Earnings Call: Q1 2019

Apr 25, 2019

Earnings release

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 quarterly results announcement of 2019. [Foreign language] Now, may I introduce the management of the company today. [Foreign language] the Vice President of the company, Mr. Li Jianming. [Foreign language] 主持人好，大家好。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。公司总会计师黄立兴先生，the Chief Accountant of the company, Mr. 黄立兴。黄总您好。你好，大家好。 [Foreign language] people in charge of the related departments are also joining us in this meeting. [Foreign language] First of all, the Chief Accountant of the company, Mr. Huang Lixing will reveal the business performance for the first quarterly results of 2019, followed by Q&A section. [Foreign language] May we have the honor to invite Mr. Huang to reveal the business performance and Miss Liu Tianyu will conduct the English interpretation. 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荐电话会议。 Ladies and gentlemen, good afternoon. Welcome to attend the first quarter results conference call of Huaneng Power International. 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，2019年第一季度公司实现合并营业收入456.52亿元人民币，同比上升5.15%；归属于本公司股东的净利润26.56亿元人民币，同比上升114.27%；每股收益为0.16元。公司净利润大幅上涨的主要原因是公司一季度燃料价格较上年同期下降。 The company has announced its operating revenue for the first quarter this year. Under Chinese Accounting Standards, the company achieved consolidated operating revenue of CNY 45.652 billion, increasing by 5.15% year-on-year. Net profit attributable to the equity holders of the company amounted to CNY 2.656 billion, increasing 114.27% year-on-year. The company's earning per share was CNY 0.16. The increase of the net profit of the company was mainly because fuel prices have fallen compared to the same period last year. 展望全年，公司将继续以提高发展质量和效益为中心，积极发展清洁能源，主动参与市场竞争，努力多发效益电量，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，我和我的同事们愿意回答各位的提问。谢谢大家。 In 2019, the company will continue to focus on improving the quality and efficiency of development, actively develop clean energy, participate in market competition and increase possible generation. The company will continue to optimize fuel procurement strategy, strictly control fuel costs, expand financing channels and improve the efficiency of capital use. The company will strive to continuously enhance the company's core competitiveness and profitability, and create long-term, stable and increasing returns for shareholders. Next, my colleague and I are glad to answer your questions. Thank you. 大家好，下面是问答环节，如需提问，请在话机上按星1键等候。先按星号键，再按数字1键。谢谢。 Please press star 1 if you would like to ask any question. Thank you. 欢迎各位提问。也请各位在提问前告诉我们您所属的机构及姓名。有请第一条问题。Please state your name and your organization before raising your question. May I invite the first question, please. 第一位有请花旗银行刘显达提问。你好，请提问。你好，管理层你们好，我是花旗银行刘显达。恭喜你们一季度良好的业绩。我有三个问题。第一个问题想请教管理层，你们计算咱们一季度电厂的利用小时是多少？跟去年同期改变是怎么样？第二个问题是：一季度我们市场卖电的比例怎么样？还有市场卖电的电价结构是多少？第三个问题是：一季度咱们来煤的比例，从现货跟合同的比例分别是怎么样？还有就是合同兑现率在一季度是怎么样？谢谢。 I'm from Citi. First, congrats on your first quarter results. I have three questions. First, what was your utilization hour in the first quarter of 2018? What is the year-on-year change compared to the same period last year? My second question is about market-based volume electricity sold. In the first quarter, what was your proportion of market-based volume, and what was the average tariff of market-based volume? Also, could you please provide the discount of the market volume compared to the benchmark tariff? My third question is about the fuel procurement. In the first quarter, what was the percentage of the spot market purchase as well as the contract coal? What was the fulfillment rate of the contract coal? 你好，我现在先回答第一个问题，就是关于利用小时。一季度公司平均利用小时是1010小时，同比下降22小时。第二个问题，关于一季度的交易电量的情况。一季度公司结算交易电量385亿千瓦时，交易的比例是39.7%。平均的交易结算电价是374元每千千瓦时，较基数电价降幅29.6元每千千瓦时，这个降幅同比减少了大概1分1。 