902 Q1 2023 Earnings Call Transcript

The first quarter, the company maintained safe operation. The unit fuel cost decreased comparing to the last quarter, resulting in a significant loss reduction in coal power sector. The profit of overseas projects increased, which laid a solid foundation to complete the company's task of operation and development. Under the Chinese accounting standards, the company achieved a consolidated operating revenue of CNY 65.269 billion, increasing by 0.03%. Net profit attributable to the company's shareholder was CNY 2.25 billion, increasing by CNY 3.2 billion. The earning per share was CNY 0.01. In terms of power generation, the company's domestic on-grid power sales was 107 billion kWh, decreasing by 0.66%. The average utilization hour was 919 hours, decreasing by 52 hours. The average tariff was CNY 518.69 per MWh, increasing by 3.33%. In terms of coal supply, the company is actively negotiating with upstream suppliers, locking contracted coal resources, and strive to increase contract coverage ratio and honor rate. With the implementation of government policies, coal prices had fallen from peaks. The unit fuel cost of the first quarter was CNY 340.02 per MWh, a year-on-year decrease of 5.82%, and a quarter-on-quarter decrease of 3.91%. In terms of development, the company is pushing forward clean energy development. In the first quarter, the company added 1.3 GW of units, including 111 MW of wind power, 693 MW of solar power, and 495 MW of gas-fired power. The company's installed capacity reached 128.648 gigawatts. Wind and solar capacity reached 20.56 gigawatts. In terms of overseas operation, Tuas Power overcame the disadvantages of soaring fuel prices and tight supply of natural gas, timed the market and optimized competition strategy. The profit had increased significantly. In the first quarter, the profit before tax was CNY 966 million, increasing by CNY 521 million. In the second quarter and the last half of the year, the company will focus on quality and profitability, continue market research, coordinate safe production, green transition, and efficiency improvement, moving forward the tasks of operation and development. The company will continue the clean energy development and accelerate the transition, improve the fulfillment of medium to long-term coal contract, optimize the supply structure, and control the fuel cost. Insist on profitability, coordinating volume and price, conduct market research, and strive for a profitable power generation. Explore innovative financing and expand financing channels to reduce costs. 下面的时间我和我的同事愿意回答各位的提问，谢谢大家。 Now my colleague and I would like 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. Welcome to the question and answer session. 如需提问，请在话机上按星一键等候，再按信号键，再按一键。谢谢。 To address your question, please press star followed by one on telephone keypad, 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。 Please state your name and your organization before question, right? 有请第一条问题。 The first question comes from Pearl of Citi. 哎，你好，国内成，嗯... 我有三个问题想跟你们请教。呃，第一个问题就是看到咱们一季度那个单位燃料成本下降，想知道一季度我们那个煤炭从那个合同供应比例大概是怎么样，还有就是一季度那个合同兑现率，呃，跟去年比较，哎... 也是怎么样的数字。另一个问题就是有关光伏的，光伏的发电量，我们一季度呢，是增加百分之七十一，呃，同一时间一季度咱们光伏的利润是增加一百一十七个，呃，百分，百分比。想知道就是，呃，那个利润增长比那个发电量更高是什么理由？呃，第三个问题就是看到公司一季度控制那个财务方面的支出也不错，下降了百分之十六。想知道一季度咱们那个平均贷款利率是大概是怎么样，呃，在一季度的水平线下呢，还有没有再下降的空间？谢谢。 I have 3 question. 1st, the 1st quarter unit fuel costs have dropped for the company. What was the proportion of contract coal purchased and what was the honor rate in the 1st quarter? 