Earnings Call: Q4 2020

Mar 24, 2021

Good afternoon, ladies and gentlemen. On behalf of Huaneng Power International, Inc., I would like to welcome you all to the conference call regarding the annual results announcement of 2020. 在发布会开始前，请允许我介绍出席该次会议的公司管理层。Now may I introduce the management of the company today. 公司董事长赵克宇先生。The Chairman of the company, Mr. Zhao Keyu. 赵总，您好。公司总经理赵平先生。The President of the company, Mr. Zhao Ping. 赵总，您好。公司总会计师黄立新先生。The Chief Accountant of the company, Mr. Huang Lixin. 黄总，您好。主持人，给一点时间，管理层和投资者打招呼，好吗？好的。公司副总经理及董事会秘书黄潮泉先生。The Vice President and Board Secretary of the company, Mr. Huang Chaoquan. 黄总，您好。主持人好，大家好，下午好。公司总工程师刘伟先生。The Chief Engineer of the company, Mr. Liu Wei. 刘总，您好。您好。公司副总经理陈书平先生。The Vice President of the company, Mr. Chen Shuping. 陈总，您好。你好。公司总经济师傅起阳先生。The chief economist of the company, Mr. Fu Qiyang。傅总，您好。你好。公司总经理助理徐建平先生。The general manager assistant of the company, Mr. Xu Jianping。徐总，您好。你好。出席该次会议的还有公司相关业务部门的负责人。People in charge of the related departments are also joining us in this meeting. 公司总经理赵平先生会先为我们回顾2020年年度业绩表现，接下来是问答时间。现在有请赵总介绍公司业绩表现，由公司李超然先生作为英文交替传译。First of all, the President of the company, Mr. Zhao Ping will reveal business performance for the annual results of 2020, followed by the Q&A session. May I have the honor to invite Mr. Zhao to reveal business performance, and Mr. Li Chaoran will conduct English interpretation. 女士们、先生们，大家好，欢迎各位参加华能国际2020年年度业绩推介电话会议。 Good afternoon, ladies and gentlemen. Welcome to the 2020 Annual Results Conference Call of Huaneng Power International. 首先我回顾一下2020年公司的经营成果，然后简要地分析今年的形势和任务，并展望公司未来的发展。 First of all, I will review the business results of the company in 2020, then briefly analyze the situation and the task of this year, and look forward to the future development of the company. 2020年，公司直面疫情冲击与考验，全力统筹疫情防控、生产经营、改革发展等工作，圆满完成了年度主要任务目标，持续履行为社会提供充足、可靠、环保电能和热力的责任。 In 2020, the company faced impact and task of epidemic, organized the epidemic prevention and control, production management, reform and development and other work. Our company successfully completed the annual goal and continued to fulfill the responsibility of providing sufficient, reliable and environmental friendly power for the society. 截止2020年底，按照中国会计准则，公司总资产为CNY 4,382.06亿元，权益净资产为CNY 1,216.99亿元，实现营业收入CNY 1,694.39亿元，同比减少2.39%，实现权益净利润CNY 45.65亿元，同比增加191.51%。按照国际财务报告准则，公司总资产为CNY 4,499.05亿元，权益净资产为CNY 1,298.46亿元，实现营业收入CNY 1,694.46亿元，同比减少2.62%，实现权益净利润CNY 23.79亿元，同比增加210.28%。公司净利润增加的主要原因是境内燃煤采购价格和财务费用同比下降。 By the end of 2020, according to PRC Accounting Standard, the company's total assets are CNY 438.206 billion. Its equity net asset was CNY 121.699 billion. Its operating revenue realized CNY 196.439 billion, with a decrease of 2.39% year on year. Net profit attributable to the equity holders was CNY 4.565 billion, with an increase of 191.51% year on year. According to IFRS, the company's total assets were CNY 449.905 billion. Its equity net asset was CNY 129.846 billion. Its operating revenue realized CNY 169.446 billion with a decrease of 2.62% year on year. Net profit attributable to the equity holders was CNY 2.378 billion, with an increase of 210.28% year on year. The company's net profit increased mainly due to the domestic coal purchase prices, and financial expenses decreased compared with the same period last year. 2020年，公司中国境内各运行电厂累计完成发电量4,040.16亿千瓦时，同比微降0.24%。市场交易电量占比58.3%，同比增加1.93个百分点，其中大用户直供电占交易电量的比例为81%。全年平均利用小时3,744小时，同比减少171小时。燃煤机组利用小时4,059小时，同比减少163小时。在公司燃煤电厂所在的绝大部分区域中，公司利用小时领先当地平均水平。此外，公司各电厂累计完成供电量2.63亿吉焦，同比上升11.18%。公司境内电厂全年平均结算电价为413.63元每兆瓦时，同比下降0.83%。 In 2020, the total power generation of the company domestic power plants within China was 404 billion kilowatt hours with a slight decrease of 0.24% year on year. Market-based portion was 58% with an increase of 1.9 percentage points year on year. Direct power sale for the large users accounted for 81% of market-based power sale. The annual average utilization hours were 3,744 hours, decreasing by 171 hours compared with the same period last year. The utilization hours of coal-fired units were 4,059 hours, with 163 hours less than the same period last year. In most of the regions where the company's coal-fired power plants are located, the company is ahead of the local average in utilization rates. In addition, the company's power plants have completed a cumulative heating capacity of 263 million gigajoules with an increase of 11.18% year on year. The average settled tariff of the company domestic power plant was CNY 413.63 per megawatt hour with a decrease of 0.83% year on year. 2020年，公司共采购原煤1.71亿吨。公司研判煤炭市场走势，优化采购策略、区域供应结构，加大与重点煤企的合作力度，提前锁定优质低价资源，有效降低了公司标煤采购单价，较好地控制了公司的燃料采购成本。公司境内电厂全年售电单位燃料成本为人民币209.07元每千千瓦时，比上一年下降6.34%。 In 2020, the company purchased 171 million tons of raw coal. The company accurately studied the coal market trend, optimized the procurement strategy and regional supply structure, strengthened the cooperation with key coal enterprises, locked the high-quality and low-cost resources in advance, effectively reduced the unit price of standard coal procurement, and better controlled the fuel procurement cost of the company. The annual unit fuel cost of the power sold by the company domestic power plants was CNY 209.07 per megawatt hour, down by 6.34% compared to the previous year. 