In the first quarter 2019, the company utilization hour was 1,010 hours, decreasing by 22 hours compared to the same period last year. The second question is about the market-based volume. The company's market-based volume in the first quarter was 38.5 billion kWh. It accounts for about 39.7% of the total power generation, and the average tariff was CNY 374 per MWh. It had a CNY 29.6 per MWh discount compared to the benchmark tariff. The discount had decreased by CNY 11 per MWh. 一季度我们总的采购煤量是4794万吨，同比是下降了3.13个百分点。这里面长协合同的比例是60.4%，同比上涨了6.9个百分点。相应的，剩余的呢，就是市场现货的采购。 In the first quarter, the company's total coal procurement was 47.94 million tons, decreasing by 3.13% compared to the same period last year. The long-term contract coal accounts for about 60.4% of the total coal procurement, increasing by 6.9%, and others are from the spot market purchase. 一季度长协合同的兑现情况大概是这样的。总的这个长协合同的兑现率是91.1%。这里面下水四大矿的兑现率是91.4%，陆运直达的兑现率是89%。这里面陆运直达的兑现率稍微偏低，主要的原因就是因为受两次矿难的影响，主产地的安全检查力度升级，煤炭的资源不足，导致兑现率略有点偏低。 The average fulfillment rate of the long-term contract coal procurement in the first quarter was 91.1%. For the four major seaborne coal mines, it was 91.4%. For the inland coal, it was 80+%. The lower number for the inland coal is because of the major safety accidents in the beginning of the year and the safety inspection is very strict, so the fulfillment rate can be a little lower compared to the seaborne coal. 我再说一下一季度采购的价格情况。长协合同的煤价是520.56元每吨，同比是下降了6.01个百分点。市场煤价的市场现货采购的价格是506.63元每吨，同比是下降了18.5个百分点。总的煤价是515.05元/吨，同比下降了12个百分点。 For the fuel cost, the average price of long-term contract coal was CNY 520.56 per ton, decreasing by 6.01% comparing to the same period last year. The coal purchase from spot market was CNY 506.63 per ton, decreasing by 18.5%, and in total, the average coal price was CNY 515.05 per ton, decreasing by 12%. [Foreign language] Next, we have Liu Jiayang from CITIC Securities to ask a question. Hello, please ask your question. 喂，听到吗？喂。听到，请讲。你好，我中信证券的刘家阳。第一个问题，也是因为你们公告也有提到，我们一季度可能发电小时数没有满发，因为有一些地区有禁煤的，不可以用那么多煤的原因。你觉得这个东西对我们往后几个季度的利用小时还有发电有什么看法？还有，会不会因为这个东西改我们全年的利用小时的指引？第二个问题，我们一季度煤价控得比较好，那你们最新的对全年煤的价，你们怎么看呢？谢谢你。 I'm from CITIC Securities. I have two questions. First question is about utilization hour. As we know, the company utilization hour can be affected by the coal control policy. What is the company's expectation of the future utilization hour and power generation under the coal consumption control policy? Will the company change the guidance of the utilization hour released in the beginning of the year? My second question is about the coal price. As we can see, the coal price have dropped in the beginning of the year. What is the company's whole year guidance for the coal price? 你好，先回答一下第一个问题，就是关于控煤对电量的影响。现在受到国家环保政策的影响，京津冀和长三角地区煤炭的消费总量受到限制，因此火电的发电量受到一定的影响。 First about the coal control policy. As we know, the government have released environmental protection policy about coal consumption around Beijing area and the Yangtze River Delta area. The coal consumption can be affected by this policy. 针对这种情况，公司也在积极地采取对策。一是增加因为受端的煤电会受到影响，这样我们要增加当地可再生能源机组的发电量，提高消纳的水平。第二个措施就是讲我们积极地加强市场开拓，增发电量。第三个是火电受到影响，但是因为外来电增加了，这样火电积极地参与当地的辅助服务的市场，增加收益来对冲我们对火电利用小时下降的影响。 The company have actively responded to the market change. We have the following measures to respond to this new change. First, the company will increase the utilization hour of the renewable energy and increase the use of the renewable energy, cut the curtailment of the renewable energy. Second, the company tries to increase the power generation by expanding the market. Third, the company thermal power plants actively participate in the ancillary service market to increase the subsidiaries profit. 关于全年的预计，两会期间国家也提出了稳增长和减税降费的一系列政策，预计全年的用电需求虽然会较上年有所回落，但仍然会保持一个较高的增长水平。公司现在不会改变全年的尽量预期的指引。 After the government Two Sessions, the government have released the policy of stable growth and tax cut. We can see the demand is recovery in a relatively high level. The increase of the power consumption maintained in a stable level. The company haven't changed the guidance for the whole year utilization hour. 我来回答一下这位先生的第二个问题。我先从二季度的煤价的一个初步的预判来说一下。从需求侧看，煤炭市场二季度处于一个传统的淡季。北方地区供暖也停止了，然后耗煤会明显地减少。