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Dashenlin Pharm Grp Co Ltd (603233) Fair Value & Analysis

Healthcare · CN · Market cap 19.9B CNY (≈ $3.0B) · ISIN CNE100002RG2

What is Dashenlin Pharm Grp Co Ltd really worth?

DP Dashenlin Pharm Grp Co Ltd 603233 · SHG
Price¥18.79
Fair Value¥23.86
Upside+27.0%
Quality67/100

A solid business, trading 21% below our fair value of ¥23.86.

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Strengths

Healthy Growth (revenue 5y +13.5 %/yr)
Low debt · generates free cash flow
Ranks above peers (10/14)

Risks

!Thin margins · 4.7% net margin
!Moderate moat 45/100
!Weak on future: 1 out of 100

For context

·4.42% dividend yield
Evidence: High Range ¥17.90 – ¥29.83

Fair value as of: Sep 5, 2026

From 26 valuation models · updated today

Share price +2.9% over the past month.

What runs behind every stock

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

What matters now

  • Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.
  • The price sits in the lower half of our model range, the side with the larger margin of safety.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

¥48.09 ¥12.01 Fair Value ¥23.86 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 ¥12.01 – ¥48.09 · fair‑value band ¥17.90 – ¥29.83 · the ¥18.79 price screens below the ¥23.86 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 5, 2026.

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Analysis

Dashenlin Pharm Grp Co Ltd (603233) currently trades at ¥18.79, while our model-based Fair Value estimate is ¥23.86, implying the stock looks roughly 21.2% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Healthcare sector. Bull case: the DCF Models group reads highest at a median of ¥67.29 per share, and 18 of the 26 models we run sit above the ¥18.79 price. Bear case: the Asset-Based group reads lowest at ¥4.33, and 8 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Dashenlin Pharm Grp Co Ltd generated revenue of 27.5B CNY at a net margin of 4.7%. Revenue grew 0.2% year over year. It earns a return on equity of 15.8%. Net debt stands at 104M CNY. Fundamentals as of Sep 5, 2026

Our scenario range runs from ¥17.90 (bear case) to ¥29.83 (bull case); at ¥18.79, 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 14% below its 52-week high and 22% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −21% fair-value upside, at 27%, 603233 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 ¥0.2030 per share, which is 0.9 % 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 ¥66.60 ¥118.45 ¥249.77 75
Growth DCF ¥64.88 ¥126.81 ¥225.15 75
5Y EBITDA Exit ¥46.06 ¥78.08 ¥119.67 74
All 26 models by family
DCF Models
FCF DCF ¥66.60 ¥118.45 ¥249.77 75
Owner Earnings ¥34.26 ¥64.70 ¥123.47 72
5Y Revenue Exit ¥35.61 ¥54.81 ¥80.61 72
5Y EBITDA Exit ¥46.06 ¥78.08 ¥119.67 74
5Y P/E Exit ¥35.58 ¥54.75 ¥77.05 70
10Y Revenue Exit ¥44.40 ¥67.34 ¥103.07 66
10Y EBITDA Exit ¥52.19 ¥85.18 ¥138.36 67
10Y P/E Exit ¥45.01 ¥67.29 ¥99.85 63
Earnings-Based
Graham-Dodd ¥7.38 ¥43.59 ¥60.71 63
Lynch FV ¥12.38 ¥17.68 ¥22.98 61
PEG = 1.0 ¥12.38 ¥17.68 ¥22.98 57
EPV ¥19.82 ¥22.24 ¥24.36 74
Dividend Discount
Gordon GGM ¥6.31 ¥13.11 ¥20.80 66
DDM Multi-Stage ¥6.31 ¥11.06 ¥13.76 66
Multiples
P/E Multiple ¥17.90 ¥23.86 ¥29.83 63
P/S Multiple ¥13.83 ¥18.44 ¥23.05 58
P/B Multiple ¥13.83 ¥18.44 ¥23.05 55
EV/EBIT ¥28.77 ¥36.58 ¥44.40 66
EV/EBITDA ¥38.89 ¥50.09 ¥61.28 67
EV/Revenue ¥22.05 ¥29.23 ¥36.40 54
Asset-Based
NCAV (Graham) ¥3.23 ¥4.33 ¥6.47 54
Growth DCF
Growth DCF ¥64.88 ¥126.81 ¥225.15 75
Rev-Margin DCF ¥35.61 ¥54.70 ¥81.37 72
Economic Profit
Residual Income ¥7.08 ¥8.87 ¥21.64 69
ROIC Compounder ¥20.69 ¥24.32 ¥28.30 72
Growth Earnings
Growth-Adj P/E ¥18.51 ¥26.45 ¥34.38 67

Widest divergence: DCF Models (¥67.29) versus Asset-Based (¥4.33). Highest evidence: FCF DCF (75).

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Key figures & financial health

P/E ratio 16.6
P/S ratio 0.75 P/E × margin
EPS (TTM) ¥1.13 price ÷ EPS = P/E 16.6
Dividend yield 4.4% payout 73.5%
Net margin 4.5% FY2025
Return on equity 15.8% TTM
More key figures
Profitability
Return on assets (EBIT) 6.5% avg 5y
Operating margin 10.5% TTM
Growth
Revenue (TTM) 27.5B CNY TTM
Revenue growth (YoY) +0.2% 3y avg +9.0%
EPS growth (YoY) +12.5%
Balance sheet & cash flow
Free cash flow 4.9B CNY FY2025
Net debt 104M CNY FY2024 · ≈ 0.0 yrs of FCF

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

Quality Score breakdown

Overall quality 67/100

Of which business quality 67 · Market factors (momentum, volatility) 58

Profitability 55
Margins and returns on capital today
Quality Growth 50
Are margins and returns improving?
Cashflow 85
Earnings quality: real cash, not paper profit
Fin. Strength 63
Balance sheet, leverage, solvency risk
Investment 76
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 51
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.

