Earnings Call: Q1 2021

Apr 28, 2021

Earnings release

Good afternoon, ladies and gentlemen. On behalf of Huaneng Power International Incorporated, I'd like to welcome you all to the conference call regarding the first quarterly results announcement of 2021. [Foreign language] Now, may I introduce the management of the company today. [Foreign language] The Director of the Board and the President of the company, Mr. Zhao Ping. [Foreign language] 主持人好，大家好。 [Foreign language] The Vice President and Board Secretary to the company, Mr. Huang Chaoquan. [Foreign language] 主持人好，大家好。 [Foreign language] The Chief Economist of the company, Mr. Fu Qiyang. [Foreign language] 主持人好，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 Director of the Board and President of the company, Mr. Zhao Ping will review the business performance for the first quarterly results of 2021, followed by the Q&A session. May we have the honor to invite Mr. Zhao to review the business performance, and Miss Liu Tianyu will conduct the English interpretation. 女士们，先生们，大家好，欢迎各位参加华能国际一季度业绩推介电话会。 Ladies and gentlemen, good afternoon. Welcome to attend the first quarter result conference call of Huaneng Power International. 公司刚刚公布了今年第一季度的经营业绩。一季度公司抓住电力市场需求增加的机会，克服煤炭市场价格剧烈波动的影响，保安全稳定发电供热。大力加大营销力度，境内售电量、供电量、供热量同比大幅度增长。公司努力控制煤炭采购价格，经营业绩提升，为完成全年各项目标任务奠定了坚实的基础。 The company has announced its operating results for the first quarter this year. In the first quarter, the company seized the opportunity of increasing power demand, overcame the disadvantage of large fluctuation in the coal market. With the effort in marketing, the company's domestic power sales and heat supply had a year-over-year growth. The company strive to control the coal price and the operating performance improves. 按照中国会计准则计算，2021年一季度公司实现合并营业收入499.09亿元人民币，同比上升23.59%；归属于本公司股东的净利润31.27亿元人民币，同比上升51.75%；每股收益为0.17元。 Under the Chinese accounting standards, the company achieved consolidated operating revenue of CNY 49.909 billion, increasing by 23.59% year-over-year. Net profit attributable to equity holders of the company amounted to CNY 3.127 billion, increasing 51.75% year-over-year. The company's earning per share was CNY 0.17. 一季度公司境内各运行电厂累计完成售电量1,050.09亿千瓦时，同比增长30.2%，平均利用小时1,003小时，同比增加189小时。供热量同比增长14.4%。公司电量大幅度增加的主要原因是一季度全社会用电量需求增加，拉动发电侧电量的大幅上升，公司部分区域电厂发电量利用小时大幅度增加，清洁能源发电增加，也对公司电量提升做出贡献。 In the first quarter, domestic power sales of the company was 105.009 billion kWh, increased by 30.2%. Average utilization hour was 1,003 hours, increased by 189 hours. The heat supply increased 14.4% compared to the same period last year. The power generation increased significantly due to the rise in the power sold, driven by the increase in the power demand of the whole society. The company's thermal power units in some regions saw a large increase in power generation and utilization hours. The clean energy generation also contributed to this growth. 在燃料成本控制方面，公司有关区域在煤炭价格大幅上涨的市场环境下准确研判煤炭市场的走势，优化采购策略，较好地控制了燃料成本上升幅度。公司境内电厂一季度售电单位燃料成本为人民币236.27元每千瓦时，同比上升12.93%。 In terms of cost control of the fuel, the company accurately judged the market trend and optimized the procurement strategy, effectively controlled the cost increase in the market where coal prices in some regions have risen sharply. The company's unit fuel cost of domestic power plants was CNY 236.27 per MWh in the first quarter, increased by 12.93%. 另外，公司新能源项目的利润同比上升，境外项目的同比增利，资金成本下降等都对公司一季度业绩上涨做出了贡献。 In addition, the profit growth for renewable energy projects, overseas projects, and financial cost reduction also contribute to the performance improvement in the first quarter. 公司持续推进清洁能源项目的开发，一季度新投产机组45万千瓦，其中风电42万千瓦，生物质3万千瓦。同时，公司不断加大金融创新力度，积极参与发行了全国首批银行间市场的碳中和债券，以及权益出资型的碳中和债券35亿元，助推公司清洁能源的发展。 The company continues the development of renewable energy and has put 450 MW units into operation in the first quarter, including 420 MW of wind units and 30 MW of biomass units. At the same time, the company innovated in the financial market and participate in the issuance of China's first batch of carbon-neutral bonds in interbank markets totaling CNY 3.5 billion, which will help with the company's clean energy development. 展望全年，公司将在国家和行业的十四五规划指引下，推进绿色发展，优化结构，加快转型升级，夯实安全生产基础，着力精细化运营，积极应对电力市场需求及改革，做好量价统筹，科学应对燃料市场形势，努力保供控价，拓展融资渠道，创新融资手段，控制资金成本。 In 2021, under the guidance of country's and industry's 14th Five-Year Plan, the company will promote green development, optimize the asset structure and accelerate structural transformation, ensure the safety production, and improve the lean management of equipment. The company will actively respond to the market demand and reform and coordinate between volume and price, respond to fuel market trends properly, and strive to ensure the supply and reduce the cost. The company will expand the financing channels, innovate financing methods and reduce the financing costs. 