公司一直以来注重节能环保和技术创新，积极推进热电联产和节能新技术的应用，燃煤机组煤耗平均水平保持行业领先。2020年，公司火电机组平均等效可用系数为94.92%，采用电率为4.33%，平均供电煤耗为291.08克每千瓦时。目前，公司燃煤机组已按计划实施了超低排放的改造，均符合或优于国家排放标准。公司安排重点实施了重点区域的电厂的废水治理、煤场封闭、灰场改造等环保技改项目，有关电厂加快推进，以满足排污许可证和其他生态环保政策的新要求。公司坚持以科技创新为动力，主要科技项目得到推进，关键核心技术研发实现突破，首套国产大型火电机组的分散控制系统、新型可编程控制器工控系统在公司所属电厂成功投运。 The company has always paid attention to energy conservation, environmental protection, and technological innovation and actively promoted the application of heat and power generation and energy-saving new technologies. The indicators of coal-fired units meet the environmental requirements, and the coal consumption level has always maintained a leading position in the industry. In 2020, the average equivalent availability of thermal power units of the company was 94.92%. The coal consumption rate was 4.33% and the average coal consumption of power supply is 291.08 gram per kilowatt hour. At present, the company's coal fire units have been planned to implement ultra-low emission transformation. The effect is remarkable, in line with or better than the national emission standards. The company arranges and implements environmental protection technological improvement projects such as wastewater treatment, coal yard closure, and ash field renovation of power plants in key regions. Speeds up the process of environmental protection renovation projects of power plants and ensure the pollutant discharge strictly meets the requirement of pollutant discharge permit and other ecological environmental protection policies. Companies adhere to scientific and technological innovation as the first motivative force, a key core technology research and the development to achieve a major breakthrough. The first set of self-made large thermal power units distributed control system and a new programmable logic controller in power plants under the company successfully put into operation, making relevant business owners' safety and reliability of the control system and intelligence to a new level. 公司持续推进清洁能源项目的开发，努力提高公司的低碳清洁能源的装机比重，电源结构不断优化。2020年，公司基建投产机组494万千瓦，其中燃机182.5万千瓦，煤机10万千瓦，风电机组是217.8万千瓦，光伏发电77.2万千瓦，生物质发电6.5万千瓦。 The company continues to promote the development of clean energy projects, strive to increase the proportion of low carbon clean energy in the installed capacity of the company, vigorously develop renewable energy, promote the transformation and upgrading of coal power generation, and constantly optimize the power structure. In 2020, the company put into operation a total of 4.94 gigawatt of new projects, including 1.825 gigawatt of gas power, thermal power 100 megawatts, 2.178 gigawatts of wind power units, 772 megawatts in photovoltaic, and 65 megawatts in biomass. 截止2020年底，公司可控发电装机容量达到1.13亿千瓦，权益发电装机容量9895万千瓦，公司清洁能源装机比例达到20.6%，其中燃气发电装机容量达到1224万千瓦，风电装机达到813万千瓦，包括海上风电90万千瓦，光伏装机达到251万千瓦，水电装机37万千瓦，生物质装机9万千瓦。 By the end of 2020, the company's installed controlling capacity of power generation had reached 113 gigawatt, and its installed equity capacity had reached 98.95 gigawatt. The company's installed capacity of clean energy accounted for 20.6%. The installed capacity of natural gas reached 12.24 gigawatt. Wind power 8.13 gigawatt, including offshore wind power 900 megawatt. Photovoltaic 2.51 gigawatt. Hydropower 370 megawatts, and biomass 90 megawatts. 公司的发展离不开全体股东的支持。为了让股东更好地分享公司的发展成果，3月23日，董事会已通过决议，建议2020年度公司利润分配预案为：向全体股东每股派发现金红利0.18元人民币。该决议将提交公司股东年会批准。未来公司将结合生产经营情况和发展需求，继续实施积极、平衡、稳定的派息政策。 The development of the company is inseparable from the support of shareholders. In order to enable shareholders to better share the fruits of the company's development, according to the company's 2018 to 2020 shareholder return plan, the board of directors have passed a resolution on March 23rd suggesting that the company's annual profit distribution plan for 2020, in which cash dividend of CNY 0.18 per share, tax included, will be paid to all shareholders. The resolution will be submitted to the company's annual meeting of shareholders for approval. In the future, the company will continue to implement a positive balance and a stable dividend policy based on the production and operation conditions and development needs. 2021 年是十四五规划的开局之年，公司将在国家行业十四五规划的指引下，推进绿色发展、创新发展、安全发展、卓越运营，努力防风险、调结构、稳增长、强科技、促改革，实现十四五高起点开局、高标准起步、高质量推进。 