Earnings Call: Q3 2024

Oct 29, 2024

Earnings release

Summary

9M revenue declined 3.62% YoY, while adjusted net profit rose 6.73%, supported by lower fuel costs. Renewable capacity grew, but tariff pressure, curtailment, coal-market uncertainty and impairment charges remain key considerations.

Good afternoon, ladies and gentlemen. On behalf of Huaneng Power International Incorporated, I would like to welcome you all to the conference call regarding third quarter results announcement of 2024. [Foreign language] Now, may I introduce the management of the company today. [Foreign language] the Executive Director and President of the company, Mr. Huang Lixin. [Foreign language] 好，大家好。公司独立董事党英女士，the Independent Director of the company, Ms. 党英。党总您好。好，大家下午好。公司副总经理、董事会秘书黄朝泉先生，the Vice President and the Board Secretary of the company, Mr. 黄朝泉。黄总您好。主持人好，大家好。公司副总经理杜灿鑫先生，the Vice President of the company, Mr. 杜灿鑫。杜总您好。主持人好，大家好。公司总会计师朱大庆先生，the Chief Accountant of the company, Mr. 朱大庆。朱总您好。大家好。 [Foreign language] People in charge of the related departments are also joining us in this meeting. [Foreign language] First of all, the Executive Director and President of the company, Mr. Huang, will review the business performance for the third quarter results of 2024, followed by Q&A section. [Foreign language] May we have the honor to invite Mr. Huang to review the business performance, and Ms. Liu Jing will conduct the English interpretation. 好，谢谢主持人。女士们、先生们，大家好，欢迎各位参加华能国际2024年第三季度业绩推介电话会议。 Ladies and gentlemen, good afternoon, welcome to the third quarter results conference call of Huaneng Power International. 昨天公司已发布三季度的经营业绩，下面简要介绍有关情况。三季度公司认真研判电力、煤炭、资金市场形势变化，统筹推进生产经营、改革发展等各方面的工作，取得了较好的经营业绩。按照中国会计准则计算，2024年前三季度公司实现合并营业收入1843.96亿元人民币，同比下降3.62%。归属于本公司股东的净利润104.13亿元人民币，扣除非经常性损益的规模净利润为100.28亿元人民币，较上年同期93.95亿元，增加6.33亿元，增幅为6.73%，每股收益为0.53元。 Yesterday, the company has released the operating results. Please let me give you a brief introduction. In the third quarter, the company analyzed changes in power, coal and capital markets, pushed forward the task and operation, transition and development, achieving good operating results. Under the Chinese accounting standard, the company achieved a consolidated operating revenue of CNY 184.396 billion in the first three quarter, decreasing by 3.62%. Net profit attributable to the company's shareholder was CNY 10.41 billion. The net profit attributable to the parent after deducting non-recurring profit and losses was CNY 10.028 billion, increasing by CNY 633 million or 6.73%. The earning per share was CNY 0.53. 电力生产方面，公司加强电力市场分析研判，在社会用电需求同比增加、局部地区个别时段电力供应紧张的情况下，充分发挥火电基础支撑保障作用。第三季度火电发电量同比略有增长，同时新能源装机容量持续增加，新能源发电量保持较快增速。前三季度，公司境内电厂累计完成上网电量3412.4亿千瓦时，同比增长1.14%，平均结算电价496.27元每兆瓦时，同比下降2.63%。 In terms of power generation, facing increasing demand for electricity and tight supply during certain periods in some regions, the company researched the power market and ensured the thermal power supply, resulting in a slight year-on-year increase in thermal power generation in the third quarter. The growth in renewable capacity also contributed to the increase in generation. In the first three quarters, the company's domestic on-grid power sales was 341.24 billion kWh, increasing by 1.14%. The average tariff was CNY 496.27 yuan per megawatt hour, decreasing by 2.63%. 燃料供应方面，公司抓住市场有利时机，积极发挥长协资源保供控价作用，持续做优进口煤，灵活调整供应结构，加强精细化管理。前三季度，公司境内电厂单位燃料成本为303.47元每兆瓦时，同比下降8.74%。 In terms of coal supply, the company seized the opportunity to utilize contracted coal to ensure the supply and control costs, optimize imported coal, adjusted the supply structure and enhanced refined management. The unit fuel cost of the first three quarters was CNY 303.47 yuan per megawatt hour, a year-on-year decrease of 8.74%. 转型发展方面，公司持续关注并积极响应国家能源结构调整的相关政策安排，坚持质量第一，效益为先，稳健推进新能源项目开发建设。前三季度，公司基建新增装机容量527.86万千瓦，其中风电146.75万千瓦，光伏375.31万千瓦，燃机5.8万千瓦。截至9月底，公司可控发电装机容量达到1.4亿千瓦，风电、光伏发电装机容量达到3374.8万千瓦，低碳清洁能源装机占比增加到33.8%。 In terms of the development, the company continuously paid attention and actively responded to the policies of energy transition. Insisting on quality and profitability, the company is pushing forward clean energy development at a steady pace. In the first three quarters, the company added 5,278.6 megawatts of units, including 1,467.5 megawatts of wind power, 3,753.1 megawatts of solar power, 58 megawatts of gas-fired power. By the end of September, the company's installed capacity reached 140 gigawatts. Wind and solar capacity reached 33.748 gigawatts. Low carbon clean energy accounts for 33.8% of total capacity. 海外运营方面，新加坡发电市场供给充裕，批发及零售电价同比下降的背景下，前三季度大士能源实现利润总额22.47亿元人民币，同比减利13.94亿元。大士能源认真研判新加坡电力和燃料市场动态，积极响应市场变化，持续推进精益管理，努力确保电量毛利处于合理水平。巴基斯坦Sahiwal电厂经营业绩创新高，实现利润总额6.7亿元人民币，同比增加2.41亿元。 In terms of overseas operation, in the context of plentiful power supply in Singapore and a year-on-year decline in wholesale and retail tariffs. In the first three quarters, the profit before tax of Tuas Power was CNY 2.247 billion, decreasing by CNY 1.394 billion. Tuas Power researched the power and fuel market, actively responded to the market changes, continued to refine management and strive for appropriate gross profit. The performance of Sahiwal power plant in Pakistan reached a record high. The profit before tax was CNY 670 million, increasing by CNY 241 million. 