What is Hangzhou First Applied Material Co., Ltd.'s (603806.SS) StockRank?

MoatMap's StockRank for Hangzhou First Applied Material Co., Ltd. (603806.SS) is 64/100, with a Hold signal. This is a composite score combining Quality (52), Value (44), and Momentum (57) factor ranks across MoatMap's 20,000+ stock universe.

Does Hangzhou First Applied Material Co., Ltd. have an economic moat?

Hangzhou First Applied Material Co., Ltd. (603806.SS) has a Quality factor score of 52/100. The Quality factor combines ROIC, Piotroski F-Score, and leverage — the financial fingerprints of a durable competitive advantage. A Quality score above 70 typically indicates a company with the financial characteristics of a moated business.

Is Hangzhou First Applied Material Co., Ltd. a buy, hold, or sell?

MoatMap's current signal for Hangzhou First Applied Material Co., Ltd. (603806.SS) is Hold, based on a StockRank of 64/100. Signals are derived mechanically from the StockRank composite and should be one input among many — combine with your own thesis on management, competitive position, and valuation.

What sector is Hangzhou First Applied Material Co., Ltd. in?

Hangzhou First Applied Material Co., Ltd. (603806.SS) operates in the Technology sector, specifically the Semiconductor Equipment & Materials industry (China).

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603806.SS

HOLDREMOVE

Hangzhou First Applied Material Co., Ltd. · Technology · China · $6.7B · Avg Vol: $133M/d

StockRank

P/E (TTM)

62.7x

ROE

3.9%

D/E

0.2x

Dividend %

1.0%

Director Trades · 180d

None in 180d →

Buybacks · 180d

None in 180d →

AI CONVICTION THESIS

Hangzhou First Applied Material is a major solar encapsulant producer, but the solar supply chain is plagued by severe overcapacity and commoditization, violating our quality and pricing power criteria.

COMPANY DESCRIPTION

Hangzhou First Applied Material Co., Ltd. produces photovoltaic (PV) packaging materials, primarily EVA and POE encapsulant films. The company holds a dominant global market share of over 50% in solar module encapsulation films, supported by massive scale and proprietary formulation technology. It is the undisputed global leader in PV film materials, benefiting from strong cost leadership and deep relationships with top-tier solar module manufacturers.

FINANCIAL SUMMARY (USD)

Year	2022	2023	2024	2025	CAGR
Revenue	2.8B	3.3B	2.8B	2.3B	-6.4%
EPS	0.09	0.10	0.07	0.04	-20.9%
Shares	2.6B	2.6B	2.6B	2.6B	-0.0%
Debt	564.6M	538.8M	457.3M	419.0M	-9.5%
Equity	2.1B	2.3B	2.4B	2.4B	5.6%
Op CF	3.8M	-3.9M	648.5M	216.1M	283.0%
Inv CF	-45.4M	-67.5M	-508.2M	-434.2M	—
Fin CF	588.2M	-68.2M	-181.9M	-164.4M	—

PRICE (1Y)-15.6%

SMA 50SMA 200

$2.35

RSI (14)

38.1

52W High

$2.96

From 52W High

0.8%

SCORE BREAKDOWN

Quality

ROIC

4.7%41.7

ROE

3.9%38.3

GP/Assets

8.0%16.7

Op. Margin

10.0%61.9

FCF/Assets

6.3%67.8

Piotroski

658.4

Int. Cover

21.2x59.5

D/E Ratio

0.17x56.7

Current Ratio

13.04x97.7

Value

P/E (TTM)

62.7x31.0

EV/EBITDA

28.4x38.5

P/FCF

238.7x45.6

P/B

2.6x59.3

P/S

2.8x54.1

Div Yield

1.0%45.5

Momentum

52W High %

79%60.4

RS 6M

7%64.6

SMA 50/200

1.07x51.7

EPS Rev 4W

—N/A

EPS Rev 12W

—N/A

EPS Improve

—83.1

Q Growth

-22%21.3

FUNDAMENTALS

Market Cap

$6.7B

P/E (Forward)

17.6x

Gross Margin

10.8%

SECTOR PEERS

Closest peers in Technology, ranked by industry match, size, and score similarity. Cross-listings of 603806.SS are excluded.