公司将不断提升盈利能力和竞争力，防范风险，努力为股东创造长期稳定增长的回报。 The company will continuously enhance the profitability and competitiveness, prevent risk and create long-term stable and growth returns for the shareholders. 下面时间，我和我的同事们愿意回答各位的提问。谢谢大家。 Next, my colleague and I are glad to answer your questions. Thank you. 谢谢赵总的介绍，接下来是问答时间。 Thank you, Mr. Zhao. Here we can proceed to the Q&A session. 欢迎各位提问，也请各位在提问前告诉我们您所属的机构及姓名。有请第一条问题。 Please state your name and your organization before the question raised. May I invite the first question please? 好的，非常感谢主持人。提醒一下在线参会者，如果您需要提问，请在电话机上按星一键，排队等号，再按星号键，再按数字1。Ladies and gentlemen, if you would like to ask any questions, please press star 1 on the telephone keypad. Press star followed by 1. Thank you。大家好，这位有请花旗银行的刘显达。你好，刘显达。管理层你们好，我想有三个问题想跟你们请教。第一个问题就是我看咱们一季度的收入比去年同期增加大概是23.6%，但我们同期的上网发电量是增加30.2%的。我想问就是为什么收入增加比例比发电量增加比例有大概差距7%的情况呢？第二个问题就是看你们刚才讲的单位燃料成本，一季度是比去年同期大概增加13%，但我看同时期的期货市场煤价是增加比13%是高很多的。那想知道为什么我们可以把一季度的单位燃料成本增长水平控制怎么好？而季度咱们单位燃料成本会跟一季度差不多，还是会比一季度高？第三个问题就是有关新能源的，想知道咱们一季度那个31亿利润里头，从那些新能源，包括风电、光伏、生物质发电等等，咱们拿到的利润大概是多少？谢谢。 I have three questions. My first question is about the company's operating performance. In the first quarter, you have just said the operating revenue increased by 23.6% and the company's total power generation increased by 30.2%. We can see that the revenue is bigger than the company's power generation by 7%. What was the reason behind this gap? My second question is about unit fuel cost. In the first quarter, you have just said the unit fuel cost increased by 13%, but the market price of coal and fuel increased quite large and is exceeding the company's unit fuel cost increase. We can see the company has a great control for the fuel cost. Could you please provide the reason behind this? Could you please provide us the guideline for the second quarter unit fuel cost? If that will be higher or be lower than the first quarter's unit fuel cost? My third question is about the company's renewable energies. The company has just said there is CNY 3.1 billion profit from the company's operating. Could you please provide us the profit breakdown to different energy sources? Thank you. 我先回答你第一个问题，就是收入的增长是低于发电量的增长的。有几个方面的原因，一个就是在我们境外的收入并没有显著的增长，包括巴基斯坦和新加坡的营业收入是没有大的增长的。还有一个是境内的，还有一块热力的收入，它的增长幅度也是不及发电量的增长幅度的。所以算收入的时候，收入的增长量是不及境内发电量的增长率的。 First, let me answer the first question about the operating revenue increase less than power generation increase. There are several reasons. First, our overseas business operating revenue increase is less than the domestic business. Second, our revenue from the heating supply is less than the revenue from the power generation. The total operating revenue increase is less than the power generation increase. 我先回答你第三个问题。第三个问题就是关于利润分板块的利润情况。我们算了分板块的利润总额，今年一季度风电的利润总额是14.62亿，光伏是1.48亿，燃气和燃煤分别是3.86亿和29.66亿。 So let me first answer your third question about the renewable energy profit. In the first quarter, the total profit breakdown to different energy sources are as follows: There was CNY 1.462 billion profit from the wind project, and CNY 148 million from solar project, CNY 386 from gas project, and CNY 2.966 from our coal fire units. 我来回答一下您的第二个问题。公司一直是非常重视燃料成本的控制。从这四个方面的原因，导致我们公司的这一季度单位燃料成本的涨幅是小于市场这个涨幅。第一个方面，总结的主要还是长协合同是签订的早，签订的质量也好。在市场价格大幅上涨的时候，长协合同这种稳定市场、便宜煤价的这种作用发挥的较好。从下水煤来说，公司今年签订的下水煤的长协同比是增加了690万吨，增幅是达到了44%。另外，我们在日常工作中，也加大了长协合同履约兑现工作的力度，长协合同刚性执行，所以整体保障长协作用发挥到位。 Let me answer your second question about the company's fuel cost rise lesser than the market fuel cost rise. There were following four reasons for that. First, the company has signed long-term contract in time. For this year, the long-term contract was signed earlier with a higher quality and it plays its role for the supplementary market price. The long-term contract can ensure the supply and stabilize the price. In the first quarter, the total seaborne long-term contract, we have signed 6.9 million tons. It increased by 44%. And also the company increased the honor rate of the long-term contract, and we prioritized our long-term contract and reduced the market purchases. 第二个方面，就是公司抓住进口煤政策稳定的时机，加大了进口煤的采购力度。一季度，公司的进口煤采购量同比大幅增长了37%。而且价格优势就比同期的内贸下水煤相比的话，同期的价格优势也是比较明显的，价格优势大概是在150块钱左右。所以进口煤在控价过程中也是发挥了非常重要的作用。 