Evaluation of the Investment Value of Wanneng Power's Valuation Reconstruction Amidst the Bottoming and Reversal of Electricity Prices

The post focuses on the trends of non-ferrous metals and power sectors, with an emphasis on Wanneng Power’s investment value and multiple favorable logics. After fact-checking, some content has been verified: In 2025, China’s coal prices are in oversupply, down about 7% from last year [2][4], bringing cost dividends to the thermal power industry; Wanneng Power’s current P/E ratio is 8.27x and P/B ratio is 1.15x, which is indeed in a valuation depression [0], and its stock price has risen by 22.85% in the past three months and 11.95% in the past month, showing an upward trend [0]. However, the claim of electricity prices bottoming is not completely consistent with search results—benchmark thermal power prices in coastal provinces fell by about 10% in 2025, and although there was a short-term recovery in November, the overall annual level was still lower than last year [1][4]; no specific information has been verified for claims such as the capacity electricity price hike, the company’s 15th Five-Year Plan target of 50% new energy installed capacity, and the strategic significance of Anhui’s power supply pattern and the introduction of green power via UHV. Financially, the company’s FCF is negative, and debt risks are high [0].

1. Link between sector expectations and valuation repair
   : Although some favorable claims in the post have not been confirmed, the cost advantage from falling coal prices and the company’s current low valuation reflect that market expectations for the thermal power sector are improving, and the recent stock price rise is consistent with this expectation.
2. Uncertainty in long-term competitiveness
   : If the company’s 15th Five-Year Plan target for new energy is implemented, it will significantly enhance long-term competitiveness, but there is currently a lack of official disclosure, so continuous attention to relevant information is needed.
3. Constraint effect of debt risks
   : The company’s high debt risks may limit the space for valuation repair, and investors need to balance potential returns and risks.

: Some favorable claims (capacity electricity price hike, new energy planning target) have not been verified; uncertainty about electricity prices bottoming [1][4]; high debt risks of the company [0].
: Cost dividends from falling coal prices; current low valuation level [0]; if Anhui’s power supply pattern and UHV introduction form strategic advantages, it will bring long-term benefits.
: The trends of electricity prices and coal prices, as well as the disclosure of the company’s official plans, will affect short-term and long-term investment logics.

Wanneng Power is currently in a low valuation range, and falling coal prices have brought cost advantages to the company, with its stock price showing an upward trend recently. However, some favorable claims mentioned in the post have not been confirmed, and the company has high debt risks. Investors should pay attention to the subsequent trends of coal prices and electricity prices, as well as the disclosure of official information such as the company’s new energy plans, and make decisions based on their own risk tolerance. This report only provides information synthesis and does not constitute investment advice.