China Yangtze Power Co Ltd (600900) fair value: what the stock is really worth
As of Oct 23, 2026: fair value (intrinsic value) of China Yangtze Power Co Ltd stock ¥32.53, price ¥29.45, upside +10.4%, quality 58 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 22, 2026.
How to read this chart
60‑month range ¥15.51 – ¥29.82 · fair‑value band ¥22.56 – ¥41.89 · the ¥29.45 price screens below the ¥32.53 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 22, 2026.
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China Yangtze Power Co., Ltd., together with its subsidiaries, engages in hydropower generation business in China, Portugal, Peru, Brazil, and Pakistan.
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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.
Stock analysis
China Yangtze Power Co Ltd (600900) currently trades at ¥29.45, while our model-based Fair Value estimate is ¥32.53, implying the stock looks roughly 9.5% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ¥27.50 per share, and 4 of the 26 models we run sit above the ¥29.45 price.
Bear case: the Asset-Based group reads lowest at ¥5.66, and 22 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: ¥22.56 (bear) to ¥41.89 (bull), the price of ¥29.45 sits inside 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 58/100 (solid quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
China Yangtze Power Co Ltd reported revenue of 85.9B CNY in FY2025 versus 54.5B CNY in FY2021, a compound +12.0%/yr. Reported net income was 34.2B CNY in FY2025, compounding +6.8%/yr from FY2021.
Key figures
Market cap 721B CNY (≈ $108B) Large · P/E ratio 19.9 · P/S ratio 8.34 · EPS (TTM) ¥1.48 · Dividend yield 2.7% · Net margin 41.4% · Return on equity 16.4% · Return on assets (EBIT) 7.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 76 out of 100 (low confidence).
What moves the price
The share trades about 1% below its 52-week high and 19% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −35% fair-value upside, at 10%, 600900 screens cheaper than that median.
Fair Value models
Bear¥22.56Fair Value ¥32.53Bull¥41.89
Price ¥29.45 · Upside +10.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥0.5596 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+4.1%
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.
+8.4%
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.
+8.7%
Start year 2020 (pandemic). Over 10 years: +6.3% 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.
+17.9%
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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.
+6.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.9%
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.3.9% vs 6.9%, slowing
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.60% → 49%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
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).
+8.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +6.7% a year for the price and +0.1% for the forecasts.
Compare China Yangtze Power 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.Utilities - Renewable · 200 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score58 · Top 25%
Fair Value upside+9.1% · Above median
Profitability
Return on equity (12 months)16.4% · Top 25%
Return on assets6.1% · Top 25%
Net margin (12 months)41.4% · Top 25%
Operating margin (12 months)53.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)0.7% · Below median
Dividend yield (12 months)2.7% · Above median
Balance sheet
Debt / equity0.87× · Above median
Valuation Multiplesvs Utilities - Renewable median · lower = cheaper
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Cite: Fair Value Calculator (2026). "China Yangtze Power Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600900
Frequently asked questions
Is China Yangtze Power Co Ltd (600900) overvalued or undervalued?
As of Oct 22, 2026, our model estimates a fair value of ¥32.53 versus a price of ¥29.45, about +10% upside (undervalued).
What is the fair value of 600900?
Our model-based fair value for China Yangtze Power Co Ltd is ¥32.53 (as of Oct 22, 2026), built from audited fundamentals. The current price: ¥29.45.
What is the quality score of 600900?
China Yangtze Power Co Ltd has a Quality Score of 58/100. 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 China Yangtze Power Co Ltd (600900)?
Our model-based price target is the fair value of ¥32.53 (as of Oct 22, 2026) from 26 valuation models. Cautious scenario ¥22.56, optimistic scenario ¥41.89. It is a calculation from audited fundamentals, not an analyst target.
What is the China Yangtze Power Co Ltd stock forecast for 2026?
Our models put fair value at ¥32.53, about +10% upside versus a price of ¥29.45 (undervalued). Cautious scenario ¥22.56, optimistic scenario ¥41.89. The calculation is refreshed regularly with new filings.
What is the revenue of China Yangtze Power Co Ltd (600900)?
China Yangtze Power Co Ltd reported trailing-twelve-month revenue of about 87.5B CNY (latest available figure, as of Oct 22, 2026).
Does China Yangtze Power Co Ltd pay a dividend?
China Yangtze Power Co Ltd currently shows a dividend yield of 2.68% relative to its recent price (as of Oct 22, 2026).
What growth is priced into China Yangtze Power Co Ltd (600900)?
For today's price to be fair in a discounted-cash-flow model, China Yangtze Power Co Ltd would have to grow free cash flow by +8.5 % per year for five years (discount rate 8.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.7 % per year. As of Oct 22, 2026.
What discount rate (WACC) does the fair value of 600900 use?
Our models discount China Yangtze Power Co Ltd at 8.7 %: a base by market capitalisation (large), damped by beta 0.07, 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 China Yangtze Power Co Ltd that is +8.5 % per year a year over ten years, using the same discount rate (8.7 %) and the same formula as our fair value.
How much growth has China Yangtze Power Co Ltd (600900) delivered so far?
