.57 ¥34.47 ¥42.37 66
EV/EBITDA ¥29.54 ¥38.43 ¥47.32 67
EV/Revenue ¥17.14 ¥23.25 ¥29.37 54
Asset-Based
NCAV (Graham) ¥6.93 ¥9.29 ¥13.87 54
Growth DCF
Growth DCF ¥12.16 ¥20.16 ¥36.31 75
Rev-Margin DCF ¥17.11 ¥33.19 ¥63.22 69
Economic Profit
Residual Income ¥12.69 ¥14.81 ¥29.22 72
ROIC Compounder ¥21.03 ¥29.09 ¥35.44 72
Growth Earnings
Growth-Adj P/E ¥36.56 ¥52.23 ¥67.90 67

Widest divergence: Growth Earnings (¥52.23) versus Dividend Discount (¥8.35). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 28.6
P/S ratio 2.70 P/E × margin
EPS (TTM) ¥1.60 price ÷ EPS = P/E 28.6
Dividend yield 1.1% payout 30.6%
Net margin 9.4% FY2025
Return on equity 11.7% TTM
More key figures
Profitability
Return on assets (EBIT) 7.5% avg 5y
Operating margin 12.0% TTM
Growth
Revenue (TTM) 30.4B CNY TTM
Revenue growth (YoY) +14.9% 3y avg +22.7%
EPS growth (YoY) −3.0%
Balance sheet & cash flow
Free cash flow 1.0B CNY FY2025
Net debt 5.8B CNY FY2025 · ≈ 5.7 yrs of FCF

Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 41/100

Of which business quality 45 · Market factors (momentum, volatility) 22

Profitability 42
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 20
Disciplined investing over empire-building
Low Volatility 48
Calm price path (market factor)
Momentum 12
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 28
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

Ningbo Tuopu Group Co.,Ltd. engages in the research, development, production, and sale of auto parts in China and internationally.

Full company description

Ningbo Tuopu Group Co.,Ltd. engages in the research, development, production, and sale of auto parts in China and internationally. The company offers noise, vibration, and harshness damping systems, such as powertrain supports, drive motor shock absorbers, telescopic shock absorber supports, torsional shock absorbers, subframe supports, and hydraulic bushings; and interior and exterior trim systems, including door panels, headliners, main carpets, coat racks, sound and heat insulation components, trunk sound insulation components, and other sound insulation and noise reduction products, as well as sealing strip and decorative strip exterior trim products. It also provides lightweight body comprising integrated molded front and rear floor panels, body structural components, door structural components, and battery pack structural components; and intelligent cockpit components consisting of rotating screen controllers, electric tailgates, electric sliding doors, seat comfort systems, and in-vehicle oxygen control systems. In addition, the company offers integrated heat pump assembly, multi-way valve, electronic water pump, and electronic expansion valve thermal management systems; front and rear steel aluminum subframes, control arms, tie rods, and steering knuckles chassis systems; integrated air supply unit, air spring, and height sensor air suspension systems; brake-by-wire, power steering, electronically adjustable column intelligent driving systems; and linear actuators, rotary actuators, dexterous motors and assemblies, sensors, body structural components, foot shock absorbers, and electronic flexible skin. It serves electric vehicle manufacturers and traditional OEM automakers. The company was founded in 1983 and is headquartered in Ningbo, China. Ningbo Tuopu Group Co.,Ltd. operates as a subsidiary of Mecca International Holding (HK) Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ningbo Tuopu Group Co Ltd reported revenue of 29.5B CNY in FY2025 versus 11.5B CNY in FY2021, a compound +26.7%/yr. Reported net income was 2.8B CNY in FY2025, compounding +28.6%/yr from FY2021.

Growth Quality 76/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
29.5B CNY
Latest YoY
+10.9%
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.
+22.7%
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.
+35.3%
Avg. revenue growth/yr (14Y) 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.
+22.7%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+23.1% (22.0 + 1.1)
Revenue +26.7%/yr
FY21 11.5B CNY
FY22 16.0B CNY
FY23 19.7B CNY
FY24 26.6B CNY
FY25 29.5B CNY
Net income +28.6%/yr
FY21 1.0B CNY
FY22 1.7B CNY
FY23 2.2B CNY
FY24 3.0B CNY
FY25 2.8B CNY
Character of growth · EPS growth decomposed (2014-2025) +12.5 % p.a.
Revenue per share +16.8 %

of which total revenue +25.7 % · buybacks/dilution −7.1 %

EBIT margin −3.7 %
Tax rate +0.2 %
Residual (interest, one-offs) −0.3 %

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).

601689 screens 62% overvalued. Compare with O'Reilly Automotive, Inc →

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Cite: Fair Value Calculator (2026). "Ningbo Tuopu Group Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/601689

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 41 · Bottom 25%
Fair Value upside −38% · Below median
Return on equity (TTM) 12% · Above median
Return on assets 5% · Above median
Net margin (TTM) 9% · Top 25%
Operating margin (TTM) 12% · Top 25%
Revenue growth 15% · Above median
Dividend yield (TTM) 1.1% · Below median
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Auto Parts median · lower = cheaper

P/E (TTM) 28.6× · Pricier than median
P/B 3.65× · Pricier than 75% of peers
P/S (TTM) 2.89× · Pricier than 75% of peers
P/FCF 12.9× · Pricier than 75% of peers
EV/EBITDA 16.4× · Pricier 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
VALUE0 · sector 14
FUTURE75 · sector 21
PAST47 · sector 28
HEALTH100 · sector 95
DIVIDEND21 · sector 32

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

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 Sep 5, 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%
Hyundai Mobis Co 012330 450,500 KRW 643,909 KRW +43%
Fuyao Glass Industry Group 600660 ¥57.67 ¥84.47 +46%
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%
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 Ningbo Tuopu Group Co Ltd (601689) overvalued or undervalued?
As of Sep 5, 2026, our model estimates a fair value of ¥28.28 versus a price of ¥45.82, about −38% upside (overvalued).
What is the fair value of 601689?
Our model-based fair value for Ningbo Tuopu Group Co Ltd is ¥28.28 (as of Sep 5, 2026), built from audited fundamentals. The current price: ¥45.82.
What is the quality score of 601689?
Ningbo Tuopu Group Co Ltd has a Quality Score of 41/100. 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 Ningbo Tuopu Group Co Ltd (601689)?
Ningbo Tuopu Group Co Ltd reported trailing-twelve-month revenue of about 30.4B CNY (latest available figure, as of Sep 5, 2026).
What is the net profit margin of 601689?
The net profit margin of Ningbo Tuopu Group Co Ltd is about 9.1%, meaning it keeps roughly 9.1% of revenue as net income. Based on the latest reported figures.
Does Ningbo Tuopu Group Co Ltd pay a dividend?
Ningbo Tuopu Group Co Ltd currently shows a dividend yield of about 1.07% relative to its recent price (as of Sep 5, 2026).
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