TacticScaleWhat Xinjiang Tianfu Energy (天富能源) Does & How It Makes Money (600509.SS)
Updated October 2026 · reflects Xinjiang Tianfu Energy's latest reported financials
Xinjiang utility supplying power, heat, gas and water in Shihezi. It earns most of its revenue by selling electricity from its hydro, thermal and solar plants, and by charging customers for heat, water and natural gas delivered through its own networks.
How Xinjiang Tianfu Energy makes money
It earns most of its revenue by selling electricity from its hydro, thermal and solar plants, and by charging customers for heat, water and natural gas delivered through its own networks. Construction services bring in extra income.
What Xinjiang Tianfu Energy does
Xinjiang Tianfu Energy is a diversified utility based in Shihezi, Xinjiang. It was founded in 1999 as Xinjiang Tianfu Thermoelectric and took its current name in July 2014. Its plants have 5,801 MW of installed capacity in total: 2,890 MW thermal, 2,680 MW photovoltaic and 231 MW hydropower. Another 300 MW of solar capacity is under construction. Beyond power, the company owns centralized heating, urban water supply and urban natural gas pipeline networks, so it serves local customers across several essential services. It is also involved in construction. Solar now makes up almost as much of its capacity as thermal power, which shows how far its generation mix has shifted toward renewables.
Products & services
- Thermal power generation
- Photovoltaic (solar) power generation
- Hydropower generation
- Centralized heating supply
- Urban water supply
- Urban natural gas distribution
天富能源是做什么的？
新疆天富能源股份有限公司成立于1999年，总部位于新疆石河子，原名新疆天富热电股份有限公司，2014年7月更名为现名。公司主要从事电力、热力、天然气和水的生产与供应，总装机容量5801兆瓦，其中火电2890兆瓦、光伏2680兆瓦、水电231兆瓦，另有300兆瓦光伏项目在建。 公司拥有集中供热、城市供水和城市天然气管网，是覆盖多项民生服务的区域性综合公用事业企业，同时从事建筑施工业务。光伏装机已接近火电规模，电源结构正加快转向可再生能源。
What is Xinjiang Tianfu Energy worth?
On an owner-earnings DCF, Xinjiang Tianfu Energy's most-likely value is about ¥11 versus a recent price near ¥7 (36% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥7) 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 10.3× 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.
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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