Zhejiang Zheneng Electric Power Co (600023) Fair Value & Analysis
Utilities · CN · Market cap 66.2B CNY
Fair value as of: Aug 6, 2026
From 25 valuation models · updated 2 days ago
Fair value updated Aug 6, 2026, revised from ¥7.18 to ¥6.53 (−9.1%) since Jul 11, 2026. Share price −6.6% over the past month.
Below-average quality, screening 32% undervalued on our models.
What matters now
- The price is below even our cautious bear case (¥5.08). The market is more pessimistic than our downside scenario.
- Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (¥5.08 to ¥9.43) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 6, 2026.
How to read this chart
60‑month range ¥3.15 – ¥7.78 · fair‑value band ¥5.08 – ¥9.43 · the ¥4.96 price screens below the ¥6.53 fair value. Dashed = 300-day average. As of Aug 6, 2026.
Analysis
Zhejiang Zheneng Electric Power Co (600023) currently trades at ¥4.96, while our model-based Fair Value estimate is ¥6.53, implying the stock looks roughly 31.7% undervalued today. We read business quality at 47/100 (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, Zhejiang Zheneng Electric Power Co generated revenue of 77.6B CNY at a net margin of 9.5%. Revenue declined 11.0% year over year. It earns a return on equity of 8.0%. Net debt stands at 22.2B CNY. Fundamentals as of Aug 6, 2026
Our scenario range runs from ¥5.08 (bear case) to ¥9.43 (bull case); at ¥4.96, the current price sits below 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 27% below its 52-week high and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -59% fair-value upside, at 32%, 600023 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.
All 25 models by family
Widest divergence: Multiples (¥9.54) versus Asset-Based (¥3.82). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 6, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 48 · Market factors (momentum, volatility) 44
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
Zhejiang Zheneng Electric Power Co., Ltd. engages in thermal power generation business in China and internationally. The company provides thermal products, as well as invests in nuclear power projects.
Full company description
Zhejiang Zheneng Electric Power Co., Ltd. engages in thermal power generation business in China and internationally. The company provides thermal products, as well as invests in nuclear power projects. It also engages in gas power generation, integrated energy and other businesses; coal-fired generation; shipping and port management services; and engineering maintenance, power equipment and engineering, and trading business. The company was formerly known as Zhejiang Electric Power Development. Zhejiang Zheneng Electric Power Co., Ltd. was founded in 1985 and is headquartered in Hangzhou, China. Zhejiang Zheneng Electric Power Co., Ltd. operates as a subsidiary of Zhejiang Provincial Energy Group Company Ltd.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Zhejiang Zheneng Electric Power Co reported revenue of ¥79.6B in FY2025 versus ¥71.1B in FY2021, a compound +2.9%/yr. Reported net income was ¥7.5B in FY2025.
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Peer Group
Utilities - Independent Power Producers · 79 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 Utilities - Independent Power Producers median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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 - Independent Power Producers stocks, each showing price versus our Fair Value estimate (as of Aug 6, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Constellation Energy Corporation CEG | $257.57 | $89.08 | -65% |
| Vistra Corp VST | $158.86 | $47.59 | -70% |
| Adani Power Limited ADANIPOWER | ₹218.45 | ₹75.57 | -65% |
| CGN Power Co 003816 | ¥3.88 | ¥3.13 | -19% |
| NRG Energy, Inc NRG | $137.90 | $56.02 | -59% |
| Gulf Development Public Company GULF | 67.50 THB | 40.44 THB | -40% |
| Adani Energy Solutions Limited ADANIENSOL | ₹1,730 | ₹342.02 | -80% |
| Talen Energy Corporation TLN | $372.37 | $44.67 | -88% |
| Datang International Power Generation Co 601991 | ¥5.80 | ¥4.95 | -15% |
| Power Assets Holdings 0006 | HK$58.45 | HK$31.90 | -45% |
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Frequently asked questions
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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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