Ticker	Company	Mkt Cap	StockRank	Signal
603806.SS	Hangzhou First Applied Material Co., Ltd.(you)	$6.7B	64	HOLD
600667.SS	Wuxi Taiji Industry Limited Corporation	$7.0B	61	HOLD
688536.SS	3Peak Incorporated	$7.0B	60	HOLD
600206.SS	Grinm Advanced Materials Co., Ltd.	$5.8B	56	HOLD
605111.SS	Wuxi NCE Power Co.,Ltd.	$4.6B	69	BUY
300623.SZ	Jiangsu JieJie Microelectronics Co., Ltd.	$4.7B	58	HOLD
688019.SS	Anji Microelectronics Technology (Shanghai) Co., Ltd.	$8.6B	72	BUY
300236.SZ	Shanghai Sinyang Semiconductor Materials Co., Ltd.	$5.1B	57	HOLD
002409.SZ	Jiangsu Yoke Technology Co., Ltd.	$11.6B	62	HOLD
603061.SS	JHT Design Co.,Ltd.	$4.4B	71	BUY

Peer medians: ROE 3.9% · P/E 77.4x · Gross margin 26.0%

Hangzhou First Applied Material Co., Ltd. (603806.SS) — Stock Score Summary

Hangzhou First Applied Material Co., Ltd. (603806.SS) has a MoatMap StockRank of 64/100 based on Quality (52/100), Value (44/100), and Momentum (57/100) factor scores. The current signal is HOLD. Hangzhou First Applied Material is a major solar encapsulant producer, but the solar supply chain is plagued by severe overcapacity and commoditization, violating our quality and pricing power criteria.

Key Financial Metrics

Price	$2.35
Market Cap	$6.7B
P/E (TTM)	62.69
P/E (Forward)	17.59
Price/Book	2.55
Return on Equity	3.9%
Return on Invested Capital	4.7%
Debt/Equity	17.05
Gross Margin	10.8%
Operating Margin	10.0%
Revenue Growth	-6.9%
Dividend Yield	1.0%
Free Cash Flow	$28M

Hangzhou First Applied Material Co., Ltd. operates in the Semiconductor Equipment & Materials industry, part of the Technology sector (China).

Frequently Asked Questions

What is Hangzhou First Applied Material Co., Ltd.’s (603806.SS) StockRank?: MoatMap’s StockRank for Hangzhou First Applied Material Co., Ltd. (603806.SS) is 64/100, with a Hold signal. It is a composite of Quality (52), Value (44), and Momentum (57) factor ranks across MoatMap’s 20,000+ stock universe.
Does Hangzhou First Applied Material Co., Ltd. have an economic moat?: Hangzhou First Applied Material Co., Ltd. (603806.SS) has a Quality factor score of 52/100. The Quality factor combines ROIC, Piotroski F-Score, and leverage — the financial fingerprints of a durable competitive advantage. A Quality score above 70 typically indicates a company with the characteristics of a moated business.
Is Hangzhou First Applied Material Co., Ltd. a buy, hold, or sell?: MoatMap’s current signal for Hangzhou First Applied Material Co., Ltd. (603806.SS) is Hold, based on a StockRank of 64/100. Signals are derived mechanically from the StockRank composite and should be one input among many — combine with your own thesis on management, competitive position, and valuation.
What sector is Hangzhou First Applied Material Co., Ltd. in?: Hangzhou First Applied Material Co., Ltd. (603806.SS) operates in the Technology sector, specifically the Semiconductor Equipment & Materials industry (China).