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Heilongjiang Interchina Water Treatment Co Ltd (600187) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Heilongjiang Interchina Water Treatment Co Ltd ¥0.24, price ¥1.27, upside -81.1%, quality 43 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Utilities · CN · ISIN CNE000000XQ4

HI Thin data Sep 24, 2026

Heilongjiang Interchina Water Treatment Co Ltd

600187 · SHG

Weakest SetupStrongly overvalued and low quality.

!Fair value ¥0.2400 · Strongly overvalued (−81%)
!Quality 43/100
!Mixed Growth (revenue YoY +24.4 %/yr)
!Loss-making · -88.7% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (5/13)
!Narrow moat 8/100
!Evidence only low, so the estimate is less certain
!Weak on dividend: 2 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

¥5.08 ¥1.23 Fair Value ¥0.2400 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range ¥1.23 – ¥5.08 · fair‑value band ¥0.2300 – ¥0.2400 · the ¥1.27 price screens above the ¥0.2400 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Heilongjiang Interchina Water Treatment Co.,Ltd, together with its subsidiaries, engages in the water supply, drainage, and sewage treatment businesses in China. It operates through Sewage Treatment, Heating, and Others segments. The company engages in sewage and water treatment; clean energy heating; and environmental protection engineering EPC activities.

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Heilongjiang Interchina Water Treatment Co.,Ltd, together with its subsidiaries, engages in the water supply, drainage, and sewage treatment businesses in China. It operates through Sewage Treatment, Heating, and Others segments. The company engages in sewage and water treatment; clean energy heating; and environmental protection engineering EPC activities. It is also involved in environmental engineering design; environmental pollution control management facilities operation; import and export of goods and technology; engineering consulting; construction project management and investment; new energy; sale of chemical products and environmental protection equipment; environmental and field technology development; consulting inquiry; technology transfer and technical consulting; business; investment management; environmental protection project investment; management; water supply and drainage projects and works; agricultural technology; purchase and sale of agriculture and aquatic products; breeding; and new energy technology promotion and application services. The company was formerly known as Heilongjiang Heilong Co., Ltd. Heilongjiang Interchina Water Treatment Co.,Ltd was founded in 1998 and is headquartered in Shanghai, China.

Stock analysis

Heilongjiang Interchina Water Treatment Co Ltd (600187) currently trades at ¥1.27, while our model-based Fair Value estimate is ¥0.2400, implying the stock looks roughly 429.1% overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of ¥1.23 per share, and 0 of the 8 models we run sit above the ¥1.27 price.

Bear case: the Earnings-Based group reads lowest at ¥0.2400, and 8 of the 8 models stay below the price. Evidence for this calculation is low.

Scenario range: ¥0.2300 (bear) to ¥0.2400 (bull), the price of ¥1.27 sits above 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 43/100 (below-average quality), in the Utilities sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Heilongjiang Interchina Water Treatment Co Ltd reported revenue of 223M CNY in FY2025 versus 384M CNY in FY2021, a compound −12.8%/yr. Reported net income was −215M CNY in FY2025.

Key figures

Market cap 2.2B CNY (≈ $335M) · P/S ratio 10.1 · EPS (TTM) ¥−0.1200 · Dividend yield 0.1% · Net margin −96.5% · Return on equity −6.1% · Return on assets (EBIT) 0.0% · Operating margin −18.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).

What moves the price

The share trades about 57% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Utilities peers we cover trades at −42% fair-value upside, at −81%, 600187 screens richer than that median.

Fair Value models

The price assumes far more growth than our models allow for, so the models scatter widely (¥0.0200 to ¥1.23). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear ¥0.2300 Fair Value ¥0.2400 Bull ¥0.2400
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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 ⓘEvidence = 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.
Highest evidence
EPV ¥0.2400 ¥0.2400 ¥0.2500 74
ROIC Compounder ¥0.2400 ¥0.2400 ¥0.2500 70
EV/EBITDA ¥0.5400 ¥0.6600 ¥0.7800 67
All 8 models by family
Earnings-Based
EPV ¥0.2400 ¥0.2400 ¥0.2500 74
Dividend Discount
Gordon GGM ¥0.0100 ¥0.0200 ¥0.0300 64
DDM Multi-Stage ¥0.0100 ¥0.0200 ¥0.0200 65
Multiples
EV/EBIT ¥0.3400 ¥0.3900 ¥0.4400 66
EV/EBITDA ¥0.5400 ¥0.6600 ¥0.7800 67
EV/Revenue ¥0.3100 ¥0.3600 ¥0.4200 54
Asset-Based
NCAV (Graham) ¥0.9200 ¥1.23 ¥1.83 54
Economic Profit
ROIC Compounder ¥0.2400 ¥0.2400 ¥0.2500 70