The year of 2021 is the beginning year of the 14th Five-Year Plan period. The company will implement the requirements of focusing on the implementation of four strategies of green development, innovative development, safe development, and excellent operation during the 14th Five-Year Plan. Prevent risks, adjust structure, stabilize growth, strengthen science and technology, promote reform, and realize the 14th Five-Year Plan with a high starting point, a high standard start, and high quality advance. During the 14th Five-Year Plan, the company were oriented with the objectives of carbon peak, carbon neutral, strive to develop renewable energy, stick to the principle of centralizing and distributing mode at the same time, complementation between incremental development and stock acquisition, independent construction primary and cooperation in development secondary. Taking advantage of three north coastal and central part of China with centralized development of renewable energy, so as to build large scale clean energy base with base, clean, and complementary three type. Intensification, digitization, and standardization, three modes. By the end of 2025, our capacity of low carbon clean energy will account for 45% of total capacity of the company, strive to 50%. In terms of thermal power, the company will reach the target of carbon peak, carbon neutral as the lead. Optimally control the coal development, steadily shut down the outdated production capacity, giving priority to develop the integration between coal and the power projects. Alternative projects with coal and emission reduction by decentralized capacity and cogeneration projects, so as to promote the high efficiency development of coal industry. In prospect, the company will carry out new development concept, vigorously implement the strategy of clean, low carbon development to the quality first, insist on development and acquisition to speed up the green low carbon leap forward development, to speed up the optimization of coal structure transformation, gas powered generation, and other clean energy development. Actively develop in comprehensive energy services. The company will lead the future development with scientific and technological innovation, implement the innovative development strategy, improve the scientific innovation system and mechanism, and accelerate the digital transformation. We will also implement the strategy of secure development, build stronger security and environmental protection barriers, improve mechanism for risk prevention and control, emergency response, and enhance our capacity for risk prevention and diffuse. Implement the strategy of operational excellence, improve the level of modernization, company control, optimize the asset structure, perfect the corporate governance, enhance brand value, earnestly implement the social responsibility, making the company into a leading technology, energy conservation, environmental protection, regional structure, operational excellence, good governance, and the market value of the international first-class listed power companies. 下面的时间我和我的同事愿意回答各位的提问。谢谢大家。 Next, my colleagues and I are happy to take your questions. Thank you. 各位参会者如需提问，请在话机上按星一号键。大家好，第一位有请中信里昂的Johnny，有请。你好，管理层你好，我是中信里昂的刘家洋。我第一个问题，因为未来可能会很多风电光伏，那煤电会不会有一个比较具体的计划，做一个联合性的改造呢？你觉得比如说未来五年我们有多少台机组，多少的基瓦需要改造呢？第二个问题，就是我们集团说我们25年就要达峰了，那如果这样的话，我们华能国际有没有具体的目标需要做什么？比如说我们未来五年需要搞多少的光伏、风电，或者说碳捕捉呢？第三个问题，我们达峰25年之后，会不会我们煤机的发电的利用小时或者说发电数量会慢慢的下降？谢谢你。 Hello, the management. I got three questions. The first one is about renovation in the thermal coal. Could you please talk about what is the capacity of the company's thermal coal units in terms of innovation in the next five years? My second question is that by the end of 2025, the company will reach the carbon peak, so is there any outlook for the company's newly added capacity in terms of wind power and solar power? My third question is about the utilization rates. After the carbon peak in the year of 2025, will the coal fire units of the company's utilization rates gradually decrease? Thank you. 下面有请第二位提问者，来自摩根大通，许天伟。不好意思，我们还没有答完第一位投资者的问题，麻烦稍微等一下，谢谢。新能源的那个装机的人，就是新能源装机的人。你好，我们简单回答一下有关14th Five-Year Plan期间，公司在新能源发展的规划上初步的一些安排。 Hello, let me answer the first question. Let me talk about the arrangement of newly added capacity during the 14th Five-Year Plan. 在14th Five-Year Plan期间，公司还是要继续大力地发展新能源，力争在每年要新增800万千瓦以上。按照以质量效益为先，坚持集中式与分布式并重，以自主建设为主，合作开发共进的原则，到2025年末，公司新能源的装机要达到5500万千瓦，新能源装机的规模占比达到34%。 During the 14th Five-Year Plan, the company will strive to develop renewable energy. We will endeavor to add new capacity of eight gigawatt annually in renewable energy. And we will stick to the principle of centralized and distributed mode at the same time, complementation between incremental and development. We will stick to the independent construction primary and cooperation development secondary. By the end of 2025, we think that the capacity will be around 5,500 megawatts, which is account for 34% of the company's total capacity. 其中风电和光伏的装机预计分别达到2900万千瓦和2600万千瓦左右，比重分别达到总体装机的17%和16%，新增光伏和风电的比例达到5.5比4.5左右。 In terms of the wind power and solar, by the year of 2025, we think that the new capacity for the wind will be 2.9 gigawatts, which accounts for 17%. In terms of solar, the figure was 2.6 gigawatts, accounts for 16%. And the percentage of capacity is amounted to 5.5% and 4.5% respectively. 同时我们还将继续推进煤电的转型升级工作，坚持以燃煤为主，向多元燃料转型，发电为主，向多元供应转型，增量发展向存量优化转型的原则。在十四五期间力争控制公司的煤电装机低于9400万千瓦，尽早实现容量达峰。 Our company will promote in the process of transformation in the coal-fired power, and we will upgrade and renovate our current coal-fired unit. By the end of 2025, we think that our capacity will reach to 9.4 gigawatts. 谢谢。我回答第一个问题，涉及到机组的存量机组的转型升级的事。