<p>中国水务集团（香港证券交易所代码：855）刚刚发布了其半年度财报，销售额和净收入均低于上个周期。与此同时，董事会宣布向股东派发中期股息。</p>
<p>查看我们对中国水务集团的最新分析。</p>
<p>在盈利下降和确认中期股息后，中国水务集团的股价保持了韧性。尽管过去一个月股价回报下降了 5.7%，但年初至今仍上涨了 17.5%，并且由于股息，拥有超过 41% 的 1 年总股东回报。这表明，尽管短期内存在一些疲软，但长期的动能和投资者信心依然存在。这对于那些在权衡增长与日益增加的风险时是一个有用的信号。</p>
<p>如果您希望在公用事业之外扩展您的观察名单，现在是探索高内部持股的快速增长股票的最佳时机。</p>
<p>近期的业绩显示出既有挫折又有韧性，投资者现在面临的关键问题是，中国水务集团的股票是否被低估，还是当前价格已经反映了未来的增长预期。</p>
<h2>10.8 倍的市盈率：是否合理？</h2>
<p>中国水务集团的股票交易市盈率为 10.8 倍，相较于同行平均水平（9.1 倍）似乎偏高，但低于区域行业平均水平。</p>
<p>市盈率衡量投资者今天愿意为公司每一美元的收益支付多少。这是公用事业领域广泛使用的基准，反映了市场对未来利润增长和稳定性的预期。</p>
<p>在目前的水平上，该股票相较于其直接同行具有溢价，表明市场可能在定价更强的未来收益或更具韧性的商业模式。然而，与更广泛的亚洲水务公用事业行业平均市盈率 14.6 倍相比，该公司以相对折扣交易，并且接近其自身估计的公允市盈率 11.5 倍。这可能表明市场最终可能会趋向于这一水平。</p>
<p>探索中国水务集团的 SWS 公允比率</p>
<p><strong>结果：10.8 倍的市盈率（被高估）</strong></p>
<p>然而，缓慢的收入增长或行业情绪恶化可能迅速挑战当前的估值和投资者对中国水务集团的乐观情绪。</p>
<p>了解影响中国水务集团叙述的关键风险。</p>
<h2>另一种观点：贴现现金流模型视角</h2>
<p>虽然倍数表明中国水务集团相较于同行的定价处于溢价，但 SWS DCF 模型指向了不同的故事。根据这种方法，股票的交易价格约低于其估计公允价值的 15.5%。这可能暗示市场可能忽视的潜在上行空间。投资者是否过于谨慎，还是存在真正的风险？</p>
<p>了解 SWS DCF 模型如何得出其公允价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ba121f01-6d1e-4a61-b546-e26d4a8ddb0e/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ba121f01-6d1e-4a61-b546-e26d4a8ddb0e/chart/dcf"/></p>
<p>截至 2025 年 12 月的 855 贴现现金流</p>
<p>Simply Wall St 每天对全球每只股票进行贴现现金流（DCF）分析（例如查看中国水务集团）。我们展示完整的计算过程。您可以在观察名单或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 919 只基于现金流的被低估股票。如果您保存筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
<h2>构建您自己的中国水务集团叙述</h2>
<p>如果您想要不同的视角或相信自己进行分析，您可以轻松地在几分钟内使用 “按您自己的方式” 来构建自己的叙述。</p>
<p>您对中国水务集团研究的一个很好的起点是我们的分析，强调 3 个关键奖励和 3 个重要警示信号，这些可能会影响您的投资决策。</p>
<h2>寻找更多投资想法？</h2>
<p>通过查看这些为精明投资者量身定制的精选机会，保持领先。探索新前景，帮助您发现下一个潜在赢家。</p>
<ul>
<li>通过使用这些 15 只股息收益率超过 3% 的股票，发现具有良好派息的有前景的公司，这些股票的目标投资收入可能提供高于平均水平的收益。</li>
<li>利用这些 30 只医疗保健 AI 股票，抓住医学和技术的突破，提前识别高影响力的医疗趋势。</li>
<li>通过浏览这些 25 只人工智能便士股票，关注明天的科技领袖，这些公司在该领域取得了显著进展。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也不考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>

中国水务

<p>中国水务集团报告了上半年收益下降，但宣布了中期股息。尽管上个月股价下跌了 5.7%，但截至目前，股价上涨了 17.5%，一年总股东回报率为 41%。10.8 倍的市盈率表明其相对于同行存在溢价，但相对于行业则有折扣。现金流折现模型显示，股票价格低于公允价值 15.5%，暗示潜在的上涨空间。建议投资者考虑增长风险和估值指标</p>

<p>China Water Affairs Group (SEHK:855) just posted its half-year earnings, with both sales and net income coming in lower than the previous period. Alongside the results, the board declared an interim dividend for shareholders.</p>
<div class="lb-trans"><p>中国水务集团（香港证券交易所代码：855）刚刚发布了其半年度财报，销售额和净收入均低于上个周期。与此同时，董事会宣布向股东派发中期股息。</p>
</div><p>See our latest analysis for China Water Affairs Group.</p>
<div class="lb-trans"><p>查看我们对中国水务集团的最新分析。</p>
</div><p>Following the earnings drop and confirmation of its interim dividend, China Water Affairs Group’s share price has remained resilient. While the share price return has dipped 5.7% over the past month, it is still up 17.5% year-to-date and, thanks to dividends, boasts a 1-year total shareholder return of over 41%. This suggests that, despite some near-term softness, longer-term momentum and investor confidence are still present. This can be a useful signal for those weighing growth against growing risks.</p>