Second, the company seized the chance to increase our imported coal purchase when the policy is stable. In the first quarter, the company's imported coal increased by 37% with a lower price, and the price discount was CNY 150 per ton comparing to the inland coal. And the imported coal play a very important role for the company to reduce the fuel cost. 第三个方面，就是发挥内部产业链的优势，利用集团的煤矿加大供应量，用内部的煤来保量稳价。另外，发挥公司自有的港口航运公司的作用，提高运输中转的效率，降低成本。 The third reason is the company used the inner industry advantages and used Huaneng Group's coal capacity to stabilize the price and ensure the supply. The company also takes advantage of the company's own shipping to stabilize the purchase. 第四个方面，就是加强内部管理，降低燃料成本，主要是科学地、准确地研判市场走势，优化采购策略，运用好库存的策略，同时加大厂内的经济煤种的采购力度来控制成本。通过这四个方面实现了刚才您说到的单位燃料成本的涨幅低于市场平均涨幅。 The fourth reason is the company enhanced our inner management. The company judged and studied the coal market and took advantage of our flexibility inventory. The company had a blend coal strategy. By the above four reasons, the company has effectively controlled the coal cost. 请问管理层对这个还有什么需要补充的地方吗？我们这边没有了。不好意思，那对于二季度的单位燃料成本应该是跟一季度差不多，还是会比一季度高？可以补充一下吗？我从燃料采购的角度来回答一下您这个问题。大家都知道，今年这一季度确实是非常特殊的一个时间段，主要是受经济持续向好、天气、春节假期这些因素的一个综合影响，所以需求旺盛，煤炭的耗用是大幅增长。供给虽然也有明显的增长，但是幅度不及需求增长。所以煤炭市场价格比四季度上涨非常多，比去年的同期上涨也很多。我们看了一下，一季度CCI的平均值比去年同期上涨了CNY 176元，大概是上涨了30%多一点。比去年四季度，相当于是环比吧，上涨了接近CNY 90元，上涨了13.8%。这是一季度一个大概情况。 About the second quarter unit fuel cost guidance. First, let me introduce the coal cost in the first quarter. The first quarter affected by the economic recovery, the Spring festivals, and also the cold weather, the coal demand rose sharply, and the supply growth is not higher than the demand growth. The coal price increased dramatically comparing to the fourth quarter last year. We can see from the CCI market index, it increased 176 CNY per ton, increased by 30% comparing to the same period last year. If we see the quarter-on-quarter number, it increased 90 CNY per ton by 13.8% comparing to the fourth quarter last year. 近期煤炭市场仍然保持一个坚挺的状态。这种市场状态已经引起了国家层面的高度重视。我们预计国家层面也会出台措施保供保价。在这些政策的支持下，二季度国内煤炭供应应该会有所增长。但是考虑到国际市场供应偏紧，虽然国内有这个增长，但是整体的供应增长是有限的。 Recently, the change in the coal market has attracted great attention from the government, and the government is expected to issue policies to ensure the supply and increase the capacity. We think with the policy support, the supply should increase in the second quarter. However, with the tight supply in the international market, the overall supply growth is expected to be limited. 当前正处于风电、光电发电的一个高峰期。另外，汛期也即将到来。所以后期清洁能源发电的能力将大幅增加，对火电的替代作用加强。所以我们预计，在供给增加，需求在一定程度上被替代的情况下，二季度整体的供需形势有所好转。但是考虑到今年宏观经济持续向好，用电负荷整体偏强。二季度我们预计煤价比一季度会环比下降，但是空间有限。回答完毕。 In addition, the clean energy power generation, the wind power, solar power, is going to peak in the second quarter, and also the hydro output will increase in the second quarter. With the renewable energy power generation, the thermal power is expected to be substituted. The supply and demand situation will change in the second quarter. Considering the economic recovery and the coal price, we think the coal price will decline in the future, but with a limited amount. That's the end of this question. 谢谢。好，非常感谢您的提问以及管理层的详尽解答。大家好，如需提问，请您在电话机上按星一键排队等候。再按星号键，再按数字一。谢谢。As a reminder, if you would like to ask any question, please press star one on the telephone keypad. Press star followed by one. Thank you. 下面一位有请瑞士信贷的周天宇提问。你好，有请。各位领导下午好，我是瑞士信贷的周天宇。首先祝贺公司在一季度取得了非常不错的经营业绩。我这边有三个问题想请教一下。第一就是想问一下我们一季度的入炉煤价的数据，以及它的同比变化。然后想问一下公司有没有大概计算过，在什么样的入炉煤价水平上，我们这个煤电资产会处于盈亏平衡点。第二个问题是关于风电这边。因为之前也听领导介绍过，我们对于增量项目有一个7%的最低全投资回报率的要求。但是今年其实也看到了今年整个的风机价格、招标价格也是有一个相对比较大幅度的下降。然后就想问一下公司有没有计算过，以现在最新的风机价格，我们实际实现的供电回报率，是不是会比7%可能还会再更高一些。第三个问题是关于光伏这一边的，就想问一下，关于今年的光伏装机我们有没有一个目标？然后想问一下光伏组件的采购工作，大概会在今年的哪个时候展开？谢谢。 I have three questions. My first question is about the coal cost. What was the company's standard coal cost for power generation? What was the company's break-even coal cost? My second question is about investment hurdle rate. The company has provided us with a 7% IRR investment hurdle rate for a new project. With the bidding price of the wind projects decreasing, what was the company actual internal return rate? My third question is about the company's solar project development. What was the company's target for the solar development? 我先煤价的问题。一季度公司的燃煤耗用标煤单价是CNY 761元/吨，去年一季度是CNY 668元/吨。 First let me answer question about standard coal cost for power generation. In the first quarter 2021, standard coal cost was CNY 761/ton. For the first quarter last year, it was CNY 668/ton. 我来回答您的第三个问题。今年光伏项目的装机目标是2,758.47兆瓦。回答完毕。 Let me answer the third question about the solar capacity plan. The company planned to add 2,758.47 megawatts of solar units this year. 