Earnings Call: Q1 2018

Apr 24, 2018

Earnings release

Ladies and gentlemen, on behalf of Huaneng Power International, Inc., I would like to welcome you all to the conference call regarding the first quarterly results announcement of 2018. [Foreign language] Now may I introduce the management of the company today. [Foreign language] The Vice President of the company, Mr. 李建民. [Foreign language] 好，大家好。李总您好。好，然后下一位是公司的总会计师黄立兴先生。The Chief Accountant of the company, Mr. 黄立兴。Mr. 黄立兴。黄总您好。您好，大家好。好，然后下一位是公司的董事会秘书黄朝泉先生。The Board Secretary to the company, Mr. 黄朝泉。黄总您好。您好，大家好。好, [Foreign language] The general managers for the Department of the Budget, Corporate Management, Engineering, Production, Marketing, Fuel, Finance and Capital Market, as well as the Office for Child Business are also joining us in this meeting. [Foreign language] First of all, the Chief Accountant of the company, Mr. 黄立兴 will review the business performance for the first quarterly results of 2018, followed by the Q&A session. [Foreign language] May we have the honor to invite Mr. Huang to review the business performance and Mr. 李超然 will conduct English interpretation. [Foreign language] 好，谢谢主持人。女士们，先生们，大家好，欢迎各位参加华能国际一季度业绩推介电话会议。公司刚刚公布了今年第一季度的经营业绩。按照中国会计准则计算，2018年第一季度公司实现合并营业收入432.56亿元人民币，同比上升15.11%；归属于本公司股东的净利润12.19亿元人民币，同比上升86.96%。净利润同比大幅上涨的主要原因是公司一季度电量同比增长和电价上升。 Good afternoon, ladies and gentlemen, welcome to join Huaneng Power International First Quarter Result Announcement Conference Call. The company just announced its operating result for the first quarter of 2018. According to PRC-GAAP, the company realized consolidated operating revenue of RMB 43.256 billion, representing an increase of 15.11% compared to the same period last year. The net profit attributable to the equity shareholders of the company was RMB 1.219 billion, representing an increase of 86.96% over the same period last year. The net profit raised sharply due to the increase of power generation and the rise of tariff. 展望全年，公司将以提高发展质量和效益为中心，主动参与市场竞争，努力实现区域利用小时领先，继续优化燃料采购策略，严格控制燃料成本，积极拓展融资渠道，提高资金使用效率，不断提升公司核心竞争力和盈利能力，为股东创造长期稳定增长的回报。下面的时间，我和我的同事愿意回答各位的提问。谢谢大家。 For 2018 outlook, the company will focus on quality and efficiency, actively participate in market competition, make effort to realize regional leading utilization hours, keep optimization fuel procurement strategies, strictly control fuel cost, proactively explore financing channels, lift the efficiency of capital usage, keep improving core competitiveness and profitability, make long-term stable and increasing returns for the shareholders. Next, my colleague and I would like to invite any questions you may have. Thank you. 感谢管理层。大家好，下面是问答环节，如需提问，请在话机上按星一键排队等候，先星号键，再数字1。Thank you everyone, we are now going to the Q&A section. If you would like to ask any questions, please press star 1 on your telephone keypad. Thank you. 然后还有一个就是有一批用到的使用者，这个名单我已经理清。大家好，第一位提问者是来自花旗银行的刘向达。有请。管理层你们好，恭喜你们一季度良好的业绩。我有三个问题，第一个问题是想请教一下你们一季度那个供电卖电的比例是多少，还有那个结构是怎么样？分别比去年一季度改变是怎么样了。第二个问题是，今年一季度我们有多少电厂是亏损，亏损面是百分之几？第三个问题是，今年一季度的基础开支是多少，比去年同期改变怎么样？谢谢。 I got three questions. First, what is the proportion of direct power sales for the first quarter and the discount rate for the first quarter and the change of that? The second question is that how many power plants are loss-making? The third question is about CapEx and the change of the CapEx. 