Spic Yuanda Environmental Protection Co Ltd (600292) Fair Value & Analysis
Utilities · CN · Market cap 59.5B CNY (≈ $8.9B) · ISIN CNE000001592
What is Spic Yuanda Environmental Protection Co Ltd really worth?
Below-average quality, and trading another 486% above our fair value of ¥2.06.
Strengths
Risks
For context
Fair value as of: Aug 23, 2026
From 25 valuation models · updated 13 days ago
Share price −6.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (¥2.08). The favourable scenario is already priced in.
- Weak quality (29/100) and above fair value at the same time, the margin of safety is missing on both counts.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.
How to read this chart
60‑month range ¥4.26 – ¥18.00 · fair‑value band ¥1.50 – ¥2.08 · the ¥12.05 price screens above the ¥2.06 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 23, 2026.
Analysis
Spic Yuanda Environmental Protection Co Ltd (600292) currently trades at ¥12.05, while our model-based Fair Value estimate is ¥2.06, implying the stock looks roughly 485.8% overvalued today. The Quality Score stands at 29/100 (below-average quality), in the Utilities sector. Bull case: the Dividend Discount group reads highest at a median of ¥2.92 per share, and 0 of the 19 models we run sit above the ¥12.05 price. Bear case: the Earnings-Based group reads lowest at ¥1.67, and 19 of the 19 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Spic Yuanda Environmental Protection Co Ltd generated revenue of 11.6B CNY at a net margin of 6.7%. Revenue declined 18.5% year over year. It earns a return on equity of 9.0%. Net debt stands at 25.3B CNY. Fundamentals as of Aug 23, 2026
Our scenario range runs from ¥1.50 (bear case) to ¥2.08 (bull case); at ¥12.05, 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 35% 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 −37% fair-value upside, at −83%, 600292 screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ¥0.0805 per share, which is 3.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 25 models by family
Widest divergence: Dividend Discount (¥2.92) versus Earnings-Based (¥1.67). Highest evidence: FCF DCF (77).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 32 · Market factors (momentum, volatility) 38
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
SPIC Hydropower Co., Ltd. provides energy- saving and environmental protection services in China and internationally. It operates through Franchise; Environmental Engineering and Services; Catalysts; Sewage Treatment; and Energy Saving and Others segments.
Full company description
SPIC Hydropower Co., Ltd. provides energy- saving and environmental protection services in China and internationally. It operates through Franchise; Environmental Engineering and Services; Catalysts; Sewage Treatment; and Energy Saving and Others segments. The company is involved in the desulfurization, denitrification, and dust removal general contracting; desulfurization and denitrification franchise; denitrification catalytic; and in water engineering businesses. It also provides waste gas, wastewater, and solid waste treatment services; and research and development, transfer, and consulting services of energy-saving and environmental protection technologies. In addition, the company manufactures and sells energy-saving and environmental protection products, as well as invests in energy conservation and emission reduction projects. Further, it engages in air and water pollution control; solid and hazardous waste treatment and disposal; mine and soil remediation; and energy businesses, such as new energy and integrated smart energy. The company was formerly known as Spic Yuanda Environmental-Protection Co.,Ltd. and changed its name to SPIC Hydropower Co., Ltd. in January 2026. SPIC Hydropower Co., Ltd. was founded in 1994 and is based in Chongqing, China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Spic Yuanda Environmental Protection Co Ltd reported revenue of 12.2B CNY in FY2025 versus 4.4B CNY in FY2021, a compound +28.6%/yr. Reported net income was 532M CNY in FY2025, compounding +76.0%/yr from FY2021.
of which total revenue +2.9 % · buybacks/dilution −0.4 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
600292 screens 486% overvalued. Compare with NextEra Energy, Inc →
Peer Group
Utilities - Regulated Electric · 153 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
Strength profile in five axes (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 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| NextEra Energy, Inc NEE | $83.47 | $32.94 | −61% |
| The Southern Company SO | $88.25 | $58.81 | −33% |
| Duke Energy Corporation DUK | $120.25 | $74.89 | −38% |
| National Grid plc NGG | $80.68 | $63.94 | −21% |
| American Electric Power Company AEP | $122.96 | $77.23 | −37% |
| Dominion Energy, Inc D | $66.01 | $46.34 | −30% |
| Entergy Corporation ETR | $105.75 | $52.92 | −50% |
| Xcel Energy Inc XEL | $76.34 | $44.61 | −42% |
| Exelon Corporation EXC | $43.96 | $37.60 | −14% |
| Endesa, S.A ELE | €42.30 | €25.72 | −39% |
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