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Zhejiang Huayou Cobalt Co (603799) Fair Value & Analysis

Basic Materials · CN · Market cap 74.7B CNY

ZH Zhejiang Huayou Cobalt Co 603799 · SHG
Price¥42.35
Fair Value¥54.86
Upside+29.5%
Quality31/100
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Expensive Growth
Thin margins · 8.3% net margin
Low debt · negative free cash flow
1.25% dividend yield
Ranks above peers (11/13)
Moderate moat 52/100
Evidence: Medium Range ¥41.14 – ¥68.57 Share as image

Fair value as of: Aug 13, 2026

From 17 valuation models · updated yesterday

Share price +6.2% over the past month.

Below-average quality, screening 30% undervalued on our models.

What matters now

  • Our model range runs from ¥41.14 (bear) to ¥68.57 (bull), base ¥54.86. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 31/100 (below-average quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

¥114.15 ¥21.13 Fair Value ¥54.86 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 ¥21.13 – ¥114.15 · fair‑value band ¥41.14 – ¥68.57 · the ¥42.35 price screens below the ¥54.86 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Zhejiang Huayou Cobalt Co (603799) currently trades at ¥42.35, while our model-based Fair Value estimate is ¥54.86, implying the stock looks roughly 29.5% undervalued today. The Quality Score stands at 31/100 (below-average quality), in the Basic Materials 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: medium), always confirm before acting.

Over the trailing twelve months, Zhejiang Huayou Cobalt Co generated revenue of 89.0B CNY at a net margin of 8.3%. Revenue grew 44.6% year over year. It earns a return on equity of 15.6%. Net debt stands at 26.0B CNY. Fundamentals as of Aug 13, 2026

Our scenario range runs from ¥41.14 (bear case) to ¥68.57 (bull case); at ¥42.35, 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 48% below its 52-week high and 26% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -40% fair-value upside, at 30%, 603799 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
Residual Income ¥24.06 ¥29.06 ¥62.41 76
ROIC Compounder ¥62.47 ¥97.12 ¥120.70 72
Gordon GGM ¥12.93 ¥26.89 ¥42.65 70
All 17 models by family
DCF Models
Owner Earnings ¥2.44 ¥6.19 ¥14.04 31
Earnings-Based
Graham-Dodd ¥21.94 ¥153.03 ¥214.76 54
Lynch FV ¥67.83 ¥96.91 ¥125.98 50
PEG = 1.0 ¥67.83 ¥96.91 ¥125.98 46
EPV ¥45.22 ¥52.84 ¥59.50 59
Dividend Discount
Gordon GGM ¥12.93 ¥26.89 ¥42.65 70
DDM Multi-Stage ¥12.93 ¥22.67 ¥28.22 61
Multiples
P/E Multiple ¥41.14 ¥54.86 ¥68.57 63
P/S Multiple ¥41.14 ¥54.86 ¥68.57 58
P/B Multiple ¥41.14 ¥54.86 ¥68.57 55
EV/EBIT ¥55.50 ¥74.17 ¥92.83 53
EV/EBITDA ¥59.31 ¥79.25 ¥99.18 54
EV/Revenue ¥44.44 ¥63.69 ¥82.94 43
Asset-Based
NCAV (Graham) ¥12.75 ¥17.09 ¥25.51 50
Economic Profit
Residual Income ¥24.06 ¥29.06 ¥62.41 76
ROIC Compounder ¥62.47 ¥97.12 ¥120.70 72
Growth Earnings
Growth-Adj P/E ¥85.64 ¥122.34 ¥159.04 68

Widest divergence: Growth Earnings (¥122.34) versus DCF Models (¥6.19). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 89.0B CNY
Revenue growth (YoY) +44.6%
Net margin 8.3%
Return on equity 15.6%
Free cash flow −6.7B CNY FY2025
P/E ratio 10.8
More key figures
Operating margin 15.7%
EPS (TTM) ¥3.93
Dividend yield 1.3%
EPS growth (YoY) +88.6%
Net debt 26.0B CNY FY2025

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

Quality Score breakdown

Overall quality 31/100

Of which business quality 30 · Market factors (momentum, volatility) 21

Profitability 35
Margins and returns on capital today
Quality Growth 69
Are margins and returns improving?
Cashflow 10
Earnings quality: real cash, not paper profit
Fin. Strength 34
Balance sheet, leverage, solvency risk
Investment 24
Disciplined investing over empire-building
Low Volatility 39
Calm price path (market factor)
Momentum 12
Price trend over the last 3–12 months (market factor)
52W Momentum 17
Distance to the 52-week high (market factor)
Net Issuance 10
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

Zhejiang Huayou Cobalt Co., Ltd engages in the research, development, manufacture, and sale of lithium battery materials and diamond material products in China and internationally.

