Earnings Call: Q2 2017

Aug 1, 2017

Good evening, ladies and gentlemen. On behalf of Huaneng Power International, Inc., I'd like to welcome you all to the conference call regarding the first half year results announcement of 2017. Now may I introduce the management of the company today. [Foreign language] the Vice President of the company, Mr. 李建明. [Foreign language] 主持人好，大家好。公司副总经理刘冉青先生，the Vice President of the company, Mr. 刘冉青。刘总您好。主持人好，大家下午好。公司总会计师黄立新先生，the Chief Accountant of the company, Mr. 黄立新。黄总您好。你好，大家好。公司董事会秘书黄朝泉先生，the Board Secretary of the company, Mr. 黄朝泉。黄总您好。你好，大家好。 [Foreign language] The general managers for the Department of Budget, Corporate Management, Engineering, Production, Marketing, Fuel, Finance and Securities Markets, as well as the Office for Board Business are also joining us in this meeting. [Foreign language] First of all, the Chief Accountant of the company, Mr. 黄立青 will review the business performance of the first half year results of 2017, followed by the Q&A session. [Foreign language] May we have the honor to invite Mr. 黄 to review the business performance, and Mr. 周彪 will conduct the English interpretation. [Foreign language] 好的，谢谢主持人。女士们、先生们，大家好，欢迎各位参加华能国际中期业绩推荐电话会议。 Ladies and gentlemen, welcome to attend the conference call for the interim results this year. 昨天公司公布了今年上半年的经营业绩。按照中国会计准则计算，上半年公司实现合并营业收入714.34亿元人民币，同比上升11.36%；归属于本公司股东的净利润7.88亿元人民币，同比下降89.88%；每股盈利为0.05元。按照国际财务报告准则计算，上半年公司实现合并营业收入714.34亿元人民币，同比上升34.97%；归属于本公司股东的净利润2.44亿元人民币，同比下降96.05%；每股盈利为0.02元。 Yesterday, the company released its results for the first half of this year. Under the PRC accounting standards, the company realized consolidated operating revenue of CNY 71.434 billion, increasing by 11.36% year-on-year. The net profit attributable to the shareholders of the company was CNY 0.788 billion, decreasing by 89.88% year-on-year. The EPS was CNY 0.05. Under the international financial reporting standards, the company realized consolidated operating revenue of CNY 71.434 billion, increasing by 34.97% year-on-year. The net profit attributable to the shareholders of the company was CNY 0.244 billion, decreasing by 96.05% year-on-year. The EPS was CNY 0.02. 上半年公司发电量和营业收入都实现了同比上涨，但由于燃料价格的大幅上升，导致公司净利润同比下降。 The power generation and our revenue the first half of this year both increased year-on-year. The net profit decreased just due to the surge of the fuel price. 下半年公司将继续注重安全与清洁生产，坚持以质量和效益为中心，加快电源结构调整，积极参与各类资产交易，努力提高市场份额，密切跟踪国家政策和电力市场改革进展，加强与国家和地方政府价格监管部门的沟通，积极呼吁继续完善煤电联动机制，加强燃料精细化管理，进一步控制燃料成本与费用支出，努力提升运营效率，持续为公司股东创造长期稳定增长的回报。 In the second half of this year, the company will continue to focus on safety and clean production, adhere to the principle of quality and efficiency, and expedite power structure adjustments, actively participate in various market transactions, and strive to increase market share. Closely follow national policy on power markets and sector reform, enforce communication with the price authorities, and calling for improving the pass-through mechanism. Implement strategic fuel management, further control the fuel cost and expenses, and endeavor to enhance operational efficiency and continue to create long-term stable and increasing returns for the shareholders of the company. 下面的时间，我和我的同事愿意回答各位的提问，谢谢大家。 During the following time, my colleagues and I are glad to answer your questions. Thank you. 谢谢黄总的介绍。接下来是问答时间. Thank you, Mr. Huang. Now we come to the Q&A session. Operator. 大家好，如需提问，请在话机上按星一键等候。先按星号键，再按一。谢谢。这里有请瑞信证券周天宇提问。你好，请提问。管理层你们好，我是瑞信证券的周天宇。我有三个问题想请教一下。第一想问一下，我们最近7月1号的上调电价，对我们整个公司的平均电价大概有多少的上调？然后这一块公司预计可能下半年能增加我们额外的盈利有多少？然后第二个问题想问一下，管理层对明年一月份新的一轮的煤电联动可能性有多大？然后第三个问题想问一下，公司目前怎么样看下半年的煤价走势，同时对全年单位燃料成本的一个同比的变化有没有一个新的指引？谢谢。 From Credit Suisse, I have three questions. First is, could you please talk about the impact, especially for the second half year's profit, impacted by the tariff adjustments by the government since the effective date of July 1st? The second question is, do you think there is a possibility that the government will implement the pass-through mechanism in January next year? The third question is, how do you see the coal price trend in the second half of this year? Also, do you have the new guideline for the whole year's unit fuel cost change? 刚才说的上调电价，这里更正一下，这次调电价，我们叫做上调电价，是根据国家发改委取消降低部分政策性基金，也附带合理调整电价。所以这个还不是煤电联动，主要是取消一些向发电企业征收的工业企业结构调整专项资金。还有一个部分，将国家重大水利工程建设基金以及移民这些基金的标准降低，把这些基金取消以后，电价相应又还给我们发电企业。因为这次的基金的取消，各个地方各个地区都不相同，所以这些文件也是正在下发过程当中。我们目前公司能够说有部分已经有政策的文件地方，但是还有一部分没有出台，正在陆续出台，所以公司还继续在跟踪当中。现在的情况是这样。 Well, I want to say that this is not the pass-through mechanism implementation, the tariff adjust this time. This is just the cancellation of some of the funds leverage to the power producers for past years. This time, this leverage has been refunded to the power producers. So according to the government policy, the local government will release its separate power adjustment tariff policy with separate rates. So we are waiting for all of these local governments' release of their tariff adjustment magnitude to evaluate the overall impact to the company's average tariff level. 