四季度，公司将继续推进清洁能源项目建设，结合市场政策，统筹把握装机并网节奏，扎实推进绿色低碳发展，密切跟踪煤炭市场变化，优化供应结构，积极筹备长协煤签约事宜，着力控制燃料成本，深入研判分析电力市场形势政策，全力做好长协签约工作，动态优化交易策略，着力实现稳价增效。进一步拓宽融资渠道，用足用好绿色金融政策，努力控制融资成本。面对复杂的市场环境，公司将坚持稳中求进的工作基调，聚焦效益和质量，持续巩固盈利基础，努力完成全年生产经营发展各项任务。 In the first quarter, the company will continue the clean energy development and push forward the transition in a steady pace with market policies. Track the coal market, optimize the supply structure, prepare for the next year's contract signing and control the fuel cost. Conduct market research and work on the signing of power purchase agreements. Optimize trading strategies. Stabilize the tariff and improve efficiency. Expand financing channels with green financial policies to reduce cost. Facing complicated market situation, the company will seek progress while maintaining stability, focusing on quality and profitability, and complete the full year targets in production, operation and development. 下面的时间，我和我的同事愿意回答各位的提问。谢谢大家。 Now my colleague and I would like to answer your questions. Thank you. 谢谢黄总的介绍。接下来是问答时间。Thank you, Mr. Huang. Here we come to the Q&A session。如需提问，请在话机上按星一键等候，先按星号键，再按一键。 To register your questions, please press star followed by one on your telephone keypad. Thank you. [Foreign language] Please state your name and your organization before question raise. [Foreign language] The first question comes from Perry Law of Citibank. Thank you. 董事长下午好，感谢给我提问的时间。我有几个问题想先恭敬请教。第一个问题是想知道三季度咱们的火电、风电还有光伏平均上网电价分别是多少，跟去年同期的改变百分比是怎么样？第二个问题就是看到公司的单位燃料成本已经连续两个季度环比上涨，这个可能就是因为燃气发电的比例在增加。想知道公司对四季度还有2025年单位燃料成本的展望是怎么样。第三个问题是想请教三季度我们公司的利润如果分板块的话，应该是怎么样？最后一个问题就是看到今年三季度我们做的拨备都挺多，过往来说都是四季度才做拨备，为什么今年三季度已经做拨备了？谢谢。刘总您好，麻烦您再重复一下您的第一个问题，谢谢。第一个问题就是我想知道我们公司三季度的火电、风电还有光伏平均上网电价分别是多少，跟去年同期比较改变的百分比是怎么样。 My first question is could you please provide the third quarter's thermal wind solar average tariff? What is the year-on-year change? Could you talk about the unit fuel cost as in the last two quarters, the company has a continuous rising unit fuel cost. What will be the company's unit fuel cost guidance for the fourth quarter and for the year 2025? Third, could you please give us the profit to different energy sectors breakdown? 请财务部同志回答第一个问题。投资者您好，我来回答您的第一个问题，关于分板块的上网电价。三季度末的煤机的电价是480.98元，然后燃机是711.67元，风电是519.03元，光伏是430.2元，水电是360.87元，生物质是749元。去年同期的数据是煤机是492.46元，燃机是722.76元，风电是538.25元，光伏是471.06元，水电是364.98元，生物质是751元。回答完毕。 Firstly, let me give you the average tariff breakdown to different energy sources. In the third quarter 2024, the average tariff for coal sector was CNY 480.98 per megawatt-hour, gas CNY 711.67 per megawatt-hour, wind CNY 519.03 per megawatt-hour, solar CNY 430.2, hydro CNY 360.86, and biomass CNY 749. For those numbers for the third quarter last year. For coal, it was CNY 492.46, gas CNY 722.76, wind CNY 538.25, solar CNY 471.06, hydro CNY 364.98, and biomass CNY 751. 请运营部的同志说一下第二个问题。对不起，请那个investor您好，我来回答一下您关于2025年煤价预测方面的问题。2025年我们认为煤炭市场供需基本面或在今年的基础上进一步好转，煤价中枢继续下行。 Please let me answer your question about the guidance for the coal price in 2025. We think the supply and demand will be improved in 2025, and the average coal price will continue to decrease on the basis of this year. 首先供应方面，随着国家对于能源安全保供的重视程度越来越高，我们预计明年国内原煤产量的供应将稳中有增。 First, on the supply side, as the government attach great importance to the energy safety, we think in terms of supply, the supply will be stable and have increased in next year. 进口煤依然是沿海地区重要的补充资源，我们认为25年进口煤还将保持在一个高位水平。但是考虑到今年的进口煤已经达到了一个 [Foreign language] As for the overseas market, we think it will continue this year's trend. However, in 2025, we have already had a large imported coal, around 500 million tons. So we think the supply will be high. However, with limited increase. 同时在运输方面，随着部分线路改造，运输能力提升，我们认为运力制约煤炭供应的瓶颈，这种现象会进一步地缓解. As for the transportation capability have improved for the transportation, we think there will be a relaxed transportation next year. 综合上述三个方面，我们认为25年煤炭的整体供应能力将同比小幅增加. Combining all those three factors, we think the supply for the 2025 will have a slight increase comparing to this year. 需求方面，随着近期国家促经济稳增长扩需求一系列刺激性政策出台，我们认为将对明年的宏观经济起到一定的提振作用. From the demand side, as the government have released certain policies around the promote the economy and stabilize the growth, we think that will help with the macroeconomy next year. 但是我们考虑到25年新能源的装机继续增加，预计清洁能源的发电量将继续保持较高的增速，清洁能源发电量将继续挤压煤电的份额. However, the capacity of renewable continue to grow in next year. We believe the power generation from renewable will continue to increase and that will dampen the power generation for thermal power. 所以我们整体认为25年煤炭的消费需求是较24年总体保持平稳. So we believe in 2025 the consumption of coal will stay stable comparing to 2024. 综合来看，25年的供需形势进一步改善，但是区域性、阶段性、结构性的紧张仍有可能发生，价格重心预计在今年的基础上继续回落，但是幅度有限. Considering all this factor, it is estimated that the supply and demand situation will be improved in 2025. However, there still might be some tightness in some period of time and in some regions. We think the average price will continue to fall on the basis of this year, however with limited amount. 