Shanxi Meijin Energy Co.,Ltd. (000723.SZ)

Shanxi Meijin Energy Co.,Ltd. (000723.SZ) — VMCI valuation read

Headline read on 000723.SZ: VMCI of 35/100 versus a Energy sector median of 50. The 15-point below-median position is what makes Shanxi Meijin Energy Co.,Ltd. a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on 000723.SZ: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on 000723.SZ: value (000723.SZ trades at 23.0x earnings, 28% above the Energy median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Energy median (10.0%)), and risk (net debt to EBITDA of -0.2x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Energy 12.0x baseline.

000723.SZ rose 3.0% over the trailing 7 days, with a +4.1% read on a 30-day basis.