明年。关于煤电联动的情况，我解释一下。因为煤电联动它是以一年为周期的，去年煤电联动应该在去年16年的10月份。但是去年根据当时的煤价进行测算，应该是上调1厘多一点，1.5，当时这个数。那么这个联动就没有达到这个联动的条件。那么就目前来看，现在的煤价到今年的10月份，还是应该有上调的空间的。这个可能是要超过两分钱。但是这个的话，我们是在积极地呼吁，国家发改委应该按照煤电联动的有关政策执行。但这个可能还要取决于国家的经济形势，发改委的最后决策。 In terms of the pass-through policy, actually last year, the government has made the evaluations that according to the policy and the formula, the tariff should be adjusted up by CNY 0.001 comparing to the current tariff level, but this has not triggered the implementation of the policy. For this year, we say there is plenty room to adjust up the power tariff, maybe roughly about CNY 0.02 room to adjust up for the tariff. So the power grids, including us, are calling for the government to strictly implement the policy. But the final decision is up to the NDRC decision. Also, maybe there are some other considerations. 关于第三个问题，关于下半年煤炭市场走势和预测的一个情况。我们是这样想的，今年下半年确实是我们整个的煤炭市场延续了去年四季度向一个高位运行的正常运行的一个态势。但是我们也应该看到，今年下半年国家的相关的部门也高度地关注了这种市场的运行的态势，目前已经采取了一系列的措施来释放这个先进的产能，来保证煤炭的供应，稳定市场的煤价。从我们目前掌握的数据来看，大家可以看一看我们6月份的数据，实际上6月份从煤炭行业协会统计的数据来看，6月份的煤炭产量已经达到了3.1亿吨，同比就增加了4.0%。应该说从3月份以来，已经连续4个月保持一个恢复性的增长。那么6月份的需求呢，按照目前煤炭协会统计的数据来看，大约也是3.1亿吨。如果再加上进口煤，大概160万吨的进口煤的话，大家可以看到6月份实际上已经是开始供应大于需求了。所以说我们也想，后续随着这个产能的继续释放，那么整个的煤炭的供应总体上应该说会保持一个相对平衡的一个格局。那么再加上国家层面也希望煤价能够处于调控的一个绿色区间，应该说对煤炭市场调节的力度也比较大，精准度也比较高，有利于引导煤炭价格处于一个相对合理的范围。所以说我们预计下半年煤价将逐步地回归到绿色的区间来运行。但是呢，鉴于这个下半年煤炭市场的一个四季度的运行的情况，那么我们就全年的煤炭采购的价格的预测的指引，我们也做了一个调整，我们由原先的同比上涨8.7%调整为同比上涨23.7%。那么这也是根据我们下半年四季度的情况，再加上我们对下半年的一个预测而做出的这样的一个指引。 Well, in terms of the coal market, we say for the first half of this year, the coal price has maintained the relatively higher level compared to the fourth quarter of last year. The government has noticed this situation. There are some policies and measures to release the advance capacity in the coal market. We say from the basing during this year, there is four consecutive months realized the growth of the coal capacity. We say the price is okay right now. Upon the import closing part, we say there will be some new balance situation in the supply and demand in the coal market in the second half of this year. The government want to guide the coal price into the green and reasonable range, as stated before. The company has made the new guidelines according to the above factors, that the whole year's coal price growth rate has been modified from the original 18% year-on-year growth to the current 23.7% year-on-year growth. 喂？ Operator，请就用下一题。那么有请花旗银行朱君提问。你好，请提问。花旗银行的朱君，你好。我有三个问题，首先第一个问题，我想追问一下刚才关于煤价下半年的指引，刚才您说的这个全年增长23.7%，请问是指全公司的平均的标煤单价，还是燃料成本？而且我粗略算了一下，如果是按照这样的指引的话，意味着我们下半年可能的预计是同比持平的。如果是同比持平的话，其实比上半年有很大的降幅。请问公司预计，实际上我们的下半年煤价会去到什么样的水平？这是第一个问题。第二个问题是想问一下我们这个煤炭采购方面，请问一下我们上半年煤炭采购总共采购多少吨，其中这个进口、长协还有现货分别占比是怎么样的。那么从这个途径来讲的话，这个海运、货运，还有这个铁路运分别占比是怎么样的？然后第三个问题是想问一下，最近政府出台了一个关于十四五期间对煤机建设项目的一个调整计划，其中提到了暂缓150GW的煤机，并且是要关停大约20GW以上的煤机。请问这个对十四五期间我们自己公司规划的煤机新开工，以及会否有我们现在在运行的基础设施要被关停，有没有什么影响？谢谢。 I have three questions. First, you have provided the whole year's new guideline of the coal price change of 23.7% year-on-year growth. Does this mean the standard coal price change or the fuel cost change? If that means the whole year's new guideline, that means that in the second half of this year, your coal price will decrease a few compared to the first half of this year. Could you please provide your forecast of the coal price in the second half of this year? The second question is about the coal purchases. Could you please provide your total coal purchase amount for the first half of this year, and also specifically for the percentage of the long-term contract and also the spot market and imported coal percentage, and also the percentage between the seaport purchase and also the inland purchase. The third question is breaking policy given by the government that during the 13th Five-Year Plan, the government wants to postpone or cancel totally about 150 GW of new thermal power projects, especially mentioning that they will shut about 20 GW coal-fired power projects. Could you please talk about the impact of the company's current projects and the future plan? 关于第一个问题，刚才我说的这个上涨23.7%，只是我们整个公司的采购的原煤价格上涨了23.7%，不是指的燃料成本，是我们的煤价。从我们对下半年的市场的预测情况来看，我们预计下半年的煤价在国家发改委相关部门的调控下，会逐步地回归到绿色这样一个区间。那么去年的煤价，上半年和下半年差别是比较大的，下半年的煤价是触了一个高位。从同比的情况来看，我们预计今年下半年整个的煤价和去年下半年的同比情况，应该是持平或者略低一点。这是我们做出的这样的一个指引。 For the 23.7% year-on-year growth for the cost, this means referred to the raw coal, not for the standard coal price or the fuel cost. For the second half of this year, we say basing on the government control and guideline that the coal price will be down to the green and reasonable range. So within the second half of this year, the coal price will be relatively flat or a little bit down than that of last year. 