Earnings Call: Q2 2018

Jul 31, 2018

Good afternoon, ladies and gentlemen. On behalf of Huaneng Power International Incorporated, I would like to welcome you all to the conference call regarding the first half year 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. Li Jianmin. [Foreign language] 大家好，主持人好。公司副总经理刘冉辛先生，the Vice President of the company, Mr. 刘冉辛。刘总您好。主持人好，大家好。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。出席本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。公司总会计师黄立新先生会先为我们回顾2018年中期业绩表现。接下来是问答时间。下面本次会议现在开始。女士们、先生们，大家好，欢迎各位参加华能国际中期业绩推介电话会议。 Good afternoon, ladies and gentlemen, welcome to join Huaneng Power International Analyst Briefing Call for the first half of 2018. 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CNY 824.05亿元，同比上升15.36%；归属于本公司股东的净利润CNY 21.29亿元，同比上升170.29%；每股盈利为CNY 0.13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CNY 824.05亿元，同比上升15.36%；归属于本公司权益持有者的净利润CNY 17.31亿元，同比上升609.74%；每股盈利为CNY 0.11元。上半年公司净利润同比上涨的原因，主要是电量的增长和电价的上升。 The company just announced its operating result for the first half of 2018. According to PRC GAAP, the company realized consolidated operating revenue of CNY 82.405 billion, representing an increase of 15.36% compared to the same period last year. The profit attribute to the equity shareholders of the company was CNY 2.129 billion, representing an increase of 170.29% over the same period last year. The earning per share is CNY 0.13 per share. According to IFRS, the company realized consolidated operating revenue of CNY 82.405 billion, representing a year-on-year increase of 15.36%. The net profit attribute to equity shareholder of the company was CNY 1.731 billion, representing a year-on-year increase of 609.74%. The earning per share is CNY 0.11 per share. The main reason for increase of the net profit is the rise of power generation and electricity tariff. 下半年公司将继续在创新发展、安全生产、提质增效、深化改革等方面狠下功夫，认真分析市场，采取有效措施，防范经营风险，巩固产销两旺的经营形势，不断提升经营业绩，努力为国家、社会、股东创造更多价值。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 the second half, the company will continue to focus on innovation, driving development, safety production, quality and efficiency improvement, make efforts to intensify reform, analyze markets carefully, take measures to guard against operating risk, consolidate production and marketing thriving, continuously improve operating results, making 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. 谢谢黄总的介绍。接下来是问答时间。Thank you, Mr. Huang. Here we come to the Q&A section. [Foreign language] 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. Press star followed by 1. Thank you. [Foreign language] The first person to ask a question is Liu Xianda from Citibank. Hello, please. 管理层你们好，我是刘晨，在花旗银行的。我有三个问题。第一个问题是，公告完上半年的业绩之后，我想知道管理层对今年2018年咱们单位燃料成本、发电量，另外就是利用小时那三个数据的最新2018年的指引。第二个问题是今年上半年我们卖电里头非计划就按市场电价卖电量，还有比例分别是多少？跟标杆电价的结构是怎么样？另外还是对2018年市场非计划卖电的比例的估值。第三个问题是有关我们公告的收购的。我看四个电厂里头还有两个是在亏损，那我想理解为什么我们在那些好像运营情况一般时候还去争取那几个电厂？争取的这个其实也不是那么便宜。好，谢谢。 I am from Citibank. I have three questions. The first one is that after announcement of analyst briefing for the first half of 2018, could you please talk about the unit fuel cost and power generation for the full year 2018 guidance and also the outlook of utilization rate. My second question is about the power sales at open market for the first half of 2018. What is the market base volume for the direct power sales? What is the percent of market competitive portion? How much is the discount rate? Could you also please talk about the guidance for those numbers for full year 2018? My third question is about the asset acquisition from China Huaneng Group. Because I noticed from the announcement yesterday our company acquired four assets and two of them are loss-making. Could you please tell us the reason why we acquired those two assets? Also why the consideration is too expensive? 我先给你说一下这个单燃的情况。