好，现在由营销部回答这个问题。2018年一季度，公司共结算交易电量302.37亿千瓦时，同比增加了163.19亿千瓦时。交易电量的比例30.69%，同比增加15.2个百分点。结算电价365.15元每千千瓦时，比基数电量降幅是每千千瓦时降40.3元。其中直接交易的电量是251.83亿千瓦时，同比增加了141.31亿千瓦时，结算电价是每千千瓦时374.52元，降幅同比增加每千千瓦时2.69元。 For the first quarter, the market-based volume output is 30.237 billion kilowatt hour, representing an increase of 16.319 billion kilowatt hour. The market-based portion is 30.69% and 5.2% year-on-year increase. The on-grid tariff is CNY 365.15 per megawatt hour. The discount rate is CNY 40.3. For the direct power sales of first quarter, the total volume is 250.813 billion kilowatt hour, representing an increase of 14.531 billion kilowatt hour. The tariff is CNY 374.52 per megawatt hour. The discount rate is representing a decrease of CNY 2.69. 我要回答一下你的第二个问题。一季度公司总体运营电厂的总数是143家，其中亏损的是39家。按照亏损电厂的装机容量的比例来看，占总体的装机容量比例是28.79%。按照个数来算，是占总体个数的27.46%，与去年基本持平。 The company's power plants have 143 start operation and among them 39 is loss-making. From the capacity aspect, the loss accounts for 28.97%. For the number, it accounts for 27.4%. 第三个关于资本开支的，在年度业绩的时候我们介绍过，我们公司18年的资本开支总的计划是195亿。去年实际的是260亿。那么今年一季度的情况大概是这样，我们用于构建固定资产这些无形资产、长期资产的开支是36亿，去年这个水平是49亿。好，谢谢管理层。 For the CapEx of 2018, the total amount is CNY 19.511 billion compared to CNY 260.45 billion. For the first quarter of 2018, it is CNY 36 billion compared to CNY 49 billion last year, same period last year. 感谢您的提问，也感谢管理层的解答。大家好，如需提问，请在话机上按星一键等候，先信号键，再数字键一。As a reminder, if you would like to ask any questions, please press star one on your telephone keypad. Thank you。下面一位提问者是来自中信证券的高潮。你好，有请。管理层你们好，我这边想问一下我们一季度的单位燃料成本，包括含燃机的和不含燃机的，以及它们的同比变化。然后还有一季度的标煤单价的同比变化情况，以及这个标煤单价里边的运费的占比。谢谢管理层。 I ask questions. The first question is the unit fuel cost for first quarter include gas turbine and the change. The second question is the standard coal price and the transportation fee among that. 我来回答一下你这个单元的这种变化情况。从综合来看，公司总体的一季度的单位燃料成本是238.40元每千千瓦时，比去年同期的222.08元每千千瓦时，同比上升了7.35%。 The unit fuel cost for first quarter is CNY 238.40 per megawatt hour, representing an increase of 7.35% year-on-year. 从燃机来看，一季度的燃机的单位燃料成本是232.53元每千千瓦时，比去年同期的213.96元每千千瓦时，同比上升了8.68%。 For the unit fuel cost of coal by unit, the number is CNY 232.53 per megawatt hour, compared to CNY 213.96 per megawatt hour, representing an increase of 8.68%. 燃机的单位燃料成本是这样，燃机的一季度是337.21元每千千瓦时，比去年同期的354.49元每千千瓦时，同比下降了4.87%。 For the unit fuel cost of gas turbine, the number for the first quarter is CNY 337.21 per megawatt hour. Compared to that of 2017 is CNY 354.49 per megawatt hour, representing a decrease of 4.87%. 我记得你还问了一个除税的标煤单价，从这个综合来看呢，一季度的除税的标煤单价是807.90元每吨，比去年同期的751.01元每吨上升了7.57%。 The standard coal price excluded tax for the first quarter is CNY 807.90 per ton, compared to CNY 751.01 per ton, representing an increase of 7.57%. 一季度的运费，刚才问了一个运费的占比。运费在我们燃料成本的比例是13.8%，同比是减少了1.3个百分点。主要的原因是煤价是一个同比上涨，另外一季度的铁路的费用也是同比下降，所以说运费占比是同比一个下降的。 The transportation fee is accounted for 13.80% of total standard coal price excluded tax, representing an increase of 1.30% because of the coal price is rising and the cost is reducing, so the portion of transportation fee is going down. 好的，谢谢管理层，我没有其他问题。非常感谢您的提问，也感谢管理层的解答。大家好，下面一位提问者是来自Jefferies的Edison。你好，有请。管理层你好，我有两个问题。