Grandblue Environment Co Ltd (600323) Fair Value & Analysis
Utilities · CN · Market cap 24.0B CNY (≈ $3.6B) · ISIN CNE000001675
What is Grandblue Environment Co Ltd really worth?
Below-average quality, trading 10% below our fair value of ¥33.29.
Strengths
Risks
For context
Fair value as of: Aug 13, 2026
From 24 valuation models · updated 22 days ago
Share price −1.2% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The model range is unusually wide (¥19.12 to ¥57.62). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- The price sits in the lower half of our model range, the side with the larger margin of safety.
- The data supports the verdict: every model runs on fully documented inputs.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range ¥14.88 – ¥32.47 · fair‑value band ¥19.12 – ¥57.62 · the ¥29.99 price screens below the ¥33.29 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Grandblue Environment Co Ltd (600323) currently trades at ¥29.99, while our model-based Fair Value estimate is ¥33.29, implying the stock looks roughly 9.9% undervalued today. The Quality Score stands at 49/100 (below-average quality), in the Utilities sector. Bull case: the Growth Earnings group reads highest at a median of ¥62.64 per share, and 19 of the 24 models we run sit above the ¥29.99 price. Bear case: the Asset-Based group reads lowest at ¥12.01, and 5 of the 24 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Grandblue Environment Co Ltd generated revenue of 15.0B CNY at a net margin of 14.2%. Revenue grew 40.6% year over year. It earns a return on equity of 14.4%. Net debt stands at 26.1B CNY. Fundamentals as of Aug 13, 2026
Our scenario range runs from ¥19.12 (bear case) to ¥57.62 (bull case); at ¥29.99, 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 9% below its 52-week high and 28% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at −33% fair-value upside, at 11%, 600323 screens cheaper 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 ¥1.06 per share, which is 3.2 % 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 24 models by family
Widest divergence: Growth Earnings (¥62.64) versus Asset-Based (¥12.01). Highest evidence: EPV (71).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 48 · Market factors (momentum, volatility) 61
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
Grandblue Environment Co., Ltd. engages in the water supply, drainage, solid waste treatment, and energy businesses in China.
Full company description
Grandblue Environment Co., Ltd. engages in the water supply, drainage, solid waste treatment, and energy businesses in China. The company provides water intake, water production, water transmission, and drinking water services; and sewage treatment, and pipeline network operation and maintenance services, as well as manages and controls wastewater plants, draining pipeline networks, and pumping stations. It also engages in the waste incineration power generation, sludge disposal, fly ash disposal, ash landfill, waste landfill, solid waste environmental protection engineering, and sanitation; pipeline natural gas, bottled gas, hydrogen, and other multi-energy supply; and asset management businesses. Grandblue Environment Co., Ltd. was formerly known as Nanhai Development Co. Ltd. and changed its name to Grandblue Environment Co., Ltd. in December 2013. The company was founded in 1992 and is based in Foshan, China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Grandblue Environment Co Ltd reported revenue of 13.9B CNY in FY2025 versus 11.8B CNY in FY2021, a compound +4.3%/yr. Reported net income was 2.0B CNY in FY2025, compounding +14.1%/yr from FY2021.
of which total revenue +18.7 % · buybacks/dilution −2.1 %
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).
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Peer Group
Utilities - Regulated Water · 64 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 Water 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.
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 Water stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| American Water Works Company AWK | $138.30 | $65.80 | −52% |
| SBS SBS | $4.82 | $8.13 | +69% |
| Essential Utilities, Inc WTRG | $41.10 | $21.81 | −47% |
| Guangdong Investment Limited 0270 | HK$8.15 | HK$12.82 | +57% |
| American States Water Company AWR | $89.88 | $47.94 | −47% |
| Chengdu Xingrong Environment Co 000598 | ¥7.35 | ¥9.09 | +24% |
| California Water Service Group CWT | $50.48 | $33.56 | −34% |
| Chongqing Water Group 601158 | ¥4.14 | ¥2.77 | −33% |
| Beijing Enterprises Water Group 0371 | HK$1.74 | HK$3.00 | +73% |
| H2O America, through its subsidiaries, HTO | $62.57 | $25.29 | −60% |
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