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SPIC Green Energy Co (000875) Fair Value & Analysis

Utilities · CN · Market cap 21.7B CNY

SG SPIC Green Energy Co 000875 · SHE
Price¥5.18
Fair Value¥5.37
Upside+3.7%
Quality31/100
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Mixed Growth
Thin margins · 1.3% net margin
High debt · negative free cash flow
0.95% dividend yield
Trails peers (5/13)
Narrow moat 38/100
Evidence: Medium Range ¥3.86 – ¥6.82 Share as image

Fair value as of: Jul 21, 2026

From 14 valuation models · updated 20 days ago

Fair value updated Jul 21, 2026, revised from ¥5.45 to ¥5.37 (−1.5%) since Jun 25, 2026. Share price +6.4% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from ¥3.86 (bear) to ¥6.82 (bull), base ¥5.37. 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)

¥9.16 ¥3.40 Fair Value ¥5.37 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 ¥3.40 – ¥9.16 · fair‑value band ¥3.86 – ¥6.82 · the ¥5.18 price screens below the ¥5.37 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

SPIC Green Energy Co (000875) currently trades at ¥5.18, while our model-based Fair Value estimate is ¥5.37, implying the stock looks roughly 3.7% fairly valued today. The Quality Score stands at 31/100 (below-average quality), in the Utilities 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, SPIC Green Energy Co generated revenue of 12.9B CNY at a net margin of 1.3%. Revenue declined 6.5% year over year. It earns a return on equity of 2.7%. Net debt stands at 37.3B CNY. Fundamentals as of Jul 21, 2026

Our scenario range runs from ¥3.86 (bear case) to ¥6.82 (bull case); at ¥5.18, 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 38% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -27% fair-value upside, at 4%, 000875 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 BearBaseBull Evidence
Highest evidence
Residual Income ¥3.74 ¥3.93 ¥4.12 76
Gordon GGM ¥4.24 ¥8.81 ¥13.98 70
Growth-Adj P/E ¥3.90 ¥5.57 ¥7.24 68
All 14 models by family
Earnings-Based
Graham-Dodd ¥2.06 ¥10.18 ¥14.04 54
Lynch FV ¥2.74 ¥3.92 ¥5.09 50
PEG = 1.0 ¥2.74 ¥3.92 ¥5.09 46
Dividend Discount
Gordon GGM ¥4.24 ¥8.81 ¥13.98 70
DDM Multi-Stage ¥4.24 ¥7.43 ¥9.25 61
Multiples
P/E Multiple ¥4.09 ¥5.45 ¥6.82 63
P/S Multiple ¥3.86 ¥5.15 ¥6.44 58
P/B Multiple ¥3.86 ¥5.15 ¥6.44 55
EV/EBIT ¥1.16 53
EV/EBITDA ¥3.49 ¥7.41 ¥11.32 54
EV/Revenue ¥0.2300 43
Asset-Based
NCAV (Graham) ¥2.31 ¥3.10 ¥4.62 50
Economic Profit
Residual Income ¥3.74 ¥3.93 ¥4.12 76
Growth Earnings
Growth-Adj P/E ¥3.90 ¥5.57 ¥7.24 68

Widest divergence: Dividend Discount (¥7.43) versus Asset-Based (¥3.10). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 12.9B CNY
Revenue growth (YoY) -6.5%
Net margin 1.3%
Return on equity 2.7%
Free cash flow −1.4B CNY FY2024
P/E ratio 119.8
More key figures
Operating margin 22.1%
EPS (TTM) ¥0.0500
Dividend yield 1.0%
EPS growth (YoY) -52.9%
Net debt 37.3B CNY FY2024

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

Quality Score breakdown

Overall quality 31/100

Of which business quality 31 · Market factors (momentum, volatility) 37

Profitability 22
Margins and returns on capital today
Quality Growth 50
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 6
Balance sheet, leverage, solvency risk
Investment 26
Disciplined investing over empire-building
Low Volatility 64
Calm price path (market factor)
Momentum 28
Price trend over the last 3–12 months (market factor)
52W Momentum 20
Distance to the 52-week high (market factor)
Net Issuance 40
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

SPIC Green Energy Co., Ltd. engages in the power generation and heating business in China. The company is involved in power generation, including wind, solar, hydro, thermal, and gas power, as well as distributed energy, biomass, and nuclear energy.