回答完毕，谢谢. 有请下一条问题来自华泰证券的李雅琳。还没有答完这道题。我再来补充一下我们公司对于四季度煤炭市场的一个展望情况。Please let me answer your questions about the forecast for the fourth quarter this year. 一方面，随着安监形势常态化，还有部分的这个主产地省份有追赶年度任务目标这样一个情况存在，我们认为四季度整体的国内原煤产量是同比小幅提升，整体保持在高位水平。As there will be a normalized safety inspection in the fourth quarter, and in some major mine, they will try to follow up their annual target. We think the production for the coal in the fourth quarter will have slight increase. 在与内贸煤价格优势持续凸显的这样一个形势下，我们认为四季度的进口煤体量也会保持在一个绝对高位的水平上. Because we have price premium comparing to the domestic market, we think the imported coal will remain at a high level in the fourth quarter. 需求方面，虽然近期国家相关部门出台了一系列利好型经济政策，但是我们认为经济政策转化落地尚需时间. From the demand side, although there are certain policies that are released by the government, but we think the implementation may take time. 宏观经济还是存在一定的压力，但是随着煤炭消费季节性走高，民用取暖将推升煤炭日耗. The macroeconomy may still face some pressure. However, with the coal consumption increase, we think the residential use of the coal will continue to increase. 整体来看，我们认为四季度煤炭消费环比走高，但是难超预期. 加上我们社会各环节库存处于高位，所以我们认为煤价的上升空间不大. In the first quarter, the consumption for coal is high. However, it has limited increasing amount and the inventory is at a high level. So we think there is not a great chance that the coal price will continue to rise. 但是在旺季需求的预期下，我们认为煤价也难以深跌. 整体四季度煤价或将呈现上有顶、下有底的震荡运行态势，价格中枢预计在今年三季度的基础上略有抬升. Because the first quarter is the peak season for coal, so there won't be a great drop for the coal price. In the fourth quarter, it is estimated that the coal price will fluctuate in a certain range, and the average price will have slight increase compared to the third quarter. [Foreign language] However, the rising amount will be limited. 请财务部回答第三个问题，同时把第二个问题中的单位燃料成本补充介绍一下。 First, please let me give you the unit fuel cost in third quarter this year and last year. The thermal unit fuel cost for the third quarter this year is CNY 303.47 per kilowatt-hour. [Foreign language] Last year, the same period was CNY 332.52. And for the third quarter last year it was 332.52. 下面我回答您关于减值的问题。为了客观反映公司的资产状况和经营成果，今年三季度分板块的利润我给您拆分一下。煤机的利润是65.68，燃机是8.56，风电是52亿，光伏是24.3亿，水电是1.19亿，生物质是负的4.53亿。Please let me give you the profit to different energy sources. For the coal sector, it was CNY 6.568 billion; gas sector CNY 856 million; wind CNY 5.2 billion; solar CNY 2.43 billion; hydro CNY 119 million. And for the biomass it was negative 453 million. 下面回答您关于减值的问题。为了客观反映公司的资产状况和经营成果，确保会计信息的真实可靠，公司一直严格遵守准则第八号资产减值的相关规定，并秉承对减值处理的公允性和一贯性的原则，于报告期末对资产是否存在减值迹象进行评估。As for your question about the company's asset impairment, the company will always stay objective for the asset impairment and being authentic and reliable and to apply the certain accounting standards as always. The company will continue our consistency and fairness and to evaluate the impairment sign. [Foreign language] With the help of the professional agency, we have run test for the impairment sign. By the end of the third quarter, according to the company's subsidiaries' operation and management situation, as well as the government policy, the company have evaluated the impairment sign with the help of our evaluator, Tianjian Xingye. [Foreign language] We identified Jining Power Plant and Jilin's Nong'an Biomass Power Plant as having impairment signs, and we hired Tianjian Xingye asset appraisal firm to conduct impairment tests. We have evaluated two power plants, including the thermal power engineering and the biomass, Nong'an Biomass in Jilin. [Foreign language] With the help of our auditor, we have asset impairment in the third quarter. For Jining Power Plant, the asset impairment was about CNY 727 million. For the Nong'an Biomass, the impairment was about CNY 409 million. [Foreign language] In the following quarter, the company will continue to follow the requirements from the accounting standard and continue to track the impairment, considering the changes in the situation. [Foreign language] The company will stay consistency in applying this accounting standard and our accounting principle. Whether there will be asset impairment, we will based on the operating status and government policies. Thank you. Thank you, Bonita. 有请下一条问题，来自华泰证券的李雅琳提问，谢谢。 The next question comes from 雅琳李 of 华泰 Securities. Thank you. 各位领导好，我这边有三个问题想请教一下。第一个是，因为三季度主要迎峰度夏，还是以发电为主，有一些公司其实表达出来，三季度的辅助服务收益可能相较于前两个季度有明显的下降。所以我想请教一下公司前三个季度，如果说分每一个季度的辅助服务收益分别是多少？然后第二个就是我想问一下单三季度的纯煤电的入炉标煤单价和煤耗的水平以及同比的情况。然后第三个问题是想补充问一下，就是刚刚分享的利润的分拆是利润总额口径还是净利润？然后我想问一下单三季度的净利润口径的分板块的拆分。我就这三个问题。 I have three questions. First, as in the third quarter, we have entered the summer peak. The income from ancillary services has decreased. Could you please provide us the ancillary services income for each quarter in the first three quarters? Second, could you give us the standard coal price for our coal units in the third quarter alone? Could you please give us the coal consumption rate and also the year-on-year change? Third, could you clarify what the profit you gave before, is that profit before tax or is a net profit? Could you please give us the net profit breakdown? Thank you. 