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China Yangtze Power Co (600900) Fair Value & Analysis

Utilities · CN · Market cap 685B CNY

CY China Yangtze Power Co 600900 · SHG
Price¥27.75
Fair Value¥25.13
Upside-9.4%
Quality61/100
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Expensive Growth
Highly profitable · 41.3% net margin
Moderate debt · generates free cash flow
3.64% dividend yield
Ranks above peers (9/14)
Wide moat 75/100
Evidence: Medium Range ¥17.43 – ¥31.42 Share as image

Fair value as of: Jul 17, 2026

From 26 valuation models · updated 21 days ago

Share price +4.2% over the past month.

A solid business, 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.
  • A fairly wide model range (¥17.43 to ¥31.42) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

¥29.49 ¥15.51 Fair Value ¥25.13 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range ¥15.51 – ¥29.49 · fair‑value band ¥17.43 – ¥31.42 · the ¥27.75 price screens above the ¥25.13 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

China Yangtze Power Co (600900) currently trades at ¥27.75, while our model-based Fair Value estimate is ¥25.13, implying the stock looks roughly 9.4% fairly valued today. We read business quality at 61/100 (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: medium).

Over the trailing twelve months, China Yangtze Power Co generated revenue of 87.3B CNY at a net margin of 41.3%. Revenue grew 6.4% year over year. It earns a return on equity of 15.6%. The balance sheet holds a net cash position of 10.3B CNY. Fundamentals as of Jul 17, 2026

Our scenario range runs from ¥17.43 (bear case) to ¥31.42 (bull case); at ¥27.75, 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 8% below its 52-week high and 10% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at -30% fair-value upside, at -9%, 600900 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
Growth DCF ¥15.69 ¥35.05 ¥70.25 80
Residual Income ¥9.66 ¥11.90 ¥23.69 76
Rev-Margin DCF ¥3.63 ¥9.72 ¥17.54 74
All 26 models by family
DCF Models
FCF DCF ¥15.84 ¥36.71 ¥75.12 38
Owner Earnings ¥11.96 ¥29.42 ¥61.54 31
5Y Revenue Exit ¥3.63 ¥9.61 ¥17.27 39
5Y EBITDA Exit ¥15.25 ¥33.73 ¥57.03 41
5Y P/E Exit ¥12.90 ¥28.86 ¥47.15 38
10Y Revenue Exit ¥7.16 ¥14.28 ¥24.43 36
10Y EBITDA Exit ¥15.29 ¥32.44 ¥58.75 37
10Y P/E Exit ¥13.69 ¥28.77 ¥50.22 35
Earnings-Based
Graham-Dodd ¥9.50 ¥45.19 ¥62.18 54
Lynch FV ¥12.02 ¥17.18 ¥22.33 50
PEG = 1.0 ¥12.02 ¥17.18 ¥22.33 46
EPV ¥6.48 ¥9.00 ¥11.25 59
Dividend Discount
Gordon GGM ¥13.19 ¥28.79 ¥48.44 70
DDM Multi-Stage ¥13.19 ¥23.58 ¥30.00 61
Multiples
P/E Multiple ¥20.95 ¥27.93 ¥34.91 63
P/S Multiple ¥6.58 ¥8.77 ¥10.97 58
P/B Multiple ¥17.80 ¥23.74 ¥29.67 55
EV/EBIT ¥15.44 ¥23.19 ¥30.95 53
EV/EBITDA ¥16.75 ¥24.94 ¥33.13 54
EV/Revenue ¥0.9400 ¥3.57 43
Asset-Based
NCAV (Graham) ¥4.76 ¥6.38 ¥9.52 50
Growth DCF
Growth DCF ¥15.69 ¥35.05 ¥70.25 80
Rev-Margin DCF ¥3.63 ¥9.72 ¥17.54 74
Economic Profit
Residual Income ¥9.66 ¥11.90 ¥23.69 76
ROIC Compounder ¥6.48 ¥9.00 ¥13.84 72
Growth Earnings
Growth-Adj P/E ¥18.40 ¥26.29 ¥34.17 68

Widest divergence: DCF Models (¥28.86) versus Asset-Based (¥6.38). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 87.3B CNY
Revenue growth (YoY) +6.4%
Net margin 41.3%
Return on equity 15.6%
Free cash flow 42.1B CNY FY2025
P/E ratio 19.0
More key figures
Operating margin 49.3%
EPS (TTM) ¥1.47
Dividend yield 3.6%
EPS growth (YoY) +30.5%
Net cash 10.3B CNY FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 54 · Market factors (momentum, volatility) 63

Profitability 44
Margins and returns on capital today
Quality Growth 28
Are margins and returns improving?
Cashflow 86
Earnings quality: real cash, not paper profit
Fin. Strength 36
Balance sheet, leverage, solvency risk
Investment 65
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 53
Distance to the 52-week high (market factor)
Net Issuance 69
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

China Yangtze Power Co., Ltd., together with its subsidiaries, engages in hydropower generation business in China, Portugal, Peru, Brazil, and Pakistan. The company operates the Three Gorges, Gezhouba, Xiluodu, Xiangjiaba, Wudongde, and Baihetan hydropower stations with an installed capacity of 71.695 MW.

