TacticScaleWhat GEPIC Energy Development (甘肃能源) Does & How It Makes Money (000791.SZ)
Updated October 2026 · reflects GEPIC Energy Development's latest reported financials
Gansu state-backed utility generating thermal, hydro, wind and solar power. The company earns revenue primarily by selling the electricity its hydro, wind, solar and thermal plants generate onto the grid.
How GEPIC Energy Development makes money
The company earns revenue primarily by selling the electricity its hydro, wind, solar and thermal plants generate onto the grid. Additional income comes from construction and development of power projects, station operation and maintenance contracts, technical consulting and technology transfer, and trading of equipment, spare parts, building materials and coal.
What GEPIC Energy Development does
GEPIC Energy Development Co., Ltd. (000791.SZ) is a Lanzhou-headquartered power generation company and a subsidiary of state-owned Gansu Electric Power Investment Group. Founded in 1997 as Northwest Yongxin Chemical Industry Co., Ltd., it was renamed in December 2012 to reflect its shift into the energy business. Its generating portfolio spans hydropower, wind, photovoltaic solar and thermal power across China. Beyond owning and running power assets, the company is active across the power value chain: it constructs and develops hydropower plants and wind turbines, provides station operation management, installation and maintenance, and sells energy-saving equipment, spare parts, pumps, electromechanical gear, building materials and coal. It also offers engineering and technical consulting, hydropower automation technology transfer, power transmission services and training, and invests in industrial and energy projects including water conservancy and power resource development.
Products & services
- Hydropower generation and hydropower plant construction
- Wind power generation and wind turbine development
- Photovoltaic/solar power station integration and operation
- Thermal power generation
- Power station operation, maintenance and management services
- Engineering consulting, technology transfer and training services
甘肃能源是做什么的？
甘肃电投能源发展股份有限公司（000791.SZ）总部位于兰州，是甘肃省电力投资集团旗下的发电类上市公司。公司成立于1997年，原名西北永新化工股份有限公司，2012年12月更名，标志着主业向能源电力转型。其电源结构涵盖水电、风电、光伏和火电，以水电和新能源为主要发展方向。 除自有电站发电售电外，公司业务贯穿电力产业链：承担水电站与风电机组的建设开发，提供电站运营管理、安装检修等服务；销售节能设备材料、备品备件、水泵、机电设备以及建材和煤炭；并提供工程咨询、工程管理、输配电及技术服务，开展水电站自动化技术咨询与技术转让、太阳能利用技术服务和人员培训，同时在工业与能源领域进行投资，参与水利和电力资源开发。
What is GEPIC Energy Development worth?
On an owner-earnings DCF, GEPIC Energy Development's most-likely value is about ¥3 versus a recent price near ¥7 (177% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥1) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 41.3× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
⚠ Capital-intensive — this business reinvests heavily, so free cash flow runs well below its earnings. Fair value here is built on free cash flow, which understates owner earnings for reinvestment-heavy companies — read it as conservative.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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