关于上半年采购的数量是这样，我们公司整个上半年采购的数量是8,079万吨。其中进口煤炭的数量是1,851万吨。那么长协的量是5,045万吨。市场采购的量，现货量是3,034万吨。那么从下水和入库的情况来看，下水是3,380万吨，入库值是4,699万吨，是这样一个节奏。 For the coal purchase structure, for the first half of this year, we totally purchased 80.79 million tons of raw coal. Among this, we have 50.45 million tons from the long-term contract, which means the end-user contract, and also 30.34 million tons from the spot market. Among the spot market, we have 18.51 million tons from the imported coal. For the inland and the seaport, we have 33.80 million tons from the seaport purchase and 46.90 million tons from the inland purchase. 我来回答一下第三个问题。最近7月26号，国家十六部委联合又下发了一个煤电去产能的文件。这个文件其实也是今年李克强总理在政府工作报告中提出5,000万吨停电缓建报告情况的一个延伸。我们华能现在相当于煤电去产能的这些工作，跟国家的政策一直都是相衔接的。我们的一些火电、煤电的建设规划的安排，跟国家去煤电产能的政策是保持一致的。所以这个政策的出台，对我们华能一些火电厂的建设没有太大的影响。 Here the various departments have jointly released new file for the cancellation and postpone of the new thermal power project. Actually this is based in the Premier's report that their government will postpone and cancel totally about 500 GW thermal power projects in March. For our company, we have seen that the government policy and our plans of the new projects are in line. So currently, we say there is no or very little impact on our current expansion. 我想追问一个问题，关于20GW关停的政府目标，我们现在有没有一些机组，据了解是可能会被关停，还是说如果都没有进入到关停范围的话，我们了解它的标准是怎么样，它怎么样去选那个20GW关停的机组？ The follow-up question about the shutting down of the new projects totaling 20 GW. Could you please talk about the impact to the company's small units? Is there any small unit will be shut down in the future? Or is there any very specific standard for which kind of power unit will be shut down? 在这个文件里头，关停的机组，华能有一个左权就两台66万的煤机，列到那个名单里头。但是，在我们的左权项目的建设规划里头，我们就早就已经按照国家的这个来做了，等于是我们这个项目一直就按照相当于这个项目就是往后推的那种方式来计划，所以没有影响。 Well, we only have one project in Shanxi province that will be maybe postponed in the future. Besides this, there are no other projects under the inspection. 明白，谢谢。下面有请花旗基金曹黎明提问。你好，请提问。喂，能听到吗？请讲。你好，首先先介绍一下，我这边是嘉实基金的。各位领导好，我有两个问题。第一个问题是关于咱们标煤的煤价，一季度和二季度大概是跟着什么样的情况？第二个的话就是，我这边计算的一季度和二季度，每度售电量，就每度电的收入，二季度比一季度低好像是两分钱，然后16年也有这个现象。所以就想知道，不考虑这一次的电价调整，可能一般而言的话，四个季度的度电的价格，大概会是什么样的状态？谢谢。 From Harvest Fund, I have two questions. First is, could you please provide the extended coal price for the first quarter and the second quarter of this year? The second question is, we noticed that your average in the first quarter and the second quarter is a little bit different. In the second quarter, the average 是 about 2 cents lower than in the first quarter. Also noticed that last year in the first half of the year, also have the similar situation. Could you please provide us the explanation for this? Is there any regular or this is kind of statistical factor? 这个17年的一季度二季度的标煤价格是这样，一季度整个公司的综合标煤价是CNY 805.28元每吨，二季度是CNY 785.66元每吨。下半年煤是CNY 795.5元每吨。 For the standard coal price, in the first quarter it was CNY 805.28 a ton. In the second quarter, it was CNY 785.66 a ton. For the first half average standard coal price was CNY 795.5 a ton. 我来说一下，澄清一下一二季度电价的变化的情况。我们披露的财务数据，就是收入除以售电量，一季度综合含税电价405.97元每千瓦时，二季度是409.09元每千瓦时，基本执行略有上涨。 In terms of the tariffs, for the first quarter, the average tariff for our company was CNY 405.97 per MWh. Compared to the second quarter, it was a little bit higher than this. It was CNY 409.09 per MWh. 不好意思，我想问一个小问题，咱们长协的煤里面，大概多少是月度长协，多少是季度，多少是年度？ So, a question about the corporate structure, especially for the long-term contract. How about the differences in the structure for the contracts which have the cycle of monthly and quarterly, and even weekly? 是这样，我们签订的这个长协都是签订的年度长协。当然这里面有一些长协，你比如说我们的下水的长协，我们就是执行一个年度的定价，然后月度根据相关的指标进行调整的一个机制。那么陆运直达的一些长协里面，我们执行的一个季度定价，月度进行调整的一个调价机制。那么合同都是年度的合同。 For the annual contract, for the long-term contract, all of these contracts are based on the annual cycle. For the seaborne contract, actually the price was made annually, and also they have the monthly adjustment phase. Also for the inland contract, the price was made quarterly based and also has the monthly adjustment structure. 好的，谢谢。下面有请阳光资产李晨提问。你好，请提问。你好，管理层。我主要想问几个问题，首先是营业收入这一块，就是今年上半年我看到公司出售原材料和其他业务，今年是实现了12个亿，去年是5个亿。我想问一下这主要是什么业务？以及为什么今年会有大幅的增长？然后第二个问题是，一季度和二季度营收中，售电收入、供热收入、运输港口和其他收入分别是多少？就是一二季度的分季度的数据。然后刚才煤炭那一块，我也有一个追问的问题，就是下水煤的话，是不是我可以理解为，当时国家发改委说的535块钱，加上月度煤价的调整的一半，煤炭企业来承受，以及我们电厂来承受的那个调价机制？这是第三个问题，是我先问的三个问题。 