Full company description

China Yangtze Power Co., Ltd., together with its subsidiaries, engages in hydropower generation business in China, Portugal, Peru, Brazil, and Pakistan. The company operates the Three Gorges, Gezhouba, Xiluodu, Xiangjiaba, Wudongde, and Baihetan hydropower stations with an installed capacity of 71.695 MW. It also engages in smart integrated energy; new energy; power distribution and sales; investment and financing; and pumped storage businesses, as well as overseas power station operation, maintenance, management, and consultation services. China Yangtze Power Co., Ltd., was founded in 2002 and is headquartered in Beijing, the People's Republic of China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

China Yangtze Power Co reported revenue of ¥85.9B in FY2025 versus ¥54.5B in FY2021, a compound +12.0%/yr. Reported net income was ¥34.2B in FY2025, compounding +6.8%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
85.9B CNY
Latest YoY
+4.1%
Avg. growth/yr (3Y)
+8.4%
Avg. growth/yr (5Y)
+8.7%
Avg. growth/yr (25Y)
+17.9%
Revenue +12.0%/yr
FY21 ¥54.5B
FY22 ¥67.4B
FY23 ¥76.5B
FY24 ¥82.5B
FY25 ¥85.9B
Net income +6.8%/yr
FY21 ¥26.3B
FY22 ¥23.7B
FY23 ¥27.2B
FY24 ¥32.5B
FY25 ¥34.2B

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Cite: Fair Value Calculator (2026). "China Yangtze Power Co Fair Value". https://www.fairvalue-calculator.com/stock/600900

Peer Group

Utilities - Renewable · 213 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 61 · Top 25%
Fair Value upside −9% · Above median
Return on equity (TTM) 16% · Top 25%
Return on assets 5% · Top 25%
Net margin (TTM) 41% · Top 25%
Operating margin (TTM) 49% · Top 25%
Revenue growth 6% · Above median
Dividend yield (TTM) 3.6% · Above median
Debt / equity 0.87× · Higher than median

Valuation Multiples vs Utilities - Renewable median · lower = cheaper

P/E (TTM) 19.0× · Pricier than median
P/B 2.94× · Pricier than 75% of peers
P/S (TTM) 7.84× · Pricier than 75% of peers
P/FCF 2.4× · Cheaper than median
EV/EBITDA 13.1× · Pricier 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 21 · sector 16
FUTURE 32 · sector 0
PAST 63 · sector 14
HEALTH 57 · sector 67
DIVIDEND 73 · sector 51

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 - Renewable stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Ørsted A/S ORSTED kr 149.70 kr 31.40 -79%
Huaneng Lancang River Hydropower Inc 600025 ¥9.81 ¥5.57 -43%
Adani Green Energy Limited ADANIGREEN ₹1,537 ₹170.50 -89%
AXIA Energia SA AXIAP $10.74 $9.65 -10%
VERBUND AG OEWA €58.65 €66.19 +13%
BEP BEP $32.33 $73.35 +127%
BEPUN BEPUN C$44.56 C$10.15 -77%
Fortum Oyj FORTUM €19.89 €13.90 -30%
China Longyuan Power Group 001289 ¥16.21 ¥8.23 -49%
SDIC Power Holdings 600886 ¥14.23 ¥16.63 +17%

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Frequently asked questions

Is China Yangtze Power Co (600900) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of ¥25.13 versus a price of ¥27.75, about −9% (fairly valued).
What is the fair value of 600900?
Our model-based fair value for China Yangtze Power Co is ¥25.13 (as of Jul 17, 2026), built from audited fundamentals. The current price is ¥27.75.
What is the quality score of 600900?
China Yangtze Power Co has a Quality Score of 61/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of China Yangtze Power Co (600900)?
China Yangtze Power Co reported trailing-twelve-month revenue of about 87.3B CNY (latest available figure, as of Jul 17, 2026).
What is the net profit margin of 600900?
The net profit margin of China Yangtze Power Co is about 41.3%, meaning it keeps roughly 41.3% of revenue as net income. Based on the latest reported figures.
Does China Yangtze Power Co pay a dividend?
China Yangtze Power Co currently shows a dividend yield of about 3.61% relative to its recent price (as of Jul 17, 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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