Full company description

Zhejiang Huayou Cobalt Co., Ltd engages in the research, development, manufacture, and sale of lithium battery materials and diamond material products in China and internationally. The company offers lithium battery positive electrode materials, ternary precursors, silver-diamond-lithium materials, and copper products, as well as cobalt, cathode, and bare metals. Its products are used in new energy vehicle power batteries, positive electrode materials for consumer electronics, and alloy materials. The company was founded in 2002 and is headquartered in Tongxiang, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zhejiang Huayou Cobalt Co reported revenue of ¥81.0B in FY2025 versus ¥35.3B in FY2021, a compound +23.1%/yr. Reported net income was ¥6.1B in FY2025, compounding +11.9%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
81.0B CNY
Latest YoY
+32.9%
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.
+8.7%
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.
+30.8%
Avg. growth/yr (17Y) 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.
+25.2%
Revenue +23.1%/yr
FY21 ¥35.3B
FY22 ¥63.0B
FY23 ¥66.3B
FY24 ¥60.9B
FY25 ¥81.0B
Net income +11.9%/yr
FY21 ¥3.9B
FY22 ¥3.9B
FY23 ¥3.4B
FY24 ¥4.2B
FY25 ¥6.1B
Character of growth · EPS growth decomposed (2013-2024) +35.4 % p.a.
Revenue per share +27.5 pp

of which total revenue +33.9 pp · buybacks/dilution −6.4 pp

EBIT margin +6.5 pp
Tax rate +3.2 pp
Residual (interest, one-offs) −1.8 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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Cite: Fair Value Calculator (2026). "Zhejiang Huayou Cobalt Co Fair Value". https://www.fairvalue-calculator.com/stock/603799

Peer Group

Other Industrial Metals & Mining · 479 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 31 · Below median
Fair Value upside +30% · Top 25%
Return on equity (TTM) 16% · Top 25%
Return on assets 5% · Top 25%
Net margin (TTM) 8% · Top 25%
Operating margin (TTM) 16% · Above median
Revenue growth 45% · Above median
Dividend yield (TTM) 1.3% · Above median
Debt / equity 0.38× · Higher than median

Valuation Multiples vs Other Industrial Metals & Mining median · lower = cheaper

P/E (TTM) 10.8× · Cheaper than median
P/B 1.55× · Cheaper than median
P/S (TTM) 0.84× · Cheaper than 75% of peers
EV/EBITDA 4.5× · 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 73 · sector 0
FUTURE 100 · sector 24
PAST 62 · sector 0
HEALTH 81 · sector 96
DIVIDEND 25 · sector 21

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.

Similar stocks

10 more Other Industrial Metals & Mining stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
BHP Group BHPN 1,425 MXN 745.46 MXN -48%
Rio Tinto Group RIO A$179.43 A$81.76 -54%
Grupo México, S.A. GMEXICOB 222.38 MXN 172.99 MXN -22%
Vale S.A VALE $14.89 $8.95 -40%
Saudi Arabian Mining Company 1211 58.05 SAR 33.87 SAR -42%
CMOC Group 603993 ¥19.00 ¥19.80 +4%
China Tungsten And Hightech Materials Co 000657 ¥70.43 ¥9.55 -86%
Hindustan Zinc Limited HINDZINC ₹584.60 ₹501.98 -14%
China Northern Rare Earth (Group) High-Tech Co 600111 ¥41.02 ¥10.59 -74%
Boliden AB BOL kr 527.80 kr 461.48 -13%

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Frequently asked questions

Is Zhejiang Huayou Cobalt Co (603799) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ¥54.86 versus a price of ¥42.35, about +30% (undervalued).
What is the fair value of 603799?
Our model-based fair value for Zhejiang Huayou Cobalt Co is ¥54.86 (as of Aug 13, 2026), built from audited fundamentals. The current price is ¥42.35.
What is the quality score of 603799?
Zhejiang Huayou Cobalt Co has a Quality Score of 31/100. 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 Zhejiang Huayou Cobalt Co (603799)?
Zhejiang Huayou Cobalt Co reported trailing-twelve-month revenue of about 89.0B CNY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 603799?
The net profit margin of Zhejiang Huayou Cobalt Co is about 8.3%, meaning it keeps roughly 8.3% of revenue as net income. Based on the latest reported figures.
Does Zhejiang Huayou Cobalt Co pay a dividend?
Zhejiang Huayou Cobalt Co currently shows a dividend yield of about 0.97% 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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