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Shenyang Huitian Thermal Power Co (000692) Fair Value & Analysis

Utilities · CN · Market cap 2.4B CNY

SH Shenyang Huitian Thermal Power Co 000692 · SHE
Price¥4.13
Fair Value¥3.39
Upside-17.9%
Quality34/100
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Expensive Growth
Thin margins · 1.6% net margin
High debt · negative free cash flow
Trails peers (2/12)
Narrow moat 23/100
Evidence: Low Range ¥1.57 – ¥5.22 Share as image

Fair value as of: Jul 21, 2026

From 4 valuation models · updated 20 days ago

Fair value updated Jul 21, 2026, revised from ¥0.4400 to ¥3.39 (+670.5%) since Jun 25, 2026. Share price +6.4% over the past month.

Below-average quality, and screening another 18% overvalued on our models.

What matters now

  • Weak quality (34/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The model range is unusually wide (¥1.57 to ¥5.22). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
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Price vs Fair Value (5 years)

¥5.58 ¥1.98 Fair Value ¥3.39 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.

How to read this chart

60‑month range ¥1.98 – ¥5.58 · fair‑value band ¥1.57 – ¥5.22 · the ¥4.13 price screens above the ¥3.39 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Shenyang Huitian Thermal Power Co (000692) currently trades at ¥4.13, while our model-based Fair Value estimate is ¥3.39, implying the stock looks roughly 17.9% overvalued today. The Quality Score stands at 34/100 (below-average quality), in the Utilities sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Over the trailing twelve months, Shenyang Huitian Thermal Power Co generated revenue of 2.1B CNY at a net margin of 1.6%. Revenue grew 0.8% year over year. It earns a return on equity of 6.1%. Net debt stands at 2.1B CNY. Fundamentals as of Jul 21, 2026

Our scenario range runs from ¥1.57 (bear case) to ¥5.22 (bull case); at ¥4.13, 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 25% below its 52-week high and 26% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at -48% fair-value upside, at -18%, 000692 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
EV/EBITDA ¥3.89 ¥5.72 ¥7.54 54
EV/EBIT ¥0.1900 53
NCAV (Graham) ¥0.1200 ¥0.1700 ¥0.2500 50
All 4 models by family
Multiples
EV/EBIT ¥0.1900 53
EV/EBITDA ¥3.89 ¥5.72 ¥7.54 54
EV/Revenue ¥0.0100 43
Asset-Based
NCAV (Graham) ¥0.1200 ¥0.1700 ¥0.2500 50

Widest divergence: Multiples (¥5.72) versus Asset-Based (¥0.1700). Highest evidence: EV/EBITDA (54).

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Key figures & financial health

Revenue (TTM) 2.1B CNY
Revenue growth (YoY) +0.8%
Net margin 1.6%
Return on equity 6.1%
Free cash flow −33.9M CNY FY2025
P/E ratio 73.8
More key figures
Operating margin 9.6%
EPS (TTM) ¥0.0600
EPS growth (YoY) -41.4%
Net debt 2.1B CNY FY2025

Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 34/100

Of which business quality 33 · Market factors (momentum, volatility) 52

Profitability 7
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 36
Earnings quality: real cash, not paper profit
Fin. Strength 12
Balance sheet, leverage, solvency risk
Investment 36
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 42
Distance to the 52-week high (market factor)
Net Issuance 82
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

Shenyang Huitian Thermal Power Co.,Ltd provides heating and steam supply, and engineering services for residents and non-residents in China. The company offers centralized heating services for various civil and commercial buildings through heating pipe networks, and other equipment and facilities.

Full company description

Shenyang Huitian Thermal Power Co.,Ltd provides heating and steam supply, and engineering services for residents and non-residents in China. The company offers centralized heating services for various civil and commercial buildings through heating pipe networks, and other equipment and facilities. It also provides thermal research and design; and thermal engineering installation; hotel; and coal trade services. The company was formerly known as Shenyang Thermal Power Co., Ltd. and changed its name to Shenyang Huitian Thermal Power Co.,Ltd in January 1997. Shenyang Huitian Thermal Power Co.,Ltd was founded in 1980 and is based in Shenyang, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shenyang Huitian Thermal Power Co reported revenue of ¥2.1B in FY2025 versus ¥2.0B in FY2021, a compound +1.4%/yr. Reported net income was −¥53.5M in FY2025.

Growth Quality 24/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
2.1B CNY
Latest YoY
+0.2%
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.
+1.8%
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.
+2.1%
Avg. growth/yr (32Y) 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.
+7.5%
Revenue +1.4%/yr
FY21 ¥2.0B
FY22 ¥2.0B
FY23 ¥2.0B
FY24 ¥2.1B
FY25 ¥2.1B
Net income
FY21 −¥221M
FY22 −¥1.9B
FY23 ¥977M
FY24 −¥330M
FY25 −¥53.5M

000692 screens 18% overvalued. Compare with Iberdrola, S.A →

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Cite: Fair Value Calculator (2026). "Shenyang Huitian Thermal Power Co Fair Value". https://www.fairvalue-calculator.com/stock/000692

Peer Group

Utilities - Diversified · 51 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 34 · Bottom 25%
Fair Value upside −18% · Below median
Return on equity (TTM) 6% · Below median
Return on assets -1% · Bottom 25%
Net margin (TTM) 2% · Bottom 25%
Operating margin (TTM) 10% · Below median
Revenue growth 1% · Above median
Debt / equity 15.13× · Higher than 75% of peers

Valuation Multiples vs Utilities - Diversified median · lower = cheaper

P/E (TTM) 73.8× · Pricier than 75% of peers
P/B 17.97× · Pricier than 75% of peers
P/S (TTM) 1.12× · Cheaper than median
EV/EBITDA 12.3× · Pricier than 75% of peers

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 9 · sector 14
FUTURE 4 · sector 0
PAST 24 · sector 33
HEALTH 0 · sector 49
DIVIDEND 0 · sector 80

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 Utilities - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Iberdrola, S.A IBE €21.25 €9.34 -56%
Enel SpA ENEL €10.28 €5.83 -43%
Engie SA 1ENGI €26.59 €17.39 -35%
Sempra SRE $93.15 $47.77 -49%
E.ON SE EOAN €19.34 €11.71 -39%
RWE Aktiengesellschaft generates and 1RWE €56.52 €29.64 -48%
ACWA Power Company 2082 198.20 SAR 25.38 SAR -87%
Brookfield Infrastructure Partners L.P. BIPUN C$55.05 C$17.66 -68%
EnBW Energie Baden-Württemberg AG EBK €69.00 €21.11 -69%
EDP, S.A EDP €4.41 €3.81 -14%

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Frequently asked questions

Is Shenyang Huitian Thermal Power Co (000692) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of ¥3.39 versus a price of ¥4.13, about −18% (overvalued).
What is the fair value of 000692?
Our model-based fair value for Shenyang Huitian Thermal Power Co is ¥3.39 (as of Jul 21, 2026), built from audited fundamentals. The current price is ¥4.13.
What is the quality score of 000692?
Shenyang Huitian Thermal Power Co has a Quality Score of 34/100. 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 Shenyang Huitian Thermal Power Co (000692)?
Shenyang Huitian Thermal Power Co reported trailing-twelve-month revenue of about 2.1B CNY (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 000692?
The net profit margin of Shenyang Huitian Thermal Power Co is about 1.6%, meaning it keeps roughly 1.6% of revenue as net income. Based on the latest reported figures.

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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