你好，我来回答一下第二个问题。公司按照当前的国家的政策导向以及公司整体的规划的安排，在这两年已经还在继续大力发展着新能源，特别是在陆上风电这方面，我们还是持续地在坚持集中式的开发和一些分布式的并重的一些原则。特别是在增量发展这一块，我们公司整体还是继续采取一些审慎的一些投资理念，坚持一些好的项目去投。那么投资收益这一块来说，你也提到了，我们之前介绍过，公司对于风电项目的投资的回报要求是7%，这个7%相当于是一个底线的要求。随着技术的进步，造价成本的一些控制以及整个在基础的一些成本的下降来说，其实真正投下来的项目的实际回报应该是会优于7%的这个水平，对于整个公司的这个绩效以及收益会有一个很好的提升。好，谢谢。好的，谢谢各位领导。我这边没有其他问题了，谢谢。 The company follows the trend of the renewable energy development, and under the company's plan, the company actively develop the inland wind project and other renewable projects. The company will continue the plan of equally focusing on the centralized and distributed projects. For the incremental project of the company, the company will continue the concept of prudent investment and consisting in invest in project with good quality, with internal return rate of 7%. That is the company's baseline. With the technology innovation and the control of the cost, we think in the future, the construction cost will decrease and the actual return of the project will be higher than 7%, which will lead to a better development for the company as a whole. Thank you. 感谢这位参会者的提问以及管理层的解答。大家好，下面一位有请华创证券的黄秀杰提问。你好，有请。公司领导您好，有几个小问题是接着上面提问的几个小问题。一个就是陆风和海风光伏的一个建造成本的问题，能不能帮我们说一下当前的一个建造成本？然后另外就是领导对于未来的一个预期，就是我们要达到这个预期回报率的话，我们的光伏和风电的一个建造成本，最高是一个什么水平？然后另外一个就是我们单位的燃料成本，就是每千瓦的燃料成本，能不能帮我们说一下？主要是这些。 I have three questions. My first question is about the construction cost. What was the company's construction cost for inland wind, offshore wind and solar project? Second question is also about the company's investment hurdle rate. The company had said that the investment rate of 7% IRR. How will the cost be like to achieve this investment rate? My third question is about the unit fuel cost. Could you please provide us the unit fuel cost of the company more detail? 我先跟您回答一下每千瓦燃料成本这个问题。我们一般会算单位发电量的单位燃料成本。我给您报一下燃煤的和燃气的单位燃料成本。2021年一季度燃煤发电的单位燃料成本是227元每千千瓦时，燃机的单位燃料成本是356元每千千瓦时。去年同期，煤机的是199.99元每千千瓦时，燃机的是346元每千千瓦时。 First let me answer your question about unit fuel cost. In the first quarter 2021, the unit fuel cost for our coal-fired unit was CNY 227 per MWh. For the gas unit, it was CNY 356 per MWh. Let me provide you with the data of the last year. In the first quarter 2020, the coal unit fuel cost was CNY 199.99 per MWh, and the unit fuel cost for the gas unit was CNY 346 per MWh. 你好，我来回答您第一和第二个问题。按照公司目前正在已经走完内部决策以及开工建设的一些项目，总体的一个情况汇总来看，海上风电这一块我们基本上的造价应该在每个千瓦17,000块钱左右。然后陆地风电目前已经到了一个千瓦7,000块钱左右，光伏风电基本控制在3,500元以下。具体的项目，随着工程在招标过程中的实时价格的变动，可能会有一些动态的变化。但是公司在内部总体还是，无论是在招标采购以及后续工程建设过程中，还是严格在控制单位造价的水平，力争让造价水平尽可能的低，为后续的清洁能源项目的效益打好一个坚实的基础。谢谢。 For the company's renewable energy project that's been approved by the management, we can see the construction cost of the offshore wind was CNY 17,000 per kilowatt, and for the inland power project, it's about CNY 7,000 per kilowatt. For the solar project, the construction cost will be lower than CNY 3,500 per kilowatt. It may be different between the specific project, but in general, the company will try to control the construction cost and lay the solid foundation for the further development of renewable energy. 好，谢谢管理层。感谢您的提问，也感谢管理层的详细解答。大家好，下面一位有请华泰证券的王伟佳提问。你好，有请。管理层好，刚才我听到你们有提到今年一季度的一个分板块利润的差分，我记得在2020年一季度的业绩会上也提到过一个分板块的利润的差分。但是那个数好像不是和我们今年的这个数口径有点不一样啊？当时的那个说法是整个燃煤的利润大概16亿，燃机是2.5亿，风电是7个亿。如果这个可能不是准确的话，能不能请公司也帮我们差一下，20年一季度分板块的利润，以及19年一季度燃煤的分板块的利润大概是多少？这是我的第一个问题。 My first question is about the profit breakdown for the first quarter 2021. As you have just announced the breakdown from different energy sources, we can see it's not so in line with the last year's number. For the last year, the profit from the coal unit was about CNY 1.6 billion, and for gas unit it's about CNY 250 million. For the wind project is about CNY 700 million. Could you please provide us more detailed information for the profit breakdown in 2020 as well as 2019? Thank you. 好，我跟你汇报一下去年同口径的相应板块的利润总和。2020年一季度的燃煤板块的利润总和是29亿，燃气板块的是3.4亿，风电是7.6亿，光伏是0.6亿。 Let me provide you with the number of the profit breakdown in the first quarter 2020. The net profit of the coal project was CNY 2.9 billion, and it was CNY 340 million for gas unit, and CNY 760 million for wind unit, and CNY 660 million for solar units. 2019年相应的数据是燃煤是39亿，燃机是2亿，风电是6.6亿，光伏是0.7亿。 In the first quarter 2019, the coal project profit was CNY 3.9 billion and the gas unit was CNY 200 million. Wind units, the profit was CNY 660 million. For the solar project, it was CNY 70 million. 谢谢管理层。我的第二个问题是关于利用小时的，我想能不能请帮我们拆一下，就是我们整个一季度1000多利用小时里面，风电它的利用小时大概是什么水平？然后因为今年资源比较好，相比去年一季度的话，同比应该是上升了大概多少？以及我们今年对全年风电利用小时的一个判断。以及，因为之前我们在20年的业绩会上提到过，我们基于一个对全社会利用小时的假设，我们认为可能是全国火电的这个利用小时还是往下走的。