Earnings Call: Q1 2010

Apr 21, 2010

Earnings release

Good afternoon, ladies and gentlemen. On behalf of Huaneng Power International, I would like to welcome you all to the conference call regarding the first quarter results announcement of 2010 of the company. Now may I introduce the management representing the company today. They are the President of the company, Liu Guoyue, the Vice President of the company, Mr. Gu Biquan, the Chief Accountant of the company, Ms. Zhou Hui. Apart from the core management, the representatives for the Department of Engineering, Marketing, Fuel, Finance, Securities, and various offices are going with us in this meeting. First of all, Mr. Liu will give the business performance with us, followed by a Q&A session. May I now invite the President, Mr. Liu, to present a business review to us. Thank you, Mr. Liu. 好，谢谢主持人。女士们、先生们，大家下午好。欢迎大家参加华能国际的电视电话会议。我先简要地向各位介绍一下刚刚公布的2010年度一季度的经营业绩。 Ladies and gentlemen, good afternoon. Welcome to attend our conference call. First, I give a brief introduction to our first quarter results of 2010. 按照中国会计制度计算，2010年第一季度公司实现合并营业收入243.39亿人民币，同比增长38.73%。归属于本公司股东的净利润9.53亿人民币，同比增长40.9%，每股盈利为人民币0.08元。公司境内各机运营电厂累计完成发电量585.78亿千瓦时，同比增长了40.06%。 Under the GAAP accounting standard for the first quarter of 2010, the company realized consolidated operating revenue of CNY 24.339 billion, increasing by 38.73% year-on-year. The net profit attributable to shareholders of the company amounted to CNY 953 million, increasing by 40.9% year-on-year. The EPS for us was CNY 0.08. The total domestic power generation of the company for first quarter was 58.578 billion kilowatt hours, increasing by 40.06% year-on-year. 2010年度第一季度，公司销量、收入、归属于股东的净利润均比2009年一季度有不同程度的增长。公司发电量的增长，一方面来自新投机组的电量贡献，另一方面主要是由于一季度全社会用电负荷较去年有较大增长，而去年同期受国际金融危机的影响，用电负荷低迷，发电量基数较小。另外，公司售电单位燃料成本较去年同期增长12.6%，公司在燃料价格控制方面面临较大的经营压力。 For the first quarter of 2010, the power generation operating revenue and the net profit attributable to shareholders of the company realized growth compared with those of the same period last year. The increase in power generation was mainly due to our newly operated generating units on one hand, and the greater increase in electricity utilization nationwide in the first quarter this year on the other hand, while the base number of the power generation was relatively lower because there had been a low demand for electricity under the impact of the global financial crisis during the same period last year. Also the mean fuel cost for power generation showed for the first quarter this year increased by 12.6% year-on-year. Thus, our company is demonstrating in controlling the fuel price. 展望全年，公司有信心把握机遇、克服困难，确保在生产经营等各方面完成全年的目标，为全体股东带来持续稳定增长的回报。 Looking forward to the whole year, the company is confident in realizing the whole year's operational objectives by grasping opportunities and overcoming difficulties to realize sustainable, stable and growing returns to our shareholders. 接下来我和我的同事愿意回答各位的问题，谢谢大家。 Next, we come to the Q&A and we are glad to answer your questions. Thank you. [Foreign language] Thank you, Mr. Liu. Here we come to the Q&A section. [Foreign language] Please state your name and your representing company before you raise your question. [Foreign language] May I invite the first question, please? 