请运营部回答第一个问题。投资者您好，向您汇报一下分季度的每一期的调峰收益、辅助服务收益。一季度的每一期的调峰和调频收益是11.43亿元，二季度调峰和调频的收益是8.23亿元，三季度的每一期的辅助服务收益是4.47亿元。 Please let me give you the number of income from our ancillary services for our coal sector. In the first quarter, the income was CNY 1.143 billion. Second quarter, CNY 823 million. Third quarter, CNY 447 million. 请财务部回答第三个问题。刚才我给您拆分的是税前，就是利润总额，现在我给您拆分一下分板块的权益净利润。 The number I gave you before is the profit before tax. As follows are the profit breakdown as the profit for the equity base. 煤电是35.32亿，燃机是2.45亿，风电是41亿，光伏是20.25亿，水电是1个亿，生物质是负的4.44亿。 The profit to the equity holders for the company at the coal sector, CNY 3.53 billion. Gas, CNY 245 million. Wind, CNY 4.1 billion. Solar, CNY 2.025 billion. Hydro, CNY 100 million. Biomass, negative CNY 444 million. 然后第二个问题我再回答一下，就是单独每一期的单位燃料成本。今年三季度是293.06，然后去年同期是323.89。 The unit fuel cost for our coal sector in the third quarter this year, it was CNY 293.06 per megawatt hour, and for the last year it was CNY 323.89. 投资者您好，我来回答一下关于三季度标煤采购单价的您这个问题。三季度公司的标煤采购单价1009.52元每吨，同比下降4.1%。 The standard coal price for the third quarter was CNY 1,009.52 per ton, decreasing by 4.1% year-on-year. 不好意思，我想补充一下，我想问的是单三季度分板块的净利润拆分，不是权益净利润，不知道咱们有没有这个数据。有的。我给您报一下，煤机是50.54，燃机是5.98，风电是46.09，光伏是22.43，水电是1.04，生物质是负的4.5。 The net profit breakdown to different energy sources as follows: For the coal sector, CNY 5.054 billion; gas, CNY 598 million; wind, CNY 4.609 billion; solar, CNY 2.243 billion; hydro, CNY 104 million; biomass, negative CNY 450 million. 我来回答一下纯煤机的供电煤耗。前三季度纯煤机的供电煤耗是303.33克。 For the coal consumption rate for our coal sector in the first quarter, it was 303.33 grams. 有单三季度的数吗？这个暂时没有拆分，我们可以会后提供。行，那我没有其他问题了，非常清楚。谢谢。有请下一条问题来自中信证券的李想提问。谢谢. The next question comes from Xiang Li of CITIC Securities. 李总您好，我们这边听不见您的声音。下面有请来自中信证券的李想提问. The next question comes from Xiang Li of CITIC Securities. 下一条问题来自摩根士丹利的Albert提问. The next question comes from Morgan Stanley of Albert Li. Thank you. 好的，谢谢各位领导，我是摩根士丹利的分析师Albert Li、李一凡。我这边想问两个问题。第一个是关于我们今年现在的资本开支，是否觉得能达到全年计划？或者是说如果达不到的话，现在预期有大概机会会达到什么水平？同时在资本开支这个计划之下，新能源的装机现在预判全年能达到大概多少的装机？第二个问题是刚才领导也分享了对于煤价的预期，能不能也跟我们分享一下，公司现在内部有没有对明年的一些长协电价签订的预期，就是咱们内部有没有至少对于明年的价位的区间的判断？最后其实还有一个第三个小问题，刚才其实领导也有讲到一些，就是想再问一下，能否对于资产减值有大概的一个判断，对于四季度同比上可能比去年多还是少？谢谢这三道问题。 I have three questions. First, what is the company's CapEx for the first three quarters, and has it reached the company and what will be the company's forecast for the CapEx for whole year 2024? And what will be the company's CapEx that is spent on the renewable projects? Second question about the company's signing of the next year's power purchasing agreement. What will be the signing situation and what will be the price range for the next year? And my third question is also about the asset impairment. What will be the company's asset impairment in the fourth quarter, and could you give us the year-on-year change comparing to last year? 请财务部和运营部一起把第一个问题回答一下。我来给您报告一下今年的资本开支的完成情况。 Please let me give you the CapEx spend this year in the first three quarters. 目前公司完成的资本开支大数是330亿，其中新能源投资完成的是218个亿。 The company capital expenditure in the first three quarters was around 33 billion CNY, and the renewable expenditure was about 21.8 billion CNY. 你好，我来回答第二个问题，就是我们今年1到9月份到三季度已经累计新能源已经并网投产了522万左右。我们力争全年还是完成1000万千瓦这个目标。但是后续我们会根据这个实际过程中会按照高质量发展的原则，在满足我们项目投资收益的一个基础上，对边界条件提出一些更高的要求，确保项目的一个收益。回到你，谢谢。 Please let me answer your questions about the company's renewable additions. In the first nine months, the company has added 5.22 gigawatts of renewable capacity, and we still hold our 10 gigawatts annual target, and it is unchanged. As in the fourth quarter, the company will insist on the high-quality development principle and to find projects that can match our investment hurdle rate, even set a higher requirement for our resource, and to make sure all our projects can meet the company's needs. 请云英博回答第二个问题。投资者你好，我来回答一下关于您说的这个明年的电价的一个签约情况。其实现在国家关于明年电力中长期合同签约的工作还没有下发通知，我们也是刚刚开展这项工作。我们的总体思路还是会按照电量份额不低于装机份额、电价不低于市场均价的原则，来积极开展这项工作。 Let me answer the questions about the signing of our power purchase agreement in the year 2025. As the government hasn't released any guidance or documents for the next year's signing, the company only has begun this work. Our strategy is that the power we sign should not be less than the capacity share of the region, and the tariff we sign should not be less than the average tariff of the market. 您说的那个具体的一个水平，或者现在很难给到一个具体的水平。但是总体判断来说，刚才我们同事也介绍了，一个是煤价会有小幅的下降，再一个就是新能源入市比例的增加，这块是我们明年的交易价格具有下行的压力。但是具体什么水平很难说，因为如果再结合到利用小时和容量电价这些政策因素，不一定反映到电价上，会是一个综合的结果明年。 However, the tariff for the next year signing is very hard to say. We can judge that on the basis of the following factors. First, the coal price might decrease next year, and the proportion of the renewable participating in the market might be increased. We face the downward pressure for the tariff. We think it is very hard to forecast the tariff level because we still also to consider the utilization hour as well as the capacity tariff. So it is a comprehensive result. 