Jointo Energy Investment Co Ltd Hebei (000600) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Jointo Energy Investment Co Ltd Hebei stock ¥13.08, price ¥6.58, upside +98.8%, quality 46 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range ¥3.39 – ¥12.57 · fair‑value band ¥5.86 – ¥17.37 · the ¥6.58 price screens below the ¥13.08 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 5, 2026.
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HCIG Energy Investment Co., Ltd. invests in, constructs, operates, and manages energy projects based on electricity production in China. It focuses on coal-fired thermal power generation and heating, as well as nuclear power, wind power, and hydropower.
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The company operates an installed capacity of 9.15 million kilowatts; an installed capacity of 700,000 kilowatts in construction; and an installed capacity of 9.62 million kilowatts in equity operation.
The company was formerly known as Jointo Energy Investment Co., Ltd. Hebei and changed its name to HCIG Energy Investment Co., Ltd. in November 2025. The company was founded in 1994 and is headquartered in Shijiazhuang, the People's Republic of China.
HCIG Energy Investment Co., Ltd. is a subsidiary of Hebei Construction & Investment Group Co.,Ltd.
Stock analysis
Jointo Energy Investment Co Ltd Hebei (000600) currently trades at ¥6.58, while our model-based Fair Value estimate is ¥13.08, implying the stock looks roughly 50% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ¥21.48 per share, and 20 of the 26 models we run sit above the ¥6.58 price.
Bear case: the Dividend Discount group reads lowest at ¥3.27, and 6 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: ¥5.86 (bear) to ¥17.37 (bull), the price of ¥6.58 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 46/100 (below-average quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Jointo Energy Investment Co Ltd Hebei reported revenue of 22.8B CNY in FY2025 versus 15.0B CNY in FY2021, a compound +10.9%/yr. Reported net income was 1.9B CNY in FY2025.
Key figures
Market cap 13.3B CNY (≈ $2.0B) Small · P/E ratio 12.2 · P/S ratio 0.57 · EPS (TTM) ¥0.5400 · Dividend yield 3.3% · Net margin 4.7% · Return on equity 7.2% · Return on assets (EBIT) 0.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 35 out of 100 (medium confidence).
What moves the price
The share trades about 48% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −38% fair-value upside, at 99%, 000600 screens cheaper than that median.
Fair Value models
Bear¥5.86Fair Value ¥13.08Bull¥17.37
Price ¥6.58 · Upside +98.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥0.2735 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.59/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−3.1%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+7.6%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+8.2%
Start year 2020 (pandemic). Over 10 years: +9.0% a year
Revenue growth 32 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+19.6%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+103.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+99.9%
Dividend (yield on the price)3.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.18.5% vs −0.9%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.10% → 15%
2025 sits 890% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.3%
Yearly sales growth analysts expect, extended to five years.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +13.5% a year for the price and +1.6% for the forecasts.
Compare Jointo Energy Investment Co Ltd Hebei with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Utilities - Regulated Electric · 156 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside+98.8% · Top 25%
Profitability
Return on equity (12 months)7.2% · Below median
Return on assets5.7% · Top 25%
Net margin (12 months)7.2% · Below median
Operating margin (12 months)1.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−11.7% · Bottom 25%
Dividend yield (12 months)3.3% · Above median
Balance sheet
Debt / equity0.89× · Below median
Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper
P/E (12 months)12.2× · Cheaper than median
P/B1.03× · Cheaper than median
P/S (12 months)0.96× · Cheaper than median
Price / free cash flow (fiscal year)17.8× · Pricier than median
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Cite: Fair Value Calculator (2026). "Jointo Energy Investment Co Ltd Hebei Fair Value". https://www.fairvalue-calculator.com/stock/000600
Frequently asked questions
Is Jointo Energy Investment Co Ltd Hebei (000600) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of ¥13.08 versus a price of ¥6.58, about +99% upside (undervalued).
What is the fair value of 000600?