谢谢。问答时间现在开始。请在电话机上按01提问问题。当我们读出你的名字后，可以发问。如果你需要取消发问，请按02。Please press 01 to ask question. When we announce your name, please ask your question. Please press 02 to cancel the question. 现在第一个提问是。喂，能听到吗？能听到，请提问吧。大家好，我是中信证券的吴飞。想请问一下，我们一季度目前的到港标煤价格情况，能否和去年全年以及去年一季度做一个对比？谢谢。 From CITIC Securities Wu Fei. I have a question that could you please introduce the standard coal price for the first quarter and the comparison with that of last year? 一季度的不含税标煤价格是¥785.16。去年同期是¥676.56，同比增长了16.05%。 For the first quarter, the standard coal price for us is CNY 785.16 per ton. This is not including the tax. For first quarter of last year, this figure is CNY 676.56 per ton. It is increasing about 16.05% compared to that of last year. 管理层能否介绍一下我们一季度合同煤的情况，就是说整个总的耗煤量，然后合同煤的占比以及合同煤兑现率的情况，谢谢。我们来来往往的供需。 Could you please talk about the contract coal price for your first quarter, also the amount and the ratio and the fulfillment rate of the contract coal? 一季度的供应总量是2720万吨。 The total coal purchase for the first quarter was 27.2 million tons. 重点合同的兑现率是85.7%。 The fulfillment rate for the coal contract was 85.7%. 重点合同量是1527万。 Among the coal purchase for the first quarter, about 15.27 million tons coming from the key contract. 能否介绍一下合同煤一季度的原煤的均价，以及市场煤采购的均价，谢谢。 Could you talk about the raw coal price for the first quarter? 重点合同的煤价是568块03分，市场煤价是678块6毛7。 For the key contract coal price, it was CNY 568.03 per ton. For the spot market price, it was CNY 648.57 per ton. 好，谢谢管理层。 [Foreign language] The next question is from BOCI, Peter Yao. 管理层你们好，中银国际。我想问一下，一季度和去年四季度环比比较，我们的经营费用其实是有所下降的，能不能谈一下这个原因是多少？ I'm coming from BOCI. Please talk about the expenses for the first quarter of this year because we can see that of the first quarter decreased compared to the fourth quarter of last year. 这个属于主要就是原材料。今年第一季度的计位的燃料费用是140.94亿。 The first quarter of this year, the domestic fuel expense was CNY 14.094 billion. 去年第四季度的燃料费用计入的是CNY 121.01亿。 For that of fourth quarter of last year, it was CNY 12.101 billion. 折旧费用今年第一季度的是CNY 24.08亿。 For the depreciation expense for first quarter of this year was CNY 2.408 billion. 去年第四季度是CNY 21.91亿。 For that of the fourth quarter of last year was CNY 2.091 billion. 财务费用的话，今年第一季度计入的是CNY 10.53亿。 For the financial expenses of the domestic business for the first quarter of this year was CNY 1.053 billion. 去年是8.65亿。 For that of last year was CNY 855 million. 这几个费用都是增加的，原因一个是规模的扩大，一个是燃料价格的上涨。 OK, all of these expenses are increasing because of the fuel increase and the price increase of the coal. 你刚才提到今年第一季度费用比去年同期要低，环比下降，我还不太知道你的问题。 Yes, do not get your idea about the quarterly increase. [Foreign language] The next question is from Hillhouse Capital, Lin Zhenyao. 冠宇总，你好，谢谢。我主要是想关心一下，当然也是今年的议题，在过去几年的话，我们主要的四大费用，包括折旧、原材料、维修和人员，这个other的成本增加得很快，尤其是从其他方面增加很快，想了解一下这方面的增加主要是什么原因？好，谢谢。 Well, we can see that for the past few years, your expenses for the section of others are increasing a lot. Please talk about the detail of this section and also the reason for the increase. 这个其他呢，一个是由于规模扩大，去年我们新投产了583万千瓦的容量，所以总的这个其他费用也增加。最主要的原因是由于大输电的零售业务，零售业务所发生的费用都搁在其他里头。 The reason mainly attributable to the fuel increase for our company. For last year, we have added a new capacity about 5,830 megawatts, and this expense was included in the other section. Also the major reason for this is the adding of the power retail expenses. 