那么今年的话呢，因为一季度整体还是比较好，然后全年用电量可能也还不错。就是我们现在会不会上调我们觉得今年火电利用小时还是往下走的这个预期，就和20年业绩会上管理层所指引的会不会有变化，就今年的火电利用小时而言。 My second question is about utilization hour. Could you please break down the utilization hours to wind energy? Also please provide us with the year-on-year change of the wind utilization hour. Also, could you please provide us with the guidance of the whole year utilization hour and also its change. In 2020, the company said with the 14th Five-Year Plan, the utilization hour for the company's thermal units will be decreased. But we can see in the first quarter, the company still achieved a quite good result for utilization hour in thermal units. Could you please update your guidance for the whole year utilization hour? Thank you. 你好，我给你回答一下，就关于风电利用小时的问题。公司一季度的风电利用小时是642小时，同比增加了85小时。 Let me answer the question about the utilization hour for the wind project. In the first quarter, the utilization hour for the wind project was 642 hours, increased by 85 hours comparing to the same period last year. 主要原因应该是来风情况比较好。再一个就是消纳条件有所改善。 The main reason is due to the wind resources and also the consumption situation. 公司关于这个风电的全年计划利用小时数是2,256小时，同比增加150小时。 The company's plan of the whole year wind project, the utilization hour will be 2,256 hours, increased by 150 hours comparing to the same period last year. That's it. 关于是否会上调煤电机组的利用小时，我们从现在掌握的情况来看，整体的判断，发电量增速是前高后低的态势。 As for the question, if the company will adjust the utilization hour guidance for the coal units, we can see the utilization hour will have greater in the first half of year, but lesser in the second half of year. 全国一季度的用电量增长率是21.2%。我们根据有关机构预测，二季度的增速会下降到9%到9.5%左右。 For the first quarter, the power consumption nationwide increased by 21.2%, but in the second quarter, we estimate the increase will be about 9.95%. 全年的发电量增速全国预计现在是8%左右。所以我们到底要不要调这个公司的煤机利用小时数，我们还会是根据二季度的整个的发电量情况，半年执行之后再做具体判断。 It is expected that the nationwide power consumption will increase by 8% in 2021. The company will adjust our power generation guidance according to the second quarter power generation situation. 好的，我的第三个小问题是想问一下，就是我们年度的这个2,700、2,800万千瓦的这个供货周期里面，有多少是去年已经完成了协议的定价，或者是已经完成采购的？然后今年一季度的话，这块大概是多少？因为我记得刚才其实有其他分析师也问过，但这个好像没有听得特别明白。我就想再跟公司确认一下，如果说今年的上游的价格一直没有办法降到7%投资回报率的话，我不知道我们后续对整个装机有没有可能会进行一些调整，换言之，可能更多地会到明后年来做，今年可能多做一点风电。想问一下这块管理层的考虑，这是我最后一个问题，谢谢。 What was the company's contract fulfillment for the new add wind capacity? Is there some capacity that the company didn't complete last year that be moved to fourth quarter this year? In order to achieve the 7% IRR, will the company change the whole year outlook for the new add capacity of renewable energy? 请问这位参会者还有别的问题吗？没，没有。请稍等一下。好的，因为我那边没有接到这个问题。好的。你好，我先简单回答一下您这个问题。关于今年我们计划的278万的光伏项目，目前其中有多少组件是在去年已经订货的，下来我们再去核一下具体的容量。会后如果来得及的话，我们再把具体的容量给您这边再反馈一下。第二个，刚刚您提到近期光伏组件的价格在不断地上升，这个对整个公司全年新能源的投产规模是否会有影响？总情况是这样，因为确实从一季度开始，整体由于上游原材料的价格大幅地上涨，导致整个光伏组件的价格涨幅比较高。那么到了4月份，目前从我们内部的判断来看，4月份起，组件的价格基本上趋于平稳了。那么后续来说，因为现在还有三个季度，从目前公司的管理的要求来说，我们还是继续坚持全年光伏投产规模保持不变。后续一方面我们还会去加大项目的资源的获取，以及跟上下游厂商之间一些成本的管控的一些要求。同时也不排除我们可能后续还会加大通过风电项目的获取来弥补全年整个新能源整个投产规模的总体的一个目标的实现。谢谢。 About the solar capacity that has been settled with purchasing, I will give you the exact number after this meeting. As the solar units price increase, it may have impact our plan for the whole year. In the first quarter, with our raw material for the solar units and our upstream industry situation, we can see the increase in construction price for the solar units. In April, we think the solar units component price will be stabilized. For this year 2021, the company will stabilize our purchase in the solar units and increase our development of this renewable energy, continuously control our cost. The company may increase the wind capacity to offset some solar capacity. 非常感谢这位参会者的提问。谢谢。也谢谢管理层的详细解答。大家好，下面一位有请海通证券的于红光提问。你好，有请。管理层你好，我这边有三个问题。第一个问题，之前和您确认一下，一季度的一个煤机的利润总额是29.6亿元，然后刚才公布的去年同期是29亿元，就意味着煤机这块利润总额同比可能是微幅增长，或者说增长率会比较低。那我想问一下，一季度火电这边的电价情况大概是怎么样的？这是第一个问题。第二个问题是看到了公司一季度的一个所得税的销售利润是18.3%，同比是大概降了六点几个百分点，这个主要原因是什么？然后第三个问题是关于永续债的，一季度的一个永续债的利息费用大概是多少？同比的变化情况大概是怎么样的？谢谢。 I have three questions. My first question is, as the company just said in the first quarter, there was CNY 2.966 billion profit for the coal-fired units. For the same period last year, it was CNY 2.9 billion for the coal-fired units. We can see there is a slight increase in the cost. What was the company's tariff change of the thermal units in the first quarter? My second question is: In the first quarter, the income tax rate for the company decreased by 6%. Could you please provide us the reason? My third question is about perpetual bonds. What was the company's interest cost for perpetual bonds and what was the year-on-year change? 