第一个问题是关于，其实你们在这个4月份开始看见煤价下跌，其实你们估计第二季煤价，你们现在有什么估算，大概平均的价格是多少？第二就是你们长协，你们的煤扣的比例在第一季是多少？还有这个长协里面的煤价在第一季大概是多少？谢谢。 From April, the coal price reduced. What is the outlook for the average coal price for the company? The second question is the portion of long-term agreement. 我说一下，根据当前市场的情况，我们预计4月份的煤价仍然还是一个下降的趋势。那么从一月份的长期的情况来看，我们一季度的长协的比例是53.5%。长协的价格是553.86元每吨，这是原煤价。 We target that the coal price will remain the reducing trend. For the contract, it accounts for 53.5% of the total procurement. The price is CNY 553.86 per ton. 所以我还有一个问题，如果你说这个长协的平均价在第一季度是558，但是你们煤的单价在第一季度是807，是不是长协以外的煤的成本非常高？还有558是税前还是税后？ There's a large difference between the standard coal price and the raw coal price we just announced. What's the difference between that? 是这样，我们长协的煤价是553.86元每吨，这是含税的原煤价。含税的标煤价是826.02元每吨。我们整个一季度的含税的煤价，刚才说的是不含税的煤价，我们含税的煤价一季度是871.21元每吨。 Let me clarify. The raw coal price is CNY 553.86 per ton from the contract. The coal price exclude tax is CNY 826.62 per ton, with tax, the number is CNY 871.22 per ton. 对不起，我的意思就是说，如果你63%是长协，长协的价格是553，但是你包括不是长协的平均价是807，含税还是871，是不是代表不是长协的煤价其实可能是超过1000块钱了？为什么那么高呢？我再解释一下。刚才我跟你说的这个长协的煤价，553.86是我们的原煤价，我刚才说的标煤价是826.02元每吨。刚才说的807是不含税的我们整个一季度的煤价，含税的是871.21。市场煤价我也可以跟你说一下，我们市场的原煤价是621.57元每吨，标煤价是922.13元每吨。 I have to explain the difference between raw coal price and standard coal price. For the raw coal price, it's CNY 553.86 per ton. For the standard coal, it's much more higher than the raw coal price. For the spot market, the price is CNY 627.97 per ton for the raw coal price. The standard coal price from spot is CNY 922 per ton. 我还明白，谢谢。非常感谢您的提问。大家好，下面一位提问者是来自阳光资产的李晨。你好，李晨，请提。你好，管理层。我这边主要是对电价跟燃料成本这块有两个问题。首先是电价这一块，可以看到我们公司一季度的电价相对于去年三季度大概有一分多钱的上涨。那公司认为这样一个涨幅是可以在今年全部延续的吗？还是说仅仅是因为一季度煤价比较高，所以我们折扣较少，可能在未来几个季度煤价降低的时候，我们折扣可能就收窄不了这么多了，电价可能会往下走。公司是怎么判断的？喂，你好。 I got 2 questions. The first one is about the tariff, and the second one is fuel cost. The first question is that from the first quarter, the tariff is higher for 1 cent than the third quarter last year per kilowatt hour. Will the trend continue? Is this due to the coal price is pretty high last year? Will the discount rate narrow if the coal price is going down? Will the discount rate remain the same or enlarge? 我来回答第一个电价的问题。一季度电价上涨主要有两个方面的因素，一个是去年7月1号电价调整，到今年一季度、二季度会有一个翘尾的影响，这是一个比较主要的影响。第二个就是市场交易电价应该说有一个回升的态势。所以我预测这两个因素在一、二季度应该都会有所反应。好，谢谢。然后就是—— Excuse me. There are 2 reasons for the tariff raise. The first reason is that there are tariff hikes on July 1st. Right now, it's the margin of that. The second reason is the market-based tariff increase. 另外一个问题是关于燃料成本，首先是刚才有提到说我们长协的这样一个不含税的标煤单价是826，然后市场煤是922，但是我们综合的这样一个标煤单价不含税是807。想请林晓峰解释一下，这个综合起来的为什么会低于826这样一个水平？这是第一个。然后第二个就是说，我们今年一季度的这样一个标煤单价，或者说是单位燃料成本这样一个同比涨幅是远远小于我们这个市场煤的煤价的同比涨幅的。那这个主要的原因是什么？然后我们这个季度之间是不是有一些长协煤的这样一个安排，导致可能会存在季度间这样一个标煤单价之间的这样一个同比涨幅比例是跟市场煤的比例是不相等的这样一个情况。对，主要是这个问题。 You mentioned that the coal price from contract is CNY 826, but from spot is CNY 922. The average coal price we announced is CNY 807. Why the average coal price is lower than the coal price from contract? The second question is the unit fuel cost growth rate is lower than the growth of coal price. What is the reason for that? 我回答一下这个问题。首先我先说一下，刚才说的807是一个不含税的一个煤价。在这里我想把这个情况再给大家重报一下。我们一季度的含税的标煤单价是871.21元每吨，这是我们整个一季度的公司的煤价。这其中长协的煤价是826.62。