谢谢。如果您需要提问，请在您的电话机上按 01. If you have any question, please press 01 on your telephone keypad now. The next question is from David Chen from China Asset Management. 冠宇总，你好，我是华夏基金的。我想问几个关于未来的一些问题。第一个是关于火电方面，我想问一下未来我们火电的装机大概是什么样一个规划？后面会是以三大央企为主，还是以新增为主？第二个是我想问一下，我们未来在煤矿方面，我们会有怎么样的一些动作，大概会有多大的投入，可能会想达到多大的产量？第三个是我想问一下，咱们华能目前在风电上大概有多少的装机和发电量，未来几年准备每年新增大概有多少的风电的装机？最后一个问题是跟第三个问题联系在一起的，想问一下风电目前的盈利状况大概怎么样？谢谢。 Well, I have four questions. The first is please talk about your future plan for the coal-fired power capacity increase, and if this is coming from shutting small units and increasing the large units, or just the pure newly added capacity. The second one is please talk about the future coal mine investment and also the capacity plan for the future. The third is please talk about the wind power capacity and also the wind power generation for your company. The fourth is about the profitability of your wind power capacity. 我来回答一下这个问题，因为你讲的未来，我们只能说从公司近两年的发展目标上看，我们华能国际作为一个以火电为主的上市发电公司，我们主要的核心的市场还是在火电的建设。我们的目标是力争到2010年底，总装机规模能够达到6000万千瓦。 I will talk about the future plan. Also, for the following two years, we are concentrating on the coal-fired assets increase. By the end of this year, our total capacity will be 50 gigawatts. 在煤炭的产量方面，我们一方面是主要还是依靠华能集团，这个参控股的一个煤炭企业，给华能国际来供煤炭。另一方面，我们也和山西省的国有企业搞了两个合资的公司，来开发和生产煤炭。 The coal investment, one that we have the coal supply support from our parent company China Huaneng Group. The other aspect coming from the joint venture established by the company and some state-owned companies in Shanxi Province. 今年我们也是计划了，通过华能集团和华能国际本身参股的煤矿，能够提供超过10%以上的煤炭的自有供应。 For this year, our target is the self supply of the coal will be about 10% of our total coal consumption coming from ourselves and the China Huaneng Group. 关于风电新能源的建设，华能目前有两座风电厂，运行的容量是15万千瓦。目前正在开工建设的有近100万的风电的规模。 About the wind power, currently we have two wind power plants under operation with capacity about 150 megawatts. Also we have 1,000 megawatts capacity under construction. 从公司今年两个风电厂的运营情况看，一个在江苏，一个在河北，应该说一季度的都是盈利的。 For the company, the two wind power plants, one located in Jiangsu province and one located in Hebei province, they both get profit. [Foreign language] The next question is Michelle Tan from UBS. 管理层你们好，想问一下今年第一季度从大士能源拿到的收入和燃料成本以及利润大概是多少？跟去年同期比是怎么样的一个情况？谢谢。 Well, for the first quarter, if you talk about the Tuas Power, the revenue, the profit, and its fuel cost. 大士能源应该说一季度取得了一个很好的经营业绩。一方面也是因为今年一季度新加坡电力市场的需求增长比较强劲。一季度新加坡全国的发电量同比上升了14%。一个是因为金融危机影响的逐步消除，新加坡的经济逐步地回升；第二个原因也是因为二月份天气比较反常，降水量是40年以来最低的一年。那么就大士来说，因为我们基础性很好，所以我们发电量的增长高于新加坡全国电量的增长。我们的大士能源的电量增长27.2%，营业收入达到了35亿人民币，增长了68.7%，利润总额2.33亿，净利润1.92亿。 Well, for the first quarter, we can see that the Tuas Power made a good contribution to our results for first quarter. Because of the stronger demand in the power market and with increasing growth rate of 14% for the national increased growth rate. This is mainly because of the recovery of Singapore's economy and also the bad weather for Singapore. For our generation unit, it increased with the large fuel and good technical indicator. So we had about 27.2% increase for the first quarter. For the first quarter, revenue of the Tuas Power is CNY 3.5 billion, increasing about 68.7%. The profit was CNY 0.192 billion. [Foreign language] Please press 01 on your telephone keypad if would like to ask a question. The next question is Chen Junhua from CICC. 