Full company description

SPIC Green Energy Co., Ltd. engages in the power generation and heating business in China. The company is involved in power generation, including wind, solar, hydro, thermal, and gas power, as well as distributed energy, biomass, and nuclear energy. It also engages in civil and industrial heating; power plant operation and maintenance; scientific and technological project research and development; and power distribution and sale. The company was formerly known as Jilin Electric Power Co.,Ltd. and change its name to SPIC Green Energy Co., Ltd. in February 2026. The company was incorporated in 1993 and is headquartered in Changchun, China.

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

Revenue & earnings trend

FY2020 – FY2024 · reported fiscal years

SPIC Green Energy Co reported revenue of ¥13.7B in FY2024 versus ¥10.1B in FY2020, a compound +8.1%/yr. Reported net income was ¥1.1B in FY2024, compounding +23.1%/yr from FY2020.

Growth Quality 29/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2024)
13.7B CNY
Latest YoY
−4.9%
Avg. growth/yr (3Y)
+1.2%
Avg. growth/yr (5Y)
+9.9%
Avg. growth/yr (25Y)
+11.5%
Revenue +8.1%/yr
FY20 ¥10.1B
FY21 ¥13.3B
FY22 ¥15.0B
FY23 ¥14.4B
FY24 ¥13.7B
Net income +23.1%/yr
FY20 ¥478M
FY21 ¥500M
FY22 ¥675M
FY23 ¥908M
FY24 ¥1.1B

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Cite: Fair Value Calculator (2026). "SPIC Green Energy Co Fair Value". https://www.fairvalue-calculator.com/stock/000875

Peer Group

Utilities - Regulated Electric · 154 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 · Bottom 25%
Fair Value upside +4% · Above median
Return on equity (TTM) 3% · Bottom 25%
Return on assets 2% · Bottom 25%
Net margin (TTM) 1% · Bottom 25%
Operating margin (TTM) 22% · Above median
Revenue growth -7% · Bottom 25%
Dividend yield (TTM) 1.0% · Below median
Debt / equity 1.84× · Higher than 75% of peers

Valuation Multiples vs Utilities - Regulated Electric median · lower = cheaper

P/E (TTM) 119.8× · Pricier than 75% of peers
P/B 1.30× · Cheaper than median
P/S (TTM) 1.69× · Cheaper than median
EV/EBITDA 8.0× · 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 38 · sector 7
FUTURE 0 · sector 32
PAST 11 · sector 39
HEALTH 8 · sector 54
DIVIDEND 19 · sector 56

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

Stock Price Fair Value vs Fair Value
NextEra Energy, Inc NEE $88.80 $32.94 -63%
The Southern Company SO $95.61 $61.06 -36%
Duke Energy Corporation DUK $126.11 $97.11 -23%
National Grid plc NGG 61,175 ARS 44,377 ARS -27%
American Electric Power Company AEP $132.50 $79.33 -40%
Dominion Energy, Inc D $70.08 $46.92 -33%
NTPC Limited NTPC ₹341.85 ₹377.16 +10%
CEZ, a. s. CEZ 232.40 PLN 159.33 PLN -31%
Power Grid Corporation POWERGRID ₹283.55 ₹252.77 -11%
China National Nuclear Power Co 601985 ¥8.91 ¥7.69 -14%

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Frequently asked questions

Is SPIC Green Energy Co (000875) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of ¥5.37 versus a price of ¥5.18, about +4% (fairly valued).
What is the fair value of 000875?
Our model-based fair value for SPIC Green Energy Co is ¥5.37 (as of Jul 21, 2026), built from audited fundamentals. The current price is ¥5.18.
What is the quality score of 000875?
SPIC Green Energy 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 SPIC Green Energy Co (000875)?
SPIC Green Energy Co reported trailing-twelve-month revenue of about 12.9B CNY (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 000875?
The net profit margin of SPIC Green Energy Co is about 1.3%, meaning it keeps roughly 1.3% of revenue as net income. Based on the latest reported figures.
Does SPIC Green Energy Co pay a dividend?
SPIC Green Energy Co currently shows a dividend yield of about 0.95% relative to its recent price (as of Jul 21, 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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