请财务回答第三个问题。关于减值，首先公司对这个减值是没有设定计划和指引的。至于后续是不是还会发生资产的减值，也是要根据相关政策文件以及机组的实际情况来进行综合判断。所以对四季度我们目前没有一个具体的预期。 About the company's asset impairment. The company did not have any plan or guidance about asset impairment, and whether there will be a following asset impairment will be based on the policies as well as our unit's conditions, so there will not be any guidance. 好，谢谢各位领导。有请下一条问题来自国泰君安的孙辉贤提问。The next question comes from Hui Xian Sun from 国泰君安。Thank you。各位领导好，我这边也是有三个小问题。第一个就是刚刚各位领导说的1009的那个三季度的入炉标煤价是不是火电口径的？那想请教一下，咱们纯煤机口径的话，这个入炉标煤单价是多少呢？以及咱们前三季度的这个符合价格区间的长协煤比例是多少，以及同比的变化情况。这是第一个问题。第二个问题的话就是想请教一下，咱们三季度营业外支出这一块，可能有一个比较大幅的一个提升，有几个亿。那这一块咱们主要是什么样的营业外支出的一个提升呢？这是第二个问题。第三个问题的话，想请教一下咱们第三季度的这个弃风弃光的一个情况，以及在同一区域内是否存在着弃风率会比弃光率更低一些的这种情况的发生呢？主要是这三个问题，谢谢各位领导。 I have three questions. First, the 1009 yuan in-furnace standard coal price, is that for the thermal unit? Could you please give us the standard coal price for our coal-fired units? Could you give us what the proportion of the long-term coal purchase that have settled in the government regulated price range and what is the year-on-year change for that? Second, about the company's non-operating expense. As the non-operating expense have increased in the third quarter, could you give us more details on that? Third, what is the company's third quarter's curtailment rate for wind and solar? Is that possible that in the same region, the wind curtailment is smaller than the solar curtailment? 请运营部回答第一个问题。投资者，您好。我来回答您的第一个问题。首先，1009.52这个数是我们三季度的标煤采购单价，不是入炉采购标单。 First, let me clarify that the 1009.52 yuan per ton standard coal price is for our purchasing price instead of our consuming cost. 前三季度公司累计采购长协合同8016万吨，同比下降1.99%。 In the first quarter, the company's long-term contract coal was 80.16 million tons, decreasing by 1.99%. 在定价机制方面，公司采取基价加浮动的指数定价，还有固定价等方式签订长协合同，基本都符合国家的政策文件要求。 About the pricing mechanism, there are two pricing mechanisms. First is the base price plus fluctuation. Other is fixed price. Most of our contract is in line with government's regulation. 回答完毕，谢谢。林总，我想追问一下，那咱们财务口径的这个三季度的标煤单价是多少呢？财务口径，三季度的煤机的标煤单价是946.16。 The standard coal price for our coal sector was 946.16 yuan per ton. 这个是不含税的，除税的标煤单价。 This is tax excluded. 请财务部回答第二个问题。营业外支出确实同比增加了6.9亿元，然后主要拆分为四个明细。第一个是，因为9月6号摩羯台风的影响，造成了海南公司的财产损失有2.12亿元。 About the company non-operating expense. In the third quarter, it has increased by CNY 690 million. It can be divided into four parts. First, the September 6th typhoon has affected our Hainan assets by CNY 212 million. 第二个是，4月2号的时候，江西的昌江光伏因冰雹灾害发生了损失0.8亿元。海南和江西的这两项资产都有相关的保险，目前也正在理赔当中。 In April 2nd, our solar in Jiangxi have some hail hazard and it has an asset impairment amount to CNY 86 million. For the Hainan and Jiangxi assets, we have insurance covered and the insurance is investing in progress. 第三个是碳排放支出同比增长了3.5个亿。 The third part is our carbon trading expense have increased by CNY 350 million. 第四个是金陵发电有烟气回收装置等更新改造，涉及相关部件报废，发生了损失3,800万。 The fourth part is some flue gas renovation for our power generation. The asset impairment was about CNY 38 million. 请运营部回答第三个问题。投资者，您好，给您回复一下这个弃风弃光的问题。1到9月公司累计弃风率是5.23%，同比上升了1.28个百分点。 Please let me give you the number of the wind and solar curtailment. In the first nine months, the wind curtailment was 5.23%, increasing by 1.28 percentage point. 累计弃光率是4.16%，同比上升2.56个百分点。 The solar curtailment rate for the first nine months was 4.16%, increasing by 2.36 percentage point. 您刚才说的是有哪些地区弃光率比弃风率要高，从我们统计的结果来看。弃光比弃风高。这两个地区，一个是河南，一个是山东。 In the province of Henan and Shandong, they have a higher solar curtailment than the wind curtailment. 领导，我还要追问一下，对咱们而言，大部分区域都是弃风率比弃光率更高，这个的原因主要是什么呢？ What is the reason that most of our operating regions have a higher wind curtailment? 这个总体来说应该还是前期发展得比较迅猛。再一个就是有一些网架结构不太完善，加上调节能力不足，综合的一个原因。 That was majorly because first, there is a rapid growth in those areas for the renewable capacity. Second, the grid structure has some problems relating to the curtailment. Third, it is about the adjusting capability in those areas. 好的，谢谢领导，我没有其他问题了。谢谢。有请下一条问题来自香港 Jefferies 的 Alan Lau 提问. The next question comes from Alan Lau of Jefferies Hong Kong Limited. Thank you. 谢谢管理层给我这个提问的机会。我是富瑞金融 Jefferies 的研究员刘兆霖 Alan。有几个小问题想请教一下。首先第一个是前几个季度的现货和进口煤的比例。第二个问题是我们容量电价收入的一个按度电的一个拆分，因为我记得前两个季度应该大概都是两分多钱，所以也想问一下三季度的一个拆分。最后一个问题是最近这个行业也有一些讨论，就是说光伏协会这一边对于光伏组件的一个招标的限价建议在六毛八，所以不知道公司对于这个成本价的态度是什么样，比如说如果有一些厂家他的投标价格是低于这个价格的话，咱们的角度来讲是会还是不会选用这个投标呢？谢谢。 I have three questions. First, what is the proportion for our imported coal and spot market coal in the first 3 months? Second, could you give us the capacity tariff for each unit of power sales in the third quarter? Third, as we have some discussion in the solar industry that there is a limitation for the solar panel for the module about CNY 0.68 per watt. So what will be the company's attitude towards this policy? Will the company purchase if the price is lower than the benchmark? 请运营部的同志分别回答这三个问题。投资者您好，我来回答您的第一个问题。