你好，我来回答你这个问题。煤机的利润确实今年一季度跟去年的一季度基本持平，略有增长，这个是没问题的。然后关于一季度火电的电价。今年一季度燃煤的电价不含税的综合电价是346.79元/MWh，燃气的电价是569.67元/MWh。去年同期，煤机是350.29元/MWh，燃机是619.69元/MWh。 Let me answer the first question. The first question about our profit from the coal unit, yes, the profit stayed quite similar and only has a slight increase for this year. About the company's tariff for the thermal units, the tariff tax excluded for the coal units was CNY 346.79 per MWh. For the gas units, the tariff was CNY 567.67 per MWh. Comparing to last year, the first quarter last year, the coal tariff was CNY 350.29 per MWh, and tariff for gas unit was CNY 619.69 per MWh. 关于一季度的所得税税率实际支付比较低的问题，主要因为是今年一季度的相应的可再生能源，就是风电和光伏的一季度的盈利水平相对比较高，然后这些新项目大多处在三免三减半的所得税优惠期，税率相对比较低，所以总体的所得税税负相对比较低。 About the question of income tax. In the first quarter, the company's income tax decreased comparing to last year. That was due to the renewable energy capacity that put into operation. The renewable energy had a profit in the first quarter, and all this new energy was in a tax-free stage. The overall income tax for the company decreased in the first quarter. 关于其他权益工具的利息，今年一季度的总数是CNY5.27亿，去年一季度的数是CNY3.12亿。 About the interest cost for other financing derivatives, the figure for the first quarter this year was CNY 526 million, and last year it was CNY 312 million. 好的，感谢冠力诚。我这边追问一个问题，就是我们目前煤炭的库存可能天数大概是一个什么水平？如果比如说和去年同期相比，大概是一个什么样的变化？谢谢。 May I add another question about the inventory of coal. For how many day of the company's inventory of coal can last and what's the change comparing to the same period last year? 我来回答一下您的这个问题。最新的一个数，就是我们公司的存煤是860万吨，可能天数大概是11天。跟去年同期比的话，这个可能天数是有所下降。主要原因，就刚才说到这个市场的时候，是需求确实是旺盛，然后供给虽然也保持一个比较高的强度，但是供给增长的速度还是赶不上这个需求增长的速度。回答完毕。 About the company's inventory. The company's inventory coal can last 11 days, and the company's inventory is at average 2.6 million tons. It is lower than the same period last year. That was because the market demand of coal was high in the first quarter. Although the supply also increased, the increased growth is not greater than the demand growth. 好的，感谢冠力诚，我这边没有其他问题了。谢谢。好的，非常感谢您的提问以及冠力诚的解答。提醒一下在线参会者，如果您需要提问，请您在电话机上按星1键排队等候，再按星号键，再按数字1。谢谢。 As a reminder, if you would like to ask any questions, please press star one on the telephone keypad. Press star followed by one. Thank you. [Foreign language] We have Li Xiang from CITIC Securities. Hello, please. 喂，管理层好，我是中信研究部的李想。前面我觉得问得都很充分，我就一个小问题。因为6月份的时候全国性的碳市场会启动交易，想问一下，咱们从目前公司内部的测算情况来看，政府定的877的排放标准，我们大概有多少的电厂会超过这个排放标准？然后咱们估计一下，有没有一个估计，比如说按照过往的碳价格的这种情况，对于我们公司的项目的盈利有多大的影响？就问一下这个小问题。谢谢。 I have a question about the carbon market. As we all know, the carbon market will be launched in June, and currently, what will be the company's calculation about how many of the company's units will exceed the carbon emission quota? Could you please also provide us the profit impact from the carbon market? 由于目前国家核算工作还没有完成，现在还在数据上报阶段，所以877这个数据可能不一定是最终的结果。这是第一个问题。 Currently, the government authority has not completed the carbon calculation, and now the company is under the data reporting process, so the number will not be finalized. 第二，国家采用基准法来对四类发电火电厂，还有两类发电加供热的电厂，以这个基准进行配额分配。最终这个杠，每类机组，每一个等级的机组标准划得高低，还有细分上还存在一定的不确定性。 The government authority used the benchmark method to classify the units into four kinds of thermal units and two baselines for the thermal units with heating supply. The cap is still not finalized. The government authority haven't done the allocation of this carbon quota. 根据我们初步的测算，因为公司整体机组的性能比较好，大概得有四分之一到三分之一的机组配额有一定的缺口。另外，大部分的机组配额是应该有一定的富余的。 Our preliminary calculation, only one fourth to one third of the company's total units may have a gap comparing to the carbon emission quota. Most of our units will have a surplus comparing with the carbon allowance quota. 对公司利润的影响取决于好几个不确定因素。第一是全国碳市场的价格走势会怎么样，这个不确定因素很大。第二是公司的配额盈缺情况，是盈的多还是缺的多，从长期来看，这也不确定。第三是金融机构参与市场之后，对发电企业的利润的影响也不确定。第四是新的交易品种，还有交易方式，将来可能也会对公司利润产生什么样的影响，也不确定。但总之，华能在机组性能方面，在同业当中是处于领先水平，应该在同业当中，对利润的影响来讲，应该也是处于较好的水平，也就是说是我们也是处于领先的水平。 About the carbon market impact on the company's profit, we are now under the situation of uncertainty. The uncertainty may come in from four aspects. First, the uncertainty from the price trend of the carbon market. Second, the uncertainty coming from the long-term carbon quota allocation. We can't see clearly that the company's quota will be exceeded or the company will lack the quota. Third, uncertainty coming from the participation of the financial institution. Fourth, the uncertainty coming from the new method and new items in this carbon market. But we can see in general, the company is at a leading level comparing to our peer, and the profit impact for us may be lesser as we expected. 