管理层你们好，我是CICC陈俊华。我有一个问题就是，第一季度我们的电量特别的好，而且由此导致煤炭的需求量也达到了2700万吨。那这样判断下来，我们全年的电量的情况是否会超出年前的一个计划，最终煤量也会超出年初计划的8400万吨这样一个情况？管理层对全年的电量状况是怎么样看待的？谢谢。 My question is, we can say that the first quarter you made a good power generating increase in it. Also we can say that the coal demand is 27 million tons. Does that mean that the whole year's power generation will exceed your estimation at the early stage of this year? Also, the coal consumption for the whole year will be larger than the 84 million tons. 对，一季度的发电量确实比预计的要有比较大的增长。一方面是电量有了实际较大的增长，另外一方面去年的同期电量比较低、发电比较低，这是我觉得是两个方面的原因。那公司也从今年一季度的实际发电情况看，我们也结合一季度占全年的比例数，我们也认为今年的发电量比原来的计划可能会有百分之几以上的一个调增。对应的我们在发电量的安排上，在煤量的供应上都做了调增计划的安排。 Well, surely we have made a great increase in the profit in the first quarter. This was mainly due to the actual power generation increase, and also because of the lower base of that period of last year. According to the first quarter power generation, we believe that the whole year's figure will be about 5% higher than the estimation at the earlier stage of this year. Also we have adjusted the whole consumption for whole year's estimation. [Foreign language] If you have any question to the speakers, please press 1 on your telephone keypad now. The next question is Michelle Tan from UBS. 您好，还有一个问题想问一下，我们的借款里面有多少是浮动利率，有多少是固定利率？也就是说，如果说央行调高贷款利率的话，我们大概会受到多大的影响？谢谢。 Please talk about your loan, how much is floating rate and how much is fixed rate for the interest. If the central bank rise the interest rate, what is the impact on your company? 我们现在从国内的贷款来说，应该说是在一年内都是固定利率。那么如果说在当时随着人民银行利率调整，只要贷款满一年，那么都有相应的跟着调整。所以国内这一块基本上应该说是不固定的。 For the domestic loans, for the loans within one year, it was fixed in terms of the interest rate, and the bank will adjust the interest rate every year according to the national benchmark. 国内除了贷款以外，还有一部分我们自己发行的一年期的短期融资券，或者是我们有五年期、十年期、七年期的公司债，这个利率都是固定的。那么从境外来说，目前我们新加坡大士能源的利率，到目前为止全部是浮动利率。 Well, besides the borrowing from bank, we also issued some debentures and some corporate bonds with different terms. This interest was fixed. For the overseas market, Tuas Power in Singapore, the interest for that was fluctuating. 利率的上升对公司盈利的影响，我们是按照每一次调整，假如说27个基点的话，影响税前利润是CNY 2亿元。 Well, in terms of the impact of the interest rate hike, about every 27 basis point adjustment will make an impact on our profit before tax CNY 200 million. [Foreign language] The next question is from Tian Jian, Changsheng. 管理层您好，我是来自长盛基金的田坚。我这里有两个问题想问您一下，一个就是说现在咱们公司分区域的电厂，现在的存煤的库存情况以及可使用天数。就是现在随着用煤量的一个季节淡季的到来，以及西南旱情的一个缓解，咱们库存的天数是不是有所加长？这是一个问题。第二个问题就是，在一季度咱们整个的业绩中，受整个旱情的影响大概有多大？因为旱情是影响两方面的，一方面它影响咱们电量的上升，另一方面也会影响现货煤炭价格的上涨。就是说在这两方面的因素中，最终对利润是一个向上的贡献，还是向下的贡献？以及咱们那个重点合同煤的价格，刚才您也提到了，这个价格是一个全年不变的情况，还是说会随着现货煤的价格还是会有一个调整？谢谢。 Actually I have three questions. The first is, please talk about your inventory for different power plants. We can see that as the release of the drought of the western provinces in China, does that make your inventory days longer than the normal days? Secondly, what does the drought impact on your profit the first quarter? Is that good or bad news for that? The third one is, please talk about your contract price. Is that fixed or will be adjusted according to the spot market price? 