In June 2021, Three Gorges New Energy (600905.SH) made its initial public offering and successfully raised 22.7 billion. On the day it was listed on the Shanghai Stock Exchange, the market value exceeded 100 billion. In 2021, the revenue and net profit of Three Gorges New Energy will be 15.48 billion and 5.64 billion respectively. As of the close of last Friday, its latest market value was 168.9 billion, with a price-earnings ratio of 30 times. In 2021, China Power Construction’s revenue and net profit will be 448.3 billion and 8.63 billion respectively. As of the close of last Friday, its latest market value was 108 billion and its price-earnings ratio was 12.5 times. Among them, the revenue of “power investment and operation” was 20.34 billion, with a gross profit margin of 40.8% (undisclosed segment net profit). Power China’s power investment business, which accounts for 4.5%, is of the same quality as Three Gorges New Energy (and has a 31.4% higher revenue), and its market value will not lose to Three Gorges New Energy if it is listed independently. As of the end of March 2022, a total of 155 funds held Three Gorges New Energy, accounting for 7.4% of the outstanding shares. PowerChina is gold, and Three Gorges New Energy is silver. Silver also has investment value, but it is nowhere near as scarce as gold. When the price of gold is lower than that of silver, institutional investors abandon gold and buy silver at a high price.
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