我们市场的标煤价是922.13元。 The standard coal price for the first quarter of every energy source is CNY 871.21 per ton. The coal price from contract is CNY 826.62 per ton. The coal price from spot is CNY 922.13 per ton. 另外关于整个的煤价的涨幅和市场的涨幅不是太相符的问题，我再简单地说一下。华能国际是非常地重视煤价的控制。那么一季度跟市场的涨幅有一定的差异，主要一个是我们长协的作用，今年我们加大了与这种大中型煤炭企业的战略合作，我们努力提高长协的比例，因为长协的价格相对来讲比市场要稳定一些。那么另外我们也是发挥公司的集中的优势，做优进口煤，同时发挥我们港口航运资源的优势，建设一个比较高效的一个燃料的供应链。 For the second question, the unit fuel cost is not in line with the coal price because the company emphasizes the cost control of Fuel. The long-term agreement, we sign more long-term agreement with other big coal enterprise and have strategy cooperation with them. We make an effort to increase the portion of annual contract and do the imported coal at the same time. 你好，管理层。关于煤价这个问题，我还想多追问一下。公司认为一季度这样一个同比的涨幅是小于市场煤涨幅，主要还是因为长协以及公司自身的这样一个努力的作用。那就是说拉长到整年，比如2018年整年来说的话，我们这个长协是同比去年是有一个这样的一个增幅，而导致了我们煤价的涨幅小于市场煤涨幅，还是说仅仅是季度间的这样一个原因？比如说我一季度用的长协煤比较多，但是在二三四季度，可能我长协煤的用量就会少一些，因为我把签的量尽量在前面都用完了，那后面有没有可能长协煤的这样的用量下去了之后，我这样一个煤价的同比涨幅就可能跟市场煤的涨幅差不多了。 I got further more questions. You just mentioned that the unit fuel cost is lower than the fuel cost height. For 2018, is it year-on-year increase or a quarter-to-quarter increase? If we use the coal from contract at the beginning of the year, what will we do for the rest of the year? 公司的长协的比例和去年同期基本上是持平的。我们长协安排基本上是一个均衡的安排，也就是说全年我们都是一个均衡的安排，不存在某一个季度会多一些，我们是一个均衡的安排，所以在后面这个季度都是这样的一个比例，基本差不多。好，谢谢。 The portion of long-term agreement is in line with the annual use of the coal. Every month we consume the contract is above the average. 感谢您的提问，也感谢管理层的解答。大家好，如需提问，请在话机上按星一键导航，先星号键，再数字键一。谢谢。As a reminder, if you would like to ask any questions, please press star one on your telephone keypad. Press star followed by one. Thank you。下面一位提问者是来自国泰君安的周燕，你好，有请。管理层好，我这里有三个问题，一个问题是关于大士能源的，因为公司在电量电价这方面都没有披露境外的这一笔资产，所以能不能请公司披露一下大士能源的电量电价，包括它的单位燃料成本这些信息。第二个问题是关于公司的利用小时数的，因为根据我们测算，公司的利用小时数在一季度是有一个比较明显的同比上升，主要我们看到是广东福建这边电量增加得比较多，所以想请教一下这个主要原因是什么？因为我们争取的市场电比较多，还是说本身的这个电量需求拉动比较明显？那么管理层怎么看今年未来的利用小时数上升的持续性。然后第三个问题还是关于燃料成本的，就是想问一下热力这一块，咱们的成本是怎么计算的？刚才说的这个单位燃料成本里面有考虑热力吗？我的问题就是这样。 I got three questions. The first one is for the Tuas Power in Singapore. We want to know the tariff and the total power generation and unit fuel cost of Tuas Power. The second question is about utilization rate. For the first quarter, the utilization hour is recovering year-on-year, especially for province Fujian. What is the reason for that? Do we have an outlook for the utilization hour for the rest of the year? The third question is about the unit fuel cost. Do we include the heating income or the heating cost in the unit fuel cost? 大家好，我来给大家通报一下大士能源一季度发电量单位燃料成本的情况。第一，发电量。2018年第一季度大士能源完成发电量25.50亿千瓦时，较去年同期的25.91亿千瓦时减少0.41亿千瓦时，降幅1.58%。一季度大士能源含税电价572.93元每千千瓦时，较去年同期的550.46元每千千瓦时增加22.47元每千千瓦时，同比增加4.08%。一季度大士能源单位燃料成本455.61元每千千瓦时，较2017年同比的437.61元每千千瓦时增加18元每千千瓦时，增幅4.11%。 For Tuas Power, the total power generation of first quarter 2018 is 2.59 billion kilowatt hour, representing a decrease of 1.58%. For the tariff is SGD 573.92, representing a decrease of 4.08%. Sorry, 是人民币元, representing a decrease of 4.08%. The unit fuel cost for total power is CNY 455.61 per kilowatt hour, representing a decrease of CNY 18. 我想再追问一下，大士能源这边现在是处于亏损的状况吗？ I got further more question. Is the Tuas Power loss making right now? 2018年第一季度大士能源税前亏损1.15亿元，同比减少亏损0.24亿元。 For the first quarter of 2018, the total power total loss is CNY 155 million, representing a decrease of 0.24%. 我的第二个问题是关于利用小时数的。利用小时数公司2018年明显的，我们看了一下，主要是广东福建这边电量增加比较多，想请教一下管理层主要原因是什么？那么2018年全年的利用小时会增加实际程度？请分析一下。 We noticed that there are strong output power generation for the Guangdong and the Fujian province. What is the reason for that? 我来回答小时数这个问题。一季度公司小时数增长比较多，这主要得益于两个原因。第一个是一季度国家宏观经济持续向好，受各产业用电需求增长以及极寒天气导致的供暖用电增加了影响力，一季度全社会用电量快速增长，这个对公司的小时数拉动比较大。第二个还是就部分地区来水减少，水电发电量下降，火电发电量增长，对公司的小时数有拉动作用。这个主要体现在南方区域，你说的广东本地的影响。从公司预测来说，今年总体预测小时数应该具有一定的持续性。据中电联预测，上半年全国用电增速预计在8%左右，应该说增长率仍然比较高的。我回答完毕。谢谢。 The utilization hour rose sharply for the first quarter. There are three reasons. First is economic recovery for China, and the second is the cold temperature among the area. The third is hydro output is weak, so the thermal power is recovery. According to the forecast of CEC, the growth rate is 8% and will remain high. 我的第三个问题是热力这一块业务的成本是怎么计算的？咱们在计算单位燃料成本的时候，有把热力这一块考虑进去吗？ Third question is about the calculation of heat cost. Well, we accounted the heat cost in the unit fuel cost. 我们现在是在历史上，包括刚才说的这些单燃的成本，都是指的是发电的单位成本。因为你从这个损益表能看到，电跟热是共同用一些燃料、一些设备，共同一些成本，然后有不同的产品。因此从损益表里头，比如燃料费，其实扣掉这些单燃可以生产量的，其实就是一些热力的成本。它们俩这种不同的项目成本的分配，其实有不同的规则，比如说燃料有燃料的分摊规则，然后检修、技改，其他不同的成本都会在电之间进行一些分批。但是期间费用按照行业惯例，基本都不进行分批。因此，从华能国际来讲，从收入来看，热占总体的收入也大概10%或10%以内左右。所以我每次披露的单燃的情况，受这样的情况都是以电力产品为主，等于是热力相对来说是一个辅助的产品。那我想追问一下，咱们一季度热力这一块，包括还有其他业务这一块的收入是一个什么情况？因为我们现在根据公司的公告只能看到电力这块的。收入跟你报告一下，一季度比如说CNY 432.56亿的收入，整个是披露的营业收入，其中电力是CNY 379.81亿。热力是CNY 44.6亿，还有其他加在一起大概有十几亿左右，就是一个差值，包括港口的，包括一些配套的，包括一些材料的，偶尔的一些销售的，都非常少。好的，谢谢。谢谢鲍理事长。 For the heating income, the total income for the first quarter is around CNY 43 billion. Among that, CNY 37.98 billion is for the power generation and CNY 4.46 billion is for the heating income, and the rest is others. 大家好，如需提问，请在话机上按星一键待号，先星号键，再数字键一。谢谢。As a reminder, if you would like to ask any questions, please press star one on your telephone keypad. Press star followed by one. Thank you. 大家好，下面一位提问者是来自长江证券的景林。你好，有请。你好，我这边有两个问题想请教一下公司管理层。一个就是刚才胡军这边问到的，就是一季度的收入的一个分配。刚才提到就是一季度的电力业务的收入大概是379.81亿元，请问这一部分是包含了大士能源这块的收入，是吧？然后第二，就是刚才也提到热力的收入大概是40亿元左右，想请教一下这个热力的收入是相对于去年同期增长大概有多少？然后我第二个问题是公司分电源的利润贡献大约是多少？就是比如火电、水电、风电、光伏，各自对于净利润的贡献大概是多少，然后其他业务的净利润的贡献又是多少？谢谢。 I got two questions. The first question is about the income distribution. We noticed that altogether we have CNY 43 billion, and among that, 379 is from electric power, and CNY 4.4 billion is heating income. What is the year-over-year increase of heating income? My second question is the net profit contributed by every power source. 你头一个说的这个收入，你理解是对的，370.81亿的电力收入是含大士能源的，这是头一个。 You are correct. The first, 37.9 billion includes the income from Tuas Power. 第二个问题就是收入的今年我刚才报的是一季度，热力的是44.6亿，去年一季度是34.2亿，所以说同比增了30%。 Heating income for this year is CNY 4.4 billion, representing an increase of 13%. Last year, the income is CNY 3.42 billion. 第三个就是你刚才问的分板块的利润的比重，总体来看，我们是分了一个利润总额，你问的净利润其实比重应该除是以后差不多。我给你报一个税前利润的。燃煤一季度是12.66亿，占51.57%，就占利润总额的51.57%。燃气的应该是8亿，占15.38%。风电的是5.07亿，占20.65%。然后光伏加上其他的，光伏的我给你报一下，光伏的是6,100万，占2.48%，其他加投资收益什么的大概是2.5亿，占11%左右。 