2nd, about the solar sector. As the generation of solar power has increased, could you please tell us why the profit increase is higher than the power generation increase? 3rd, about the control of cost. What was the company's financial cost of interest-bearing debt, and what will be the company's guidance of interest rate? 啊，投资者您好，我来回答您的第一个问题。2023 年一季度，呃，公司的这个签订的中长协合同是大概，大概是一点五亿吨，呃，合同内，呃，覆盖的这个内贸需求的这个覆盖率是百分之九十五。 In the first quarter, the company had signed 150 million tons of contracted coal and the coverage ratio is about 95%. 一季度，公司的长协合同累计的履约率是 75.7%。去年同期这个兑现率是 68%。今年比去年低的主要原因是去年一季度的时候，国家的价格中长协合同的价格政策还没有执行，所以执行的这个长协价格呢，基本上是随行就市，导致这个煤矿它的兑现率比较积极。 In the first quarter, the company's honor rate of long-term contract coal was 75.7%. The number of last year was 68%. Last year have a high honor rate because the government regulated price range haven't been implemented yet. The coal mines have more incentive to honor the long term contract. 回答完毕，谢谢。投资者您好，我来回答您的第二和第三个问题。呃，首先关于第二个问题，光伏利润增长的比例。呃呃，除了这个利用小时上升，还有一个就是，呃，我们的那个，呃，装机，一个是装机容量，我们同比，呃，增长了百分之六十五点八七。另外一个，呃，光伏的单位成本费用同比也是有，呃，比较明显的降，下降。从，呃，一季度，今年一季度是，呃，二百五十五点五六元，每千千瓦时，每千千，每千千瓦时，同比下降了，呃，一毛钱左右。然后您... The second question about the solar profit. The solar sector profit had increased mainly due to first, the utilization hour increased, and second, the capacity have increased by 65.87%. The unit cost of the solar sector have dropped from CNY 255.56 per megawatt hour. It have CNY 100 per megawatt hours drop. 关于您问的这个带息负债的综合资金成本， 2023 一季度我们的全口径的带息负债，资金成本为 3.33% 。 The financial cost of interest bearing debt in the first quarter was 3.33%. 关于下一步是不是有继续下降的空间，我觉得呃，首先公司会积极地采取呃相应的措施，紧跟市场的变化，去努力地抓住市场有利的时机，啊，用好用足咱们的碳知识，碳减排等支持工具吧，呃，努力去降低这个呃，资金成本。 About the future guidance of the interest rate. First, the company will actively take measures to seize the opportunity to issue the decarbonization instruments to control the financial cost. 这有一个前提基础，就是还是要看国家今年的精准有力的这个稳健货币政策的落实的具体情况，好，我们也会持续地去跟进，去适应的相应的这个措施。 It is on the premise of the government prudent monetary policy, the company will keep a close track on the government's regulation change and take appropriate measures. 嗯，好，谢谢管理层。哎，有关第一个问题，我不知道我有没有听错，你们讲一，今年一季度合同兑现率是百分之七十五点七，去年是百分之六十八，那表示的话应该就今年比去年高是吧？是的，是的，今年的这个兑现率比去年要高。嗯，明白了。好，谢谢。 The honor rate of this year is higher than what we have achieved last year. Thank you. 下一位有请国泰君安证券的于红光开始提问。The next question comes from 于红光 of Guotai Junan Securities. 管理层好，我是 Guotai Junan Securities 的于红光，我这边也有三个问题。第一个问题是关于新能源，刚才听管理层这边介绍，有一个机电口径的一个新增装机，大概是 1.3 GW 左右。于总您好，您的那个声音不是特别清晰，您的声音我们听不太清，您，您在，呃，请您再麻烦再说一遍好吗？谢谢。好的好的。诶，管理层好，呃，我这边三个问题啊，就是第一个问题是关于咱们的新能源新增装机，因为刚才听管理层这边介绍，一季度的这个机电新增装机大概是 1.3 吉瓦左右这个级别，呃，但是我们从电量公告里面看到青岛产的这个装机大概是 0.8 吉瓦的这个级别，所以想，呃请教一下两者之间的差异是什么？然后我们的新增指引的这个 8 吉瓦，八点一吉瓦的这个新增装机是什么口径？然后第二个问题是关于咱们永续债，因为看到一季度咱们新增了永续债大概一百七十四亿元，然后同时我们短期借款也有大概差不多等额这样的减少，然后想请教一下后续的一个永续债的一个规划是如何安排的。然后第三个问题是关于咱们经营现金流的净额，看到咱们一季度的经营现金流净额，呃，是六十一点四亿元，同比减少了大概二十二点六亿元，啊，想请教一下主要是什么原因？谢谢。 I have three questions. First, could you please clarify the renewable energy capacity in the first quarter that added to the company? Second, about the perpetual bond, what will be the company's guidance of the future issuance of perpetual bonds? Third, about the company's net cash flow, could you please tell us why the net cash flow has dropped in the first quarter? Thank you. 我回答一下你的那个关于那个今年的新增，新增机组的这个容量问题。你说的这个 13 million 的这个概念，是里头含有燃气和加上这个和 8 million 的这个新能源的这个概念。燃机的概念的话是有一个 495,000 的一个燃机投产。剩下的话是我们这个装机。还有这个风电呢，是这个 1.11 million 。还有呢就是光伏，我们有 6.92 million 的么一个概念，所以就是这么一个比例性质。 Let me clarify the number. The 1.8 gigawatts is including the natural gas units. We have 800 megawatts of renewable energy and 495 megawatts of natural gas units in renewable energy capacity 111 megawatts is wind power and 692 megawatts is solar power. 