当年我们公司的库存煤量是410万吨。 Currently, the company's total inventory of coal is 4.1 million tons. 根据我们当前的耗量平均测算的话，可能的天数是13天，这个天数应该说基本上是安全的。 Well, in the calculation, the average days for the inventory for us is about 13 days, and this is in the normal days. 关于天气季节对煤炭供应和成本的影响，从一般规律来讲没有直接的影响，但是由于旱季区域性特点比较强，有一部分区域会受到一定的影响，主要是对煤炭生产和运出的影响，但是其他区域的影响就不是很大。 Well, we believe that the weather condition does not directly impact the company's operation, and maybe there are some location impact in terms of the production of the coal and the transportation. 总的来看，天气干旱之后，供热需要比较多，那么对我们的收益来讲，应该说还是看好的。关于重点合同的价格，目前我们签订的重点合同价格全年是稳定的价格。 Of the drought, this will increase the power load for the national electricity utilization, and this is good news for the power plants. For the contract coal price we have signed, this price is fixed through the whole year. 没了。谢谢。下一个请问是 Nathan Yao from Hillhouse Capital. The next question is Nathan Yao from Hillhouse Capital. 高瓴资本的姚乃圣要请问这几个问题：一个是说咱们的利用小时数，第一季度环比和同比大概是怎么样？第一季度环比同比如何？另外一个就是说咱们这个煤耗，一季度和去年相比又怎么样？第三个问题就是请教一下，在未来的投资的话，比如说以60万千瓦或者是100万千瓦这个机组的话，大概是每千瓦的成本是多少？第四点就是咱们在价格方面，跟同类标杆价格相比，大概是怎么样的？是高还是低，高出多少？谢谢。 Actually, I have four questions. The first is about your utilization hours for the first quarter, also the comparison for the year-on-year quarter. The second is, what is your coal cost for the first quarter? The third one is, in terms of the 600 and the 1,000 megawatt generation units, what is the cost for this generation unit? The fourth one is, you talk about your power tariff. Is that higher or lower than the standard tariff? 228。对啊，股份公司一季度利用小时同比上升了228个小时。环比去年四季度略有点下降，大概是10个小时左右。这是利用小时的情况。煤耗今年一季度应该说大幅下降了将近5克/度，4. 几克。主要是一个是季节，冬天、冬季火电的效率比较高；第二就是一些大机组，新投产的一些大机组发挥了很好的作用。第三个问题就是投资的造价。现在公司从60万到100万这个等级，差不多临界看，这个造价应该说基本上每个千瓦造价不高于4,000块钱。热电联产的机组由于相对容量少一些，加上它配套一些热力的一些管网设施，这个是4,000多一点，这是一个造价的情况。目前公司的电价总体来说，和其他的同行业比，基本持平，可能略微的高一点，大概是这么一个情况。 For the utilization hour, it increased about 228 hours year on year, and decreased about 10 hours compared to that of the fourth quarter last year. For the second question, for the coal consumption is about less than 5 kilograms decrease compared to that of last year. The third one is for the construction cost for the 600 and 1,000 megawatt generation units. The cost is less than CNY 4,000 per kilowatt hour. For the coal generation unit, it may be a little bit higher than CNY 4,000 per kilowatt hour. For the power tariff, power tariff level is in line with the industry level, maybe a little bit higher than that average level. 谢谢。如果您需要提问，请在您的电话机上按 01. If you have any question to the speakers, please press 01 on your telephone keypad now. 下一个提问是 BOCI 的 Peter Yao. The next question is from Peter Yao from BOCI. 管理层你们好，我有个跟进的问题，就是看到一季同比和环比的毛利率都有所下降，那么公司觉得今年上调火电定价的机会高不高？如果要上调的话，要恢复到像09年这个水平，在现在的煤价应该要调多少的火电电价呢？谢谢。 Well, my following question about your margin. We can see that your margin for the first quarter and the quarter-on-quarter and year-on-year decrease. Please talk about the possibility of the tariff hike and if that does happen, how much do you think the extent of the power tariff hike will make you come back to the profitability of that of 2009? 