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Quality Score breakdown

Overall quality 43/100

Of which business quality 42 · Market factors (momentum, volatility) 26

Profitability 1
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 1
Earnings quality: real cash, not paper profit
Fin. Strength 70
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 65
Calm price path (market factor)
Momentum 16
Price trend over the last 3–12 months (market factor)
52W Momentum 1
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 36/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Profit margin (trend) ⓘ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.
5.9% (2020) → 10.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

600187 screens 429% overvalued. Compare with American Water Works Company →

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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 Water · 65 stocks

Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 43 · Below median
Fair Value upside −81% · Bottom 25%
Profitability
Return on assets 0% · Bottom 25%
Net margin (TTM) −89% · Bottom 25%
Operating margin (TTM) −19% · Bottom 25%
Growth and dividend
Revenue growth −3% · Below median
Dividend yield (TTM) 0.1% · Bottom 25%
Balance sheet
Debt / equity 0.01× · Lowest 25%

Valuation Multiplesvs Utilities - Regulated Water median · lower = cheaper

P/B 0.11× · Cheapest 25%
P/S (TTM) 1.51× · Cheaper than median
EV/EBITDA 0.5× · Cheapest 25%
PEG 2.15× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 6
FUTURE (revenue growth)0 · sector 29
PAST (return on equity)0 · sector 31
HEALTH (low debt)100 · sector 66
DIVIDEND (yield)2 · sector 48

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

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

Similar stocks

10 more Utilities - Regulated Water stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
American Water Works Company AWK $133.06 $65.80 −51%
SBS SBS $5.39 $7.68 +42%
Essential Utilities, Inc WTRG $40.18 $23.28 −42%
Guangdong Investment Limited 0270 HK$8.67 HK$12.82 +48%
Grandblue Environment Co 600323 ¥28.90 ¥57.09 +98%
American States Water Company AWR $84.39 $38.40 −54%
Chengdu Xingrong Environment Co 000598 ¥7.06 ¥9.09 +29%
California Water Service Group CWT $47.29 $25.75 −46%
Chongqing Water Group 601158 ¥3.99 ¥1.76 −56%
H2O America, through its subsidiaries, HTO $62.92 $29.35 −53%

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Heilongjiang Interchina Water Treatment Co Ltd · Fair Value
¥0.2400 −429%Fair Value
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Cite: Fair Value Calculator (2026). "Heilongjiang Interchina Water Treatment Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600187

