In 07, the annual operating income was 50.4 billion, an increase of 13.50 percent yoy; total profit: 7.4 billion yuan, down 8.37 percent yoy; net profit attributable to the parent company: 6 billion yuan, an increase of 1.24 percent yoy; basic earnings per share: 0.50 yuan; 07 distribution plan: 3 yuan (before tax) cash dividends for each 10 shares. In 07, the company completed a total generating capacity of 173.688 billion, 13.21 percent (excluding Sichuan hydropower) higher over the same period last year. The main reason for the growth was that Yuhuan, Yingkou, Luohuang, Huaiyin and Taicang Power Plant Units were put into production since the end of 06 and saw stable operations. In addition, the acquisition of Jinling Power Plant was conductive to the company's generating capacity growth. In terms of the number of generating hours, according to comparable plants, the company’s unit utilization fell down by 1.87 percent, but better than the industry’s average. In 07, operating margin of the company’s electric power products was 18.49 percent, a decline of 5.01 percent yoy. Main reason was the impact of rising fuel costs. We believe that the company's new units put into production have larger capacity which is conducive to cost control. The company’s power plants under construction will be put into production successively which will ensure its long-term growth. EPS is expected to be 0.43 yuan in 08 and 0.53 yuan in 09 and "overweight" rating is reiterated.