而且下游的火电厂面临集中检修，再加上新投产的这种核电、新能源的发电的乏力，然后南方的雨水也增多，水电出力是增加的。这样的话，我们感觉电煤的这种增速会受到一定的抑制。我们从4月1号到20号这个电量的一个大概变化也能印证这一点。4月1号到20号，全国总的水电上涨幅度是21.4%，火电上涨是0.6%。沿海六大电的平均日耗是65.4万吨，同比是减少1.5万吨，环比也是下降的。 About the coal price expectation in the second quarter. First, on the demand side, we have several factors that may impact on the coal market. First, the coal market is in the off-season. In the North China, the heating stopped, so the coal consumption decreased. For some power plants, they entered into the maintenance and overhaul period. Some newly commissioned nuclear energy has been put into production. Also, the hydropower output is increasing in the south. From April 1st to 20th, the total power generation of hydropower increased by 21.4%. For the thermal power, it only increased by 0.6%. The coal consumption in the coastal area was 654,000 tons. It decreased by 150,000 tons. 从供给侧看，煤炭的复工复产在加快。主产地的煤矿的开工率是增加的，矿难的影响在逐渐减弱。而且经济主管部门要求主产地煤矿加快生产。国家相关部委也在加快批复煤矿项目，也表明了行业主管部门增加先进产能的决心是非常坚定的。 On the supply side, the production of coal recovery has been accelerated. In the major coal mines, the coal production increased, and the capacity affected by the major coal mine accidents have been decreased. The government have determined to accelerate the production of the coal. We can see the supply is sufficient. 从库存方面看，港口电厂库存仍然处于一个高位水平。截止到4月23号，全国统调电厂的库存是1.16亿吨，同比增加了1700万吨。到3月底，全社会的库存是2.8亿吨，同比增加15.4个百分点。全国港口的库存是4350几万吨，同比增长26.3个百分点。所以我们认为在供给逐渐增加、消耗淡季、库存高位这三个因素的综合影响下，我们认为二季度的煤炭价格还会向绿色区间逐步进行调整。 Furthermore, the inventory of ports and power plants is at a relatively high level. by April 23rd, the inventory of the power plants amounted to 116 million tons, increasing by 17 million tons comparing to the same period last year. The total coal inventory is about 280 million tons, increasing by 15.4%. The coal inventory at port is about 43.29 million tons, increasing by 26.3%. As above factors, the supply has increased and coal consumption decreased, and we are at a relatively high inventory of course. You can see the coal price may drop towards close to the green zone. 对全年的预判，我们认为供给方面，国家的相关的行业主管部门，在继续核准核增大型的煤矿。供应将继续逐步有序地增加。所以总体判断，我们19年电煤的市场供需关系是一个由过去的紧平衡向一个基本宽松过渡，价格重心会继续下移。 For the whole year, the supply is quite sufficient and the government authority has approved more capacities into the market. You can see the supply is increasing in an orderly pace. We estimate the coal supply and demand relationship, from a very tightened phase to an easing phase, the coal price may drop furthermore. 请问投资者还有其他问题吗？我可以再问一下吗？第一个问题就是那个禁煤的东西，如果比如那个省或者那个区它禁煤，那会不会说我们不可以再争取更多的利用小时或者说生产电呢？因为它定的那个指标，我们争取也没有用，因为它不会给我们发嘛，对吧？其实会不会这样的？多谢你了。 I'm adding one question. Under the coal consumption policy, is the company thriving to generate more utilization hour usage under this policy? 禁煤的地区，火电的发电量的总空间是受到了限制。但是因为现在市场化之后，我们可以通过市场竞争，从存量的蛋糕里面争取更多的份额，这是我们始终在做的工作。 Under the new policy, you can see the power generation of thermal power is limited by this policy, but we can still ask for more market share in the market competition, in the market-based volume. 好，多谢。没有其他问题了。谢谢。下面有请瑞士信贷戴伟提问。你好，请提问。管理层你好。有两个小问题。第一个问题就是想问一下，刚才您提到二季度可能来水还会很好，那我想问一下，华能对整个今年全年的水势，就比如说今年很多人说是厄尔尼诺，就是说水电强劲会不会持续到下半年？这是第一个问题。然后第二个问题就是想请问一下，我们一季度收入增长好像是涨了6%，然后电量是略微下降，电价也是略微下降，我想知道收入增长主要的原因是什么？然后还有就是方不方便拆分一下，比如说我们经营性的利润，就是26亿里面，纯电业务大概多少，非电业务比如说像售热，或者是海外有没有这种，就是一个拆分。谢谢。 I have two questions. First question is about the company's estimation about hydropower. In the second quarter, the hydro output may increase. What is the company's expectation of the hydro output during the whole year? My second question is about the revenue of the company. In the first quarter, the company's revenue increased by 6%, but the company's power generation as well as the tariff slightly decreased. What is the reason for the company's revenue increase? Could you please break down the profit for us? Can the company's profit be divided into the electricity sale business and heating business and other business? 从一季度的情况来看，确实水电增长比较多，传统的枯期来水较好。现在中电联对于全年的火电利用小时的预计并没有改变，还是一个全年基本持平的预判。关于二季度以及下半年水势我们也在密切地跟踪，因为华能的火电比重比较大，我们也是根据形势变化及时采取应对策略。 