其实我们公司主要是通过供热改造，特别是北方地区的改造，还有灵活性改造，参与城市垃圾、污泥、耦合等手段，实行能源综合利用，并且把到期的机组进行延寿，转而备用，退而不关也不拆，达到延寿和调峰，并且作为电网的备用和应急电源。这个回答完。 Let me answer the first question. In terms of the renovating of our current unit, we will renovate and upgrade our unit into a cogeneration unit. And also we will actively participate in peak load adjustment, and especially we will build a coupling treatment in the city sludge and the waste. We will take the comprehensive use of the energy. If the coal unit is expired, we will extend the age of the units and let them as the alternative generation units. 各位投资者大家好，我回答一下第三个小问题，煤机发电的小时数。我们做了一个测算。2020年我们公司的火电的利用小时数平均是在4100左右。我们认为十四五期间，整个的利用小时数会呈现总体下降的一个趋势，我们测算是在3900到4000小时左右。那么在全国电力供需宽松的时候，利用小时数会下降比较快，在供需相对紧张的时候，火电利用小时数下降会比较慢。回答完毕。 Let me answer the third question in terms of utilization hours. In terms of the coal units, we estimated the utilization hours of the coal units in the year of 2020 was 4000 hours. According to our estimation, during the 14th Five-Year Plan period, we estimate that in general, the utilization hours of coal units will be decreased to 3900 hours. If the market is oversupply in the national power demand, we think that the utilization rate will have a significant decrease. If there is over demand, we think that the utilization hours will have a slight decrease. 好，谢谢管理层。没有其他问题。感谢您的提问，也感谢管理层的详细解答。大家好，如需提问，请您在电话机上按星一键排队等候，先按星号键，再按数字1。谢谢。Ladies and gentlemen, if you would like to ask any questions, please press star one on the telephone keypad. Press star followed by one. Thank you. 大家好，下一位有请摩根大通的徐天伟，有请。谢谢管理层给我提问的机会，我有三个小问题想请教一下。第一个想请问一下我们有没有一个资本开支的目标，就是在十四五的话，我们大力发展新能源，那大概每年的资本开支大概有多少呢？第二个想整理一下，就是我们的分红比率，有没有一个指引呢？第三个想请问一下，就是现在国家在推全国性的碳排放交易市场，这个我们今年的盈利有没有影响呢？就是我们有一个测算呢，谢谢。 Hello, the management, thank you for letting me ask the questions. I got three questions. The first one is about the CapEx. During the 14th Five Years, the company said that it will strive to develop renewable energy. So could you please talk about the CapEx of the company in the future? My second question is about dividend payout ratio. My third question is about the carbon emission trading rights. So could you please talk about the impact from this policy? Thank you. 你好，我回答第一个问题。根据公司的十四五规划的初步测算，我们在十四五期间，从2021到2025年，年均新增风电装机规模在1,100万左右。那么相应对应年度资本性支出预计在560到650亿这个期间。谢谢。 During the 14th Five-Year Plan period from the year of 2021 to 2025, the newly added capacity will be around 1.1 gigawatt of the company. The CapEx will range from RMB56 billion to RMB65 billion. 我来回答公司后续分红比例的安排。应该说公司后续的分红比例要遵守公司的章程关于分红条款的约定。公司的章程载明，公司当年盈利及累计未分配利润为正，且公司现金流满足正常经营和可持续发展的情况下，原则上不少于当年实现可分派利润的50%。 In terms of dividend policy, according to the articles of association, if the company is profitable and accumulated undistributed profit is positive, the cash flow of the company can meet the normal operation and sustainable development. Our company will take the distribution of cash dividends, which is in principle no less than 50% of the profits available for distribution in the consolidated statement every year. 好，我来回答第三个问题。全国碳市场启动以后，整体来说将在一定程度上促进企业的绿色低碳发展步伐。在财务方面，碳市场会增加排放水平较高的企业的经营成本，对一些排放比较低的这些企业可以获得额外的减排收益。我全回答完。整体看来，因为我们的能耗水平是处于行业领先的，所以按照目前国家的配额分配方案，我们公司是整体略有盈余的，相比其他电力集团也是属于应该是最优水平。 Huaneng Power International has always attached to the importance of green and low carbon development. In terms of finance, the carbon market will increase the operating cost of units with higher carbon emission, while units with the lower one can gain emission reduction benefits. Our company is the leading level of the industry, and the quota of our company has a slight surplus. 谢谢管理层。我可以追问一个小问题，是关于碳排放交易市场。如果是政府以后把碳排放权收紧，碳价上升的话，我们会有怎么应对的？谢谢。 I will add another question. If the government strictly control the right of carbon emission trading rights, so what's the impact on our company? 我来回答一下这个问题。因为公司一直以来高度重视低碳绿色发展，一直在积极开拓这个供热市场，持续推进节能降碳，还有结构调整。全国碳市场以后配额如果逐步收紧的话，对于我们的火电资产肯定会有一定的成本上升。但是因为公司在节能降耗，包括在可再生能源发展方面也投入了很大的精力，所以我们会尽量去减缓这种对火电的影响，因为以后还是以新能源发展为主。好的，谢谢管理层，我没有其他问题。 A lot of measures will be taken to cope with the problem. We think that our company will do the transformation of our energy structure and strive to develop heating supply service. Like you said, there are some impact on our thermal coal units, but we are trying to take the measures to avoid the impact to the lowest level. And also, because later our company is in the way of develop renewable energy, we think that the impact is lower on our company. 感谢这位参会者的提问以及管理层的解答。大家好，下一位有请花旗银行的Peter Lau，有请。管理层你们好，我是刘显达，花旗银行的。我有两个问题想请教，第一个问题是有关咱们发展新能源商务的。从今年开始，新商务就是平价上网，那这样的话，想理解公司去发展那些风电光伏新的项目，咱们要求最低的回报率大概是多少？比过去那个回报率会有什么样的分别？第二个问题，我们看到最近煤价从去年四季度有些反弹，想知道管理层对今年煤炭原料成本的指引比去年改变是怎么样？谢谢。 I got two questions. The first one is about renewable energy. Because our company strive to develop the renewable energy, you have to face the policy of grid parity. So what is the impact of the policy in terms of wind and solar power? And what is the minimum return of the company in the new projects investment? My second question is about the coal price. I noticed that the market coal price bounced back sharply in the fourth quarter of 2020. So could you please talk about the outlook of unit fuel cost of the company in the year of 2021? 