单燃从我们披露报表来看呢，今年上半年综合单位燃料成本是CNY 237.06元每千瓦时，比去年同期CNY 233.97元每千瓦时增长了5.84%，这是今年的实际情况。 The comprehensive unit fuel cost of the company for the first half of 2018 is CNY 237.06 per megawatt hour, compared to CNY 233.97 per megawatt hour, representing a year-on-year increase of CNY 5.84 per megawatt hour. 根据上半年的单燃的变化情况和目前的煤炭市场的预计、分析的情况，我们最新的单燃的全年的指引是比18年全年预计同比17年全年上升2%。 According to the change trend of unit fuel cost and the coal price change for the market, the guidance of full year 2018 for the unit fuel cost will be increased by 2%. 我来回答一下发电量和利用小时的相关问题。上半年公司完成境内发电量是2,081.7亿，同比增长了11.5%，这个增长率比全国的增长率还是要高一些。根据中电联的预测，全年的用电量和发电量的增长率可能也要好于年初的预计，所以我们也是期望全年的发电量和利用小时能在年初的指引基础上能够有所进展，能够升高一些。 For the total power generation within China for the first half of 2018 is 208.171 billion megawatt hour, representing a year-on-year increase of 11.5%, which is higher than the average power generation of the country. According to the CEC estimation, we think that the power generation will be higher than the guidance we provide in the beginning of this year. 再来回答一下第二个问题，就是我们上半年的市场交易的电量比例达到了36.9%，这个交易电价比基数电价下降是4.26分。关于全年的市场交易比例的预计，目前我们是37%左右，预计全年应该在38%到40%左右。 In terms of the direct power sales, currently the market-based portion for the direct power sales accounts for 36.9% of the total power sales at open market. The discount rate is CNY 42.6 per megawatt hour. For the guidance for full year 2018, the portion of direct power sales will range from 38%-40%. 第三个问题，我们昨天也已经公告了我们下属的山东发电公司收购莱芜发电等4家电厂权益的交易。具体的内容可以见披露的相关的资料。我想再简单地回答一下有关问题。一个，我想说本次交易是华能集团避免与本公司同业竞争承诺的一个具体落实。为了解决同业竞争，华能集团曾经做过承诺，对于华能集团位于山东公司的常规能源的业务资产，在16年年底之前，在这些资产一定能力改善以后，就要注入上市公司。大家也知道，我们在今年年初的时候完成了一个很大的资产的注入，解决同业竞争的。在当时的收购的标的范围内，是不含我们这一次的交易的四个项目的股权的，因为当时这四个项目存在着一些其他问题，正在进行一些其他方面的资产重组，不具备条件。到了今年3月底的时候，外部的条件都基本具备，所以我们就启动了这次收购。应该说这次收购有利于本公司进一步扩大公司的规模，增加市场份额，也能够提高公司的竞争能力。尤其是这次交易完成以后，在山东省，华能国际和华能集团就不存在任何的同业竞争的问题了。 You all noticed that the announcement yesterday that Huaneng Power International acquired four assets from the China Huaneng Group subsidiary, Shandong Power. I will answer this question briefly. The main object to have this asset injection is to solve the problem of horizontal competition. We recall that from the beginning of last year, we acquired four assets from China Huaneng Group and the asset we acquired recently does not include in those assets. Because those four assets is not qualified to be acquired. In order to solve the problem of horizontal competition, China Huaneng Group has promised that by the end of 2016, China Huaneng Group will inject all the assets to the Huaneng Power International. The main achievement of this asset acquisition is to enlarge Huaneng Power International and stay competitive of our company. That's why we don't have horizontal competition in Shandong Province right now. 那么这一次交易，我们是遵行了一般的商业条款，按照公平合理的条款以及符合公司及股东整体利益，属于公司的一个正常的业务，按照这些原则来处理。那么这一次的定价也是按照资产评估的价值来进行定价。我们的中介机构、我们的董事会以及我们的独立董事，都对这些评估也好，作价也好等等，都做了很谨慎的审查，认为应该是合理的。另外我想说，本次交易约占公司总资产大概是1%，应该来说是比重不大，对公司的经营情况和财务状况的影响应该来说也是比较小的。 This asset acquisition and injection is totally legal, because the pricing mechanism is according to the asset evaluation pricing. For this acquisition, Shandong Company employed professional auditor valuation organization and evaluate the company Huaneng Power International will acquire. The board meeting approved this transaction of the company's equity transfer contract, and finished this asset injections. This transaction accounts for 1% of total asset of our company, so the percentage is pretty small. There is little impact for our company's finance and operation. 好，谢谢管理层。我想追加一个问题，就是刚才讲的非计划卖电，这个有42.6的折扣，这个折扣大概是百分之几啊？谢谢。 I got a quick question regarding to the direct power sales. You just told us the discount rate is CNY 42.6 per megawatt hour. Could you tell us what's the percentage of the discount rate? 折扣不到10%。 The percentage is less than 10%. 好，谢谢管理层。 Thank you the management. 感谢您的提问。