We can see in the first quarter, the hydro output is relatively high comparing to other years, and the CEC hasn't changed its utilization estimation. We think in the future, the power generation will remain stable, and the company will closely follow the market and study the change of the power generation in the second quarter and in the last half year. 我来给你拆分一下你问的这个收入跟利润的分板块的情况。收入是这样，今年一季度是同比增加了22.36亿，其中境内增加了2.63亿，境外增加了19.74亿。 The company's total operating revenue increased by CNY 2.236 billion. The domestic business increased the operating revenue of CNY 263 million, and the overseas business contributed CNY 197 million. 境内这个2.63亿其实主要是受热收入的增加，因为刚才那位先生提到的售电量跟电价都是略有下降，因此售电的收入略有下降。售热今年是50.4亿，比去年同期的44.6亿增加了大概5.44亿。 For company's domestic business, the heating generation increased the profit by CNY 263 million, while the electricity generation has decreased, affecting the company's total revenue. Among the heating business, the total revenue was CNY 5.04 billion, increasing by 5.44% comparing to the same period last year, which was CNY 4.46 billion. 境外增加的这个19亿收入主要是包括两块，一块是新加坡大士，由去年的25.96亿增加到今年的31.68亿，增加了5.72亿。还有一块是巴基斯坦，因为核算规则的变化，以前是权益法核算，今年是合并报表，等于纯增加了14.02亿的收入。 For the company's overseas business, it can be divided into two parts. First, the Singapore subsidiaries increased the revenue by CNY 1.9 billion. For Tuas Power, in the first quarter of 2019, the total revenue was CNY 2.596 billion, increasing by 5.72%. For the company's Pakistan business, the company has changed the accounting method of the Pakistan business from equity method to consolidated cost method. It increased the total revenue about CNY 1.402 billion. 那位先生问到的分板块的利润，我们是有一个这样的统计，我们一般都是全部的，基本上都是跟电力有关的。第一个是一季度的燃煤的项目，利润总和是33.6亿，燃气的项目是1.95亿，风电的项目是6.61亿，水电是0.24亿，光伏是0.71亿，还有其他就是一些参股的投资收益，大概是2个亿。 The breakdown of our profit is as follows: for the coal-fired units, the profit was CNY 3.36 billion. For gas-fired, it was CNY 195 million. Wind power of CNY 661 million, hydropower of CNY 24 million, and the photovoltaic of CNY 71 million. Other investment gains about CNY 200 million. 想问一下，境外的盈利大概是多少呢？境外的这两个项目，新加坡是亏了3,700万，负的0.37亿。巴基斯坦项目是正的1.64亿，加在一块是正的1.27亿。 For the company's overseas project, the Singapore subsidiaries made a CNY 37 million loss in the first quarter of 2019, and Pakistan subsidiary made a CNY 164 million profit, and in total it was CNY 127 million. 好，谢谢管理层。下面有请国泰君安池霄语提问。你好，请提问。管理层你们好。我是国泰君安证券战略投资部池霄语。我这边有几个问题，一个就是刚刚领导提到境外的收入变化，能不能看一下同比这两个公司他们同比多增了多少。然后第二个问题就是我们的入炉标煤单价折算一季度是多少，然后内贸煤和进口煤的量，分别的采购，就是内贸煤和进口煤的采购价格能不能帮我们列一下。第三个问题就是因为我们看成本一共就只增加了两个亿，就是我们的总成本只下降了两个亿，可是就是刚刚说的那个电量和电价都其实有挺大，不是，我不好意思说错，就是那个煤炭销售量和煤价都有较大幅度的下降，就是我们国内的煤炭这边的价格就成本一共下降了多少？然后就是其他的成本项是增加了多少，能不能帮我们拆一下成本？第四个问题就是风电的规划，还有那个投产进度。就是因为现在还有降负债的指标要求，就是如果风电按照这个进度去投的话，我们这个怎么完成？主要这四个问题，谢谢管理层。 I have four questions. The first question is about the company's overseas business operating revenues change. What is the year-on-year change to the Tuas Power and Pakistan subsidiary? My second question is about unit fuel cost. What was the company's unit fuel cost in the first quarter? What was the coal purchase breakdown to domestic coal and imported coal? My third question is about the coal cost. As we know, the coal costs have decreased to CNY 100 million for the company, and the total coal procurement also decreased. What was the total coal fuel cost decrease for the company? Could you please provide us the cost breakdown other from the fuel cost? My fourth question is about the company's plan on the wind power development. What was the company's investment process about wind power development, and how many have been accomplished? As we all know, we are under the circumstance of decreasing the leverage. How can company accomplish the wind power project this year? 我就说一下这头一个，这个境外的这个收入的变化是两块，一块是这个新加坡的。新加坡呢，刚才说过了，今年是这个31.68亿的收入，比去年增长的是5.72亿。 For the oversea operating revenue change. For our Singapore subsidiaries, the total revenue was CNY 3.186 billion, increasing by CNY 572 million. 这个另一块是巴基斯坦，我刚才也简要说过了，因为巴基斯坦以前是权益法核算，我们只是合并了它的利润的部分。