From the finances, I have three questions. First is, I have seen in the first half of this year, your revenue from the sale of the raw materials equal to CNY 1.2 billion, comparing to CNY 5 million of last year. Could you please talk about the reason of this difference? The second question is, could you please provide us the first quarter's and the second quarter's revenues, specifically from the power sales, heat sales, and also the revenue from the transport and the port business. The third question is about the coal price. You have mentioned that there were about half is the seaborne coal purchase. Could you please talk about the price mechanism for this part? Is this the mechanism based on the CNY 535 a ton, plus the 50% of the monthly fluctuations, according to the government policy? 我给你回答一下，这个多个在一起，第一个问题跟第二个问题。从我们这个披露的数据来看，二季度的收入是338.57亿元，一季度是375.77亿元。这个变化主要是二季度的售电量比一季度下降了大概48亿。然后你问的类别分类的收入，我们手头没有这个数据，但是我可以给你一个我们主要的板块利润的比重。我们今年收入的构成主要是原煤的火电，燃机的火电，还有风电，还有水电，还有光伏。从利润的组成，我们今年总体中国整个下了20.27亿，其中原煤4.73亿，燃机是5.58亿，风电是6.3亿，还有其他大概是3亿左右。 First is the period, the first quarter and second quarter's revenue. For the first quarter, I think the revenue was CNY 37.577 billion. The second quarter total revenue was CNY 33.857 billion, and the revenue in the second quarter is a little bit lower than that in the first quarter, just because of the power generation sales decreased by 4.8 billion kilowatt hours in the second quarter. Also, looking at the breakdown of the total profit structure, for the total, the profit was CNY 2.027 billion before tax, and CNY 473 million from the coal-fired business, and CNY 558 million from gas-fired business, and CNY 630 million from the wind business, and also CNY 300 million from others. 你好，管理层，我还想再问一个问题，就是这个公司十三五期间新增装机的规划，如果考虑到国家发改委最近公布的这个调控的政策的话，那十三五的装机规划大概在煤电以及新能源是一个怎样的规划呢？ Also, I'm fully interested about the future expansion plan. Based on the 13th Five-Year Plan, also the government restriction policies, could you talk about your expansion in the coal-fired and the wind power expansion plans? 说一下18年、19年的吧。18年我们整个新增装机是192万千瓦，其中燃机是94.5万千瓦，风电是90.5万千瓦，光伏是15万千瓦。这是18年的。2019年新增装机是442万千瓦，其中煤电是274万千瓦，燃机是40万千瓦，风电是85万千瓦，光伏是15万千瓦。好，谢谢。 Well, for the future 2 years expansion plan for 2018, we are going to add totally 1,920 megawatts. Among this, we have 945 megawatts from gas, 905 megawatts from wind, 150 megawatts from solar. For the year of 2019, we are going to add totally 4,420 megawatts. Among this, we have 2,740 megawatts from coal-fired, 400 megawatts from gas, 850 megawatts from wind, and 150 megawatts from solar. 关于你刚才说的就是下跌煤长期的问题，确实是这边有一部分，主要是我们四大矿，这一部分跟你说的是一致的，就是按照发改委确定的十三五来进行一个指数的一个调整。那么除了四大矿之外，我们还有一些确定的其他的一些矿企，也不完全是按照这个指数走的，我们有一部分是参考了这样的一个定价方式来进行的。那么还有另外一部分，我们还签订了一部分进口煤的长期，我们进口煤的长期，我们是按照指数定价的方式来确定的，也就是我们按照API5这个指数来确定这个定价的方式。 Well, for the contract pricing mechanism, actually, some of the coal purchases from the biggest four coal suppliers are based on the CNY 535 plus the 50% monthly fluctuation pricing mechanism. Also, we have other pricing notes. Some are referred to this kind of mechanism, and also we have the imported coal which will be priced according to the international coal price index. 下面有请富瑞金融Edison Li提问。你好，请提问。你好，管理层。我有两个问题。第一个问题就是刚才你们说的，你们在上半年这个煤耗大概是8,000万吨，你们买了，但是我看去年上半年你们的煤耗大概是4,000万吨，但是你们的售价呢，只是增加了27%，所以我想问一问，为什么今年上半年你们的煤耗是比去年高那么多？第二个问题就是你们上半年这个有效税率是非常高，是超过35%，我想知道为什么这个有效税率这么高？谢谢。 From Jefferies. Two questions. First is, in the first half, you have mentioned that you totally purchased more than 80 million tons of raw coal. But we have noticed in the first half of last year, this figure was only 40 million tons. As we see that your power generation only increased by 27% year-on-year in the first half. So could you please provide the reason for this huge surge of this coal purchase amount? The second question is about the tax rate. For the first half of this year, we have calculated that the effective tax rate for your company was more than 35%. Could you please talk about the reason for this high rate? 刚才我说的耗煤量是8,079万吨，这是我们今年上半年的原煤的耗煤量数。去年上半年，实际上我们的耗煤量是6,098万吨。这样的话相差了接近2,000万吨。那么这2,000万吨主要的，一个是今年上半年的电量同比有一个增加，耗煤量有一个增加。另外一个原因就是今年从投机付近上来讲，把新收购项目投进去了，所以说增加了新收购项目的一个耗煤量。 For the coal purchases for this year, the coal purchases increased compared to that of last year, which was 60.98 million tons. The reason for this increase was due to two reasons. First is the power generating increase, and the second reason is the addition of the newly acquired assets. 我来回答一下第二个，关于从合并报表的角度来算，合并的所得税这个问题。依照税法的规定，每个单独企业都有自己单独纳税的一个主体，基本上如果没有其他的税收优惠都是实行25%的税率。但是对于合并报表来说，把所有的个体合并在一起，就是说盈利企业按照25%来纳税，亏损企业可能就没税。因此，利润盈亏相比之后，所得税那块比之后，相应地从报表上来看，数字上的税率可能就高。其实税率主要是根据税法的变化，应该没有变化。 In terms of the tax rate, according to the tax policy, the specific entity's tax rate is fixed to 25%. The reason for the high tax rate is just because there are some power plants making losses and these losses cannot offset the tax. So in the consolidated basis, the calculated effective tax rate is more than 25%, which is the regular base. 那么我可不可以再问两个问题？第一个就是关于煤耗，其实你可不可以提供，根据你们的售电量，每一度电的煤耗在上半年是多少？还有跟去年上半年比较是怎么样的。第二个问题是关于税率的问题，你刚才说因为有一些项目是亏损，所以其他的利润不能把它抵消。其实今年上半年亏损的大概有多少？可不可以分享一些？麻烦你。 