你好，我来回答您的第二个和第三个问题。关于 perpetual bond 的话，对，你说得很对，我们 Q1 是又增加了 CNY 17 billion，然后后续目前我们是暂时没有新增的办新的安排。The company has added CNY 17 billion of perpetual bond. The company hasn't had any specific plan in the future. Thank you. 也就是说我们的 perpetual bond 的额度也是没有新增。但是到期的我们会继续接续。The company will refinance our perpetual bond if it ends, won't have any incremental perpetual bond. 关于您说的这个 operating cash flow 为什么 year-over-year 下降，确实我们的利润是 year-over-year 增幅也比较大。下降的原因跟利润的趋势不一致，主要是因为存货的变动的影响。The operating cash flow of the company has dropped. The net profit has increased. That was mainly due to we are piling up the inventory. 也就是说从间接法的角度看，2021 Q1 存货的 year-over-year 变动就是下降得比较金额比较大，达到了 CNY 8.1 billion 的减少幅度。那个今年是只减少了 CNY 2.5 billion。这个影响会减少 year-over-year 减少 operating cash flow CNY 5.6 billion. 回答完毕。In Q1 2020, to the inventory has decreased that had an impact of CNY 8.1 billion to our cash flow. This year it only had an impact of CNY 2.5 billion. The operating cash flow had a negative CNY 5.6 billion decreased year-over-year. 好的感谢管理层我没有其他问题了。下一位有请华泰证券的李亚林开始提问。The next question comes from 李亚林 of Huatai Securities. 嗯各位领导好我我这边有几个问题想请教一下。呃首先是想啊让领导给我们拆一下这个一季度的经营业绩的净利润，或者是归母净利润的这个业绩的拆分。然后第二个就是呃听说公司这个一季度的来风特别好，然后就想请问一下呃但是有看到其他一些公司好像不是很好，就是想请问一下这个分化以及对今年整体的一个展望吧。对，谢谢。 I have two questions. First, could you please give us the net profit and profit attributable to the shareholders in the first quarter that break down to different energy resources? Second, we heard that the wind output is strong for the company in the first quarter. Could you please give us why that happens and the guidance in the future? Thank you. 你好，我来回答您第一个问题。关于权益利润的板块拆分。因为公司部分电厂存在经营同时经营多项电源项目的这个情况，所以我们对于这个数据的拆分存在就是直接汇总，没有进行抵消，是一个事情的拆分。跟您说一下，这个一季度境内煤机板块的权益利润是-CNY 120 million左右，燃机是CNY 50 million左右，风电是CNY 1.64 billion左右。The equity-based net profit is only for your reference. We have add the numbers from our power plant in the first quarter the coal sector was negative CNY 120 million. For gas sector it was CNY 50 million. For the wind sector it was CNY 1.64 billion. 光伏是CNY 240 million左右，水电是亏CNY 20 million左右，生物质基本盈亏平衡。For the wind sector the number was CNY 240 million. For the hydro sector it was CNY 20 million and it break even for the biomass sector. 呃投资者您好，那个我来回答您的第二个问题。那个今年一季度来风普遍是好于去年，这个主要表现在地区，主要是西南和华北和东北这些地区。呃像我们的风电也是得力于来风比较好，所以我们一季度风电的那个利用小时也同比增长了七十三小时。 In the first quarter we have a strong wind output because we have a very good wind resources comparing to last year. The mainly in areas like Southwest China, Central China and Northeast China. The utilization hour have increased 73 hours. 嗯关于展望这个问题，主要是因为这个来风确实它的随机性比较强，这个我们也是很难预测这个事情。谢谢。 It's very difficult to anticipate the wind resources in the following quarters. Thank you. 那不好意思，我再补充问一个问题，就刚刚的很清楚了，就想问一下那个巴基斯坦的项目一季度的利润情况怎么样？ What is the profit situation for our power plants in Pakistan? 嗯巴基斯坦一季度的利润总额是 1.6 个亿。 The profit before tax for the project in Pakistan is CNY 160 million. 呃权益利润也是零点六个亿左右。谢谢。 The profit attributable to the shareholder is about CNY 60 million. 嗯可以请问一下同比的变化吗？呃同比的话利润总额是下降了零点二三亿元左右。然后呃权益利润是减少了零点零八亿。谢谢。 The profit before tax have a CNY 23 million decrease comparing to last year and profit attribute to shareholder had CNY 6 million decrease same period last year. Thank you. 好的谢谢我没有其他问题了。下一位有请国信证券的黄秀杰开始提问。The next question comes from 黄秀杰 of Guoxin Securities. 呃各位领导好我是黄秀杰。呃呃也恭喜公司一季度开取得开门红啊。有三个问题想咨询一下领导。第一个就是我们现在火电的呃就是煤呃煤机的一个利用小时，就是我们从我们这些基础来判断的话，当前的电力供需情况呃紧不紧张啊，或 - 或者说是宽松还是紧张，然后今年判断的话会不会出现比较大的缺口，这是第一个啊。