今年改成这个，因为它的股东安排的变化，改成合并报表之后，是纯增加了14.02亿，等于是去年是没有，今年一季度收入14.02亿，从报表来看，等于是净增加了14亿。 For the Pakistan subsidiaries, as I just said, the company changed accounting method from the equity method to cost method. The company has increased the profit of a revenue of CNY 1.402 billion. It is not state in the last year statement. 我再把这个财务相关的这个数据再给各位报告一下。刚才这位投资者问到这个成本的变化，成本是合并起来总体的是营业成本减少了2.19亿，其中境内是同比减少了16.55亿。 About the operating cost. The operating cost of the company decreased by CNY 219 million overall, and domestically it decreased by CNY 1.655 billion. 这个境内这一块，这个拆分的结果是这个燃料是243.99亿，同比下降了22.68亿，然后维修是6.36亿，同比增加了0.09亿，折旧是47.89亿，同比增加了1.52亿。职工薪酬是17.59亿，同比增加了1.4亿。 For the operating cost breakdown is as follows. First, the fuel cost was CNY 24.399 billion, decreasing by CNY 2.268 billion. The maintenance was CNY 636 million, increasing by CNY 9 million. The depreciation was CNY 481 million, increasing by CNY 152 million, and the labor cost was CNY 1.759 billion, increasing by CNY 140 million. 我来回答一下这位女士的问题。一季度入场的标煤单价是769.24元/吨，同比下降了11.7个百分点。这里面外贸煤，也就是进口煤，它的价格，原煤价是463元/吨，同比下降21.1%。进口煤的标煤价是730.2元/吨，同比下降了20.84个百分点。然后从您说的内贸和外贸的这种比较，因为它结构不一样，进口煤我们把它归类于下水煤里面去了。我就说一下我们进口煤和可比的内贸下水煤，就是国内下水煤，它价格的差异。一季度这个差异我们统计了一下，是79.7元/吨，相对于进口煤，内贸下水煤便宜79块7。 In the first quarter, the average standard coal price of the company was CNY 769.23/ton, decreasing by 11.7%. The imported coal raw coal price was CNY 463/ton, decreasing by 21.1%. The standard coal price of the imported coal was CNY 730.2/ton, decreasing by 20.84%. Because the imported coal and domestic coal was under different accounting structures, we can only compare the domestic seaborne coal to the overseas seaborne coal, imported seaborne coal. The imported seaborne coal was CNY 79.7/ton cheaper comparing to the domestic seaborne coal. 内贸煤和外贸煤的量的情况，我大概汇报一下。我们一季度总的采购量，刚才我也说过，是4794万吨，这里面进口煤是1308万吨，同比下降了6.4个百分点。剩下的可以归类为不管是路用的也好，内贸下水的也好，都可以归类为内贸煤，大概是3486万吨。 In the first quarter, the total coal procurement of the company was 47.94 million tons. Among that, the imported coal was 13.08 million tons, decreasing by 6.4% comparing to the same period last year. Others we can count as the domestic coal. The total coal procurement was 34.86 million tons. 我来回答一下这位女士关于风电规划的这么一个问题。大力发展清洁能源是公司实施电源结构调整、加快转型升级的关键。公司还将继续坚持大力发展风电的这个方针。那么19年公司预计新增可控风电装机有2354.5兆瓦。这就是说，公司未来风电的规划和投产计划目前不会有什么变化，将继续坚持原有的规划。谢谢。 About company's wind power plan in the future, the company will stick to the strategy of development of the wind power to adjust our energy source structure. The company will stick on this policy. In 2019, the planned wind power capacity will be 2,345.5 MW. That is to say, the company hasn't changed our plan to the wind power. 不好意思，我刚刚第一个问题可能问得不清楚，能再补充问一下，新加坡今年亏损3,700万，去年一季度新加坡那个大士能源的业绩是多少？ May I add something to my first question? The Singapore business this year had a loss of CNY 37 million. What was the situation about the last year? 新加坡这个项目去年一季度是亏了1.15亿。从经营角度来说，今年跟去年同比是略有减亏，主要是今年冲回了0.69亿的燃料油的减值准备。好，我没有问题了，谢谢管理层。 For the first quarter last year, the Singapore business made a loss of CNY 115 million and the loss has decreased this year compared to the last year first quarter. That is because the company reversed some of the provision of oil inventory to the number of CNY 69 million. 下面有请中信证券高超提问。你好，请提问。管理层，我的问题之前有投资者提问过了，我暂时没有其他问题。 My question has been answered. I don't have any further question. 下面有请中信证券李想提问。你好，请提问。管理层好，我这边大概有两个小问题。第一个就是刚才咱们介绍过，标煤单价大概在769.4，这个是含税的价格吗？就想问一下，确认一下，这是一个问题。再一个问题，就想请教一下，我们19年的时候公布的结算电价是大概就四毛二左右，能不能拆一下，比如说按照燃煤、燃气、风、水、光这方面的一个结算电价的情况，主要就想问问这个问题，谢谢。 I have two questions. The first question is about the standard coal price. As you just mentioned, the standard coal price of the company was CNY 769.4 per ton. Is that price tax included? My second question is about the tariff. Could you please provide us the specific tariff for your thermal power, wind power and other business? 我回答一下这位先生第一个问题，也相当于确认一下。我们一季度的标煤价769.24元/吨，这个是含税价。 The company's first quarter CNY 769.24 per ton standard coal price is tax included. 我给你报告一下电价的情况。