Our model-based fair value for Jointo Energy Investment Co Ltd Hebei is ¥13.08 (as of Nov 5, 2026), built from audited fundamentals. The current price: ¥6.58.
What is the quality score of 000600?
Jointo Energy Investment Co Ltd Hebei has a Quality Score of 46/100. 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 price target for Jointo Energy Investment Co Ltd Hebei (000600)?
Our model-based price target is the fair value of ¥13.08 (as of Nov 5, 2026) from 26 valuation models. Cautious scenario ¥5.86, optimistic scenario ¥17.37. It is a calculation from audited fundamentals, not an analyst target.
What is the Jointo Energy Investment Co Ltd Hebei stock forecast for 2026?
Our models put fair value at ¥13.08, about +99% upside versus a price of ¥6.58 (undervalued). Cautious scenario ¥5.86, optimistic scenario ¥17.37. The calculation is refreshed regularly with new filings.
What is the revenue of Jointo Energy Investment Co Ltd Hebei (000600)?
Jointo Energy Investment Co Ltd Hebei reported trailing-twelve-month revenue of about 21.3B CNY (latest available figure, as of Nov 5, 2026).
Does Jointo Energy Investment Co Ltd Hebei pay a dividend?
Jointo Energy Investment Co Ltd Hebei currently shows a dividend yield of 3.34% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Jointo Energy Investment Co Ltd Hebei (000600) and when is the ex-dividend date?
Jointo Energy Investment Co Ltd Hebei pays a dividend of ¥0.22 per share a year, a dividend yield of 3.3%. The last ex-dividend date was Jun 3, 2026. The payout ratio is 40.7% of earnings. Free cash flow covers the dividend 2.57 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Jointo Energy Investment Co Ltd Hebei (000600)?
For today's price to be fair in a discounted-cash-flow model, Jointo Energy Investment Co Ltd Hebei would have to grow free cash flow by +15.4 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.2 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of 000600 use?
Our models discount Jointo Energy Investment Co Ltd Hebei at 11.2 %: a base by market capitalisation (small), damped by beta 0.77, country premium for China. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Jointo Energy Investment Co Ltd Hebei that is +15.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has Jointo Energy Investment Co Ltd Hebei (000600) delivered so far?
Over the past 5 years revenue at Jointo Energy Investment Co Ltd Hebei grew +8.2 % a year. The price currently implies free-cash-flow growth of +15.4 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Jointo Energy Investment Co Ltd Hebei (000600) growing?
The median revenue growth in the sector is +4.5 % a year. That is the yardstick for the growth priced into Jointo Energy Investment Co Ltd Hebei (+15.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Jointo Energy Investment Co Ltd Hebei (000600)?
The free-cash-flow yield on the price is 9.70 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow Jointo Energy Investment Co Ltd Hebei produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Jointo Energy Investment Co Ltd Hebei (000600)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Jointo Energy Investment Co Ltd Hebei it is ¥13.08 per share (as of Nov 5, 2026), against a price of ¥6.58. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Jointo Energy Investment Co Ltd Hebei stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 000600 trades below its calculated fair value: price ¥6.58, fair value ¥13.08, a gap of about +99% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 000600?
No. The price is what the market pays today (¥6.58); the fair value is what the company's own numbers justify (¥13.08). For Jointo Energy Investment Co Ltd Hebei the two are ¥6.50 per share apart. That gap is exactly why we show both numbers side by side.
How much is Jointo Energy Investment Co Ltd Hebei worth?
The market values Jointo Energy Investment Co Ltd Hebei at about 13.3B CNY (market capitalisation, as of Nov 5, 2026). Per share that is ¥6.58; our models calculate a fair value of ¥13.08 per share.
What do the bullish and bearish scenarios say about 000600?
Our models span a range for Jointo Energy Investment Co Ltd Hebei: cautious scenario ¥5.86, base ¥13.08, optimistic ¥17.37 per share (as of Nov 5, 2026, price ¥6.58). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 000600?
