State Grid Yingda Co Ltd (600517) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of State Grid Yingda Co Ltd ¥9.72, price ¥4.93, upside +97.2%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
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 ¥3.96 – ¥7.99 · fair‑value band ¥5.50 – ¥13.51 · the ¥4.93 price screens below the ¥9.72 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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State Grid Yingda Co.,Ltd. engages in the electrical, trust, securities, futures, and carbon asset businesses in China.
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State Grid Yingda Co.,Ltd. engages in the electrical, trust, securities, futures, and carbon asset businesses in China. It offers electrical distribution transformers, amorphous iron cores, integrated substations, primary and secondary deep integration equipment, C-GIS, gas inflatable cabinets, lightning arresters, AC and DC series bushings, insulating poles and towers, nano aluminum alloy fittings, insulators, lightning monitoring and early warning technology, and engineering services. The company also provides operation and maintenance services for power grids and low-carbon energy-saving solutions; and high-voltage testing and integrated energy services, as well as constructs power transmission and distribution network projects. In addition, it is involved in the trust activities; securities business, such as buying and selling of securities, margin financing and securities lending, investment banking, and asset management; futures business activities; factoring activities; and carbon audit, carbon asset development, carbon finance, carbon trading, low-carbon and carbon market-related research topics, and green supply chain management activities. The company was formerly known as Shanghai Zhixin Electric Co., Ltd. and changed its name to State Grid Yingda Co.,Ltd. in April 2020. The company was founded in 1997 and is headquartered in Shanghai, China. State Grid Yingda Co.,Ltd. operates as a subsidiary of State Grid Yingda International Holdings co.,LTD.
Stock analysis
State Grid Yingda Co Ltd (600517) currently trades at ¥4.93, while our model-based Fair Value estimate is ¥9.72, implying the stock looks roughly 49.3% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ¥10.46 per share, and 21 of the 26 models we run sit above the ¥4.93 price.
Bear case: the Dividend Discount group reads lowest at ¥1.54, and 5 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: ¥5.50 (bear) to ¥13.51 (bull), the price of ¥4.93 sits below 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 67/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
State Grid Yingda Co Ltd reported revenue of 12.0B CNY in FY2025 versus 9.5B CNY in FY2021, a compound +6.0%/yr. Reported net income was 2.5B CNY in FY2025, compounding +19.9%/yr from FY2021.
Key figures
Market cap 28.2B CNY (≈ $4.2B) · P/E ratio 12.3 · P/S ratio 2.61 · EPS (TTM) ¥0.4000 · Dividend yield 2.7% · Net margin 21.2% · Return on equity 11.2% · Return on assets (EBIT) 5.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 54 out of 100 (low confidence).
What moves the price
The share trades about 35% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −36% fair-value upside, at 97%, 600517 screens cheaper than that median.
Fair Value models
Bear ¥5.50Fair Value ¥9.72Bull ¥13.51
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (¥0.2019 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.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.
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.81/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+5.9%
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.
+3.2%
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.
+8.1%
Start year 2020 (pandemic). Over 10 years: +6.7% a year
Revenue growth 25 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.
+19.9%
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What shareholders gained per year (last 5 years) ⓘ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. Basis: EBIT basis.
≈ +8.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.4%
Dividend (yield on the price)2.7%
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.16% vs 3%, 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.28% → 25%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 6.8%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Rate on operating basis: 2025 sits 85% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−19.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about −20.9% a year for the price.
Compare State Grid Yingda Co Ltd with another stock
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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.Electrical Equipment & Parts · 550 stocks
Beats the industry median on 13/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside+95% · Top 25%
Profitability
Return on equity (TTM)11% · Above median
Return on assets4% · Above median
Net margin (TTM)19% · Top 25%
Operating margin (TTM)30% · Top 25%
Growth and dividend
Revenue growth11% · Below median
Dividend yield (TTM)2.7% · Top 25%
Balance sheet
Debt / equity0.03× · Below median
Valuation Multiplesvs Electrical Equipment & Parts median · lower = cheaper
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Cite: Fair Value Calculator (2026). "State Grid Yingda Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600517
Frequently asked questions
Is State Grid Yingda Co Ltd (600517) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ¥9.72 versus a price of ¥4.93, about +97% upside (undervalued).
What is the fair value of 600517?
Our model-based fair value for State Grid Yingda Co Ltd is ¥9.72 (as of Sep 24, 2026), built from audited fundamentals. The current price: ¥4.93.
What is the quality score of 600517?
State Grid Yingda Co Ltd has a Quality Score of 67/100. 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 State Grid Yingda Co Ltd (600517)?
Our model-based price target is the fair value of ¥9.72 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario ¥5.50, optimistic scenario ¥13.51. It is a calculation from audited fundamentals, not an analyst target.
What is the State Grid Yingda Co Ltd stock forecast for 2026?
Our models put fair value at ¥9.72, about +97% upside versus a price of ¥4.93 (undervalued). Cautious scenario ¥5.50, optimistic scenario ¥13.51. The calculation is refreshed regularly with new filings.
What is the revenue of State Grid Yingda Co Ltd (600517)?
State Grid Yingda Co Ltd reported trailing-twelve-month revenue of about 12.2B CNY (latest available figure, as of Sep 24, 2026).
Does State Grid Yingda Co Ltd pay a dividend?
State Grid Yingda Co Ltd currently shows a dividend yield of about 2.72% relative to its recent price (as of Sep 24, 2026).