我们公布的是境内的，境内的是含税的，总的综合含税电价是421.87元/MWh。其中煤机是402.07元/MWh，燃机是687.18元/MWh，然后风电平均是455.16元/MWh，光伏平均是482.10元/MWh。 The company's average domestic tariff was CNY 421.87 per MWh in the first quarter 2019. For the coal units it was CNY 402.07 per MWh. Gas units CNY 687.18 per MWh. Wind power the tariff was CNY 455.16 per MWh. The photovoltaic it was CNY 482.1 per MWh. 请问这位投资者还有其他问题吗？没有了，好，谢谢。下面有请摩根士丹利许慧玲提问。你好，请提问。你好，管理层。谢谢你们举办这个会议。其实我这边有三个问题。第一个问题是，我们在5月1号开始增值税就会从16%减到13%，我们想要知道一下，对于公司来讲的话，其实那个影响会是怎么样的。然后第二个问题，我们也了解到，按季度来看的话，我们的营运成本方面可能相对来讲四季度相对会偏高。就想要知道一下，如果按季度的话，今年我们预计我们的营运成本会控制的状况会是怎么样的。然后第三个问题相对来讲就比较偏向行业的问题，我们知道我们的一般工商业电价将会下降10个百分点，那如果这样的话，公司管理层认为这10个百分点会是怎么样去体现的？谢谢。 I have three questions. The first question is from May 1st, the VAT will be cut to 13% from 16%. What will be the impact on the company? My second question is about the company's operating cost. As we can see, the operating cost of the company is relatively high comparing to other quarters. What will be the company's guidance of the whole year operating cost? My third question is about the government has cut 10% tariff for the industry and business users. What will be the impact on the company? 第一个问题，这个增值税的影响，从5月1号开始，大家都知道国家的增值税率下降了3%。但是从我们两个方面来判断对公司的影响。第一个，从理论上来说，如果增值税的各个链条、各个环节都能全部落实国家降税的这种安排，其实因为增值税是价外税，对公司从增值税角度来说，利润应该是没有什么大的影响，唯一影响的是跟增值税额相关的一些附加税，可能会减少，从我们这个公司的规模减少一到两个亿的税金及附加。这是从理论层面测算。从实际来说，因为它这个降税，我们报告的都是含税电价，下游买电的时候也是含税。然后也取决于跟各个地方、各个省市的电价下调过程中，影响不影响我们现在的不含税电价。如果影响不含税电价的话，可能对利润会有不同的影响，这个影响到底是正还是负也是不好判断。 The VAT has been cut by 3%. We can see this problem from two sides. Theoretically, if both our upper and downstream industry have taken this VAT cut, the profit to the company will not change, but it may affect the company's tax surcharge about CNY 100 million-CNY 200 million. We can see in fact, our on-grid tariff is tax included. It depends on the local grid company to see whether the change will affect our tariff tax excluded. We can't speak clearly about the VAT impact on the company. 关于这位投资者提到的运营成本的变化，其实我们这么多年，历年从年度来看，整个营业成本的各项，尤其是维修、材料，包括工资，其实从年度按年环比来看，其实没有什么大的变化，或者是变化仅取决于一些公司规模的成长可能引起的。但是从季度来看，确实每年我们一般的工资福利受年底考核的影响，可能四季度相对其他季度，如果是业绩好的话，可能会有所增加，业绩不好的话可能会有所下降。维修及燃料也是因为受运营状况的影响，每年年底第四季度的时候，可能会比其他季度有所增加。 About the company operating cost change this year. We can see in the whole year, the cost of all items won't change greatly and won't change dramatically quarter to quarter. In consideration of some scale expansion of the company, the operating cost may have changed with the company's growth, and especially for the fourth quarter, the operating cost may be affected by the labor cost, because the companies may release more salaries and bonus if the company achieves a better result. Also some maintenance costs may show in the fourth quarter. 国家降低一般工商业电价10%，这个降价的空间主要来自于电网企业增值税率的调整。电网企业增值税率由16%降到13%，省级电网的输配电价都下调了，相应的一般工商业的目录电价下调。但是目前公司还没有收到国家调整标杆上网电价的通知。 The 10% cut for the industry and the business use of tariff is mainly cut from the grid company's VAT cut from 16% to 13%. The company hasn't received any announcement by the government to adjust our on-grid tariff. 请问还有其他问题吗？没有了，谢谢。下面有请中银国际费云清提问。你好，请提问。谢谢管理层。我这边有三个问题，第一个是想请管理层帮我们拆分一下一季度我们煤机跟燃机的单燃的情况，以及同比的变化。第二个是关于我们的净利润26个亿里边，想问一下含多少是永续债收益，同比情况是怎么样。第三个是想追问一下风电，刚才您说今年我们的装机目标还是2.3个多GW，这个不变。就想问一下，这2.3个GW里边，我们已经拿到电网接入许可的大概有多少？谢谢。 I have three questions. The first question is what was the unit fuel cost for the company's gas-fired and coal-fired units in the first quarter of 2019? How does it change compared to the same period last year? My second question is about the profits. The company has announced CNY 260 million profit. Is that included the perpetual bond profits? The third question is about the new capacities plans for the company. The company has announced 2.3 GW of new capacity. 我给大家报告一下单燃的拆分情况。今年一季度单燃的成本是219.72元/MWh，比18年的一季度是238.40元/MWh，降了7.84%。 The unit fuel cost combined coal and gas units was CNY 219.72 per MWh, decreasing by 7.84% comparing to the last year CNY 238.4 per MWh. 这个综合单燃，其中的燃煤的一季度的单位燃料成本是211.09元/MWh，比去年同期的232.53元/MWh降了9.22%。 