Over the past 5 years revenue at China Yangtze Power Co Ltd grew +8.7 % a year. The price currently implies +8.5 % 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 China Yangtze Power Co Ltd (600900) growing?
The median revenue growth in the sector is +3.7 % a year. That is the yardstick for the growth priced into China Yangtze Power Co Ltd (+8.5 % 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 China Yangtze Power Co Ltd (600900)?
The free-cash-flow yield on the price is 5.84 %: that much free cash flow China Yangtze Power Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of China Yangtze Power Co Ltd (600900)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For China Yangtze Power Co Ltd it is ¥32.53 per share (as of Oct 22, 2026), against a price of ¥29.45. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is China Yangtze Power Co Ltd stock overvalued or undervalued in 2026?
As of Oct 22, 2026, 600900 trades below its calculated fair value: price ¥29.45, fair value ¥32.53, a gap of about +10% (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 600900?
No. The price is what the market pays today (¥29.45); the fair value is what the company's own numbers justify (¥32.53). For China Yangtze Power Co Ltd the two are ¥3.08 per share apart. That gap is exactly why we show both numbers side by side.
How much is China Yangtze Power Co Ltd worth?
The market values China Yangtze Power Co Ltd at about 721B CNY (market capitalisation, as of Oct 22, 2026). Per share that is ¥29.45; our models calculate a fair value of ¥32.53 per share.
What do the bullish and bearish scenarios say about 600900?
Our models span a range for China Yangtze Power Co Ltd: cautious scenario ¥22.56, base ¥32.53, optimistic ¥41.89 per share (as of Oct 22, 2026, price ¥29.45). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 600900?
China Yangtze Power Co Ltd trades at a price-to-earnings ratio of 19.9 (as of Oct 22, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥32.53 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 19.2. Other multiples: P/B 3.1, P/S 8.3, EV/EBITDA 13.8.
How solid is the balance sheet of China Yangtze Power Co Ltd (600900)?
Balance-sheet figures for China Yangtze Power Co Ltd (as of Oct 22, 2026): return on equity 16.4%, debt of 0.87 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is 600900 from its 52-week high?
China Yangtze Power Co Ltd trades at ¥29.45, about 1% below its 52-week high of ¥29.82 and 19% above the low of ¥24.73 (as of Oct 23, 2026). Distance from the high says nothing about value: that is what the fair value of ¥32.53 is for.
Which stocks are comparable to China Yangtze Power Co Ltd?
From the same area (Utilities) we also value Huaneng Lancang River Hydropower Inc, VERBUND AG, Ørsted A/S, Fortum Oyj, 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 China Yangtze Power Co Ltd stock attractive at the current price?
The data as of Oct 22, 2026: price ¥29.45, calculated fair value ¥32.53 (+10%), Quality Score 58/100, 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 600900 calculated?
We run China Yangtze Power 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 ¥32.53, 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 13.2 % above its aggregate fair value. China Yangtze Power Co Ltd currently trades 9 % 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 China Yangtze Power Co Ltd (600900)?
The closing price on Oct 23, 2026 was ¥29.45. Our model-based fair value is ¥32.53, about +10% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with China Yangtze Power Co Ltd right now?
A fairly wide model range (¥22.56 to ¥41.89) leaves room in how you read the outcome. 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.
Where does the earnings growth of China Yangtze Power Co Ltd (600900) come from?
Earnings per share at China Yangtze Power Co Ltd grew +6.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.9 %, EBIT margin −1.7 %, tax rate +0.6 %, residual (interest, one-offs) +1.7 %. 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 China Yangtze Power Co Ltd
How large is the market capitalisation of China Yangtze Power Co Ltd (600900)?
The market capitalisation of China Yangtze Power Co Ltd is 721B CNY (≈ $108B). 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 China Yangtze Power Co Ltd (600900)?
The price-to-sales ratio of China Yangtze Power Co Ltd is 8.34 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of China Yangtze Power Co Ltd (600900)?
Earnings per share at China Yangtze Power Co Ltd are ¥1.48 (price ÷ EPS = P/E 19.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of China Yangtze Power Co Ltd (600900)?
The dividend yield of China Yangtze Power Co Ltd is 2.7% (payout 53.4%). 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 China Yangtze Power Co Ltd (600900)?
The net margin of China Yangtze Power Co Ltd is 41.4% (last twelve months). 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 China Yangtze Power Co Ltd (600900)?
The return on equity (ROE) of China Yangtze Power Co Ltd is 16.4% (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 China Yangtze Power Co Ltd (600900)?
On an EBIT basis the return on assets of China Yangtze Power Co Ltd is 7.7% (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 China Yangtze Power Co Ltd (600900)?
The operating margin of China Yangtze Power Co Ltd is 53.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at China Yangtze Power Co Ltd (600900)?
Revenue at China Yangtze Power Co Ltd is growing +0.7% versus a year earlier (3y avg +8.4%). 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 China Yangtze Power Co Ltd (600900)?
Earnings per share at China Yangtze Power Co Ltd are growing +1.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does China Yangtze Power Co Ltd (600900) hold?
China Yangtze Power Co Ltd holds more cash than debt, 10.3B CNY net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Oct 22, 2026