你好，我来回答第一个问题。公司还是要继续在以后的时间段内，继续坚定不移地大力发展清洁能源，特别是在当前电价退坡大的背景情况下，平价上网和竞争性配置将是取得新能源资源的一个主要方式。公司会采取一些审慎的投资理念，坚持投项目质量好、投资效益高且满足公司投资收益基本要求的项目。按照公司目前现行的内部的投资决策的要求来说，我们对于新能源项目投资的收益率的要求是IRR要高于7%。同时按照构建并举，重点寻找规模化、基地化的一些优质新能源项目，继续加大新能源项目的一个开发力度。谢谢。 Our company will stick to the development of clean energy. So even if we have the grid parity policy, we think that the grid parity and competitive allocation will be the new resource of getting new projects. In terms of the investment, our company will take prudent investment strategy and there is a minimum requirement for the investment. The minimum return will be 7%. And we are looking forward to transfer our energy structure and strive to develop renewable energy. 好，我来回答一下这位先生的第二个问题。今年一二月份确实是煤炭市场发生了非常大的一个变化。这种高煤价主要还是由极端天气导致需求大幅增加引起的。我们感觉这么高的煤价它是一个短期的，不是一个长期性的行为。总体上从今年全年的情况来看，按照政府工作报告所说的，今年我们国家的GDP的增速是在6%以上。 In terms of the high price, the coal price, which is mainly due to the extreme cold weather, the coal price bounced back sharply. We think that the coal price cannot maintain the high level. In general, according to the work report from the government, the national GDP of this year will be around 6%. 综合考虑国内外经济形势，我们来判断的话，今年的全社会用电量增速将达到6%到7%。但是考虑到在碳中和碳达峰双碳政策的影响下，清洁能源占比是快速提高，将抵消部分煤炭的需求增量。因此预判总体的耗煤水平比去年是一个小幅增长。 Taking into account the domestic and international economic situation, the total power consumption will grow by 6% to 7%. However, considering the impact of policies such as carbon peak carbon neutral, a high share of clean energy will offset some of the increase in coal demand. We think that the overall coal consumption will increase slightly compared with last year. 从供应方面看，迈入14th Five-Year Plan，煤炭行业去产能任务已经基本完成，先进产能继续有序释放，将使得煤炭供应维持在一个较好的水平。而且进口煤对国内煤炭的补充作用也是非常明显的。 From the supply side, entering the 14th Five-Year Plan, the task of cutting overcapacity in the coal industry has been basically completed. The continued orderly release of advanced production capacity will make the coal supply at a good level, and imported coal will play a significant role in supplementing domestic coal. 所以总体来看，2021年我国煤炭市场供需两端都将出现一定增长，但是基本面是呈现一个平衡的态势。我们感觉电煤的价格中枢将比2020年有所上移，但是具体上移多少，最终取决于我们的供给和需求两方面的具体的一些情况。 In general, both ends of China's coal market supply and demand will show a certain growth. The fundamental will show a balanced situation. Average thermal coal price will move up slightly compared to 2020. The exact price will be determined by the supply and demand side. 我在这还想说一下什么呢？公司对一二月这种高煤价非常的关注，也在积极地采取措施，全力地压降燃料的成本。主要有这么五个方面。 From this year, from January to February, we noticed that the coal price remains at a high level and the company stays focused on the coal price. 一是及时签订电煤中长期合同，这也是公司一直坚持的战略。今年合同签订的时间要早于去年，而且签订的质量也是要好于去年的。 Several measures will be taken to deal with this situation. The company first signed a long-term contract for thermal coal in time, which is one of the strategies the company has been adhering to. The time of signing the contract is earlier than last year. The quality of contract is better than last year. 第二个方面是加强电煤中长期合同的履约兑现，确保这个长协合同是刚性履约，均衡兑现，发挥好长协合同稳定市场价格，保障供应的这种作用。 Secondly, we will strengthen the fulfillment of long-term contracts, give priority to long-term coal procurement plans, reduce coal procurement in high price markets, ensure rigid fulfillment, give full play to the long-term contracts as the foundation to stabilize the market price and guarantee supply. 第三个方面的是发挥公司在进口煤采购方面的优势，提前锁定源头资源，保供稳价。 Third, our company will give full play to the advantage of imported coal procurement, lock up high quality resources in advance, ensure the supply and stabilize price. 第四个方面是发挥库存的淡储旺耗这种作用，保持库存在一个相对合理的高位水平运行，引导市场的预期。 Fourth, we will adjust inventory storage in low season and consumption in peak season, reasonably increase inventory, keep inventory at a medium and high level, guide market expectations. 第五个方面，我们依托集团公司的煤矿，也依托公司自己的港口和航运企业，发挥内部这种产业链的这种优势，来便宜煤价，保障供应。 Fifth, relying on coal mines of China Huaneng Group, our company will increase supply below the market price so as to reduce the impact on our production and operation. 完。感谢这位参会者的提问，也感谢管理层的详细解答。大家好，下面一位有请中银国际的Tony Fei，有请。各位领导好，中银国际的费云清。我有三个问题想请教。第一个是关于发电量的。刚才领导也介绍，预计今年全社会的用电量是会同比增长6%到7%。但看到公司自身发电量的指引是4,100亿千瓦时，相对来讲可能增幅就比较小一点。想问一下，我们测算的背后的依据是有哪些？第二个是关于风电。公司今年的风电的资本开支可能有313亿。想问一下，这个对应能够落在年内投产的风电机组的话，大概是多大的容量？其中会不会包括一些去年底的时候报上去并网但还没有实际商运的项目？而且其中还有包含多少的海上的风电？往前看的话，我们觉得风电除了做机组的大型化之外，还有哪些技术提升的空间可以让风电在平价时代可以做更多的装机？第三个问题是关于辅助服务的。想请教一下，我们去年火电板块实现的辅助服务的收入是多少？然后我们的新能源板块支出的辅助服务费用大概是多少？有没有这个数字可以分享？谢谢。 I got three questions. The first one is about power generation. The company just said that the total power consumption of the society will be around 6% to 7%. However, the power generation of the company estimation in the year of 2021 will be around 4,100 billion kilowatt hours, which the growth rate is lower than the total power consumption of the society. Could you please talk about the proof of this estimation? My second question is about the CapEx in terms of wind power. You just said that the CapEx will be RMB31.3 billion. Could you please talk about the newly added capacity of the wind power for this year? What is the capacity of the projects that approved from last year? And when will this kind of projects will be put into operation? And how many capacity among them are offshore wind power? And my last question is about ancillary service. Could you please talk about the income from the service in terms of thermal power? And what is the cost in terms of the renewable energy. Thank you. 