The unit fuel cost for the coal-fired units was CNY 211.09 per MWh. In the first quarter 2019, it decreased by 9.22%, comparing to the same period last year, which was CNY 232.53 per MWh. 一季度的燃机的单燃是374.14元/MWh，比去年同期的337.21元/MWh上升了10.95%。 The gas fire unit unit fuel cost in the first quarter was CNY 374.14 per MWh, increasing by 10.95% comparing to the same period last year, which was CNY 337.21 per MWh. 刚才问到的那个26亿多的净利润里面，含有永续债的收益总共是1.35亿，是应付给永续债持有者的利润。 Among the CNY 260 million profit, the perpetual bond accounts for CNY 135 million profits. That would be profits payable to the perpetual bond holders. 还有一个关于风电的问题，就是有多少电网接入许可的？谢谢。我来回答一下关于风电接入许可这个。因为2019年投产的，要投产的风电，它是个阶段性的投产，目前可能也不好说具体有多少获得接入许可，我们只能说大部分都已获得接入许可。因为我们在建设的过程中也会去同步协调电网的接入。其实我们还有一个措施，关于电网公司有些不会承担送出工程建设的项目，我们也会提前去考虑自建送出的这种方案。谢谢。 About the wind power project, you just asked how many projects has been approved by the grid company. As we can see for the company, we are not clear to see the whole year situation because the approval is arranged in an orderly pace. For now, we can see majority of our projects have obtained approval by the grid company. For some projects that the grid company didn't have the construction of the certain outgoing transmission, the company will construct our own grid for those projects. 好的，谢谢管理层，我没有其他问题了。下面有请太平洋证券洪逸欣提问。你好，请提问。领导好，我想问两个问题。第一个问题是关于单燃成本去年四季度的情况，就是煤、燃煤、燃气以及综合的去年四季度的情况，想看一下环比。然后第二个问题是关于我们未来风电投资的一个趋势，就是因为今年这是一个比较大的增长，想了解一下未来在这一块的资本开支，比如说明年、后年这样的一个趋势。谢谢领导。 I have two questions. First question is about unit fuel cost. What was the company's unit fuel cost for the fourth quarter 2018? Could you please break down to coal fire unit, gas fire unit and combined unit? My second question is about wind power investment. What will be the company's wind investment trend in the future? Could you please provide us the CapEx plan for the next three years? 他是看白酒的，他自己有一个，他看白酒也看这个。对，这个就他手上这个。我来回答一下第一个问题。第一个问题就是说刚才问到的这个单燃的四季度的拆分，四季度综合的单燃是228.86元每千瓦时，其中煤机是219.18元每千瓦时，燃机是381.39元每千瓦时。结合我刚才已经说过的这个一季度的三个数据的情况，相对于一季度的这个综合单燃，环比下降了3.99%，其中这个煤机环比下降了3.69%，燃机是环比下降了1.9%。 For the unit fuel cost of the fourth quarter last year, the combined unit fuel cost was CNY 228.86 per MWh. The coal fire unit unit fuel cost was CNY 219.18 per MWh. For the gas unit, the unit fuel cost was CNY 381.39 per MWh. Comparing to the fourth quarter this year, the quarter-to-quarter change of this year's combined unit fuel cost was 3.99. For the coal unit was 3.69 and 1.9 for the gas fire unit. 我来回答一下关于这个风电投资的趋势。我们预计2019年风电项目投资大概239亿大数，2020年预计是228亿，2021年大概是190亿左右。那么风电这个建设有一个周期，2019年可能投产的风电刚才已经也说过了，大概是2354.5兆瓦。那么2020年我们这有个大的盘，就是风电和光伏新能源这一块，大数是2400兆瓦。然后2021年风光新能源这块大概大数是2000兆瓦。 About the wind power capacity project plan for the next three year. The CapEx of the wind investment in 2019 was CNY 22.9 billion. For the year of 2020, it will be CNY 22.8 billion. For the year 2021, it will be CNY 19 billion. For the newly added capacity, in 2019, it will be 2,354.5 MW. For the year 2020, it will be 2,400 MW. For the year 2021, it will be 2,000 MW. 好的，谢谢领导的解答。然后我还想追加一个问题，是关于标煤单价。刚刚提到Q1是769，我想问一下去年全年的单价，以及有没有每一个季度的数据。 I am adding one question about the unit fuel cost. For the first quarter, the company announced the unit fuel cost of CNY 469 per MWh. Do you have the number of the whole year and quarterly numbers? 看到还有。他那紧接着后面肯定就有一个，他应该这个是。 [Foreign language] For the standard coal price in last year, in the first quarter, it was CNY 871.21/ton. In the second quarter, it was CNY 794.33/ton. For the third quarter, it was CNY 818.35/ton. In the fourth quarter, it was CNY 811.59/ton. In total, the 2018 standard coal price was CNY 824.3/ton. 好的，谢谢领导，我的问题结束。由于时间关系，下面有请最后一位提问者，来自BlackRock，Stephen Wang提问。你好，请提问。喂，你好，管理层。喂，你好，听到吗？能听到，请讲。对，其实如果总结一下刚才各位分析员问的问题，这个第一个季度这个业绩比去年第三个、第四个季度都比较有一个明显的好转。除了煤价以外，有没有其他的因素你觉得值得去跟我们投资者分享呢？第二个问题是第一个季度这个煤的采购的情况，其实跟去年下半年有没有一个明显不同的，就是关于进口煤，还有长协的执行的比例等等，有没有一个明显的变化呢？想了解一下，去年下半年比较困难的这个情况，跟这个19年第一个季度的反转，应该怎么去理解？好，谢谢。 