大家好，如需提问，请在键盘上按星号键，然后星号键按一次。谢谢。As a reminder, if you would like to ask any questions, please press star 1 on your telephone keypad. Press star followed by 1. Thank you. 大家好，下面一位提问者是来自中信证券研究部的高潮。你好，有请。喂，管理层，能听到吗？喂。可以听到，我们可以听到。管理层，请教一个问题，想拆分一下今年一季度和二季度关于电力和热力的收入和成本。主要就是这个问题。 Hello, the management. Could you tell us the power and thermal income and cost respectively? 我们这里没有分季度的电热类型，我可以跟你说一下今年电热收入跟去年比例变化的情况，或者是一季度和二季度的比例变化情况。今年1到6月份的总收入里面有754亿是电力销售，其中有52亿是热力销售。电力占91.75%，热力占总收入的6.44%。 I'm so sorry that we don't have the separation by quarter. We do have the year-on-year change for the thermal and power income. For the first half of 2018, the power income is CNY 75.4 billion, which accounts for 91.75% of the total income. The thermal income is CNY 5.2 billion, which accounts for 6.44% of the company's total income. 去年2017年1到6月份的电力收入是658.7亿，热力是42.02亿，分别占92.21%和5.88%。 For the first half of 2017 last year, the power income for the first half of last year is CNY 65.871 billion, which accounts for 92.21%, and the thermal income is CNY 4.202 billion, which accounts for 5.88%. 这个数据跟你刚才问的可能更贴近。从我们披露的一季度的报表数据来看，当时的热力收入一季度是44.6亿。所以44.6亿跟刚才说的半年的52.94亿，二季度也就是大概是8亿左右。因为随着供热期的结束之后，热力收入这个二季度就是非常小的一部分。好的，管理层。那我这边还想追问一下，我们关于上半年的电力和热力的毛利率，有没有这个数据呢？这个。 For the first half of 2018, do you have operation data for the gross profit for the thermal and power income? 我们是有电热综合在一起的一个毛利率的水平，今年上半年是12.78%。因为电力跟热力它是共用的，这种燃料的跟其他一些设施的成本比较多，因此我们综合的基本上是两个一块算。明白. The gross profit for both power and thermal is 12.78% because both of the power and the thermal we use the same fuel. That's why the number is together. 好, 我没有其他问题了。谢谢管理层. Thank you for the management. 非常感谢您的提问。大家好，下一位提问者是来自信达证券的王蓉。你好，有请。你好，管理层。能听见吗？我们可以听见。好的。我有三个问题。第一个问题是我想问一下上半年咱们煤电厂的厂用电率，还有发电标准煤耗，还有平均不含税发电标煤价格和入炉煤热值，这是第一个问题。第二个问题是我想问一下，上半年华能的汽电厂的厂用电率以及发电气耗，平均不含税的发电天然气的价格。第三个问题是我想问一下，公司管理层对今年咱们公司分电源装机量的一个指引情况。谢谢。 Hello, I have three questions. The first one is about the operation data for the first half of 2018. Could you please talk about the house consumption rate and coal consumption rate for power generation, for coal unit and the standard coal price of the company and the heat value of the coal as received. My second question is about those operation data for the gas turbine. Could you also talk about the price of gas and also the heat value. My third question is about the new capacity plan of the company for full year 2018. 燃煤机组的上半年的供电煤耗是305.91，厂电率是4.53%。For the first half of 2018, for the coal plant, the coal consumption for power generation is 305.91 gram per kilowatt hour, and the house consumption rate is 4.53%. 这个你刚才问到的第一个问题，其中的第三小问，上半年的除税的标煤单价，就是煤机跟这个汽加在一起是CNY 788.33元每吨。 For the first half of 2018, the standard coal price after tax of the company, both including coal unit and gas turbine, is CNY 788.35 per ton. 请问这位传媒朋友有其他的问题吗？不好意思，管理层是。不好意思，等一下，我们看一下我们的数据。好的，等一下。我这有。你问到的刚才这个燃气的综合起来，因为每个厂，我们总共有11家燃气电厂，每个厂的气价不完全一样，大概的水平有最便宜的CNY 1.28元每立方米，最贵的是CNY 2.51元，比如说是北京燃机是每立方米。但是综合这个起来，我跟你说一下它的单位燃料成本，就是说是折合是CNY 365.85元每千瓦时。 Our company have eleven gas turbine power plant. It is really hard to get comprehensive gas price for the company. Those gas price range from CNY 1.28 per cubic meters to CNY 2.51 per cubic meters. The comprehensive unit fuel cost of those gas turbine plants is CNY 365.85. 关于公司的分电源的装机量，也就是公司的装机结构，我在这儿回答一下。截至6月30号，公司的可控的装机容量的总量是104,425 MW。其中的燃煤电厂是87,558 MW，占比是83.85%，其余的是属于清洁能源，总计是16,266 MW，占比是15.58%。 For the capacity of the company by the end of June 30th, the company's installed capacity is 104,425 MW. The capacity for the coal plant is 87,558 MW. The rest of the capacity is clean energy, and the capacity is 16,266 MW, which accounts for 15.58%. 那么清洁能源当中呢，燃气电厂装机容量是10,418 MW，占到9.98%，风电厂是4,557 MW，占比是4.36%。 Among the clean energy capacity for gas turbine, the installed capacity is 10,418.98 MW, which accounts for 9.98% of the company's total installed capacity. For the wind capacity, the total capacity of the company is 4,557.7 MW, which accounts for 4.36% of the company's total installed capacity. 