What growth is priced into State Grid Yingda Co Ltd (600517)?
For today's price to be fair in a discounted-cash-flow model, State Grid Yingda Co Ltd would have to grow free cash flow by -19.5 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 600517 use?
Our models discount State Grid Yingda Co Ltd at 9.1 %: a base by market capitalisation (large), damped by beta 0.67, 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 State Grid Yingda Co Ltd that is -19.5 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has State Grid Yingda Co Ltd (600517) delivered so far?
Over the past 5 years revenue at State Grid Yingda Co Ltd grew +8.1 % a year. The price currently implies -19.5 % per year free-cash-flow growth a 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 State Grid Yingda Co Ltd (600517) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into State Grid Yingda Co Ltd (-19.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of State Grid Yingda Co Ltd (600517)?
The free-cash-flow yield on the price is 5.73 %: that much free cash flow State Grid Yingda Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of State Grid Yingda Co Ltd (600517)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For State Grid Yingda Co Ltd it is ¥9.72 per share (as of Sep 24, 2026), against a price of ¥4.93. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is State Grid Yingda Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 600517 trades below its calculated fair value: price ¥4.93, fair value ¥9.72, a gap of about +97% (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 600517?
No. The price is what the market pays today (¥4.93); the fair value is what the company's own numbers justify (¥9.72). For State Grid Yingda Co Ltd the two are ¥4.79 per share apart. That gap is exactly why we show both numbers side by side.
How much is State Grid Yingda Co Ltd worth?
The market values State Grid Yingda Co Ltd at about 28.2B CNY (market capitalisation, as of Sep 24, 2026). Per share that is ¥4.93; our models calculate a fair value of ¥9.72 per share.
What do the bullish and bearish scenarios say about 600517?
Our models span a range for State Grid Yingda Co Ltd: cautious scenario ¥5.50, base ¥9.72, optimistic ¥13.51 per share (as of Sep 24, 2026, price ¥4.93). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 600517?
State Grid Yingda Co Ltd trades at a price-to-earnings ratio of 12.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥9.72 is built from several models across several years. Other multiples: PEG 0.7, P/B 1.2, P/S 2.3, EV/EBITDA 6.7.
What is the PEG ratio of 600517?
The PEG ratio of State Grid Yingda Co Ltd is 0.66 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of State Grid Yingda Co Ltd (600517)?
Balance-sheet figures for State Grid Yingda Co Ltd (as of Sep 24, 2026): return on equity 11.2%, debt of 0.03 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is 600517 from its 52-week high?
State Grid Yingda Co Ltd trades at ¥4.93, about 35% below its 52-week high of ¥7.57 and 6% above the low of ¥4.64 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ¥9.72 is for.
Which stocks are comparable to State Grid Yingda Co Ltd?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, ABB Ltd, Delta Electronics (Thailand) Public Company, Vertiv Holdings, 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 State Grid Yingda Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price ¥4.93, calculated fair value ¥9.72 (+97%), Quality Score 67/100, 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 600517 calculated?
We run State Grid Yingda Co Ltd through 26 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 ¥9.72, 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 14.1 % above its aggregate fair value. State Grid Yingda Co Ltd currently trades 97 % 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 State Grid Yingda Co Ltd (600517)?
The closing price on Sep 23, 2026 was ¥4.93. Our model-based fair value is ¥9.72, about +97% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with State Grid Yingda Co Ltd right now?
The price is below even our cautious bear case (¥5.50). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (¥5.50 to ¥13.51) leaves room in how you read the outcome.
Where does the earnings growth of State Grid Yingda Co Ltd (600517) come from?
Earnings per share at State Grid Yingda Co Ltd grew −2.3 % a year from 2013 to 2024. Broken into its drivers: revenue per share −7.2 %, EBIT margin +9.3 %, tax rate −1.2 %, 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 State Grid Yingda Co Ltd
How large is the market capitalisation of State Grid Yingda Co Ltd (600517)?
The market capitalisation of State Grid Yingda Co Ltd is 28.2B CNY (≈ $4.2B). 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 State Grid Yingda Co Ltd (600517)?
The price-to-sales ratio of State Grid Yingda Co Ltd is 2.61 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of State Grid Yingda Co Ltd (600517)?
Earnings per share at State Grid Yingda Co Ltd are ¥0.4000 (price ÷ EPS = P/E 12.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of State Grid Yingda Co Ltd (600517)?
The dividend yield of State Grid Yingda Co Ltd is 2.7% (payout 33.5%). 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 State Grid Yingda Co Ltd (600517)?
The net margin of State Grid Yingda Co Ltd is 21.2% (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 State Grid Yingda Co Ltd (600517)?
The return on equity (ROE) of State Grid Yingda Co Ltd is 11.2% (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 State Grid Yingda Co Ltd (600517)?
On an EBIT basis the return on assets of State Grid Yingda Co Ltd is 5.3% (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 State Grid Yingda Co Ltd (600517)?
The operating margin of State Grid Yingda Co Ltd is 29.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at State Grid Yingda Co Ltd (600517)?
Revenue at State Grid Yingda Co Ltd is growing +11.1% versus a year earlier (3y avg +3.2%). 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 State Grid Yingda Co Ltd (600517)?
Earnings per share at State Grid Yingda Co Ltd are growing −35.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does State Grid Yingda Co Ltd (600517) carry?
The net debt of State Grid Yingda Co Ltd is 1.2B CNY (fiscal year 2024, ≈ 0.7 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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