今年前三季度，公司采购煤炭现货占总采购量比例15.7%，进口煤占比31.08%。 In the first quarter, the company's coal purchase from spot market accounts for 15.7% of our total purchase. Imported coal accounted for 31.08%. 我来回答您的第二个问题，关于三季度的容量电价。三季度我们预计获得容量电费是23.63亿元，折算到度电上应该是21.94元每千千瓦时。 In the third quarter, we estimate that our capacity tariff payment will be amounted to CNY 2.363 billion and it is CNY 21.94 per megawatt-hour. 好，下面我来回答一下关于光伏组件价格的事。目前公司三季度光伏组件采购价格是六毛二到七毛八，从均价的角度上讲，与六毛八的水平基本上相当。另外关于限价也只是目前的行业一个呼吁，这个我们还是要尊重市场的行为。回答完毕。 In the third quarter, the company's purchasing module price was around CNY 0.62 per watt to CNY 0.78 per watt. It is about the same level to the limitation that is CNY 0.68 per watt. The price limitation is not a government released requirement, and we should follow the market rule. 回答非常清晰，感谢管理层为我解答，谢谢。 [Foreign language] The next question comes from Xiang Li of CITIC Securities. Thank you. 听得到吗？可以听到，请讲。管理层好，中信研究部的李响。抱歉刚下线。我这儿有两个小问题想请教一下。第一个小问题还是新能源的问题。今年的话，因为各种各样的原因，大家也都看到了，新能源的消纳这方面是有一定的压力的。所以就想请教一下，就是在目前的环境下，我们对于后续的新能源的开发目标或者说计划，我们是怎么设想或者构思的？也就是说我们会不会调整我们新能源发展的目标？这是一个问题。再一个问题是跟火电相关的。因为2022年到2023年的时候，政府因为保供的原因，其实批了蛮多的火电机组，是吧？不完全统计大概就有两亿千瓦的火电机组。想请教一下，咱们怎么看待火电机组？因为这轮新增的火电机组的装机，陆陆续续有可能很快就会投入市场，这部分新增供给对于行业的影响，以及公司相应的在这种新增机组供给的冲击下，公司有哪些相应的应对的措施来保障公司自己的盈利能力？就这两个问题，谢谢。 I have two questions. First is related to renewable capacity. As we can see, the consumption pressure has been increased in the market. What is the company's development plan for renewable? Will the company adjust our development goal for renewable in the future? Second, about our thermal power development. In 2022 to 2023, for the purpose of ensuring the supply, the government have approved multiple new thermal units. However, how will the company review this new capacity from thermal? Will that have a great impact to the industry and to the company? What is the company's response and measures to this new trend? 请运营部的同志回答这两个问题。我来回答这两个问题。首先关于新能源发展目标的。因为我们今年新能源的发展目标在年初就已经定下了，关于2025的新能源发展目标也是在2025年中也已经定下了。作为结构转型绿色发展的一个重要的任务，目前看目标是一定是要去完成的，同时我们现有的资源储备也足够能够支撑我们相关的任务的完成。同时，我们一直坚持以高质量发展，所以在新的项目的投资决策过程中，都用一个较多的资源储备量来保证较高质量的项目的经过投资决策。同时，通过精建严管来体现出来我们在保量的同时能够提升我们项目的质量。关于投资决策，刚才很多投资者也比较关心，关于限电，包括关于成本的问题，我们现在也对于新能源的市场变化的机制比较快的目前的现状，也按季度设计了关于投资决策的限电的水平的电价的情况，包括投资情况的一个实时调节的机制，保证决策的科学性。这是第一点，新能源的发展目标的问题。第二点。 First, let me answer your questions about the company's renewable capacity target. As the company have already set the target in the beginning of the year, we will continue to strive to fulfill this goal. The company have sufficient resources of renewable capacity that will support us to complete this goal. This is also a call of the company's green transition and high quality development. The company have multiple resources, so we will choose from the projects and ensure our investment quality. We will continue our refined management to improve the quality of the newly added capacity. We also know the investors concern about the curtailment issue. The company have designed certain process in our decision making. We have set some criteria when we decide whether we will invest in the renewable capacity. There also will be some adjustment mechanism to ensure our decision making and ensure our high quality development in renewable. 第二个关于煤电的问题，国家目前2024年9月底，截至9月底，我们的火电的装机是14.2亿千瓦，其中煤电的是11.8亿千瓦。据中电联预测，到今年底火电将达到14.6亿千瓦，煤电将达到12亿千瓦。对于2025年，目前的预测火电可能到15亿千瓦，2030年可能要达到18.2亿千瓦。其中煤电的装机可能也会有一定规模的增加。对于华能来说，以我们绿色发展为基础的情况下，我们也持续优化我们的煤电结构，在保持总量基本稳定的情况下，不断地优化我们的火电的发展，其中以老旧机组的停备，同时总容量替代为主要的发展方式。同时再有就是配合大型新能源基地配套建设火电的发展，大概是两个发展方向。同时现在国家能源局正在委托中电联开展火电相关的十五五规划的前期的研究工作，目前相关的数据还没有研究出来。国家也是有意在规划中把相关的煤电的工作做得相对来说调研的成果更扎实一些。华能目前也在开展相关的煤电的项目的一些调研工作，大概的思路还是在现有优异厂址的、效益比较好的煤电厂址，进一步地优化火电的发展，保证在电力系统中提供更多的调节的能力，包括更灵活的调节能力，更好地支撑重点区域的负荷中心的电源。这是我们大概火电的一个发展思路。 By the end of September 2024, the thermal capacity reached 1.42 billion kilowatts. The coal-fired capacity reached 1.18 billion kilowatts. By the end of the year, it is estimated that the thermal capacity will be around 1.46 billion kilowatts. For coal units, it will be around 1.2 billion kilowatts. By the end of 2025, it is estimated that the capacity will reach 1.5 billion kilowatts. By the end of 2030, it will be around 1.82 billion kilowatts. For the company's strategy, the company will maintain the quality of our coal projects. We will search for the projects that be in substitution for our shutting down project. Also we will have some new projects that will help the clean energy base. The government have now entered the preliminary research for the 15th Five Year Plan. In order to have a more settled guidance for this plan, we have doing some preliminary researches. The company will choose the power plants that have a better location and that in line with government policy that will help to adjust the power system and provide flexibility to the power system to ensure a stable operation of our system. 有请下一条问题来自国海证券的钟琪提问. The next question comes from Zhong Qi of Guohai Securities. Thank you. 管理层好，我这边两个问题想请教一下，第一个是关于我们风电板块的，我注意到我们单季度风电板块的利润总额，它的同比增速是远高于上网电量增速的。我想请教一下主要是什么原因？能不能帮我们从比如说电价、成本帮我们拆分一下。再请教一下新能源市场化电价这个水平，我们从单三季度来看，风电和光伏市场化电价的水平同比变化，以及它相较于基准电价这个折价水平。