主题：德意志银行报研（翻译）

原文：
Yangtze Power Alert: Access China Conference highlights
Yangtze Power attended our dbAccess China Conference 2017. We share the key takeaways.

Stable hydro operations with dividend commitment
Management expects its stable hydro operations as well as low borrowing rate, supported by high credit ratings, to guarantee the DPS payment of Rmb0.65/share for 2016-2020 and dividend payout of 70% in 2021-2025. Yangtze plans to continue replacing the old debt with medium-term notes and short-term debentures to lower its gearing ratio and borrowing cost. In the long run, Yangtze may acquire two hydro power plants (Wudongde and Baihetan, with total capacity of more than 20GW) from the parentco after they are put into operations in 2020-21.

Also considering overseas M&As
Yangtze made its first overseas investment in Germany’s wind farms in 2016 and expects an IRR of 7%. After the acquisition, the management team for the target company remained stable and consolidation is well on track. Apart from some hydro assets in Europe, Yangtze may also consider to cooperate with EDP Energias, in which Three Gorges Corporation (parentco of Yangtze Power) owns a 20% stake, to seek opportunities in South America, especially the Brazil power market. EDP Energias is the largest power company in Portugal and has a lot of investment experience and local connections in South America. According to management, Yangtze prefers big, stable companies in a more market-based economy when seeking potential M&A targets.

翻译：
长江电力参加了我们2017年度的中国大数据访问会议。我们主要阐述以下关键点。
稳定的水电业务与股息分红
管理层预计其稳定的水电业务以及较低的银行贷款利率，支持其所拥有的较高信用评级，并保证为2016-2020年度的股息支付不低于0.65元/股，2021-2025 的股息支付不低于其总利润的70%。长江电力计划继续通过中期票据和短期债券的发行方式来取代旧的债务，以降低其资产负债率和银行贷款成本。从远期角度来看，长江电力可能会取得母公司所拥有的两个水力发电厂（乌东德和白鹤滩，其总装机容量超过20GW），预计两大电站将于在2020至2021年度投入运营。
海外并购也将纳入其考虑范畴
长江电力首次在德国的风电场进行了2016度的海外投资，该项目预计达到7%的内部收益率。收购后，标的公司的管理团队不做不变，保持其前期拥有的良好管理模式。除了一些在欧洲水电资产外，长江电力还在考虑雨葡萄牙电力公司合作，三峡总公司（中国长江三峡集团）拥有其20%的股份，一并在南美洲寻求更多的开发机遇，尤其是巴西电力市场。葡萄牙电力公司是葡萄牙最大的电力公司，尤其是在南美洲拥有丰富的投资经验。根据管理层的说法，长江电力寻找潜在并购目标的同时更倾向于以市场经济为基础的大型公司。

本人非英语专业毕业，翻译的不足之处，请予以谅解和指正。

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