<div class="lb-trans"><p>在盈利下降和确认中期股息后，中国水务集团的股价保持了韧性。尽管过去一个月股价回报下降了 5.7%，但年初至今仍上涨了 17.5%，并且由于股息，拥有超过 41% 的 1 年总股东回报。这表明，尽管短期内存在一些疲软，但长期的动能和投资者信心依然存在。这对于那些在权衡增长与日益增加的风险时是一个有用的信号。</p>
</div><p>If you’re looking to expand your watchlist beyond utilities, now is the perfect moment to explore fast growing stocks with high insider ownership.</p>
<div class="lb-trans"><p>如果您希望在公用事业之外扩展您的观察名单，现在是探索高内部持股的快速增长股票的最佳时机。</p>
</div><p>With recent results showing both setbacks and signs of resilience, the key question for investors now is whether China Water Affairs Group shares are attractively undervalued, or if the current price already reflects future growth expectations.</p>
<div class="lb-trans"><p>近期的业绩显示出既有挫折又有韧性，投资者现在面临的关键问题是，中国水务集团的股票是否被低估，还是当前价格已经反映了未来的增长预期。</p>
</div><h2>Price-to-Earnings of 10.8x: Is it justified?</h2>
<div class="lb-trans"><h2>10.8 倍的市盈率：是否合理？</h2>
</div><p>China Water Affairs Group’s shares are trading at a price-to-earnings (P/E) ratio of 10.8x, which appears high relative to the peer average (9.1x) but below the regional industry average.</p>
<div class="lb-trans"><p>中国水务集团的股票交易市盈率为 10.8 倍，相较于同行平均水平（9.1 倍）似乎偏高，但低于区域行业平均水平。</p>
</div><p>The price-to-earnings ratio measures how much investors are willing to pay today for a dollar of the company’s earnings. It is a widely used benchmark in utilities and reflects market expectations of future profit growth and stability.</p>
<div class="lb-trans"><p>市盈率衡量投资者今天愿意为公司每一美元的收益支付多少。这是公用事业领域广泛使用的基准，反映了市场对未来利润增长和稳定性的预期。</p>
</div><p>At present levels, the stock commands a premium compared to its direct peers, suggesting the market may be pricing in stronger future earnings or a more resilient business model. However, compared to the broader Asian Water Utilities industry’s average P/E of 14.6x, the company trades at a relative discount, and is also near its own estimated fair P/E ratio of 11.5x. This could indicate a level to which the market might eventually converge.</p>
<div class="lb-trans"><p>在目前的水平上，该股票相较于其直接同行具有溢价，表明市场可能在定价更强的未来收益或更具韧性的商业模式。然而，与更广泛的亚洲水务公用事业行业平均市盈率 14.6 倍相比，该公司以相对折扣交易，并且接近其自身估计的公允市盈率 11.5 倍。这可能表明市场最终可能会趋向于这一水平。</p>
</div><p>Explore the SWS fair ratio for China Water Affairs Group</p>
<div class="lb-trans"><p>探索中国水务集团的 SWS 公允比率</p>
</div><p><strong>Result: Price-to-Earnings of 10.8x (OVERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：10.8 倍的市盈率（被高估）</strong></p>
</div><p>However, still, slower revenue growth or worsening industry sentiment could quickly challenge the current valuation and investor optimism surrounding China Water Affairs Group.</p>
<div class="lb-trans"><p>然而，缓慢的收入增长或行业情绪恶化可能迅速挑战当前的估值和投资者对中国水务集团的乐观情绪。</p>
</div><p>Find out about the key risks to this China Water Affairs Group narrative.</p>
<div class="lb-trans"><p>了解影响中国水务集团叙述的关键风险。</p>
</div><h2>Another View: Discounted Cash Flow Model Perspective</h2>
<div class="lb-trans"><h2>另一种观点：贴现现金流模型视角</h2>
</div><p>While multiples suggest that China Water Affairs Group is priced at a premium relative to peers, the SWS DCF model points to a different story. According to this approach, the shares are trading about 15.5% below their estimated fair value. This could imply hidden upside the market may be overlooking. Are investors being too cautious, or is there real risk?</p>