The following two questions. First is, could you please provide your coal consumption rates for the first half of this year and the first half of last year? Also, you have mentioned some power plants making losses. Could you please provide the power plants numbers for the loss making? 供电煤耗去年的完成数是307.69克/千瓦时，今年上半年是306。 In terms of the coal consumption rate for the first half of last year, it was 307.69 grams per kilowatt-hour. For this year in the first half, it was 306 grams per kilowatt-hour. 今年上半年，公司境内外运营的这个电厂总数是130家，其中亏损是38家，亏损的个数占总个数的29.23%，亏损电厂的装机容量占总装机的37.55%。 For the loss-making power plants, we have 38 power plants making losses in the first half of this year compared to the total 130 power plants. That means 29% are making losses. In terms of the capacity base, we have 37.55% making losses. 好，谢谢。下面有请长城证券金宁提问。你好，请提问。喂，你好，请问听得到吗？听得清。好。公司管理层下午好。我这边大概有四个问题。第一个问题是关于电价的，因为今年公司披露了上半年的电价，平均电价是同比提升的，然后我想问一下为什么会出现同比提升？因为这段时间其实一直没有调整电价的一个政策，请问是因为公司电力交易方面的原因导致了电价的一个提升？然后公司的上半年的电力交易的情况，大概量有多少？它的电价的一个幅度大概是一个什么样的情况？这是第一个问题。然后第二个问题就是关于公司的煤价方面的问题。公司刚才也说了，今年上半年的平均的标煤单价是795左右，然后我想请问一下，这795标煤是不是含税的？因为如果它是不含税的入场标煤单价的话，我们这边算出来，可能公司采购的动力煤的价格可能就在730块钱左右。因为我们看的话，今年是有点高了，因为今年的上半年的整个市场的价格也没有达到过这么高的一个水平。我想请问一下，主要的原因是什么？然后第三个问题，我们这边计算，通过公司披露的售电量，还有电价这方面计算的话，公司的电力收入大概是13亿元，而公司披露的电力和热力的营收是700亿元左右，那么多出来接近90亿元的话，请问是不是热力方面的一个营收？然后我们看这一块，也是相比去年同期有一个大幅度增长，大约增长了一半左右。想请问的是，公司今年热力方面经营的情况是不是比去年要好很多？然后关于热力这一块方面，它整体业务的增长，是不是也带来煤炭耗量的一个增长？然后最后一个问题，关于今年下半年调电价的一个问题。我们这边根据发展改革委煤电联动的公式计算，如果按照那个公式计算的话，全年全国的电价平均大概要上调4分钱左右。但是本轮电价，咱们7月1号这个调价，上调幅度是没有这么高的。那么公司认为，首先这一次7月1号的电价上调的一个调整，能不能够覆盖公司大部分从去年下半年以来，煤炭的涨价的情况，然后公司如果只进行只有这一次调电价的话，公司的整体的ROE水平大概能修复到一个什么样的水平？然后从公司的角度来看，咱们年末会不会按照煤电联动，可能会不会有第二次的电价上调？谢谢。 From 杨晨, I have four questions. First is about the price. We noticed that in the second quarter, your tariff has increased compared to the first quarter. I do not know why there is an increase because the government has not adjusted the benchmark price. Is the reason just because of the impact coming from the market power generation? Could you just talk about the percentage and also the power tariff discount for this first half of this year? The second is about coal price. You have mentioned that in the first half of this year, your standard coal price was CNY 795 a ton. Is this inclusive tax or tax excluded? If not, we say maybe this coal price is very high, which is not in line with the market price. Could you just talk about the reason for this? The third question is about the revenue. We said the total revenue from the power sales and the heat sales, CNY 70 billion. Among this, we have more than CNY 60 billion coming from the power sales. That means about CNY 9 million coming from the heat sales. That means about 50% yearly growth for this part. Is this increase of the heat sales increase your total consumption rate? The fourth question is about the tariff adjustment. According to the formula given by the government of the pass-through policy, according to maybe the current coal price, the government should adjust about CNY 0.04 up in the national average. But in the July tariff adjustment, maybe it is less than CNY 0.04. Does the company think that the tariff adjustment in July can fully cover the cost increase since the second half of last year? Do you think your return on equity ratio could recover? How much percentage will be recovered? Do you expect there will be another pass-through implementation in January next year? 根据刚才各位提问的竞争所说的，电价的略有上涨，主要是由于交易电量增长，交易的电量增长了。但是价格跟去年同期，交易电的电价跟去年同期有超过4分钱的增长。这部分的也是，如果是这个交易电价的增长，有两个原因。第一个原因是参与这个市场交易的主体，我们主要说的发电企业，履行参与竞争。第二个就是也是燃料价格的上涨，也就是我们也有所谓的交易电价的一个底线。所以交易电价的上涨4分钱，对整个电价是一个正的影响，也就是有贡献的影响。 Well, in terms of the tariff, quote unquote increase. There are some considerations coming from the impact of the long-term power trade for the first half of this year. This part has been traded compared to the same period of last year, and also the tariff discount for this part has been greater and lower than that of last year. We say this because of the orderly competition in this market, and also because of the increase of the fuel cost, resulted in the lower of the tariff discount. 关于第二个问题，关于煤价的事。我刚才说的795.5元每吨，是含税的采购标煤价。那么我们公司的含税的采购原煤价是551元每吨。因为在公司的煤价的涨幅是控制在市场的涨幅之内。 In terms of the coal price, the 795 CNY per ton is the tax-excluded standard coal price. We say we have the 551 CNY per ton for the initial coal price. We say the growth rate of our coal price is lower than the market interest. 第二个问题，关于供热收入增长。这个我这个月跟大家说一下，就是连续的三年，整个供热公司供热的增长，每年接近20%的增长。显然，不管是在煤量的增长，还是收入增长，肯定是同步增长的。 In terms of the heat sales volume, actually the past 3 years, our heat sales volume has increased more than 20% year-on-year. This is the same growth trend in the heat sales business. 第三个问题，关于联动调价。因为刚才我们马总已经说了一下，现在这个联动调价，包括前面有位先生提说的联动调价这个机制，到现在目前是没有变化的。那么测算基本上要到这个年底，或者10月份、11月份，或者12月份开始测算。但是实施呢，一般要到第二年1月1号开始实施。所以目前来说，因为机制没有变化，所以调多少，还是要到年底测算。 