今年从年初，煤炭长期合同进货价格涨幅达到了8%，超过了原来的煤电联动5%的门槛，他们启动了煤电联动的政策。所以我们也希望煤电联动政策今年能够得到推进。近期国家发改委关于电价的，我们也听到了一些好的消息，但目前还没有实质性的计划。 Well, we can see that for the contract we have signed, the cost has increased about 8%, which is higher than the 5% which was the trigger of the implementation of the pass-through mechanism. For our company, we hope that this will be happening in this year. But currently, we have no substantial signs for the hike of the power tariff. [Foreign language] The next question is from Mr. Yao from Hillhouse Capital. 是我的，姚乃圣从高瓴资本。刚才您谈到价格，咱们价格和行业平均差不多持平，但是略微高一些。能不能具体谈一下，哪些省的高一些，哪些机组，为什么会高一些？谢谢。 Please talk about your power tariff. In which provinces or regions your power tariff is higher than the national average? 总体高是因为华能国际的电厂大部分分布在沿海的经济开发区，在结构上高，这是一个原因。另外一个原因就是华能国际的电厂在脱硫上，因为我们电厂都全部装了脱硫。 This was mainly due to the Huaneng power plants, most of them located in the coastal regions, that makes higher tariffs. We have equipped all our power plants with the FGD, so the tariffs is correspondingly higher. [Foreign language] If you have any question, please press 01 on your telephone keypad now. [Foreign language] Please press 01 on your telephone keypad if you would like to ask question. The next question is from Wu Fei from CITIC Securities. 管理层大家好，想请问一个跟进的问题，能否介绍一下我们一季度国内和海外的成本构成的情况？另外想请问一下，刚才提到一个大输暖的情况，能否介绍一下公司建立抵御这个新业务的情况？谢谢。 I have two following questions. The first is please talk about your cost structure for your domestic and overseas business for the first quarter and the net profit from Tuas Power. 我先回答你第一个问题，关于成本结构。国内电厂，我们目前燃料一季度占到了总成本的47.16%，维修2.16%，折旧13.18%，人工成本2.96%，其他4.54%。 First, I took the domestic cost structure. Among the total costs, the fuel costs amounted to 77.15%, for the maintenance, about 2.15%, and the depreciation, about 13.18%. For the wages and salaries, about 2.96% and others 4.54%. 境外燃料占了90.78%，煤气0.71%，折旧6.3%，人工1.82%，其他0.06。 For overseas business, the cost structure is following: the fuel cost about 90.78%, for the maintenance 0.71%, for depreciation 6.53%, for wages and salaries 1.82% and for others 0.06%. 第二个问题就是关于中新电力的这个情况，实际上我刚才在介绍大士能源的时候，最后所讲的利润总额和净利润，这就是合并以后的中新电力的情况。 Well, actually for SinoSing Power's profit announcement right now, this is the consolidated of the company. 因为我们去年9月份的过桥贷款到期以后，我们重新进行了再融资，而且同时进行了一个公司架构的重组。所以现在原来在中新电力层面的贷款，目前已经全部切换到了大士能源层面上，所以现在这个业绩是合在一起的。 Because of the expiration of the bridge loan of September last year, we have undertaken a restructuring of that company. Currently the figures for the two companies are consolidated in one. 谢谢。下一个问题是 UBS 的 Michelle Tan. The next question is from Michelle Tan from UBS. 喂，王总您好，刚才想跟进一个问题，国内燃料刚才占比的国内总成本和境外总成本的系数大概是多少？然后还有就想询问一下，在新加坡我们新投资的那个Tembusu电厂的情况能再介绍一下吗？包括它的一季的盈利贡献回报情况，谢谢。 Well, following questions about, please talk about the actual figure for the fuel cost for your domestic business and overseas business. Also, please talk about your Tuas Power Tembusu project progress. 境内的燃料是7.16，境外是90.78。 Well, this figure was 77.16% for domestic business and 90.78% for overseas business. 新加坡中新电力的Tembusu新项目，按照目前我们的测算，在股本和债务比例25/75的情况下，回报率能够达到13%。这个项目已经于2009年的11月11号开工了。 