请问管理层就这个问题还有补充的地方吗？公司这边没有补充了。好，谢谢。感谢您的提问。下一位，我们有请摩根大通的Steven。你好，有请。谢谢管理层给我提问的机会。我是摩根大通的Steven。我有几个小问题想请教一下。第一个，我们看到财务费用同比下降了16%。想请问一下我们的平均的融资成本同比变化有多少？第二个想请问一下，我们看到营业成本是降了27%，但同比的话是售电量涨了30%，然后单位燃料成本也是涨了13%。那中间主要的分别在哪里呢？那第三个想整理一下，就是我们上季度的煤炭的采购量里面，我们的进口还有长协的占比，占总采购量大概的数字要多少呢？谢谢。 I have three questions. My first question is about the company's purchasing cost. What was the company's financial cost and what was the year-on-year change? My second question is about company's operating cost. As the company's power sold increased and also unit fuel cost increased. Could you please tell us the detail difference between those numbers? My third question is about the company's coal purchase. What was the proportion of the company's imported coal, and what was the proportion of the company's long-term contract coal? 关于第一个财务费用下降的问题。今年一季度同比呢，机器债务的平均利率是在下降，去年同期是4.15%，今年的一季度是3.97%，降幅还是比较明显的。 First, about the company's financial cost. The company has a great decrease in the financial cost. It's mainly due to the interest rate reduction. In the first quarter this year, the company's average interest rate was 4.15%. Last year, the number was 3.31%. It has a big decrease. 关于第二个营业成本的涨幅，就是这两个涨幅的差的问题。这个可能主要还是一个算数算法的问题，就是它的基数不太一样，所以它的这个算涨幅的话，并不能完全地加起来或减起来就完事了。一季度来看，公司除了燃料成本有比较大的增长之外，其他的维修、折旧、更改等等，跟去年同期相比并没有实质性的变化。 Second, about the company's operating cost. As you see, the company's operating cost increased, but because the base is quite different, we can't simply calculate from last year's number. For the company cost breakdown, the fuel cost of companies increased significantly, but the cost from the maintenance and the depreciation stayed quite stable this year. 好，我来回答一下您的第三个问题。一季度，公司总的采购量是4,943万吨，这里面长协的采购量是2,599万吨，占比是52.6%。市场煤的采购量是2,344万吨，占比是47.4%。进口煤采购量是1,462万吨，占总采购量的比例是29.6%。 About the company's coal procurement in the first quarter. The company total purchased coal of 49.43 million tons, and the long-term contract coal was 25.99 million tons. It accounts for about 52.6% of the total coal procurement, and the coal purchased from market was 23.44 million tons. It accounts for 47.4% of the total procurement, and the imported coal is about 14.62 million tons. It accounts for 29.6% of the total procurement. [Foreign language]. 好的，谢谢管理层。关于碳市场的话，我想请问一下，我们去年大概有多少的电厂参与了碳试点排放交易市场，然后我们拿到的碳的配额大概有多少，跟我们自己的排放量中间的差距有多少？然后我们比如说盈利或者是支出大概是有多少呢？谢谢。 My follow-up question is about the carbon market. How many of the company's subsidiaries participate in the pilot of the carbon market? What was the quota situation for the company? Also, what was the gap between the company's allowance and the company's actual carbon emission? 去年公司14家电厂参与这个试点碳市场，实际排放量大概是3.91万吨。获得的配额是4亿吨。总体是这么一个情况。 In last year, the company had 14 subsidiaries that participated in the pilot of the carbon market. The company had a quota of 330 tons of carbon emission, and the company's actual carbon emission was about 400 million tons. 好的，谢谢管理层，我没有其他问题。非常感谢您的提问以及管理层的解答。大家好，下面有请BlackRock的Stephen Wang。你好，有请。喂，管理层你好。你好。你好，想请教一下关于公司的那个火电厂的年龄。现在华能的那些发电厂的平均的年龄大概是什么水平呢？有百分之多少，比如说超过20年的那个水平。 My question is about the company's thermal power units life extendance. For how many years has company's average operating units, and for how much percentage of the company's units are operating over 20 years? 你好，我回答一下。就关于机组寿命的问题。目前公司运行25年以上的机组共有28台，其中燃煤机组有26台，燃气轮机联合循环机组有2台。 The company have in total 28 units that have life over 25 years, including 26 coal-fired units and two cogeneration gas turbine. 在燃煤机组中，30万千瓦燃煤机组共有23台，60万千瓦机组有2台，30万千瓦以下的燃煤机组有1台。总装机容量9879兆瓦，占公司煤机容量的11%。 There are 23 units of the level of 300 megawatts and two units in the level of 600 megawatts, and only one unit that has capacity lesser than 300 megawatts. In total, the company's old capacity is about 9,879 megawatts, accounts for 11% of the company's total coal units. 燃气轮机的容量是100兆瓦，占公司燃机总容量的1%。 There are 100 megawatts of gas turbine units, accounts for 1% of the company's total gas units. 近年来，公司持续开展对存量机组的转型升级，通过供热改造、灵活性改造、参与城市垃圾和污泥耦合处理等手段，实现能源综合利用。 The company has continued the transformation of the coal-fired units. The company's units was under the heating supply transformation and flexibility retrofit, and also participate in the city's sludge coupling power generation. The company using this method to realize the combined utilization of the company's units. 回答完毕. 好的，非常感谢这位长会者的提问以及管理层的解答。由于时间关系，我们将邀请最后两条问题。下面一位，我们有请长江证券的刘亚辉提问。你好，有请。好，very nice，很好。