In terms of the pass-through policy, currently, the government has not changed or canceled this policy. According to the policy, there will be a new evaluation at the end of this year to say whether the tariff will be adjusted. The actual implementation will be cut in January next year. 好的，谢谢。我来补充一下你说的收入那个问题。其实今年这个报表披露是714亿。其实刚才你那个算法可能稍微有点问题，就是说这个714亿里，其中境内是665亿，境外是48.93亿，就境内这个665亿，比去年601亿相比，是增加了这个4亿，主要是这个量价双增的因素。所以说，你把所有的电量除以那个714亿，确实感觉可能会有点误差、误解。好的，谢谢。 Make clearance of the revenue. Total revenue for the first half for us was CNY 71.4 billion. Among this, we have CNY 66.5 billion from the domestic business and CNY 4.8 billion from the overseas business. For the domestic business, sure, has increased by CNY 6 billion just because of the amount of power generation and also the tariff increase. If you directly calculate the CNY 71.4 billion, there will be a little bit different. 好的，谢谢。我想这边看能不能追加一个问题，还是关于煤价的，就请问公司管理层，有没有入场的那个除税的标煤单价大概的一个水平？上半年的。 The following question about the coal price. Could you please provide the standard coal price for the first half after tax? 我来给你报一下这个除税的标煤单价，就上半年的，是758.95，好用的，不是入场的，除税的，就是好用的标煤单价。 For the first half of this year, the standard coal price after tax was CNY 758.95 per ton. 好的，谢谢。我的问题结束，谢谢。这里有请瑞银证券孙宇提问。你好，请提问。瑞银管理层你们好，我是瑞银证券的孙宇。有三个小问题想请教一下。第一个想请教一下，2017年我们的分红政策的指引会是怎么样的？因为今年利润可能会有一些下跌，这个分红的payout会不会有大幅的提升？然后第二个问题想问一下关于资本开支这方面的指引和之前的有没有变化，就包括新基建的占比这部分。然后最后一个问题就是想问一下中期业绩里面我们看A股跟港股的报表，在IFRS下面我们有一部分关于折旧的调整，是关于我们买入的资产的。如果粗略地算了一下这一部分，我们算出来大概这部分的折旧年限大概是在9年左右，但是公司原先本来的折旧年限一般是在15到16年。那这里想请问一下，能不能解释一下这里面的区别是怎么造成的，以及未来我们要怎样去预测之后的折旧？谢谢。 Confirming the three questions. First is the payout policy for your company. As we say that for the year of 2017, your profit will be decreased compared to the last year. Do you consider to increase your payout ratio? The second question is about the CapEx plan. Do you have plans to change your CapEx guideline? The third question is, we noticed in your interim report that according to the IFRS, the depreciation policy for the newly acquired assets, the life for this depreciation is only 9 years compared to your original 15 to 16 years. Could you please talk about the reason for this difference and also the guideline for the future depreciation for this part? 目前公司的分红政策没有调整，没有改变。那么具体到分红水平，公司会结合今年下半年的盈利的状况，到明年的时候会向董事会和股东大会提交议案。 Well, in terms of this payout policy, we have no plan to change this policy. For the whole year, given the payout policy, we say we will consider the second half-year result. After that, we will give the actual policy to the board meetings and also the shareholder meetings. 我们今年公司的整个资本支出总的盘子没有变化，与年初公司公布的保持一致。可能在具体的投向上会有一些变化，我们正在研究具体的方案，目前还没有确定。 In terms of the CapEx plan, we have no change compared to the guideline given earlier this year. Maybe there are some structure adjustments currently under study by the company. 我来回答一下第三个问题，因为在不同准则下对收购的会计处理的差异，所以说大家关注到的今年的利润总额，包括权益利润和中国准则下和国际准则差大概是9个亿左右。主要像刚才说的是主要是不同准则下折旧的调整的影响。折旧是这样，目前我们的折旧政策没有变化，都是还是15到16年，但是收购资产因为已经运行了一部分年限，因此最后是统一来算。因此大家可能看到的这么简单的除可能是9年，因为前面可能已经是运行了一部分年限，统一来看还是15到16年这么一个折旧政策。 Okay. Sure. We do have differences in the different accounting principles. There are generally about CNY 9 million in property differences, but in the actual accounting policies, just mainly because of the impact of depreciation. Actually, the depreciation policy for us has no change, which has the life about 15 to 16 years. For 9 years, just because this kind of assets have actually run through a year. So in general, the policy is still in the 15 to 16 years. 这里有请瑞士信贷戴伟提问。你好，请提问。管理层你好，几个小问题。首先想问一下，上半年盈利里面能不能帮我们拆一下资产注入前的一个盈利，还有去年年底新注入的那批资产的一个盈利情况，就是前六个月。然后第二个就是之前国家想做可再生能源的绿色证书，然后最早说的是好像是跟火电进行交易，但现在有一些说法，就是说现在改成和下游的用户做，那是不是对火电来说的话，这部分的未来的成本的一个隐患现在基本消除了。然后第三个就是说刚才也有好多人问过煤电联动的问题，我想问一下，如果加的话，是不是一般都是至少加几分钱这样，比如说是不是至少加2分钱这样，我们内部有没有一个预测？因为刚才你也给了一个全年的煤价上浮大概是23.7，如果用23.7来算的话，你们自己觉得，也不是出于官方指引，自己判断的话大概会加几分钱？谢谢。从情绪上三个问题。 First, could you please provide us the profit including the assets acquired from parent company, and also the profit excluding these acquired assets. The second question is about the green certificate. Just before the government said that this certificate will be bought by the thermal power stations, but recently there are some reports that these certificates will be bought by the end users. Does that mean that there will be no burden or no problem for the power stations in the future? The third question about the pass-through policy. Based on all your assumptions of the whole year, maybe 23.7% year-on-year growth for the coal price. Do you have a plan or forecast that the government will increase the tariffs, for example, CNY 0.02 or any other numbers for the tariffs of magnitudes. 今年我们公布的上半年17.32亿利润总额里面，包含新收购的从10月1号开始并入华能国际的这项项目，贡献的利润是1.35亿。 For the first half of this year, the total profit before tax was CNY 1.732 billion, including CNY 135 million from the profit of the newly acquired assets. 