For the net profit contributed by every power source. Profit before tax for the coal-fired is CNY 1.266 billion, which is accounted for 51.57%. The gas turbine is CNY 378 million, accounted for 13.8%. For the wind power, the profit before tax is CNY 538 million, accounted for 5.65%. For solar power, the profit before tax is CNY 61 million, accounted for 2.48%, and other income is CNY 250 million, accounted for 11%. 好的，谢谢。我这边再追加一个问题。我刚才听到咱们的热力收入同比也是大幅增长了大概30%，想请教一下公司，咱们热力的供热情况增长的话，对于公司的煤机的供电煤耗是否有积极的影响？请问一季度的供电煤耗水平大概是多少？同比的变化情况又是什么样的？谢谢。 I notice that the heating income is increasing 30% sharply. Will it positively affect the power generation fuel cost? 公司一季度的生产供电煤耗是288，同比下降2.3克。 The fuel cost for power consumption is 288, representing a decrease of 2.3%. 好的，谢谢。感谢您的提问。大家好，如需提问，请在话机上按星一键等号，先星号键，再数字键一。As a reminder, if you would like to ask any questions, please press star one on your telephone keypad. Press star followed by one. Thank you。下面一位提问者是来自信达证券的李荣。你好，有请。管理层您好。是这样的，我要接着之前的问题来问。一个是目前咱们对于2018年整个利用小时数的预测，以及发电煤耗的预测。然后下面一个问题，等您回答完这个我再来问。喂，能听到吗？ Yes. The first question is about the outlook of utilization hour for 2018 and the fuel cost for the power supply. 对2018年小时数预测，我们预测在4000小时左右，与去年略有上涨，但上涨幅度不高。 The utilization hour for 2018, the guidance of 4,000 hours is a little bit growth. 喂？喂？请插档，管理层之前是在线的。好的。今年的生产供电煤耗的年度计划预计是大约295、294.6。 The coal consumption for power supply for the full year 2018 is 294.6. 你好，我想追问一下，如果我没有记错的话，去年的时候整体的一个发电煤耗应该是在288克左右，为什么今年的计划比去年的实际还要高？ I notice that the number last year is 288. Why the number is higher than last year? 我刚才报这个是生产供电煤耗的年度计划，就是我们正常管理的时候就做这个计划，之后计出厂电量呢，就是发电煤耗，发电煤耗要比这个数低，肯定是288以下。好的。那我大概问一下，今年这个计划的厂用电量是多少呢？厂用电量是4.3%。这个厂用电量是指全部的电源呢，还是指煤电的？生产的，全部的。好的。国电的。好的。那么我再补充一个问题，也就是说最近其实是加大了一个对进口煤的限制的力度，之前是在一些二级港口，最近在厦门这样的一级港口也有了一些这样的事件。那么我们也是听说华能加大了对国产煤的采购。从这个角度来讲的话，还是想问一下，你们对今年进口煤占总比的预测有没有一个变化？以及全年的煤炭成本会是怎么样一个水平？全年的燃煤基础的煤炭成本。 I noticed that there will be more strictly regulation for the imported coal. The regulation expands from secondary port to primary port. I want to ask the guidance of imported coal price and fuel cost of coal by unit. 你好，我回答一下。近期国家确实是对于进口煤是有了一个严格的管理，但是并不是严格地进行了一个限制，而只是对进口煤有了一个严格的管理，对市场的预期确实是有所影响。但是从长远来看，对公司的影响是比较小的。因为国家对进口煤的管理，总体来讲是要限制劣质的进口煤。那么公司对进口煤的态度，都是安排这种优质的进口煤，都符合相关的监管的要求，所以相对来讲，对公司的影响是比较小的。 The government is trying to control or manage the imported coal. It is not restraint. For the long run, the restriction has little impact for the company. The limitation is for the bad quality of coal. We imported good quality coal. 公司今年的煤价的预计，仍然还是坚持我们原来的这种预计。我们预计18年会略好于17年。我们预计煤价比17年的预算要减少22元。好的，我的问题结束了，感谢管理层。 For the guidance of coal price for this year 2018, we will have less pressure than 2017. For the budget, we have CNY 22 less than the last year. [Foreign language] As a reminder, if you would like to ask any questions, please press star one on your telephone keypad. Thank you. The next question comes from RBR of the Chase Babasa. Please go ahead. Hello, Ms. Babasa, your line is open. You can ask question now. Thank you. Hello. Yeah, hi. Sorry, I didn't hear my name. Yes, I just wanted to ask, what is the average finance cost for Q1? What is the company's guidance for the full year? Also, if there is any guidance for full year utilization hours for the generation? Thank you. 他们想问一下咱们公司的财务成本是多少，然后今年的指引，还有想知道一下咱们公司今年的利用小时。我们现在一季度的综合的债务成本是4.34%。 