谢谢管理层，刚刚您提到的煤加气的单价是788.33，这个是含税还是不含税的呢？ You just mentioned that the standard coal price of the company is CNY 788.3 per ton. Is this coal price before tax or after tax? 这个是不含税的，煤加气的。好的。 The number is after tax and excluding gas. 另外还有，有没有单纯的燃煤的不含税的单价？因为刚刚提到了煤加气的，包括气单独的，有没有煤的？ Do we have a standard coal price of the company only for coal unit? 煤的上半年不含税的比较低，单价是CNY 750.92元每吨。 The standard coal price of the company before tax is CNY 750.92 per ton. 谢谢管理层。然后还有一个小问题，刚刚您在回答前一个提问者提问的时候，提到了今年你公司预期发电量是比年初的预计要好，有没有一个大概的百分比之类的？大概会比预计好多少？谢谢。 I got a quick question from the previous speaker. You just mentioned that the power generation guidance for full year 2018 will be higher and better than last year. Could you please tell us the percentage for the percentage of change for the power generation for this year? 我们现在还没有改变年初的指引数，只是按照中电联的预测，全年的用电需求可能会有一个高于预期的增长，所以我们只是希望我们下半年需求仍然能够保持上半年的这种增长幅度，然后期望我们的电量能够有一个高于年初指引的数值。但是我们现在因为下半年的预测数据还没有准确的数据，所以没有做详细的测算。 For the guidance of full year 2018 power generation of the company, we are so sorry that we do not update our data right now. We just have a roughly estimate from CEC's forecast from the demand and supply of power generation market in China. We hope that the growth rate will maintain the same as first half of 2018, so the comprehensive power generation will be higher than the guidance we provide in the beginning of this year. Right now we do not have any accurate data for the estimation for the guidance. 谢谢管理层的回答，我没有问题了，谢谢。 Thank you for the management. I do not have a question. 感谢您的提问。大家好，下面一位提问者是来自瑞士信贷的戴维。你好，你可以提问了。管理层你好。我这里有两个问题。第一个问题就是说，基于去年的煤价上涨和今年上半年的比较强的煤价，我们是不是预计接下来有可能国家会调整上网电价，根据煤电联动的这个公式。第二个就想问一下，还是煤价方面，就是刚才您提到全年的预测是单位燃料成本上涨2%。那我想问的就是对下半年的煤价，我们是怎么样判断的？是感觉上是觉得电力需求还是会比较旺盛，支持煤价呢？还是觉得煤炭供给这方面出来的比较慢，所以感觉下半年我们的预测是比较平稳，对煤价上。好，谢谢。 I have two questions. The first one is about the tariff hike. Based on the surge of coal price for the market, I still have questions about whether there is a tariff hike or not, according to the pass-through mechanism. My second question is that according to the management, the unit fuel cost guidance for full year 2018 will be increased by 2%. I want to ask the coal price outlook for full year 2018. Could you please talk about whether the coal price will go up by the strong power generation output or the price will go down because of the advanced coal capacity? 好，我先回答一下这位先生提的第一个问题。因为就像大家所知道的一样，应该是到去年的10月份，按照原来的煤电联动政策就应该联动了，但是这个联动迟迟没有下来。大家也都知道，我们华能做了很多工作，推动政府要按照煤电联动这种政策持续地保持下去。但现在看来困难很大，因为国家现在通过各种办法降低销售电价，但是它也考虑到现在我们煤价的增长幅度比较高，那煤电企业的压力比较大。可能在今后的工作中，在我们签署的长期协议当中，要把煤价和电价的联动作为合同的条款，做一些调整。通过这种方法的话，使我们这些企业能缓解一些困难。但是现在看，联动的困难确实比较大。 From October last year, according to the pass-through mechanism equation, the mechanism should be implemented at that time. Unfortunately, our government and the country did not implement the mechanism. Our company and all other IPPs did a lot of work trying to urge our country government to implement the mechanism according to the equation. The difficulty is huge, because our country encouraged to have a tariff cut for the user end. That is why all the independent power producers have a lot of pressure for their operation. That is why we want to have some regulation or have some measures in the long term agreement trying to linkage the coal price to the market. Right now, the difficulty is pretty hard. 关于煤价的情况应该说今年上半年确实是受极端天气的影响，上半年电煤的消耗也是连创新高。因为上半年煤炭供应总体上偏紧，煤炭价格是在一个高位的东西下运行。那么从公司的煤价情况来看，应该说公司上半年的煤价和去年同期比也是上涨了1.7%，所以总体来讲煤价是一个上涨的趋势。但是我们因为从下半年开始，从供给来看，随着产地环保检查的结束，一些停产的煤矿在陆续地复产，进口煤也在向电厂倾斜，优质的产能也在继续地释放。铁路运力也是大幅地进行了增加，保证了有效的供给。那么从需求来看，下半年我们预计水电出力会增加，会对火电会有替代的作用。另外今年从天气的因素来看，应该是和去年同期比也并没有太大的变化。再加上国家对高耗能行业的管控，需求同比大幅增加的概率也不太大。目前我们电厂都已经完成了迎峰度夏的储煤工作，目前的库存都是保持一个高位。另外，从国家层面也是希望煤价能够处在调控的绿色区间，对煤炭市场调控的力度也比较大，精准度也比较高，有利于引导煤价进行一个合理的回归。所以综合来看，后期煤价总体上讲继续向合理的区间进行调整，大幅上涨的可能性是不大的。