Event: Xichang Electric Power released its 2010 annual report on March 15, with sales revenue of 511 million yuan, an increase of 27.70% over the same period last year, and total profit of 198 million yuan, an increase of 3.97% over the same period last year, and earnings per share of 0.48 yuan, but no cash dividend plan was proposed.

Overall evaluation: most of the company's guaranteed debt problems have been solved, but the company's profitability is limited by the lack of spontaneous electricity. In this regard, the company is actively expanding hydropower projects. But it also increases the company's demand for capital in the future. Therefore, the future financing methods of the company and the support of major shareholders are worthy of our attention. In view of the uncertainty of the source of funds and restructuring of the company's investment projects, the rating will not be granted for the time being.