The financial cost for the first quarter is 4.3%. The full year? 2018年全年利用小时，我们年初预计是4000小时。 The utilization rate for 2018 is 4,000 hours. 4,000 hours. Has it been revised upward, given the strong economic growth you've seen in the first quarter? 她想问一下，第一季度会不会上升？就是因为咱们第一季度的整个的经济是转好的。会不会有变化？对。公司目前对这个4000小时还没有做出改变。 We don't have an update for the utilization rate, still 4,000 hours. Okay. The full year average finance cost will also be around 4.3%, or company expects it to trend up. Excuse me. Hello? Yes, sorry. Will the full year finance cost also be 4.3%? Yeah, it is 4.3%. That is a full year guidance as well. That number is for quarter one. We do not have a guidance for the whole year. Okay. All right. Thank you. 感谢您的提问。大家好，如需提问，请在话机上按星一键等号，先生话键，再输入数字键1。谢谢。下面一位提问者是来自洪湖投资的黄路瑶。你好，有请。各位管理层你们好，我这边有三个问题。第一个是能不能问一下我们一季度实际发生的利用小时是多少？然后去年同期的利用小时是多少？ My first question is about the utilization rate for the first quarter. What is the number of last year? 今年一季度公司发电利用小时是1032，17年一季度是978，增长54个小时。好的，我这边第二个问题是，接着前面那个分板块的税前利润，能不能披露一下去年一季度这几个板块的税前利润。 Can we get the profit before tax by different energy sources of last year? 我们去年这个一季度的手上还真没有，你要去年全年的都没有。这样一季度我们可以事后通过证券部给你转过去也可以。好。 Sorry that we don't have data by hand. If you want more data, we can contact IR department after the conference call. 好，我这边第三个问题是关于我们煤炭的采购和库存情况。就是想了解一下我们现在3月份末煤炭的库存情况比去年同期增长了多少？然后现在的一个大幅度的采购，公司觉得主要来源是哪里？进口煤这块有多大的影响？谢谢。 My third question is about the coal procurement and the stock. By the end of March, what is the stocks of coal for our company? What is the procurement source for our company? 到3月，我这里给你介绍到我们4月4号的，我们整个公司的库存是1009万吨。那么这个库存和去年同期比，去年同期是850万吨。 By April 24, the stock is 10.9 million tons. Over the same period last year, the number is 8.5 million tons. 一季度整个公司的采购量总共是4949万吨。那么其中的进口煤量是1397万吨。 For the gross procurement of coal for the first quarter, the total number is 49.49 million tons. The imported coal is 13.97 million tons. 去年的进口煤量和去年一季度的总的采购量，这个我们有数据吗？ Do we have a data for last year? 去年我们一季度总量是4036万吨。其中进口煤是921万吨。 For the gross procurement of coal for 2017 first quarter, the number is 40.36 million tons. Among them, the imported coal is 9.21 million tons. 那除了进口煤增加的大约400万吨以外，我们看到大约相当于国内的采购量也增加了四五百万吨的水平。这个公司能不能从直观感受上给我们介绍一下，增量主要来源在哪里？ I noticed that both the domestic procurement and imported coal increased 4 million. 我们是这样，今年一季度煤量增加的比较多，刚才说了，就是因为电量增加的比较多。那么从我们的煤炭的采购来讲，主要的还是来自于我们陕西、山西、内蒙的这个区域，采购量比较多。 The reason for huge coal procurement is due to strong output in power generation. We purchase the coal from Shanxi and Inner Mongolia province. 我们公司为什么会选择在煤价高位的时候补库存，增加库存？ Why we increase stock in such a high coal price? 公司是坚持这样一个淡储旺耗的原则，并没有在煤价高位的时候补库存。 The procurement is determined by the stock. We don't restock in a high price purposely. 好的，谢谢。谢谢公司管理层。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瑞士信贷的周天宇。你好，有请。管理层你好，我有两个小问题。一个想问一下，我记得我们年报的时候提到全年就单位燃料成本的指引是下降5个点以上，然后想问一下这个指引现在有没有变化？然后第二个想问一下，看到从2、3月份之后，煤价下降的幅度也是比较大的。那段时间我们直供电这边定价折扣是保持在一个比较平稳的水平，还是说可能是有稍微有些扩大的趋势？ I got two questions. The first one is, according to annual report, the unit fuel cost guidance will reveal 5%. The second question is that from February to March, the coal price declines rapidly. Will the discount rate in the market-based volume will stay the same or enlarge? 