Frequently asked questions

Is Heilongjiang Interchina Water Treatment Co Ltd (600187) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ¥0.2400 versus a price of ¥1.27, about −81% upside (overvalued).
What is the fair value of 600187?
Our model-based fair value for Heilongjiang Interchina Water Treatment Co Ltd is ¥0.2400 (as of Sep 24, 2026), built from audited fundamentals. The current price: ¥1.27.
What is the quality score of 600187?
Heilongjiang Interchina Water Treatment Co Ltd has a Quality Score of 43/100. 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 Heilongjiang Interchina Water Treatment Co Ltd (600187)?
Our model-based price target is the fair value of ¥0.2400 (as of Sep 24, 2026) from 8 valuation models. Cautious scenario ¥0.2300, optimistic scenario ¥0.2400. It is a calculation from audited fundamentals, not an analyst target.
What is the Heilongjiang Interchina Water Treatment Co Ltd stock forecast for 2026?
Our models put fair value at ¥0.2400, about −81% upside versus a price of ¥1.27 (overvalued). Cautious scenario ¥0.2300, optimistic scenario ¥0.2400. The calculation is refreshed regularly with new filings.
What is the revenue of Heilongjiang Interchina Water Treatment Co Ltd (600187)?
Heilongjiang Interchina Water Treatment Co Ltd reported trailing-twelve-month revenue of about 221M CNY (latest available figure, as of Sep 24, 2026).
Does Heilongjiang Interchina Water Treatment Co Ltd pay a dividend?
Heilongjiang Interchina Water Treatment Co Ltd currently shows a dividend yield of about 0.12% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Heilongjiang Interchina Water Treatment Co Ltd (600187)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Heilongjiang Interchina Water Treatment Co Ltd it is ¥0.2400 per share (as of Sep 24, 2026), against a price of ¥1.27. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Heilongjiang Interchina Water Treatment Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 600187 trades above its calculated fair value: price ¥1.27, fair value ¥0.2400, a gap of about −81% (overvalued). 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 600187?
No. The price is what the market pays today (¥1.27); the fair value is what the company's own numbers justify (¥0.2400). For Heilongjiang Interchina Water Treatment Co Ltd the two are ¥1.03 per share apart. That gap is exactly why we show both numbers side by side.
How much is Heilongjiang Interchina Water Treatment Co Ltd worth?
The market values Heilongjiang Interchina Water Treatment Co Ltd at about 2.2B CNY (market capitalisation, as of Sep 24, 2026). Per share that is ¥1.27; our models calculate a fair value of ¥0.2400 per share.
What do the bullish and bearish scenarios say about 600187?
Our models span a range for Heilongjiang Interchina Water Treatment Co Ltd: cautious scenario ¥0.2300, base ¥0.2400, optimistic ¥0.2400 per share (as of Sep 24, 2026, price ¥1.27). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of 600187?
The PEG ratio of Heilongjiang Interchina Water Treatment Co Ltd is 2.15 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Heilongjiang Interchina Water Treatment Co Ltd (600187)?
Balance-sheet figures for Heilongjiang Interchina Water Treatment Co Ltd (as of Sep 24, 2026): return on equity −6.1%, debt of 0.01 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is 600187 from its 52-week high?
Heilongjiang Interchina Water Treatment Co Ltd trades at ¥1.27, about 57% below its 52-week high of ¥2.93 and 3% above the low of ¥1.23 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of ¥0.2400 is for.
Which stocks are comparable to Heilongjiang Interchina Water Treatment Co Ltd?
From the same area (Utilities) we also value American Water Works Company, SBS, Essential Utilities, Inc, Guangdong Investment Limited, 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 Heilongjiang Interchina Water Treatment Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price ¥1.27, calculated fair value ¥0.2400 (−81%), Quality Score 43/100, from 8 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 600187 calculated?
We run Heilongjiang Interchina Water Treatment Co Ltd through 8 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥0.2400, 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 14.0 % above its aggregate fair value. Heilongjiang Interchina Water Treatment Co Ltd itself currently trades above fair value. 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 Heilongjiang Interchina Water Treatment Co Ltd (600187)?
The closing price on Sep 24, 2026 was ¥1.27. Our model-based fair value is ¥0.2400, about −81% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Heilongjiang Interchina Water Treatment Co Ltd right now?
The price sits above even our optimistic bull case (¥0.2400). The favourable scenario is already priced in. Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. The models converge in a tight band (¥0.2300 to ¥0.2400), unusually little disagreement for a valuation.
Where does the earnings growth of Heilongjiang Interchina Water Treatment Co Ltd (600187) come from?
Earnings per share at Heilongjiang Interchina Water Treatment Co Ltd grew −14.0 % a year from 2013 to 2024. Broken into its drivers: revenue per share −12.2 %, EBIT margin +0.1 %, tax rate −1.3 %, residual (interest, one-offs) −0.9 %. 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 Heilongjiang Interchina Water Treatment Co Ltd

How large is the market capitalisation of Heilongjiang Interchina Water Treatment Co Ltd (600187)?
The market capitalisation of Heilongjiang Interchina Water Treatment Co Ltd is 2.2B CNY (≈ $335M). 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 Heilongjiang Interchina Water Treatment Co Ltd (600187)?
The price-to-sales ratio of Heilongjiang Interchina Water Treatment Co Ltd is 10.1 (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 Heilongjiang Interchina Water Treatment Co Ltd (600187)?
Earnings per share at Heilongjiang Interchina Water Treatment Co Ltd are ¥−0.1200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Heilongjiang Interchina Water Treatment Co Ltd (600187)?
The dividend yield of Heilongjiang Interchina Water Treatment Co Ltd is 0.1%. 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 Heilongjiang Interchina Water Treatment Co Ltd (600187)?
The net margin of Heilongjiang Interchina Water Treatment Co Ltd is −96.5% (fiscal year 2025). 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 Heilongjiang Interchina Water Treatment Co Ltd (600187)?
The return on equity (ROE) of Heilongjiang Interchina Water Treatment Co Ltd is −6.1% (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 Heilongjiang Interchina Water Treatment Co Ltd (600187)?
On an EBIT basis the return on assets of Heilongjiang Interchina Water Treatment Co Ltd is 0.0% (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 Heilongjiang Interchina Water Treatment Co Ltd (600187)?
The operating margin of Heilongjiang Interchina Water Treatment Co Ltd is −18.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Heilongjiang Interchina Water Treatment Co Ltd (600187)?
Revenue at Heilongjiang Interchina Water Treatment Co Ltd is growing −2.8% versus a year earlier (3y avg −8.4%). 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 Heilongjiang Interchina Water Treatment Co Ltd (600187)?
Earnings per share at Heilongjiang Interchina Water Treatment Co Ltd are growing −44.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Heilongjiang Interchina Water Treatment Co Ltd (600187) generate?
The free cash flow of Heilongjiang Interchina Water Treatment Co Ltd is −26.3M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Heilongjiang Interchina Water Treatment Co Ltd (600187) hold?
Heilongjiang Interchina Water Treatment Co Ltd holds more cash than debt, 165M CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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