Well, according to our calculation for the Tembusu project return on project based on the 25% of the capital, the IRR will can be reaching 13%. This project was starting up construction on September 2009. 根据目前用户的逐渐的申请和用户签订合同，我们这个项目也计划在2012年的三季度。 With the agreement signed with the client, we estimate that this project will be in operation in 2012. 我想再接着问一下，刚才那个成本结构的总成本是基于什么数字？就是想知道77.17%是在什么程度上的77.17%，是那个总成本还是？成本合计数。我现在就回答她的问题，因为这个报表上能够看到我们营业成本总额是CNY 214.17亿，这里面其中境外是CNY 31.52亿。 Well, I would answer the following question: for the total cost for the 214.17 billion CNY, and among these for the overseas cost was 31.5 billion CNY. [Foreign language] The next question is from Nathan Yao, from Hillhouse Capital. 王总，刚才问了一下这个收购姚乃圣那个高瓴资本。想问一下，未来的话，我们有没有打算从总公司那边盘一些新的机组过来，新的厂子过来？然后就是说我们对未来的估计，比如10年、11年和12年这三年，我们新增的产能大概是怎么样的？当然就是说，我们这些从外面，从董明珠也好，从其他渠道买过来一些资产，跟我们自建资产的每兆瓦的成本相比大概是怎么样？好，谢谢。 I have three questions. The first is, do you have a plan to buy assets or power generation units in your current company in the future? The second is, in the following three years, what is your capacity growth plan? The third one is, could you compare the asset acquired cost with your own asset cost? 目前还没有具体的从其他公司或其他发电公司收购项目的计划。 The first question is, currently there is no such kind of plan. 因为我们收购资产必须要达到，应该要符合公司的发展战略，要达到公司目前的收益率，这是两个基本的原则。 Well, because our requirement for the asset acquisition is: the first is to meet our strategy, and the second is to meet our requirement for the return. 从开发上看来，应该说自己开发建设，应该是从控制成本、提高效益来讲，可能把握更大，但需要时间比较长。收购项目主要是体现在快，但收购项目可能从经营业绩上看，可能有的会比自己建的差一些，这两个各有利弊。 For the self-construction, maybe it takes a long time, but it can easily control cost. For acquiring the assets, it may take a short time, but the cost cannot be controlled. 公司在10年和11年的这两年，包括12年，我们这三年的每年计划安排都有400万左右的新机投产。 For the following three years, our capacity growth plan is about 4,000 megawatts for each year. 知道了。 [Foreign language] Put 01 on your telephone keypad if you would like to ask a question. [Foreign language] The next question is from Mingfei from CITIC Securities. 管理层，我还有一个问题，想请问一下我们一季度的投资收益构成，以及和去年同期相比这个情况，谢谢。 I have another question. You talked about your investment gain the first quarter and also the comparison with that of last year. 这个一季度的投资收益是CNY 1.49亿，去年同期CNY 7,500万。 Well, for the investment gain for this quarter, it was CNY 0.149 billion, and CNY 775 million that of last year. 主要是深圳能源投资收益增长得比较快，深圳能源一季度是CNY 7,800万，去年同时只有CNY 1,400万。 The increase mainly is coming from the investment gain from Shenzhen Energy. The first quarter, we get CNY 78 million, with CNY 14 million of last year. 另外，四川水电一季度有CNY 5,800万的人民币，比去年同期增加了CNY 4,400万。 Well, in terms of the Sichuan hydropower plant, it is realized investment gain about CNY 98 million, about CNY 44 million increase. 谢谢。我们现在呼入的请排队一条问题，这条的问题是 Jing Feng Hou 从 Morgan Stanley. The last question is from Jing Feng Hou from Morgan Stanley. 管理层你们好，我问一个跟进的问题，就是我想问一下国内机组平均燃料成本大概是每天20人民币多少钱？然后同比环比增长的一个比例。然后第二个问题就是，你刚才已经提到了第一季度的平均利用小时增加了228个小时，我想知道这个实际的数字大概是多少个小时？谢谢。 I have two following questions. Please talk about your unit fuel cost for the domestic business and the quarter comparison and the year comparison. The second one is, you have talked about your first quarter utilization increase of 228 hours. So what is