头一个问题，刚才我们燃料部的领导已经回答过了，全年单燃的目标的指引是没有变化。 The guidance of unit fuel cost for the full year remain the same. 公司一季度交易的结算电价365，应该说略有回升。总体看，交易价格比去年都在上涨，跟燃料成本回弹，应该主要是跟电力市场的供求关系更大。 For the first quarter, the settled tariff is 365. The tariff recovered for the first quarter. The unit fuel cost is in line with supply and demand. 请问这位提问者还有其他的问题吗？没有了，谢谢。好的，感谢您的提问。大家好，下面一位提问者是来自彭博行业研究的岳崎瑶。你好，有请。管理层下午好。我想请教一下，有关于利用小时，煤电这个部分，第一季度的利用小时大概是多少？然后去年第一季度大概是多少？谢谢。 My first question is, what is the utilization hour for coal-fired plants for the first quarter? What is the utilization hours for the same period last year for coal-fired plants? 今年一季度煤机的利用小时1101小时，比去年同比是上涨了78个小时。 For the first quarter, the utilization hours for coal-fired units is 1,101 hours, representing an increase of 78 hours over the same period last year. 那么公司2018年的指引是4000个小时，所有的机组。那有关煤电而言，有没有一个利用小时的估计呢？谢谢。 4,000 hours is the guidance of all our units. Do we have utilization hour guidance for coal-fired units? 年初煤电的预测大概在4200小时。 The utilization hours for coal-fired units is 4,200 hours for 2018. 请问一下，不好意思，这个4200个小时和2017年相比增加了大概多少呢？ What is the difference between 2018 and 2017 in utilization rates? 2017年煤机的小时数是4194。 Last year, the utilization rate for coal-fired plants is 4,194 hours. 好的，那么最后一个问题是关于财务费用。第一季度公司的财务费用大概是4.3左右，那么全年的话有没有一个上升的压力？或者比较有可能还是会保持在这个水平呢？谢谢。 My second question is about the financial cost. For the first quarter of this year, the financial cost is CNY 23.43 billion. Do we have upward pressure for the financial cost or remain the same? 这个财务费用大家都知道，现在全球包括中国在内，都处于一个加息的周期，在往上走的空间。因此，财务费用上涨的压力还是蛮大的。 As you know, the global government is in the trend of interest rate hike, and we do have an upward pressure for the financial cost. 好，非常感谢管理层。非常感谢各位的积极提问，也感谢管理层的详细解答。由于时间的关系，我们有请最后一位提问者。最后一位提问者是来自汇理基金的蔡雷。你好，有请。管理层您好，我有一个问题，就是关于您刚刚提到今年的一个直供电部分折扣，可能一个收窄的趋势，是跟整个电力行业的供求关系有关。那么您觉得从未来两三年去看的话，因为随着国家也在放缓煤机的建设，包括一些小煤电的淘汰，您觉得这个行业的整个供求关系未来两到三年是一种多大的一种改善的趋势？那么这种供求关系的改善是否最后能回到直供电部分的电价折扣的进一步的收窄？谢谢。 My first question is about direct power sales. The discount rate is determined by the supply and demand. My question is for the next 2 or 3 years, will the supply and demand in line with the discount rate? Will the discount rate narrowed? 随着国家对电力行业定义为过剩产业以后，国家在去产能方面下了很大的功夫。电力行业也在投资上进行了一些响应运作。应该说，至少煤电产业未来是面临着市场的转好、企稳阶段。 The government defined the coal-fired industry is oversupply. The government is trying their best to cut the excessive production capacity for the next few years. The coal-fired industry will recover and remain stable. 好，谢谢。好的，感谢各位管理层的解答。最后请黄总为我们今天的电话会议做一个简单的总结。Thank you so much for all the questions and participation today. Mr. Huang would like to give us a summary. 有请黄总。好，感谢各位参加华能的业绩会，也感谢各位一直以来给予公司的大力支持和持续关注。那么今天的电话会议就到此结束。如果有进一步的问题，也欢迎大家会后与公司投资者关系处联系。谢谢大家。 Thank you for attending Huaneng Power International Investors and Analysts Conference Call. We appreciate your tremendous support and attention. Analyst briefing is ending. If you have more questions, please contact with our IR department. Thank you. Have a nice day. 好的，再次感谢各位出席华能国际电力股份有限公司2018年第一季度业绩发布会。我们期待下一次业绩时再见。Thanks again for your attendance of the conference call regarding the first quarterly results announcement of 2018. We are looking forward to meeting with all of you in our next results announcement. Thank you.