TacticScaleWhat Zhejiang Provincial New Energy Investment (浙江新能) Does & How It Makes Money (600032.SS)
Updated October 2026 · reflects Zhejiang Provincial New Energy Investment's latest reported financials
Zhejiang state-backed developer and operator of wind, solar and hydropower plants. It earns most of its revenue by selling electricity generated from its wind, solar and hydropower assets.
How Zhejiang Provincial New Energy Investment makes money
It earns most of its revenue by selling electricity generated from its wind, solar and hydropower assets. It also earns smaller amounts from investment management, technical services and leasing.
What Zhejiang Provincial New Energy Investment does
Zhejiang Provincial New Energy Investment Group invests in, builds and operates renewable energy projects across China. Founded in 2002 and based in Hangzhou, it is a subsidiary of Zhejiang Provincial Energy Group. As of December 31, 2025, its installed capacity was about 6.91 GW. Solar made up the largest share at about 3.64 GW, followed by wind at about 2.13 GW (1.23 GW onshore and 0.90 GW offshore) and hydropower at about 1.13 GW. The company makes money mainly by selling the electricity its power plants generate. It is also expanding into hydrogen energy and energy storage, and it earns some income from investment management, technical research services and leasing. Its mix of solar, wind and hydropower makes it a diversified clean-power generator backed by a provincial state-owned energy group.
Products & services
- Photovoltaic (solar) power generation
- Onshore wind power
- Offshore wind power
- Hydropower generation
- Hydrogen energy and energy storage projects
- Electricity sales
浙江新能是做什么的？
浙江省新能源投资集团股份有限公司成立于2002年，总部位于杭州，是浙江省能源集团有限公司的子公司。公司在中国投资、开发、建设和运营可再生能源项目。截至2025年12月31日，公司总装机容量约690.76万千瓦，其中光伏约364.16万千瓦，风电约213.32万千瓦（陆上123万千瓦、海上约90.32万千瓦），水电约113.28万千瓦。 公司收入主要来自电力销售，同时布局氢能和储能项目，并开展投资管理、科研技术服务及租赁和商务服务。公司的业务覆盖风、光、水多种清洁能源，背后是浙江省属国有能源集团。
What is Zhejiang Provincial New Energy Investment worth?
On an owner-earnings DCF, Zhejiang Provincial New Energy Investment's most-likely value is about ¥6 versus a recent price near ¥7 (31% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥4) 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 17.1× 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 →
Related companies
Jiangsu New Energy Development (603693.SS) · Zhejiang Zheneng Electric Power (600023.SS) · Huadian New Energy (600930.SS) · Jiaze Renewables (601619.SS) · Zhongmin Energy (600163.SS)