你好，我先回答一下你的第一个问题。公司2021年发电量计划是4,100亿以上，同比增幅是2.8%。相比较国家的整个全社会用电量的增速应该是低到了三到四个点。 In the year of 2021, our company's total power generation will be around 410 billion kilowatt hours, increasing by 2.8% year on year. If I convert it into the total power consumption of the whole society, the growth rate will be around 3% to 4% year on year. 这个比例相对于以前的下降的点数还是正常的。其主要原因还是因为我们装机结构的原因。我们公司的装机主要在东南沿海相对比较多。在那个地方，一个是环保的压力比较大，再一个就是外来电对我们的冲击也比较大。 Comparing to the growth rate of total power consumption of the society, we think that the slightly decrease, the difference between ours and the consumption of the society, we think that the gap is normal. This is mainly due to the energy structure of our company. We think that most of our power plants are located in the coastal area of China, which is highly impact by the environmental protection and external power transmission. 第一个问题先回答到这里。我先回答一下第三个问题，关于辅助服务收入和支出的问题。2020年我们火电燃煤机组的辅助服务电费收入是10.42个亿。风电和光伏的支出是2.3个亿，总体还是处于一个盈利水平，大概是8.3个亿左右。 In terms of the ancillary services, in the year of 2020, the revenue from coal-fired units was around RMB1.0425 billion, comparing to the expenditure from wind power, it was RMB235 million, and the profit was RMB830 million. 我来回答一下建设发展的计划。2020年我们的新能源光伏，还有风电的发展，风电的话是217万，光伏是77万。今年2021年我们的光伏和风电加起来应该是834万，这么一个比例。当然我们的发展都是和经营挂钩的，所以今年建设的规划和目标肯定是不包含去年的项目。 Let me answer the second question in terms of the development of renewable energy. In the year of 2020, the capacity of solar power was 770MW. In terms of the wind power, it was 2.17GW. For the year of 2021, we think that the growth rate will be around 8.34% and the newly added capacity plan for this year doesn't include the projects of last year. 今年的落到海上风电的项目估计是246万。所以今年随着项目建设，整个风电的技术水平提高。目前我们也是和厂家共同在探讨如何提高风电效率，把这一块提上去。今年的风电投产的水平，从利用小时，从运行程度上来讲，都比去年有所好的。 In terms of the offshore wind power, for this year, the capacity will be around 2.46GW. In terms of the construction, we want to fully utilize wind power and we strive to make the wind power project profitable. We negotiate with the manufacturer key indicators including utilization rates are improved for this year. 好的，谢谢各位领导，非常清楚，我没有其他问题了。感谢您的提问，也感谢管理层的详细解答。大家好，下面一位是来自上海后山投资的王萌，有请。管理层好，我有两个问题。第一个问题就是大士能源和我们巴基斯坦的电厂2020年的净利润大概是多少，然后同比是怎么样的？第二个问题就是我们云南的雨汪和滇东2020年的经营情况怎么样，是否还需要减值？我们除了这两个电厂，这两个单位之外，其他的经营单位未来还会不会有比较大的减值？谢谢。 I got two questions. The first one is about the business performance in terms of Tuas Power and the Pakistan business. So could you please talk about the net profit of this overseas projects and the year-on-year change? My second question is about the projects in Yunnan Diandong and Yuwang, is there still a potential in terms of asset impairment, and whether other units still face the pressure of asset impairment? 那我先回答。先回答关于减值的问题。当然滇东和雨汪的这个项目，应该说在整个减值的测试过程当中，它只是其中的一个项目，公司也不会特别的区别对待。那么首先来说，公司关于减值是一直按照准则的要求，随着环境的变化，研判减值迹象，并聘请中介机构依据模型测试的结果，经审计师认可以后进行相应的处理，这个处理的原则是一贯的一致的。那至于到滇东这个项目，公司对这个项目的减值测试将会和其他的资产项目是一致的，也是按照刚才所阐述的这种准则、原则、程序、方法，在报表的过程当中给予严谨的测试，并给予投资人积极的、及时的回应。 In terms of Diandong projects, we think that this project even in terms of impairment, is in line with the other projects. I just want to talk about the principle of the asset impairment of our company. When there are signs of asset impairment, a test shall be conducted. Accordingly, our company hired professional appraisers to carry out impairment assessment work for the asset group and goodwill with the signs of impairment. In terms of the Diandong project, we think that we will in line with the test. 关于巴基斯坦这个项目，今年的税前利润总额是7.38亿元，权益利润是2.88亿元，整体的经营成果和去年基本是持平的。 In terms of Pakistan project, the gross profit before tax was some RMB138 million. The net profit attributable to the equity shareholders, equity holders was RMB288 million. 2020年，大士能源完成发电量110亿千瓦时，同比增加1.2亿千瓦时，实现税前利润1.37亿元，同比减亏增利7.12亿元。 In the year of 2020, the power generation of Tuas Power was 11.098 billion kilowatt hours, compared with the 10.976 billion kilowatt hours in the same period last year, with an increase of 122 million kilowatt hours or 1.1% year on year. 好，谢谢。感谢您的提问，也感谢管理层的解答。大家好，下面一位是来自平安证券的严佳元，有请。好的，管理层好，我是平安证券严佳元。我这边有两个小问题。第一个问题是一个数据方面的，就是看到公司公布了去年的一个煤耗数据，是291.08，这个用的是一个叫生产供电煤耗，那这到底是一个发电煤耗呢，还是说是以前的供电煤耗？因为这个数据和之前的供电煤耗好像差别比较大。那么第二个问题是公司永续债这块，因为确实公司现在的永续债大概也是接近了500亿的一个份额，它的利息费用对最后EPS的影响还是比较大。确实对我们算模型的时候还是有些困扰。那么公司未来在永续债这块的一个规划，包括继续的扩大规模，还是说进行一部分还款的话，是否有一个指引？谢谢。 