我想问一下，全年单位燃料成本2%上涨，有没有一个单位煤价成本的指引呢？就是全年。 For the first half of 2018, the coal price surged because of the extreme weather and the temperature. Because of the strong power generation for thermal units and also the capacity of coal is pretty tight, it makes coal price higher and higher. Our company's coal price increased by 1.7% than the same period last year. The coal price is in the trend of increasing. For the second half of 2018, the supply side will release more coal capacity, and all the advanced capacity will be released by the coal corporation. We also imported more coal from overseas and the transportation capacity will increase as well. We do not think the coal price has foundation to go up in the upward trend. For the demand side, because the weather this year is the same as the weather last year, there will be strong hydro output for the hydropower. All the factors are benefits for the decrease of coal price. 那么鉴于上半年这个实际运行的情况，我们对煤价也做了一个调整，我们就是由原来同比下降4.2%，调整为同比上涨0.8%。 We adjust our estimation for the coal price. The year-on-year change for coal price used to be down by 4.2%. Right now, we upgrade to up 0.8%. 没有别的问题了，谢谢。 I do not have any questions. Thank you for the management. 感谢您的提问。大家好，下面一位提问者是来自中信建投国际的姚雪。你好，你可以提问了。谢谢。管理层你们好，我有几个问题。第一个问题就是刚才您说了单位燃气成本是365.85块，我不知道这个是不是，就是想确认一下，还有就是可不可以给一下下半年单位的燃煤成本？然后还有就是关于capacity这一块，您当时年初可能有指引说是未来在福建和山东还有一些燃煤的电厂，大概两到三个机组。可是看上半年的话好像还没有，不知道下半年或者是明年会不会把这些电厂的capacity正式地上运。还有一个问题就是资本开支的问题，想问一下上半年的资本开支大概是多少？然后全年的指引跟去年年报的时候有没有什么变化？还有就是可能多一点，就是我们看到实际的咱们这个利息，今年的上半年有一些增加，不知道全年这块预计有没有什么。先这几个问题，谢谢您。 Hello, the management. I have three questions. The first one is that you just mentioned that the gas turbines unit fuel cost is CNY 365.85 per megawatt hour. Could you talk about the unit fuel cost for the coal unit? Also the capacity outlook for the company, because I recall that from the annual conference, you just told me the company has two projects in Fujian or Shandong in construction, and those projects are coal plants. I noticed that there is no power plant for our company to put into operation for the first half. When will these two or three projects start operation? My second question is about the CapEx for the first half year. Could you also please talk about the guidance of CapEx for full year 2018? Is there any update for the CapEx outlook? My third question is, I noticed that the interest rate of financial cost for the company is a little bit increased. Could you give us more details about that? 我这个回答你一下，第一个跟第四个问题。第一个刚才你提到的那个当然是燃气，是CNY 364.85元每吨，然后燃煤的是CNY 229.71元每吨，综合起来上半年是CNY 237.06元每吨。这是给你确认一下。 I just want to confirm that the unit fuel cost for the gas turbine of our company is CNY 364.55 per megawatt hour, and the unit fuel cost for coal unit is CNY 229.71 per megawatt hour. The comprehensive unit fuel cost of the company is CNY 237.0 per megawatt hour. I just want to confirm those data for you. 关于财务费用的这个数字增加呢，就是受今年整体的资金市场的影响，我们今年从去年12月开始，资本成本是逐季上升，去年的是4.28%，一季度是4.34%，二季度是4.46%。 Regarding the increase of financial cost, because of the impact from the whole market, the financial cost increased for the first half of 2018. The financial cost of last year is only 4.28%, for the first quarter is 4.34%, for the second quarter, it raised to 4.46%. 这个反映在利润表上，今年上半年的合并财务费用就是CNY 50.99亿，同比增加了CNY 5.82亿。其中这个利息支出是同比增加了CNY 4.76亿。这个CNY 4.76亿里面我们细分了一下，债务增加的影响的是CNY 2.07亿，利率资金成本的增加是影响了CNY 2.7亿。 For the financial cost of the company for the first half of 2018, the number is CNY 5.599 billion, representing an increase of CNY 582 million. The interest rate increased by CNY 476 million. 公司今年上半年的资本开支是CNY 68亿，那么全年的指引没有变化，没有做调整。福建和山东的有关装机增长的计划也没有变化，那么这两个项目的投产预计是在今年的四季度。 For the first half of 2018, the company's total CapEx is CNY 6.8 billion. For the whole year guidance, we do not update and the number remain the same. For the new project in Fujian and Shandong Province, the starting operation date has not been changed, is still put into operation in the fourth quarter of this year. 