I have two questions. The first question is in the first quarter, the company's operating results recovered dramatically. Could you please provide us the reasons for that other from the coal price drop? My second question is about the coal procurement comparing to the last half year of last year. The coal procurement differs greatly. Could you please provide us the imported coal and long-term coal change the fourth quarter 2019 comparing to the last half of year 2018? What is the company's view about the coal price change? 刚才这位先生总结得很好，就除了这个煤价的因素之外，确实没有其他的可以跟各位分享，主要的业绩变化还是煤价的影响。 The company's operating revenue is mainly affected by the coal price drop. Other than that, we do not have any further reasons for the operating revenues results. 我会来回答一下这位先生的问题。从煤价这个角度来看呢，一方面确实就是一季度和去年一季度同比市场的情况发生了一些变化，这是一个客观的因素。从我们内部呢，自身一方面就是进口煤的采购这块，我们是一直在做优这个进口煤的采购，这样的话也是抓住了市场机会，然后整个进口煤的这个价差，今年一季度的这个价差是比去年是要高的。再一个，我们也是在一直强调的就是加强这种长协合同的，一种是这种签约的这种比例的提高，再一种就是在日常工作中加强协调，然后提高长协的兑现率。这样的话，我们今年一季度的这个长协的比例是高于去年整个全年的，也高于去年的相应的四个季度，是这么一个情况。还有一个第三个方面，是我们自身也是一直以来，我们在加强自己自身的内部的管理，来控制燃料的成本。About the coal cost, we can see the first quarter this year, the market changed greatly comparing to the same period last year. The company also have several reasons within the company's management. First, the company have optimized the imported coal strategy, increase the imported coal quantity and seize the market chance. We can see for the first quarter, the imported coal difference comparing to the domestic coal. This difference is greater for this year comparing to that of last year. And the second, the company long term contract coal is quite stable and the company is striving to increase the long term contract proportion. And the company also strengthen the coordination in the daily work. And we can see the fulfillment rate have increased comparing to the last year. And also the proportion of long term contract coal also increased. For this quarter comparing to the same period last year. The second reason is that the company strengthened our inner management to 控制 coal cost. 明白，可不可以补充一个问题，这个长协的执行呢，可不可以说今年的煤的供需没有去年这么紧，所以这个长协的执行也比较容易呢？这里面跟国家部委一直在强调的就是说推进中长期合同的履约，这样的话我觉得对上下游都是一个很好的约束，所以长协合同履约越来越好。供需这边，我觉得更多的是大家对合同的这种观念提高了。再就是铁路的运力，现在也是经过去年一年，铁路运力是有非常明显的一个改观，这样的话保障了长协合同的兑现。好，明白。 For the fulfillment of the long-term contract coal, we can view that from the following aspects. First, the government has pushed forward the contract signing of mid-term and long-term contracts. This policy can be beneficial for both coal suppliers as well as the power suppliers. It significantly increased the fulfillment rate of the contract. Second, we can see from the demand and supply side, the fulfillment rate of all parties of long-term contracts play by the rules, and we can see a growth of the fulfillment rate. Third, the railway capacity increased dramatically this year. That will ensure the supply of the coal. 我再给大家补充报告一个信息，刚才有一位投资者问到风电和光伏的含税电价，我们这个报告是一个都不到5毛钱的一个平均的。仔细来看，因为风电和光伏每个区域都不一样，然后跨度非常大。比如说风电，最低的是3毛6分7，最高的是9毛2分8。然后光伏呢，最低的是4毛5分4，最高的是9毛4分3。因此这个数据平均下来，我们感觉可能也有些问题，如果有需要这些具体数据的，我们在底下再跟我们证券部联系。 May I add the answer to the tax included tariff. As I just said, the average tariff was CNY 0.5 per kWh, but it varies from project to project, and the differentiation is very great. For the wind power, it varies from CNY 0.367 per kWh to CNY 0.928 per kWh. For the solar project, it varies from CNY 0.454 per kWh to CNY 0.943 per kWh. The difference is very great. The number we just announced is just an average number. 好的，谢谢各位，也感谢各位管理层的解答。Thanks so much for all 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。谢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，欢迎大家会后与公司的投资者关系处联系。谢谢大家。 Thanks for participating in today's conference call. Thank you for your continued support and attention to the company. This is the end of today's conference call. Please contact our IR Department if you have any further questions. Thank you. 好，再次感谢各位出席华能国际电力股份有限公司 2019 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 quarter announcement of 2019. We are looking forward to meet with all of you in our next results announcement. Thank you, thank you very much.