<div class="lb-trans"><p>虽然倍数表明中国水务集团相较于同行的定价处于溢价，但 SWS DCF 模型指向了不同的故事。根据这种方法，股票的交易价格约低于其估计公允价值的 15.5%。这可能暗示市场可能忽视的潜在上行空间。投资者是否过于谨慎，还是存在真正的风险？</p>
</div><p>Look into how the SWS DCF model arrives at its fair value.</p>
<div class="lb-trans"><p>了解 SWS DCF 模型如何得出其公允价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ba121f01-6d1e-4a61-b546-e26d4a8ddb0e/chart/dcf" alt="" original-src="https://images.simplywall.st/company/ba121f01-6d1e-4a61-b546-e26d4a8ddb0e/chart/dcf"/></p>
<p>855 Discounted Cash Flow as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 855 贴现现金流</p>
</div><p>Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out China Water Affairs Group for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 919 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.</p>
<div class="lb-trans"><p>Simply Wall St 每天对全球每只股票进行贴现现金流（DCF）分析（例如查看中国水务集团）。我们展示完整的计算过程。您可以在观察名单或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 919 只基于现金流的被低估股票。如果您保存筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
</div><h2>Build Your Own China Water Affairs Group Narrative</h2>
<div class="lb-trans"><h2>构建您自己的中国水务集团叙述</h2>
</div><p>If you want a different perspective or believe in doing your own analysis, you can easily craft your own narrative in just a few minutes with Do it your way.</p>
<div class="lb-trans"><p>如果您想要不同的视角或相信自己进行分析，您可以轻松地在几分钟内使用 “按您自己的方式” 来构建自己的叙述。</p>
</div><p>A great starting point for your China Water Affairs Group research is our analysis highlighting 3 key rewards and 3 important warning signs that could impact your investment decision.</p>
<div class="lb-trans"><p>您对中国水务集团研究的一个很好的起点是我们的分析，强调 3 个关键奖励和 3 个重要警示信号，这些可能会影响您的投资决策。</p>
</div><h2>Looking for more investment ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>Stay ahead of the curve by checking out these hand-picked opportunities tailored for savvy investors. Explore new prospects to help you discover your next potential winner.</p>
<div class="lb-trans"><p>通过查看这些为精明投资者量身定制的精选机会，保持领先。探索新前景，帮助您发现下一个潜在赢家。</p>
</div><ul>
<li>Uncover promising companies with solid payouts by using these 15 dividend stocks with yields &gt; 3% and target investment income that may offer yields above the average.</li>
<li>Tap into breakthroughs in medicine and technology with these 30 healthcare AI stocks to spot high-impact healthcare trends before they become widely recognized.</li>
<li>Set your sights on tomorrow's tech leaders by browsing these 25 AI penny stocks for artificial intelligence companies making significant advancements in the sector.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过使用这些 15 只股息收益率超过 3% 的股票，发现具有良好派息的有前景的公司，这些股票的目标投资收入可能提供高于平均水平的收益。</li>
<li>利用这些 30 只医疗保健 AI 股票，抓住医学和技术的突破，提前识别高影响力的医疗趋势。</li>
<li>通过浏览这些 25 只人工智能便士股票，关注明天的科技领袖，这些公司在该领域取得了显著进展。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也不考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div>

探讨中国水务集团（SEHK:855）在收益下降和中期股息公告后的估值