这是第一个关于新能源的。第二个是想请教一下大士能源三季度的这个情况，因为我们刚才算了一下，三季度大士能源它的利润同比还是有增长的，能不能帮我们拆分一下，从电量、电价还有燃料成本这边和我们分享一下三季度利润增长的原因。能不能展望一下我们对于四季度以及2025年大士能源盈利的展望。就这两个问题，谢谢。 I have two questions. First, could you talk about the reason that the profit before tax for wind growth rate is higher than our power generation growth rate? Could you give us the breakdown to the tariff and cost so that we can analyze the reason for that? Second, could you give us the market-based tariff for our renewable power generation in the third quarter? Could you give us the year-on-year change as well as its discount to the benchmark? Second question is about Tuas Power. What is the operating situation in the third quarter for the Tuas Power? As the third quarter, we can see there is a profit increase. Could you give us some breakdown detail for the power generation, the tariff as well as our fuel cost? Could you give us some guidance for the fourth quarter and for the year 2025? 请运营和财务共同回答第一个问题。我先回答您的第二个问题，关于您说的三季度风电和光伏的交易电价，以及它关于批复电价的一个上浮问题。1到9月份，公司风电的交易电价是460.2元每千瓦时，交易电价比批复电价上浮了4.44%。 First, let me answer your questions about market-based tariff in the third quarter. In the first nine months, the company's market-based tariff for wind was CNY 460.2 per megawatt-hour. It is 4.44% higher than the approved tariff. 光伏1到9月份的交易电价是432.81元每千瓦时，较批复电价上浮比例是2.64%。 In the first nine months, the market-based solar power tariff was CNY 432.81 per megawatt-hour. It is 2.64% higher than the approved tariff. 风电第三季度它的成本拆分可以给一个大致的数据，主要是折旧有15个亿，财务费用4.4个亿。 Please let me give you the cost breakdown of the third quarter for our wind sector. The depreciation was about CNY 1.5 billion. The financial cost about CNY 440 million. 然后环比的话，它的利润确实是下降了，下降了4.5个亿。 The profit has a quarter-on-quarter decrease about CNY 450 million. 利润下降的原因，我想应该是整个的电价水平还是略有下降的，因为1到9月份我们风电的平均结算电价是519.03，而去年同期是538.25，下降了3.57%。 The main reason is because the tariff have decreased for our wind sector. In the first nine months, the average tariff for wind was CNY 519.03 per megawatt-hour. In the same period last year, the tariff was CNY 538.25 per megawatt-hour. It has a 3.67% decrease. 请运营部详细介绍一下大士能源的情况，因为大家都很关注。你好，我来汇报一下大士能源三季度主要业绩。三季度大士能源发电量是27.22亿千瓦时，同比增加0.09亿千瓦时，环比减少0.62亿千瓦时。 Please let me give you the number of the Tuas Power business. In the first quarter, the power generation for Tuas was 2.72 billion kWh, increasing by 9 million kWh year-on-year and decreasing by 62 million kWh quarter-on-quarter. 大士能源的综合电价三季度是1204.72元，同比下降了505.05元每千千瓦时，环比下降了188.19元每千千瓦时。 The average tariff for Tuas Power in the third quarter was 1,204.72 yuan per megawatt-hour, decreasing by 505 yuan per megawatt-hour year-on-year, and 188.19 yuan per megawatt-hour quarter-on-quarter. 第三季度大士能源利润是5.23亿元，同比减少了2.28亿元，环比减少了3.95亿元。 The profit for the Tuas in the third quarter was 523 million CNY, decreasing by 200 million CNY year-on-year and 395 million CNY quarter-on-quarter. 三季度大士能源业绩下降的原因主要受市场供需、电价政策、燃料供给和大士能源相应策略调整的影响。 The main reason for the decrease in the third quarter is that follows the supply and demand situation and the fuel supply, the strategy of the Tuas Power. 有如下几个方面：一、市场供需方面，2024年圣诺哥中标了2024年第三季度市场运行机组较多，燃气供应稳定，供给相对充裕。其中合同电量超发，强发电量较多。 First, the supply demand structure. In the third quarter, the fuel supply was very stable and sufficient, the contract fulfillment was very sufficient in the market. 西拉雅在没有机组检修时持续运行五台机组，批发市场价格走低。 For our peer companies, it dragged down the wholesale tariff for the whole market. 第二，电价政策。为了平抑市场长时间高电价，新加坡能源管理局自2023年7月起实施了新的电力批发市场最高限价政策。 In order to stabilize the tariff in the Singapore market, the authority of power generation in Singapore have introduced a temporary pricing cap in the wholesale market. 第三是燃料供给方面。2023年7月开始，新加坡政府开始为发电商提供额外的备用天然气，天然气供应更加充裕。 About the fuel sector, from July 2023, the Singapore Authority have give the surplus natural gas for the generators that make the supply more sufficient. 针对以上这个情况，大士能源做了一些应对，进一步优化了天然气供应配置和耗用组合，并在电力库价格不佳时，利用购电的手段优化燃料组合。 The company takes several measures to tackle with the situation. First, the company have optimized our structure of power supply, and the company also have purchased a fuel to optimize our profits. 自2023年三季度以来，新加坡批发市场电价的波动性较低，批发市场电价显著降低，并带动零售合同电价下行。大士能源三季度的利润水平同比下降较多。 From the third quarter, 2023, the fluctuation in the wholesale market has been flat and the tariff have begun to drop in the third quarter, and that also drive down the retail tariff. Our profit in the third quarter had decreased. 在当前市场条件下，大士能源准确把握市场趋势，及时调整市场策略，放弃部分低毛利电量，自2023年下半年以来保持了平稳的经营业绩。 Given that the market condition have changed, the company have actively changed our policy and strategy and give up some power generation that have low marginal contribution to ensure our stable profit. 后续大士能源将继续保持竞争策略的灵活性，加强市场竞争，多发效益电量，在当前市场条件下争取最优的经营业绩。 In the first quarter, the company will have a flexible competing strategy and intensify the market competition to have optimized our trading strategy and strive for a better profit and operating outcome. 后续我们预测一下第四季度。大士能源将持续做好市场策略的动态跟踪和影响评估，积极优化调整市场策略，着力加强安全生产运行管理，努力保持经营业绩平稳积极。 