关永强，我再多问一个问题，然后的话煤的现货，现货煤和合同煤这个比例在上半年，如果能分一季度和二季度最好了，那下半年的一个比例是什么样情况？还有就是关于煤，我们看到现在的现货煤炭价格最近下跌的幅度很快，想问一下，您觉得说国家在它跌到一个什么样的价位的时候，可能会再重新限制进口煤，或者是不是现在已经开始限制一二类港口的进口煤了？谢谢。我这个就没有问题了。 I got two more questions. The first one is about the coal procurement of the company. Could you please talk about the percentage both from spot market and the long-term agreement, it could be better to divide by the first quarter and second quarter. My second question is about the spot market coal price, because I noticed that the coal price from spot declined very fast. Will the government restart to control the imported coal, or the government already start to control the imported coal? 上半年我们长协和现货的比例是这样，我们长协的比例大约占我们总采购量的57%。那么现货采购呢，占我们的比例是43%。这是我们长协现货比例的情况。那么下半年，因为我们年度的合同是全年的年度合同，估计不会有什么太大的变化。关于你说的煤价，现在现货煤价确实是在一个下跌的趋势。但是应该说目前的煤价仍然还没有到我们国家发改委所规定的绿色区间。所以我想发改委的目标也会把煤价降到我们的绿色区间。 For the first half of 2018, the percentage of long-term agreement accounts for 57%, and the spot market accounts for 43%. For the guidance of the second half of 2018, there is no change for the outlook. I know that the coal price declines are in the trend of declining, but the coal price still not get into the green area, CNY 535 per ton. I think the NDRC will continue to direct the coal price to the green area. 关于进口煤的限制，我们目前没有得到任何的信息，那么公司的进口煤也没有受到影响。 We don't receive any news or mandate by the government about the imported coal. There is totally no impact of the imported coal for the company. 谢谢关总，我没有问题了。谢谢。 Thank you, management. My questions are all set. 感谢你的提问。大家好，下面一位提问者是来自国泰君安的周岩。你好，你可以提问了，谢谢。关总你好，我是国泰君安的工业分析师周岩。我这里有几个问题，首先是关于电价的，我们注意到，一季度和二季度相比，二季度电价环比有1分钱的下降，想问一下主要原因是什么？是和交易电占比扩大有关，还是说跟用电结构产生一定变化有关？第二是关于大势能源的收入和成本，能不能披露一下？另外还想再问一下广东地区目前我们公司机组的平均结算电价大概是什么水平？目前是这三个问题。 Hello, the management. I have three questions. The first one is about the tariff, on-grid tariff. I noticed that the growth rate of tariff for the second quarter is lower than the first quarter. Could you talk about the reason for that? Is it due to the portion of direct power sales goes up? My second question is about Tuas Power. Could the management disclose the income and cost for this asset? My third question is about the tariff in Guangdong province. Could you please talk about the on-grid tariff for this province? 是这样，二季度的市场交易比例比一季度提升了13个百分点，所以对平均结算电价会有一些影响。 For the second quarter of 2018, the portion of direct power sales increased by 13% of that for the first quarter. The portion of direct power sales increased. It has some impact for the tariff. 我给你报告一下大势能源的今年上半年的收入和成本。大势能源今年上半年的收入是CNY 54.03亿，总成本是CNY 52.78亿，利润是负的CNY 1.95亿。 For the Tuas Power, for the first half of 2018, the total income of the Tuas Power is CNY 5.403 billion, and the total cost is CNY 5.278 billion. We got a net loss for Tuas Power, which is CNY 195 million. 广东的电价是这样的，广东我们有两个电厂，一个是汕头燃煤，一个是海门，我分厂给你报一下数字吧。汕头燃煤，我们的上半年结算电价是447.61元每千千瓦时。海门分一期和二期，海门一期的电价是424.84元每千千瓦时，海门二期是405.12元每千千瓦时。 I don't have a comprehensive tariff for the Guangdong province, but we do have a tariff for the power plants respectively. We have two power plants in Guangdong province. The first one is Shantou Coal Plant. The tariff for the power plant is CNY 447.61 per MW hour. The second asset we have is Haimen. It's divided to phase 1 or phase 2. For phase 1, the tariff is CNY 424.84 per MW hour. For phase 2, the tariff is CNY 405.12 per MW hour. 好，谢谢管理层。我还想再追加一个问题，是关于电价的。前段时间我们看到四部委联合发了一个推进市场化交易的文，其中提到一个是要放开四个高耗能行业的市场交易电，还有一个就是提到了以后要推行基准电价加浮动机制的这么一个定价机制。所以我想请教一下管理层，公司是怎么看待这个电价机制的？因为看上去和以前的煤电联动还是有一定相似性的。那么在这个新的国家鼓励的机制之下，是否能真的去实现市场间的煤电联动？对于整个电力行业未来发展有什么影响？能不能请管理层给我们解读一下？谢谢。 