I got two questions. The first one is about a figure. Because the company announced its coal consumption. The figure was 291.08 gram per kilowatt hour. So could you please talk about whether this figure is coal consumption for power supply or for power generation? Could you please talk about the difference between these two concepts? My second question is about the perpetual bond, because I noticed from the report that the total perpetual bond of the company amounts to around CNY 550 billion. So what is the interest and whether there's an impact on the profit and loss of the company? Could you please also talk about the layout about perpetual bonds, whether the company will issue more perpetual bonds or pay back the principal? 公司目前的永续产品的规模大致在480亿的水平。永续的产品平均的利率水平在4.42%，这样的话应该是对它所占有的利润有一定的指引的作用。从公司后续对永续债的产品来看的话，目前没有新的进一步的发行安排。 In terms of the scale of perpetual bond, currently our company has issued around CNY 48 billion. The interest rate of the bond is 4.42%. The perpetual bond did have some impact on the profit and loss of the company. Currently, we have no more plans about issuing more perpetual bonds. 请问这位参会者还有别的问题吗？刚才我还问了一个煤耗的问题，这个煤耗参数到底是对应的是哪一个？谢谢。我来回答一下这个问题。你说的对，就是生产供电的煤耗。这个应该是这个数据，因为去年我们的供热和供气量大幅度增加，还有燃机投产的机组，就把这些指标给拉下来了，算出来就是这个数。好的，谢谢管理层。我没有其他问题了。 In terms of the coal consumption for power supply. Yes, you are right. The figure is correct. Comparing to last year, because we got so many capacity and power generation in terms of heating supply, which results in the decrease of coal consumption of power supply. 好的，谢谢这位参会者的提问，也谢谢管理层的解答。大家好，下面一位提问者是来自华泰证券的王伟佳。有请。管理层你好，我这边有两个问题。第一个，跟火电和新能源业务板块的收入和利润的相关财务数据，你能不能可以给我们分享一下？第二个我是想问一下，整体因为今年是电力的第一年，我们也看到碳配额的分配的指标上面有一个调整的系数，所以我们就没有办法根据那个参数算出来每一个公司，或者说是电厂层面的具体的额度。知道公司现在有没有掌握，比方说以我们公司的火电项目为例，整体的额度大概是一个什么样的情况？然后也想问一下，因为其实过去几年的话，我们试点交易的排放企业也有大概13到14个电厂涉及过。那当时的话，这些火电的项目和我们公司的新能源，我不知道之前有没有这种CCER的额度，或者未来会不会有，就整体内部线下的碳配额交易，我们是以集团层面为单位的，还是以上市公司层面为单位的？主要是这两个问题。然后还有一个小问题，就是之前提的那个IRR的指标，我想确认一下它是资产的还是净资产的IRR。谢谢领导。 I got three questions. Could you please break down the revenue and net profit into different energy sectors such as thermal power and renewable energy? My second question is about the carbon emission allocation because we want to calculate the quota of this allocation of the company's power plants. However, in the past, we can't separate the quota from the overall data. So could you please talk about the quota of the company in this year and whether we participate in this trading is in the level of Huaneng Power International or China Huaneng Group? We noticed that there are pilot trading from 13 to 14 power plants. My last question is about the IRR. So could you please talk about whether this IRR is in terms of net asset or the total asset? 关于分部的收入和利润，风电2020年是66.74亿的营业收入，光伏是15.64亿的营业收入。 In terms of the wind power for the year of 2020, the revenue was CNY 6.674 billion. In terms of solar, the revenue was CNY 1.564 billion. 考虑到减值报废等因素还原以后的一个适宜性的净利润，风电是23.11亿，光伏是4.84亿。 If we exclude asset impairment, the net profit of wind power was CNY 2.311 billion. 我来回答您的第二个问题。您刚刚提到全国碳市场碳配额分配，它现在碳配额分配这个制度是分配到机组，所以说我们肯定是对每一台机组都进行了一个测算。但是这个具体的数据，因为要涉及到接下来的交易，这个确实是没有公布，但是我们都有测算。刚才我也提到了，我们有大概是四分之一的机组是相当于是缺配额的，大概是四分之三是盈余的。所以说整体上公司配额是盈余的，只能说是2019到2020年这个履约年度是盈余的。然后第二个问题就是你提到的试点地区这些，它当时是有一个CCER，因为减排量抵消它是2017年3月国家就暂停了，一直在改革中，所以说这块的量我们还没法预估。试点地区当时交易的量也都是一些存量。然后您提到的第三个问题就是履约主体。这个履约主体是法人单位或者是独立核算单位，它分配配额是分到机组，最终你履约就相当于法人单位，不是公司整体。好，谢谢。 In terms of the carbon trading allocation, the quota will be allocated to the exact units. It's not a company. So in terms of the trading for the year of 2019 to 2020, 25% of our company's units is not adequate with the quotas and the 75% of our coal fire units, the quota was surplus. And in terms of the second question, because there was reform in March 2017. So basically, we don't have figures by hand in the pilot projects. And we think that even if the allocation is distributed to the units, we still think that the participant is the company, it's not the unit itself. 你好，我再回答一下第三个问题，就我们刚刚提到的那个IRR，是指的项目的全投资内部收益率。谢谢。 In terms of the IRR, the IRR is into the whole investment. 谢谢管理层，我能不能问一下，去年火电和风光相可比的利润总额的数字大概是多少？ I got one more question in terms of the gross profit, in terms of wind power and solar power. 和刚才相同的口径，也就是还原了减值报废等因素以后，煤电的利润总额是84，气电的利润总额是7.6。 If I recovered the impact of asset impairment in terms of the gas unit, the gross profit was CNY 760 million. In terms of the coal units, it was CNY 8.4 billion. 好，谢谢各位领导。感谢您的提问，也感谢管理层的解答。大家好，下面一位提问者是来自长江证券的于倩，有请。管理层好，我这边的问题可能前面的各位投资者也大概问了一些，我这边主要是还有两个小的问题，一个就是2020年公司供热的收入是多少，然后2019年同期的这个数字是多少？那第二个问题就是未来的话，水电跟核电项目预计会不会，从公司这边层面了解，预计会不会被纳入这个CCER的交易里面？主要是这两个小问题，谢谢管理层。 I got two small questions. The first one is about the heating supply. Could you please talk about the revenue of heating supply in terms of the year of 2019 and 2020? My second question is about the nuclear and the hydropower. So will the company's projects included in the CCER projects? Thank you. 2019年的供热收入是CNY109.99亿，2020年是CNY119.45亿。 For the year of 2019, the revenue was CNY 10.999 billion. For the year of 2020, it was CNY 11.945 billion. 我来回答您的第二个问题。您刚才提到水电、核电会不会纳入CCER。因为刚才咱们也提到了，CCER这个制度正在改革。但是根据我们的推断，包括试点地区，包括全球的碳市场，水电跟核电现在在资源减排项目这块不是特别受欢迎的，主要的还是风电、光伏为主。所以我们判断可能改革之后，重启之后，初期应该不会纳入水电和核电。远期就不太好判断了。 The second question is in terms of whether the hydropower and nuclear power will be included in the CCER. Because there are reforms in the past years, even if there are some pilot projects within China. However, we think that nuclear power and hydropower won't be included in the project because solar and photovoltaic is more popular to join this project. 