In the first quarter, the company will keep track on the market change and change our market strategy in accordance with the market change and maintain safety production and to maximize our profit. 谢谢。对，追问一下，如果结合10月份大士能源这个包括新加坡现在这个批发市场电价来看，我们对四季度新加坡那边的批发市场电价是怎么判断的？就是我们同比去看。 Combining the October's wholesale market tariff, what will be the company's judgment in the wholesale tariff for the first quarter? 对于四季度电力市场的一个判断，根据新加坡能源管理局2023年7月发布的新加坡电力市场有关报告预测，受气候、人口和经济增长等因素影响，2023到2032年新加坡电力峰荷需求的复合增长率预计为2.6%到5.3%。 About the company's judgment in the first quarter's power market. According to the Singapore Authorities documents released, combining the weather, the population and the macroeconomy changes in 2023 to 2032, it is estimated that the growth rate for the power utilization will be around 2.6%-5.3%. 未来五年，2023年到2028年的电力峰荷需求的复合增长率预计为3.4%到6.5%，高于过去10年的增长水平。 The power consumption growth for the next five years will be around 3.4%-6.5%, it is higher than the last 10 years' average. 在电力供给方面，预计除有限的本地光伏和进口电力外，2024年新加坡没有新的大型发电基础设施投产。但是自2023年7月开始，新加坡另一家发电商前期停运的一台机组恢复了运行，市场供应容量有所增加。 From the supply side, there will be limited solar and imported power that added to the market. There will be no large-scale units that put into operation. However, in 2023, there is a unit that recovered their operation and that will have impact on the market. 大士能源还是会认真研判新加坡电力和燃料市场的变化，准确把握市场的政策，积极响应市场的动态，持续推进精益管理，提前去锁定高毛利零售电量合同，保证批发市场电量毛利处于合理水平。 The company will actively research the market changes, both in the power market and fuel market, to follow the policy changes and respond to the market changes, and continue our refined management and lock up some retail contracts in advance to ensure the wholesale markets power generation and tariff and marginal contribution in a reasonable level. [Foreign language] Thank you, 关立成. Due to time constraints, we invite the last investor to ask. The last question comes from Song of China Merchants Securities. Thank you. 非常感谢这次最后一个宝贵的提问机会。我这边有两个小问题想请教一下关立成，首先就是关于碳排放权的一个交易费用，我看前三季度是有一个3.45亿的一个交易费用，目前我们经营电厂的碳排放余额情况是怎么样的？然后我们对未来的碳排放权交易费用的规模预期，这个可以请关立成帮我们分享一下吗？然后第二个问题是关于明年长协煤的签约计划，包括煤炭采购计划，因为刚刚也提到煤炭价格可能会略有下降，不知道我们对明年的煤炭采购计划是否有一个调整。谢谢。 I have two questions. First about the company's expense related to the carbon trading. The company have a carbon trading expense amounted to CNY 345 million. Could you give us more details on the company's carbon trading quota left? What will be the company's expectation for the next year's carbon trading? Second, what is the company's coal purchasing plan for the next year, and what will be the company's long-term contract coal signing plan for the next year? 请经营部的同志来。投资人你好，我来回答您关于碳交易的问题。我们前三季度支出显著增加的原因，第一个原因是由于价格增长，因为价格现在是104，较去年83元增长了25%。 Please let me answer your question about carbon trading. First, the carbon trading expense have increased because the price of carbon emission have increased to CNY 104. It has a 23% increase comparing to last year's CNY 83. 第二个原因是国家逐步收严配额发放，所以说配额缺口增加，导致支出同比增加。 The second reason is that the government have shrunk the quota allocation, and the missing gap can rise the carbon trading expense. 上述两个原因会导致全年的碳交易支出同比增加。 The above two reasons have driven up the expense for the whole year. 还有一个原因是交易时序的安排。可能今年同比增加的最主要的一个显著原因是因为交易发生在第三季度。后续因为配额分配方案是10月份才出来，后续还有一些交易要开展。 Another reason is the timeline of our carbon trading, because this year most of our trading happens in the third quarter and the government regulation released in October, we think we have more carbon trading that happens in the following months. 关于您说未来的一个预期，从今年看，我们整体应该是净支出。然后从明年来看，因为有配额结转的限制，可能情况要略好于今年。 About the future forecast, this year the company has a net expense in carbon trading. Next year, we estimated that things will be better than this year. 投资者您好，我来回答您的第二个问题。目前2025年电煤中长期合同签订政策尚未出台，我们公司也还没有正式开展2025年电煤长协的签约工作。 About the contract signing of coal for this year, the government has not released the official document for the contract signing for the next year. The company has not began our work. 关于明年我们整体长协煤的采购计划，我们会根据国家政策的具体内容，以及我们和这些供应商洽谈的情况再来确定。 The next year's purchasing will be determined by the government policy as well as our negotiation with our suppliers. 公司将积极按照国家的政策签约履约，夯实能源保供基本盘。谢谢。 The company will follow the government rule to signing the contract and to ensure our basic line for the coal purchasing. Thank you. 好的，谢谢领导，非常清晰，我这边没有别的问题了。感谢。谢谢各位，也感谢各位管理层的解答。 Thank you so much for all of the questions and participations today. 最后请黄总为我们今天的电话会议做个简单的总结。 Finally, Mr. Huang would like to give us a summary. 好，感谢各位参加华能国际三季度业绩推介会，感谢大家一直以来给予公司的持续关注和大力支持。那么今天的电话会议到此结束，如果有进一步的问题，欢迎大家会后和公司投资者关系处联系。谢谢大家。 Thanks for your participating in our conference call and your continued support. Here we come to the end of today's conference call. Please contact our department if you have any further questions. Thank you. 再次感谢各位出席华能国际电力股份有限公司2024年第三季度业绩发布会。我们期待下一次业绩时再见。 Thanks again for your attendance of the conference call regarding the third quarter results announcement of 2024. We are looking forward to meeting with all of you in our next results announcement. Thank you.