回答一下这位先生提出的，关于我们国家现在可再生能源，就是非水可再生能源，现在采用的绿证制度。绿证制度是为了促进我们国家非水可再生能源进一步的发展。那么现在的情况是这样的，现在国家发改委正在逐步地制定有关的政策，同时也在市场上进行一些试验。那么现在的情况是这样，它现在不是强制的，就是在市场上进行交易。那么这个交易的总体的话，卖方就是我们的非水可再生能源的发电企业。那买方的话，实际上现在是市场上的消费企业。现在是这么一个情况，但是并不是说这个问题完全解决了，因为现在这个绿证卖出去的很少，实际上是一个象征性的，因为国家的政策在试验，以后还有可能一个是跟销售企业进行销售，另外一个在发电企业也可能实行配额制。但是现在就我们目前掌握的情况，因为公司对这个事也非常关注，我们也请有关的国家的部门，制定政策的这些部门和有关专家给我们进行了一些讲解，对政策，对今后乃至现在全世界使用的通用方法都进行了一些交流和研讨。我们认为国家的想法，还是最好是采用自愿交易这么一个原则。这是一个绿证。第二个就是刚才提到的，大家对这个煤电联动非常关心，因为电价确实是牵扯到我们的直接的利益。但是刚才说，煤电联动不是说我们的煤价涨了多少就按什么调，它是有一个公式，就是按照全国各省动力煤的价格指数累计平均，同时它的公式计算是比较复杂的。你比如30块钱之内不涨，30-60块钱100%，60-90可能90%等等这样累计，还要跟当时的电价挂钩。就是跟14年我们煤电联动时候的价格挂钩，还要跟我们现在的价格挂钩。所以计算公式比较复杂，但是我们现在估计，可能是要按现在的煤价到今年年底，按这个政策的话，肯定是要联动的。这个联动刚才有一位先生不也说嘛，他计算可能是4分多钱，我们觉得可能是有点乐观了，按照这个计算公式还是要涨的。那就是说到不了4分钱，但是2分以上肯定有。你说的差不多。 In terms of the non-hydro renewables, the new policy, actually the government wants to increase the development in this sector. We say the green certificate is just for the product of this policy. Currently the NDRC, they are studying and also they are piloting this program. Currently this is a voluntary program, so we say the sale side currently is from the producers and the buy side is coming from the end users. Currently the transaction amount is very, very small, so within the future, the government will maybe push forward a quota policy in this sector combined with the green certificates. Currently the company is also currently making the study of the potential mode for this green certificate. We think maybe the better way for this part is the voluntary mode. In terms of the pass-through policy, according to the government policy, there is a very clear formula for these policies. It is really up to the price index made by the NDRC in the different provinces and basing the base of 2014. For the company, we say if the current price can be maintained to the end of this year, the government definitely according to the formula to implement the pass-through policy. But maybe the CNY 0.04 is relatively optimistic. It should be less than CNY 0.04 for the magnitude. 再来，有请贝莱德集团黄江耀提问。你好，请提问。喂，管理层下午好，请问听得清吗？可以的。你好，我问的问题是关于刚才前几位提过的煤电供需侧改革新的文件。因为之前我理解，我们停建缓建的全国的规模是5000万千瓦。现在它新的讲法是十三五规划是1.5到1亿。所以这个是不是一个新的基数呢？还有刚才提到淘汰的规模是0.2亿千瓦以上，这个是不是也是一个新的基数呢？对于整个煤电的产能过剩，你们觉得影响有多大呢？ Well, I also want to take it down the government's policy to postpone and cancel right now the thermal power project. Actually, in March, the Premier's report, the target for this part is only 500 GW, but currently it has been enlarged to about 4,500 GW. Also, the government wants to shut about 20 GW. Does the company think this will be a decisive impact on the surplus capacity in the thermal sector? 刚才同事也回答了这个问题。实际上在3月5号，李克强总理在政府报告里也强调了17年的淘汰和停缓建的规模在5000万以上。实际前几天，十几个部委联合下的文件，就是发改能源〔2017〕1404号，关于推进供给侧结构性改革，防范化解煤电产能过剩风险的意见，实际上把这个工作具体化了。这个文件的内容比较多，我就不详细介绍。其中几个大的目标，一个是全国停缓建规模是1.5亿千瓦，淘汰的落后是2000万。而且这里面还有实施超低排放改造的4.2亿，节能改造的3.4亿，灵活性改造的2.2亿。它基本是到2020年前，把全国的煤电的规模控制在11亿千瓦。而且它也对供电煤耗有一个强制性的要求，平均达到310克/千瓦时。实际上我们公司也一直关注着这个事情，前瞻性地做了一些工作。其实刚才也说到了，我们个别的项目可能有涉及，极个别，对整体没有大的影响。想补充一个问题，就是你们觉得现在因为整个行业产能过剩比较严重，而且利用小时数也跟很多年前比较差距很大，所以其实如果不去产能的话，你的利用小时数其实要很难有一个明显的提升。所以我的主要的问题是你觉得这个新的具体的文件，对于我们行业的产能过剩有多大的影响呢？因为你说淘汰二十几万也不是一个很大的数，对于我们福建整个行业来说。 Actually, in March, the Premier's report said there will be more than 500 GW postponed and cancellation of the coal-fired projects. Also, the recent joint release of the new file for this is the kind of the implementation supporting document for the Premier's report. So they have the very specific aim for the next five years, that there will be 1,500 GW will be postponed, and will be shutting about 20 GW in the future. Also, they have roughly about 30 GW will be renovated. This is maybe the general aim and advice for the government. Also, the government wants to control the total capacity, which can be maintained at a relatively stable level, about 1,100 GW for the national average, and also to control the coal consumption rate under the 310 grams per kilowatt-hour. Following questions about you. Do you think the cutting capacity policy will be helpful for the companies that surplus capacity in the thermal power sectors right now? 实际这个文件，去产能这个文件，刚才你也说到1.5亿的停缓建项目对整个国家，实际上现在大家也看到，现在咱们的电力供需，尤其今年上半年的情况，有些局部地区还是用电需求创了新高，整个社会用电量也在增长，实际它是一种调结构的方式，资源有效利用的一种出发点。其实公司在这方面也是有一种调结构的要求，我们也大力在发展清洁能源、风电、光伏，在新的项目中占比都比较大，我们公布的这些数据里面也看得到。所以说国家的这个政策实际上是把前一段时间对一些灵活用电政策细化了，而且后续是有些安排，整体来说前后它是衔接的，不是说就把这些产能去掉了，实际上它还是有一些系统的安排的。 Actually, this capacity restriction policy is just aiming to maybe restricting the development in the thermal sector and to increasing the development in maybe the renewable sector. So this kind of policy to restructure the energy mix in China. Also, the company has the same plan along with the government policy. Also, you can say our investment and the plan in the CapEx in the future is clean energy sector. So in general, the government policy is integrated and aiming to help improve the overall situations of this policy. 