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

DaShenLin Pharmaceutical Group Co., Ltd. manufactures, distributes, and retails pharmaceutical products in China. It offers Chinese and Western patent medicines, ginseng and antler tonic medicinal materials, Chinese herbal medicine slices, health products, medical devices, and other commodities.

Full company description

DaShenLin Pharmaceutical Group Co., Ltd. manufactures, distributes, and retails pharmaceutical products in China. It offers Chinese and Western patent medicines, ginseng and antler tonic medicinal materials, Chinese herbal medicine slices, health products, medical devices, and other commodities. The company was incorporated in 1999 and is based in Guangzhou, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Dashenlin Pharm Grp Co Ltd reported revenue of 27.5B CNY in FY2025 versus 16.8B CNY in FY2021, a compound +13.2%/yr. Reported net income was 1.2B CNY in FY2025, compounding +11.8%/yr from FY2021.

Growth Quality 94/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
27.5B CNY
Latest YoY
+3.8%
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.
+9.0%
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.
+13.5%
Avg. revenue growth/yr (13Y) 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.
+17.8%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+13.7% (9.3 + 4.4)
Revenue +13.2%/yr
FY21 16.8B CNY
FY22 21.2B CNY
FY23 24.5B CNY
FY24 26.5B CNY
FY25 27.5B CNY
Net income +11.8%/yr
FY21 791M CNY
FY22 1.0B CNY
FY23 1.2B CNY
FY24 915M CNY
FY25 1.2B CNY
Character of growth · EPS growth decomposed (2013-2024) +10.6 % p.a.
Revenue per share +15.5 %

of which total revenue +20.5 % · buybacks/dilution −4.1 %

EBIT margin −4.7 %
Tax rate +0.4 %
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).

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Cite: Fair Value Calculator (2026). "Dashenlin Pharm Grp Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/603233

Peer Group

Pharmaceutical Retailers · 57 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 67 · Top 25%
Fair Value upside +27% · Top 25%
Return on equity (TTM) 16% · Top 25%
Return on assets 5% · Top 25%
Net margin (TTM) 5% · Top 25%
Operating margin (TTM) 11% · Top 25%
Revenue growth 0% · Below median
Dividend yield (TTM) 4.4% · Above median
Debt / equity 0.06× · Higher than median

Valuation Multiples vs Pharmaceutical Retailers median · lower = cheaper

P/E (TTM) 16.6× · Cheaper than median
P/B 2.71× · Pricier than median
P/S (TTM) 0.73× · Pricier than median
P/FCF 0.6× · Cheaper than median
EV/EBITDA 5.9× · 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
VALUE69 · sector 20
FUTURE1 · sector 19
PAST63 · sector 15
HEALTH97 · sector 98
DIVIDEND88 · sector 63

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 Pharmaceutical Retailers stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).

Stock Price Fair Value vs Fair Value
JD Health International Inc 6618 HK$38.86 HK$33.31 −14%
Alibaba Health Information Technology Limited 0241 HK$3.26 HK$2.04 −37%
Yifeng Pharmacy Chain Co 603939 ¥22.90 ¥29.07 +27%
MedPlus Health Services Limited MEDPLUS ₹656.80 ₹191.97 −71%
LBX Pharmacy Chain Joint Stock Company 603883 ¥13.44 ¥10.57 −21%
Yixintang Pharmaceutical Group 002727 ¥11.61 ¥9.45 −19%
Anhui Huaren Health Pharmaceutical Co 301408 ¥16.31 ¥10.05 −38%
ShuYu Civilian Pharmacy Corp 301017 ¥13.30 ¥5.91 −56%
Apotea AB APOTEA kr 74.15 kr 46.46 −37%
Luyan Pharma Co 002788 ¥10.96 ¥15.91 +45%

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Frequently asked questions

Is Dashenlin Pharm Grp Co Ltd (603233) overvalued or undervalued?
As of Sep 5, 2026, our model estimates a fair value of ¥23.86 versus a price of ¥18.79, about +27% upside (undervalued).
What is the fair value of 603233?
Our model-based fair value for Dashenlin Pharm Grp Co Ltd is ¥23.86 (as of Sep 5, 2026), built from audited fundamentals. The current price: ¥18.79.
What is the quality score of 603233?
Dashenlin Pharm Grp Co Ltd has a Quality Score of 67/100. 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 Dashenlin Pharm Grp Co Ltd (603233)?
Dashenlin Pharm Grp Co Ltd reported trailing-twelve-month revenue of about 27.5B CNY (latest available figure, as of Sep 5, 2026).
What is the net profit margin of 603233?
The net profit margin of Dashenlin Pharm Grp Co Ltd is about 4.7%, meaning it keeps roughly 4.7% of revenue as net income. Based on the latest reported figures.
Does Dashenlin Pharm Grp Co Ltd pay a dividend?
Dashenlin Pharm Grp Co Ltd currently shows a dividend yield of about 4.42% relative to its recent price (as of Sep 5, 2026).
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