Zhejiang Huayou Cobalt Co Ltd (603799) Fair Value & Analysis
Basic Materials · CN · Market cap 74.7B CNY (≈ $11.1B) · ISIN CNE100001VW3
What is Zhejiang Huayou Cobalt Co Ltd really worth?
Below-average quality, and trading another 49% above our fair value of ¥25.57.
Strengths
Risks
For context
Fair value as of: Sep 3, 2026
From 17 valuation models · updated yesterday
Fair value updated Sep 3, 2026, revised from ¥54.86 to ¥25.57 (−53.4%) since Aug 13, 2026. Share price −9.4% 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 (¥31.96). The favourable scenario is already priced in.
- Weak quality (31/100) and above fair value at the same time, the margin of safety is missing on both counts.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.
How to read this chart
60‑month range ¥21.13 – ¥114.15 · fair‑value band ¥19.17 – ¥31.96 · the ¥38.07 price screens above the ¥25.57 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 3, 2026.
Analysis
Zhejiang Huayou Cobalt Co Ltd (603799) currently trades at ¥38.07, while our model-based Fair Value estimate is ¥25.57, implying the stock looks roughly 48.9% overvalued today. The Quality Score stands at 31/100 (below-average quality), in the Basic Materials sector. Bull case: the Growth Earnings group reads highest at a median of ¥122.34 per share, and 12 of the 17 models we run sit above the ¥38.07 price. Bear case: the DCF Models group reads lowest at ¥6.19, and 5 of the 17 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Zhejiang Huayou Cobalt Co Ltd 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 Sep 3, 2026
Our scenario range runs from ¥19.17 (bear case) to ¥31.96 (bull case); at ¥38.07, 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 54% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −37% fair-value upside, at −33%, 603799 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 ¥2.33 per share, which is 9.1 % 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.
All 17 models by family
Widest divergence: Growth Earnings (¥122.34) versus DCF Models (¥6.19). Highest evidence: EPV (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 30 · Market factors (momentum, volatility) 21
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
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 Ltd reported revenue of 81.0B CNY in FY2025 versus 35.3B CNY in FY2021, a compound +23.1%/yr. Reported net income was 6.1B CNY in FY2025, compounding +11.9%/yr from FY2021.
of which total revenue +33.9 % · buybacks/dilution −4.8 %
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).
603799 screens 49% overvalued. Compare with BHP Group →
Peer Group
Other Industrial Metals & Mining · 469 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.
Valuation Multiples vs Other Industrial Metals & Mining median · lower = cheaper
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.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Other Industrial Metals & Mining stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| BHP Group BHP | A$66.84 | A$42.16 | −37% |
| Vale S.A VALE | $15.31 | $8.95 | −42% |
| Saudi Arabian Mining Company 1211 | 65.50 SAR | 33.87 SAR | −48% |
| CMOC Group 603993 | ¥18.42 | ¥16.15 | −12% |
| Teck Resources Limited TECK | $69.34 | $32.02 | −54% |
| Hindustan Zinc Limited HINDZINC | ₹573.00 | ₹508.34 | −11% |
| China Tungsten And Hightech Materials Co 000657 | ¥66.76 | ¥9.55 | −86% |
| China Northern Rare Earth (Group) High-Tech Co 600111 | ¥41.02 | ¥10.59 | −74% |
| Western Mining Co 601168 | ¥37.85 | ¥25.99 | −31% |
| Boliden AB BOL | kr 527.80 | kr 461.48 | −13% |
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