I got one more question still about on-grid tariff, because recently the four administration of China just have a mandate of trying to encourage and open the power trading market fully. One of the mechanism in that mandate is to use a benchmark tariff plus a fluctuation. This mechanism is similar to the pass-through mechanism we just talked about. Under the government encouragement and regulatory policy, will this mechanism relief or implemented for sure? What does the company consider of this? 我回答一下。这里头有两个概念，一个是原来国家制定的煤电联动的政策，针对的是标杆电价。它就是标杆电价联动，实际上就是政府批准电价的联动。那么现在这个我们在推动，但是现在确实困难很大。第二个就是最近发改委下发的文件，是指的交易电量的电价。它是一个基准电价，再加上一个浮动电价，是这两部分组成。那么这两个是交易双方自愿达成的一种契约。但是我们希望国家有一个标准版本，就是今后能够落实到实处的，把煤和电的价格能够相互地联动起来。这是第二个。第三个就是说关于这四大行业，我们也注意到了，国家也是对这四大行业的电量全部放开，没有计划电量了，都是交易电量。那么就是说你根据市场的情况，根据煤价，根据产品价格，根据市场的情况来定价。这个问题，我们公司已经制定了一些措施，要求我们各个区域针对国家的这些政策，因地制宜采取措施抢占市场。在这个市场过程中争取多赢、双赢。 I want to notice that there are two concepts. For the pass-through mechanism, the benchmark tariff is the linkage between the coal price and the tariff. The second one, the mandate from NDRC, the trading tariff is the benchmark tariff plus fluctuation. Actually it linkage the power generation company and the user end. They just negotiate the tariff by themselves with a contract. But right now, our company still want to urge our country to adjust the tariff linkage to the coal price. For the four big power consumption industry, there will be no planned power generation. It is all power sales at open market. This kind of pricing depends on the supply and demand according to the market. Our company takes measures trying to gain the market share and start the business. We also want to have a mutual benefit between the power generation company and the users. 抱歉，请问管理层对这个问题还有补充的问题吗？我们没有补充了。好的，感谢您。下面一位提问者是来自中金公司的刘建妮。你好，刘姐。你好，管理层，我是中金公司的刘佳妮。我有两个问题，第一个问题是关于数据的，想确认一下。刚才说上半年单燃的煤机是29.71，不知道能不能方便给一下二季度的一个情况，还有一个同比的情况。那第二个问题是关于最近也是国资委要求推进降杠杆和减负债的一些工作，刚才公司也已经说了，对于整个全年的资本开支是没有一个改变的，想问一下公司大概会通过什么样的途径去实现这样子的一个目标？谢谢。 I got two questions. The first one still about the operation data for the first half of 2018. You just told us the unit fuel cost of the company is CNY 229.71 per megawatt hour. Could you provide the unit fuel cost for the second quarter and the year-on-year change? My second question is about the cutting leverage. According to the SASAC, it required the cooperation to cutting leverage. I noticed that the CapEx for company has no change and update under such kind of regulation. Could you please talk about how the company realize, and what kind of measures does the company will take to cut the leverage? 你刚才提到这个29.71是燃煤机组18年上半年的单燃的成本。分解就是说，其中的一季度是232.53，二季度是226.88元每千千瓦时。 I just announced the unit fuel cost of CNY 229.71 per megawatt hour just now. For the coal unit, the number for the first quarter is CNY 232.53 per megawatt hour. For the second quarter, the number is CNY 226.58 per megawatt hour. 这个跟去年同期相比，今年比去年的同期的时候，17年上半年是215.55，因此是同比上涨6.57%。 Comparing to the unit fuel cost of last year, is CNY 215.55 per megawatt hour, representing an year-on-year increase of 6.57%. 方便了解一下二季度这个226.88对应的去年的数吗？ Can I get the unit fuel cost of last year for second quarter, please? 去年同期的二季度是CNY 217.24元每千千瓦时。 For the unit fuel cost for the second quarter last year is CNY 217.24 per megawatt hour. 到6月底，我们的资产负债率已超过75%。应该来说，公司从历史上来看，或者说从兄弟公司去比的话，也是处在一个相对比较高的水平上面。那么目前面临的整个经济大环境，在降杠杆、降负债这个环境下，我们认为确实需要对负债率进行一些管控。那么主要的途径，我们想第一个还是要努力增加效益。现在来看，应该来说，随着电量的增加和电价相对的稳定，我觉得对增加效益应该是有了一定的基础。第二个就是要进一步地优化我们的资金管理，尽量地减少资金的占用。这里我们对具体的，包括我们对所谓的两金占用、两金压降，我们也有具体的布置。第三个就是减少资本开支。那么刚才你也提到，我们年初的指引到目前是没有调整，但实际上我们在年初制定这个资本开支指引的时候，包括18年、19年、20年，我们都已经主动地下调了资本开支的强度，这个大家都能看到。最后一个，我想还是要努力地完成我们已经批准的、已经既定的A股的非公开发行和债权的投资计划，来取得权益资金。 By the end of June, the total asset liability ratio of the company achieves 75%, which is relatively historically high for the company. Under the cutting leverage environment by the government, we take four measures to cut the leverage. The first one is to increase the profit. Both the power generation and the tariff is stable. Stable tariff and power generation will help us increase the profit, which is the base. The second measure is the fund management. The third one is CapEx. Even though we do not update our CapEx right now. But at the beginning of 2018, we already marked down our CapEx at the beginning of the year by ourselves. The last measure is trying to finish and complete the issue more shares in A share market. 