我有两个小问题想提问一下。第一个问题就是关于我们长协煤占比的问题。我想问一下，我们一季度长协煤中，月度长协和年度长协比例有多少，然后占比是多少。当然这个问题是关于我们在建的新能源基础的情况。我们目前在建的风光项目中大概平价项目有多少？还有我们正在建的海上风电规模有多少，目前建设进度大概是怎么样呢？还有就是我们目前储备的新能源项目大概有多少。而且这样说吧，在目前海上风电地方政策还没有出台的情况之下，公司还会在2021年之后再有海上风电项目的开发计划吗？我主要就这两个问题。 I have two questions. My first question is about long-term contract coal of the company. What was the percentage of the monthly settled long-term contract coal, as well as the percentage of the yearly settled long-term contract coal? My second question is about the company renewable development. What was the company's renewable capacity development plan for this year? What was the offshore wind proportion accounting in the whole renewable energy development? Also, does company have any reserved renewable energy projects? With the government authority haven't had any implemented policy, what was the company's outlook for the power development after the year of 2020? 我来回答一下您的第一个问题。公司一季度的长协的供煤价是826.33元/吨，这个是同比上涨了13.2%。 Let me answer first question about the coal price. For the first quarter, the company's long-term contract coal standard coal price was CNY 826.33 per ton, increased by 13.2%. 从年度长协和月度长协签订的比例来看，我们下水总共签订的长协量是2,270万吨，同比增长了690万吨，增幅是44%。这里面年度长协占比是60%，剩下的40%是月度长协。 About the company's long-term contract coal. The company has signed in total 22.7 million tons of seaborne coal. It increased by 6.9 million tons, increased by 44% compared to the same period last year. Among those, 60% are yearly settled and 40% are monthly settled. 刚才说的这是下水的长协签订情况。陆用直达的那个长协签订情况，总共是签订了8,409万吨，占陆用煤的总需求量的76%。从陆用煤长协里面，它不再细分年度和月度，只有下水煤是细分年度和月度。回答完毕。 About the company's inland contract coal. The company have signed in total 84.09 million tons of inland contract coal. It is about 76% of the company's total demand. The inland coal is not specified by the monthly settle or yearly settled. The settlement is only for the seaborne coal. 你好。我来回答后两个问题。按照公司目前已经做完投资决策的计划，在21年目前在建以及计划在年度内投产的平价的新能源项目，目前的规模应该是在1,820兆瓦，占我们全年在建及投产新能源，不包含海上风电，就是陆上的风电和光伏总容量的24%。 The company's subsidy-free renewable energy project in 2021. Both the project under construction and the project being approval, the total capacity was 1,820 MW, accounts for about 24% of the company's total capacity plan. 其中平价的陆上风电是1,202兆瓦，占我们整个陆上风电的31%。平价的光伏是618兆瓦，占光伏规模的18%。 Among those, the subsidy-free inland wind power projects about 1,202 MW, accounts for about 31% of the company's total wind project. The solar project that was subsidy-free was 618 MW accounts for about 18% of the company total solar power projects. 目前公司在建的海上风电的规模为2460兆瓦，全部为补贴项目，主要集中在辽宁、山东、江苏、浙江等地区。 Currently, the company's offshore wind projects all have subsidies. It's about 2,460 megawatts. It's located in province of Liaoning, Shandong, Zhejiang and Jiangsu. 目前这些项目的建设进度基本正常。按照国家的政策要求以及公司内部的管理要求，这些项目将集中在本年的三、四季度全部实现全容量的并网。 Currently, the company's renewable energy is under the construction progress and the company plan to put this capacity into operation in the third quarter and fourth quarter. 目前国家对于海上风电后续的补贴政策还没有明确地出台，各个相关省市的一些省里面的补贴政策也没有一些明确的意见。但公司目前还是在继续加大在海上风电的一些开发的工作，目前在广东、广西、浙江、福建等区域，我们还在积极地去获取一些新的海上风电的资源。后续将结合整个海上风电技术的发展，以及项目成本的控制，以及整个项目投资收益回报的水平来开展后续的项目的投资建设工作。谢谢。 Currently, both the central government and also the provincial government haven't released any notice to guide the subsidy in the offshore wind. The company will continue to develop the renewable energy in the province of Guangdong, Guangxi, Zhejiang and Fujian. The company will actively gain the new capacity and with the following technical update cost control, we think the company will have a sound profitability in those renewable energy projects. 谢谢管理层，我没有其他问题了。好的，非常感谢各位的积极提问。时间关系，我们将邀请最后的一条问题。最后我们有请华创证券的黄秀杰。你好，有请。领导您好。刚才您说到去年我们参与试点的14个电厂，它的排放是3.9亿吨，配额是4亿吨二氧化碳。那我们实际上去年可能是受疫情影响比较大，它19年这14个电厂大概排放是多少吨呢？领导能不能说一下？ The company has just announced 14 power plants in the pilot carbon market. The company total have 390 million tons emission and have the allowance of 400 million tons. Could you please provide us the number of carbon emission of those pilot projects in 2019? 这位投资者，公司将在会后提供您所需的这些数据。好的，谢谢领导。好的，下面时间交回给Charlie。谢谢各位的提问，也感谢各位管理层的解答。Thank you so much for all of the questions and participation today. 最后请赵总为我们今天的电话会议做个简单的总结。Finally, Mr. Zhao, would you like to give us a summary? 非常感谢各位参加华能国际第一季度的业绩推介会，也非常感谢大家一直以来对于公司的大力支持和持续关注。今天的推介会议就到此结束。后面大家如果还有进一步的问题，欢迎大家会后与公司的投资者关系处保持联系。好，谢谢大家。 Thank you for participating in the first quarter conference call. Thank you for your continued support. Here we come to the end of today's conference call. Please contact the IR Department if you have any further questions. Thank you.