好的，谢谢关先生，我没有其他问题。好的，谢谢您的提问。大家好，下面一位是来自摩根士丹利的李浩然。请。谢谢关礼强。我有两个财务的问题。第一个是关于我们的美股的净资产。我当然留意到公司其实今年是有利润的，但是公司公告的美股的净资产呢，$5.19是下跌的。所以我想问一下，为什么美股的净资产会下跌？第一个问题。好，第二个问题是，我看到大势那边确实有一个比较大幅的利润的反弹，所以可以跟我们分享一下这个原因，然后判断今年的走势。谢谢。 I got two questions. The first question is about the book value per share. I noticed that there is a significant decrease in the book value per share. So could you please talk about the reason for that? My second question is about the business performance in Tuas Power. I noticed that there is a huge recovery in the Tuas Power business. So is there any reason and could you share your achievements in terms of the performance and the operation of Tuas Power? 我先回答第二个问题。2020年大士能源税前利润大幅增加的主要原因有四个方面，一是新加坡发电市场的经营环境，包括电力市场和CNG市场都出现好转。大士电厂的单位售电边际贡献同比增加约19元每千千瓦时，增加利润2亿元。 The main reason for the increase of pre-tax profit of Tuas Power, four reasons. The first one is about the marginal contribution of unit power sales increased by about CNY19 per megawatt-hour compared with the same period last year. 第二点是公司持续优化大士能源的融资结构和市场利率下降，利息费用同比节约约1.5亿元。 The second question is that the company continued to optimize financing structure and there is an interest rate cut in Singapore market, which reduced the interest fee about CNY 154 million. 第三点，大士电厂继续保持较高的机组可靠性水平，2020年逐额取得新加坡能源市场管理局给予的机组可靠性奖励1.5亿元。 The third reason is that maintaining the high reliability of the units and obtaining the MDRS from the Energy Authority of Singapore in full, increasing the revenue by about CNY 147 million. 第四点，2020年2月公司在境外成功发行6亿美元债券，年末大士能源美元债汇兑收益2.32亿元。 In February 2020, USD 600 million bonds were issued with a bond exchange revenue of CNY 232 million. 我来回答刚才关于净资产的这个问题。首先更大的层面是在H股的报告上能够体现出来。2020年公司考虑到盈利的增加，同时2020年度的分红以及永续债占有17亿期的分红，再有加上永续债本身规模从250亿增加到480亿这个综合的影响，所以可以从报表明细里面做一个加减，和17亿期的永续债所占的税后的优先分红来考虑这个问题。 Let me answer the second question in terms of the net asset of the company in the year of 2020, because our company's net profit increased and among the total net profit, the perpetual bond accounts for around CNY 1.77 billion's dividend payout, and the scale of perpetual bond increased from CNY 25 billion to CNY 48 billion. If we take into consideration the perpetual bond, because the perpetual bond has priority in the dividend payout 好，谢谢管理层。感谢您的提问。非常感谢各位参会者的积极提问以及管理层的详细解答。由于时间的关系，我们将邀请最后一条问题。最后一位提问者是来自中信证券的李响，有请。各位管理层好，我是中信证券的李响。我这边大概有两个小问题，第一个小问题还是煤炭的一个细节上的问一下，就是我们去年煤炭这一块，发电这一块的入炉煤价大概在一个什么样的水平？2020年跟2019年相比的话，大概变动的一个百分比大概是个多少？这是第一个问题。第二个问题还是接着前面的这个投资人提的这个问题，就是我们每年大概500多亿的一个资本支出，那么对应着这个14th Five-Year Plan的话，算下来的话，整体上来看，我们就是这五年时间里大概就要有接近3,000亿的资本支出的规模。那么我们的这个如何为这3,000亿的资本支出提供资金的一个保障？想请教一下这两个小问题。 I got two questions. The first one is still about the coal price. Could you please talk about in the last year, in terms of the power generation, can the management provide the coal price as fired and the percentage? My second question is about the CapEx. You just told that the CapEx is around CNY55 billion per year, and during the 14th Five-Year Plan, the total CapEx will be CNY300 billion. So how could the company get financial support to base such huge CapEx amount? 首先是入炉煤的标煤单价的问题。从两年对比的情况来看，2019年入炉煤的除税标煤单价是696.70元每吨。 Let me answer the first question in terms of the coal price as fired. In the year of 2019, the standard coal price after tax was CNY 696.7 per ton. 2020年是648.08元每吨。 For the year of 2020, it was CNY 648.08 per ton. 降幅是6.98%。 With a year on year decrease of 6.98% year on year. 14th Five-Year Plan发展的资金支持，公司自有的资金情况应该是两个部分，第一个部分是公司的自有资金，第二个是负债的情况。第一个自有资金，各位投资人能够看到，2020年公司的经营净现金流入是420个亿。 In terms of the second question about the capital support during the 14th Five-Year Plan, we can divide it into two parts: the self capital and the liability. In the year of 2020, the cash flow operation of the company is CNY 42 billion. 在正常的生产经营情况下，预计2021年应当会有所增长。 Under the circumstances of normal operation, we believe that the cash flow will be increased in the year of 2021. 这将构成公司权益资金的主要来源。 Which will construct the source of our equity capital. 在这个基础上，公司增加适当的杠杆，总体可以满足十四五的资本支出需求。 Based on the current situation, plus with the leverage, we think that we can get a capital support during the 14th Five-Year Plan period. 谢谢各位的提问，也感谢各位管理层的解答。 Thank you so much for all 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 like to give us a summary. 非常感谢各位来参加公司的电话会议，也非常感谢各位一直以来给予公司的大力支持和关注。今天的会就到此结束，如果有下一步还有进一步的问题，也欢迎大家与我们公司的投资者关系处联系。好，谢谢大家。 Thank you for your participation in the company's conference call. Thank you for your strong support and continuous attention to the company. This is the end of today's meeting. If you have any further questions, please contact our investor relations department after the meeting. Thank you very much. Have a nice day. 再次感谢各位出席华能国际电力股份有限公司2020年年度业绩发布会，我们期待下一次业绩时再见。 Thanks again for your attendance of the conference call regarding the annual results announcement of 2020. We are looking forward to meeting with all of you in our next results announcement. Thank you.