Jointo Energy Investment Co Ltd Hebei trades at a price-to-earnings ratio of 12.2 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥13.08 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 19.1. Other multiples: PEG 3.6, P/B 1.0, P/S 1.0, EV/EBITDA 8.9.
What is the PEG ratio of 000600?
The PEG ratio of Jointo Energy Investment Co Ltd Hebei is 3.58 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Jointo Energy Investment Co Ltd Hebei (000600)?
Balance-sheet figures for Jointo Energy Investment Co Ltd Hebei (as of Nov 5, 2026): return on equity 7.2%, debt of 0.89 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 000600 from its 52-week high?
Jointo Energy Investment Co Ltd Hebei trades at ¥6.58, about 48% below its 52-week high of ¥12.57 and 6% above the low of ¥6.19 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥13.08 is for.
Which stocks are comparable to Jointo Energy Investment Co Ltd Hebei?
From the same area (Utilities) we also value NextEra Energy, Inc, The Southern Company, Duke Energy Corporation, American Electric Power Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Jointo Energy Investment Co Ltd Hebei stock attractive at the current price?
The data as of Nov 5, 2026: price ¥6.58, calculated fair value ¥13.08 (+99%), Quality Score 46/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 000600 calculated?
We run Jointo Energy Investment Co Ltd Hebei through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ¥13.08 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Jointo Energy Investment Co Ltd Hebei currently trades 50% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Jointo Energy Investment Co Ltd Hebei (000600)?
The closing price on Nov 6, 2026 was ¥6.58. Our model-based fair value is ¥13.08, about +99% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Jointo Energy Investment Co Ltd Hebei right now?
The large discount to fair value meets weak quality (46/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide (¥5.86 to ¥17.37). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Where does the earnings growth of Jointo Energy Investment Co Ltd Hebei (000600) come from?
Earnings per share at Jointo Energy Investment Co Ltd Hebei grew −19.9 % a year from 2013 to 2024. Broken into its drivers: revenue per share +5.6 %, EBIT margin −25.2 %, tax rate −1.1 %, residual (interest, one-offs) +2.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Jointo Energy Investment Co Ltd Hebei
How large is the market capitalisation of Jointo Energy Investment Co Ltd Hebei (000600)?
The market capitalisation of Jointo Energy Investment Co Ltd Hebei is 13.3B CNY (≈ $2.0B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Jointo Energy Investment Co Ltd Hebei (000600)?
The price-to-sales ratio of Jointo Energy Investment Co Ltd Hebei is 0.57 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Jointo Energy Investment Co Ltd Hebei (000600)?
Earnings per share at Jointo Energy Investment Co Ltd Hebei are ¥0.5400 (price ÷ EPS = P/E 12.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Jointo Energy Investment Co Ltd Hebei (000600)?
The dividend yield of Jointo Energy Investment Co Ltd Hebei is 3.3% (payout 40.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Jointo Energy Investment Co Ltd Hebei (000600)?
The net margin of Jointo Energy Investment Co Ltd Hebei is 4.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Jointo Energy Investment Co Ltd Hebei (000600)?
The return on equity (ROE) of Jointo Energy Investment Co Ltd Hebei is 7.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Jointo Energy Investment Co Ltd Hebei (000600)?
On an EBIT basis the return on assets of Jointo Energy Investment Co Ltd Hebei is 0.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Jointo Energy Investment Co Ltd Hebei (000600)?
The operating margin of Jointo Energy Investment Co Ltd Hebei is 1.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Jointo Energy Investment Co Ltd Hebei (000600)?
Revenue at Jointo Energy Investment Co Ltd Hebei is growing −11.7% versus a year earlier (3y avg +7.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Jointo Energy Investment Co Ltd Hebei (000600)?
Earnings per share at Jointo Energy Investment Co Ltd Hebei are growing −61.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Jointo Energy Investment Co Ltd Hebei (000600) carry?
The net debt of Jointo Energy Investment Co Ltd Hebei is 12.7B CNY (fiscal year 2025, ≈ 11.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 5, 2026