下面有请惠理基金徐先生提问。你好，请提问。各位称你们好。这边主要有三个问题，第一个是关于follow刚刚说的一个电价的东西，想请教一下我们上半年的交易电价大概折算是多少，相比去年是一个什么情况？然后整个交易电量您说是有所增长，大概占的占比是一个什么样的情况，对全年的指引有没有改变？因为今年上半年的情况可能比大家预想好一点。第二个是关于供热这边的一个情况，你也说供热这边有个20%的增长，想问一下供热这边的一个盈利情况是怎么样的？之前比较少了解这个东西，比如说按照每吨蒸汽，大概利润是多少钱，在现有煤价下面，这个价格会跟煤价动吗？第三个是关于我们长期一点的发展目标，我看19年的火电的装机还是很高，想问一下19年以后大概的规划是什么样子的？对于国企改革，市场上传的比较多，我们跟国电投那边的合并，现在是一个什么样的看法？谢谢。 I am from Value Partners. I have four questions. First is the price for the non-plan power trade. Could you talk about the price discount for this part and also the percentage for this and also the whole year pipeline? The second one is about the heat. You said the heat sales business has increased by 20% year-on-year. Could you talk about the profit situation for the heat sales business, especially the unit profit per ton for the heat supply? The third question is about the larger plan. You have mentioned that in 2019, the newly additional thermal power is very high. Could you talk about the later years expansion plan? The fourth question is, there are some reports and rumors that the Huaneng Group will be consolidated with the National Grade Group. What do you think of this report? 我这里就再详细说一下有关交易电价比例的事。上半年经计算的交易电量是373亿，交易量的比例是21%，同比增加了两个百分点。 For the first half, for the non-plan power trade, we have totally 37.3 billion kilowatt hours, which accounted for 21% of our total power sales, increasing about two percentage points compared to the same period of last year. 交易电的计算价格是3毛4分6，跟标杆的价格是下降了4分钱。降幅，前面说到了，比去年同期降幅减少了四分之七。 In terms of the price for this part, the settled price for this part in the first half of this year was CNY 346 per MWh. The discount for this tariff rate was CNY 0.04, and decreasing by CNY 0.0470 compared to that of last year. 预计全年的交易电量比例会达到31%。 For the full year guideline, we expect that for the non-plan power it will be accounting about 31% of our total power sale. 第二个问题，关于供热盈利的情况，这里没有赋予单独的。我们看今后如果有这一栏的话，将来再准备，我们有资产部有关部门，我们把这个材料交到资产部有关部门，让他们再核算。 For the heat, we only have the general trend for this. Maybe we will provide the detail later. 刚才说到19年的发展计划，实际上我们现在也在正在结合国家已经公布的十三五能源发展规划增长的情况，结合公司调节后的实际需要，正在编著这个计划。等这个计划履行程序之后，我们会向投资者发布。再就是刚才你关心的，说我们有传言和兄弟集团合并的事，我们也很关注市场的这些信息，我们也向控股股东进行了证实，目前我们还没有得到准确的消息，我们没有应披露而未披露的事项。 For the future capacity addition plan, currently, we are making our own reports of the 13th FYP plan combined according to the government's national plan and also the company's actual demand. After we complete this compiling, maybe we will make a further communication. The second is about the report of the consolidation merging of the two groups. We are keeping close eyes on this report. Also, we have confirmed with our parent company, China Huaneng Group, currently, there is no disclosable information. 还有个小问题想追加一下，就是关于灵活性改造这边的一个情况，就是因为看那个文件里面也写到说这几年要做比较多灵活性跟调峰改造，这个对我们的出力会不会有一个影响，也会有一些比较多的机组要经过改造，所以就不能发电。然后就是我们现在多少项目已经参与了发电的调峰，然后我们对未来调峰市场是一个什么样的一个展望，调峰这边会不会有一些调峰费，可以让我们的一个利润有所增加，谢谢。 Following two questions. First is, Chris talked about currently undertaking the flexibility renovations of your thermal power unit. Does this impact your loading rate for the operation of these units? Also, could you please talk about the peak adjustment of your power units, also the guideline of the future. Does this impact the profit? 这个灵活性这一块，这个工作目前主要在东北区域的这些电厂进行。根据目前灵活性相关的政策，先进行灵活性改造的这些厂有比较好的收益。因为这一块的灵活性收益主要来自不进行深度调峰的火电厂，以及风电和核电这些电厂。等大家都改了之后，这个收益是会下降的。另外，现在主要的灵活性的方式，一个就是投入比较少的控制系统的优化，像我们这山东电厂就已经受到了深度的调峰。再一个就是增加储热装置。现在我们也正在几个试点电厂，包括山东电厂进行试点，现在正在建设。基本情况就是这种情况。 In terms of the flexible renovations of our units, currently, we major have the pilot program in the northeastern part of China for our company. For the profit improvement, we would say that currently in the current market situations, the first batch of the renovation units have the relatively better return levels. For the most, there are basically two ways. First is to optimize the peak adjustment unit operations, and second is to increase the pilots of the heat and storage. [Foreign language] Due to time limitation, this is the end of the Q&A session. Thank you so much for all of your questions and participation today. Finally, Mr. Huang would like to give us a summary. 好，感谢各位参加公司的电话会，感谢各位一直以来给予公司的大力支持和持续关注。今天的会议到此结束，如有进一步的问题，欢迎大家会后与公司的投资者关系处联系，谢谢大家。 Thanks for your attending Huaneng Power conference call today and thanks for your long term support and lasting passion to the company. Please contact our IR department after the conference if you have any further questions. Thank you. [Foreign language] Thanks again for your attendance for the conference call regarding the first half year announcement of 2017. We are looking forward to meeting with all of you in our next results announcement. Thank you.