Kunming Yunnei Power Co.,Ltd. (000903.SZ)

Kunming Yunnei Power Co.,Ltd. (000903.SZ) — VMCI valuation read

Headline read on 000903.SZ: VMCI of 35/100 versus a Consumer Cyclical sector median of 50. The 16-point below-median position is what makes Kunming Yunnei Power Co.,Ltd. a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on 000903.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 000903.SZ: value (000903.SZ trades at 23.0x earnings, 28% above the Consumer Cyclical median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Consumer Cyclical median (10.0%)), and risk (net debt to EBITDA of 1.9x is the rate-sensitivity line to watch). The value read also implies an EV/EBITDA gap of +4.0x against the Consumer Cyclical 12.0x baseline.

000903.SZ rose 1.1% over the trailing 7 days, with a +6.2% read on a 30-day basis.