不好意思，我还有一个补充的问题，是关于煤价的。包括刚才公司也说，发改委现在对于煤价的管控还是比较给力的。那想了解一下，从目前来看，因为之前有新闻说政府有意把年度长协和月度长协控制在570和600的一个情况下，不知道现在这个方面的执行力度大概是个什么样的水平？谢谢。 I still have one more question, it is about the coal price. The NDRC control the coal price effectively. I noticed there is some news that there are rumors on the market that the government is trying to control the long term agreement of the coal price, both annually and monthly, control the price from CNY 570 to CNY 600 per ton. What is the government fulfillment for this advocate and encouragement? 目前我们的长协合同，目前我们是按照发改委，就是按照我们的合同在执行。目前应该说我们的长协合同基本上是在绿色区间的这个范围，基本上差的不是很多。目前我们就是按照合同来执行的。 Most of our long term agreement of the coal procurement is executed by the contract, and most of the contract, the price is located in the green area. [Foreign language]. 你好，管理层，请问你不好意思，您还有其他问题吗？我没有其他问题了，谢谢。 I don't have any questions. Thank you so much. 非常感谢各位参会者的积极提问。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Jefferies的Edison Lee。你好，有请，你可以提问了。光明兄你好，其实我还是有一些关于资本开支的问题，因为刚才你说其实你们没有改变资本开支的指引。可以再重复一遍，其实今年你们的新增发电的产能大概是多少？还有明年大概是多少？可不可以再重复一遍？麻烦你。 I noticed that the CapEx, there's no update for the CapEx. Could you please repeat our company's newly installed capacity for 2018 and 2019, please? 好。我先说一下资本开支。2018年，就是今年，资本开支安排195亿，19年188亿，20年162亿。那么对应的，这几年的装机增长的情况，18年2846兆瓦，19年3438兆瓦，20年3573兆瓦。 For the CapEx of 2018, the number is CNY 19.5 billion. The newly installed capacity plan for this year is 2846 MW. For 2019, the CapEx will be CNY 18.8 billion, and the newly installed capacity will be 3438 MW. For 2020, the CapEx is CNY 16.2 billion. The new installed capacity will be 3573 MW. 我还有两个补充的问题。第一个就是你刚才所讲的新增的容量，其实煤电这样的比例大概是多少？还有另外一个问题，这些资本开支是不包括收购，是吗？ I got two more questions. The first one is about the new capacity. What is the capacity for the coal plant among the new capacity? My second question is that, does the CapEx include the asset injection? 对的，这个不包括收购。这三年的新增装机里头，煤机的情况是18年1990兆瓦，19年1020兆瓦，20年1700兆瓦。 You are correct. For the second question, the CapEx does not include the asset injection. For the new capacity growth for 2018, the new capacity for coal unit is 1,990 MW. For 2018 is 1,020 MW. For 2020 is 1,700 MW. 我有最后一个问题，就是关于收购。我知道你们刚刚就宣布了一个新的收购。其实在下半年跟明年，投资人应该对你们的收购有什么期望？是不是有特别的计划，还是现在的想法是怎么样？ I still have one more question. My last question is about this asset acquisition. For the second half of this year and also for the next year. What do the shareholders or investors expect? Do you have specific plans for this? 我们一直是坚持收购和建设并重的方针的，也是会在市场上积极寻找收购的机会。但是目前，尤其是在下半年，我们还没有具体的计划。 For the asset acquisition and the injection. Our company take measure on the way of construction and acquisition at the same time. For the second half of 2018, currently we do not have any plans for the plan. 好，我再没有问题了。谢谢。 My questions are all set. Thank you. 谢谢各位,也感谢各位管理层的精彩解答. Thank you so much for all of the questions and participation today. 最后请黄总为我们今天的电话会议做个简单的总结. Finally, Mr. Huang would like to give us a summary. 好。感谢各位参加公司的电话会，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。再次感谢。 Thank you for attending Huaneng Power International Investors and Analysts Conference Call. We appreciate your tremendous support and attention. Here's the end. If you have more questions, please contact with our investor relationships department. Thank you. Have a nice day. 再次感谢各位出席华能国际电力股份有限公司 2018 年中期业绩发布会. 我们期待下一次业绩时再见. Thanks again for your attendance of the conference call regarding the first half year announcement of 2018. We are looking forward to meet with all of you in our next results announcement. Thank you.