Harbin Hatou Investment Co (600864) Fair Value & Analysis

Utilities · CN · Market cap 11.2B CNY

A solid business, but screening 22% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (¥4.21). The favourable scenario is already priced in.
• Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
• A fairly wide model range (¥2.13 to ¥4.21) 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 8, 2026.

How to read this chart

60‑month range ¥4.10 – ¥8.16 · fair‑value band ¥2.13 – ¥4.21 · the ¥5.39 price screens above the ¥4.21 fair value. Dashed = 300-day average. As of Aug 8, 2026.

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Analysis

Harbin Hatou Investment Co (600864) currently trades at ¥5.39, while our model-based Fair Value estimate is ¥4.21, implying the stock looks roughly 21.9% overvalued today. The Quality Score stands at 57/100 (solid 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: high).

Over the trailing twelve months, Harbin Hatou Investment Co generated revenue of 2.8B CNY at a net margin of 11.2%. Revenue grew 2.8% year over year. It earns a return on equity of 2.1%. Net debt stands at 1.7B CNY. Fundamentals as of Aug 8, 2026

Our scenario range runs from ¥2.13 (bear case) to ¥4.21 (bull case); at ¥5.39, the current price sits above 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 8% 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 -22%, 600864 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.

Widest divergence: DCF Models (¥9.33) versus Earnings-Based (¥1.68). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Harbin Hatou Investment Co.,Ltd engages in thermal power and securities business in the People's Republic of China. The company engages in the securities brokerage, securities underwriting and sponsorship, securities investment consulting, and industrial and equity investment; and production and supply of electricity and heat; It is also involved in …

Full company description

Harbin Hatou Investment Co.,Ltd engages in thermal power and securities business in the People's Republic of China. The company engages in the securities brokerage, securities underwriting and sponsorship, securities investment consulting, and industrial and equity investment; and production and supply of electricity and heat; It is also involved in securities asset management. The company was formerly known as Harbin Sui Bao Re Dian Co., Ltd. and changed its name to Harbin Hatou Investment Co.,Ltd in November 2007. Harbin Hatou Investment Co.,Ltd was incorporated in 1994 and is headquartered in Harbin, the People's Republic of China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Harbin Hatou Investment Co reported revenue of ¥2.7B in FY2025 versus ¥2.9B in FY2021, a compound −1.8%/yr. Reported net income was ¥348M in FY2025, compounding +10.0%/yr from FY2021.

600864 screens 22% overvalued. Compare with NextEra Energy, Inc →

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.

Valuation Multiples vs Utilities - Regulated Electric 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.

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Frequently asked questions

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.