第二个呢，就是呃公司在二季度啊，这个淡季的时候判断煤价啊会不会有比较大的一个跌幅哦，就是我们各呃我们公司的判断啊，如果煤价下跌的话，电价的趋势是怎么样的？啊第三个呢，就是新能源参与现货交易的情况，就是我们现在啊风光的市场化电量电价是一个什么情况，参与现货交易的电价呃是一个什么情况，会不会比我们这个正常参与中长期这个电价低，如果低的话，我们怎么去呃去平衡啊，怎么去对抗 - 对抗这种趋势？啊谢谢领导。 Have three questions. First, what was the utilization hour of our coal sector and will there be a tightness in power supply this year? How can the company fill the gap of the utilization hour? Second, in the second quarter will the company think the coal price will drop? How about the tariff will the tariff drop you know accordance with the coal prices drop? Third, about the renewable energy participation in the market. What is the percentage of the market based renewable energy sales? By how much of the renewable energy generation has been participated in the spot market? What will be the company's measures taken to cope this problem? 投资者您好，我先回答您的第一个问题。第一个问题就是我们一季度的煤机利用小时实现的是 1,036 小时，同比降低了 51 小时。原因呢，主要还是因为那个新能源增加比较多。再一个就是来风也比较好。刚才也说了，就是我们让利给这个这个新能源的发电空间。再一个就是，在一些参与现货的地区，由于新能源大发时的呢，这个现货价格会比较低，火电呢也会采取这个压控减发的一个策略，这个是使我们煤机利用小时降低的主要原因。 The coal utilization hour was 1,036 hours, by 51 hours year-on-year. That was mainly because of following reasons. First, the renewable energy capacity has increased with the strong wind output that depends the thermal unit utilization hour. For areas that have small markets, the small market price was very low. The thermal power has used a strategy to cut some power generation to have more profit. 呃今年的这个供需供需形势，按照国家的有关部门的发布的情况，是一个供需紧平衡的一个情况。但是在这个度冬和度夏期间应该会出现一些缺口，但整体情况应该好于 2022 年。 About the electricity market, the government estimate that in this year we'll have a tight balance, exclude in summer peak and winter peak. It will be better than what we have in last year. 呃投资者您好，我来回答一下您关于这个我们公司对于二季度煤价判断的这个问题。呃整个二季度呢，我们认为煤炭市场的供需格局呢，是趋于宽松的。 We estimate in the second quarter, the supply and demand structure will ease for coal prices. 供应方面呢我们可以看到国家在 3 月底已经明确了这个增产保供这个政策还是会继续延续加上国家对于这个进口煤的零关税政策把它延期到年底整个的供应呢就是有利于我们进一步地用国内国外两个市场来补充我们的这个煤炭供应渠道. From the supply side by the end of March we can see the government policy of ensuring the supply have extended and the government also extend the zero tariff policy for imported coal. We can see from the both domestic and overseas market there are sufficient supply. 需求方面呢二季度是一个天然的电煤消费淡季我们可以看到由于这个北方供暖的这个结束我们整体的这个电煤消耗呢是二季度环比一季度有一个比较明显的下降. From the demand side second quarter is usually the off season of coal market. With the heating season ended in second quarter the second quarter demand will decrease comparing to the first quarter. 供需矛盾逐渐地缓解北方港的这个标杆的这个价格 5,500 动力煤平仓价在昨天 3 月 25 号是收报于 CNY 993 每吨比去年 4 季度的高点 CNY 1,624 下降了 34.4% 比今年 1 季度的高点 CNY 1,226 也下降了 33% 的样子. The demand supply will ease in this year. For example, the 5,500 K coal in north port yesterday price was CNY 993 per ton. It has a 34.4% decrease comparing to the higher point last year which is CNY 1,624 per ton and it has about a 33% decrease comparing to the high point in the first quarter which is CNY 1,266 per ton. 今年呢极端天气多发的这种概率是比较高的今年夏天呢我们可能迎来这种阶段性的高温天气所以在迎峰度夏前呢电厂还是有这个比较强的一个补库备货的需求. This year we may impacted by the extreme weather. Before the summer peak, the power plants may piling up their inventory. 我们判断呢二季度煤价继续向下的空间呢比较有限可能是我们会在近期吧看到一个阶段性的底部回到兰迪. In the second quarter, we have a limited room for the price to continue the drop and we may hit the bottom of the coal prices. Thank you. 嗯投资人您好我来继续回答您的第二个问题关于这个二季度电价这个趋势的判断嗯首先向您说明的是我们公司现在已经签入了签订了百分之六十七左右的年度长协这一块的价格嗯基本上也都上浮涨到了百分之二十以上这一块价格是锁定的。 About the tariff guidance. In the second quarter, the company have signed 67% of our total market-based power sales. For that part, we have locked up 20% tariff hike. 呃如果是煤价出现下跌的话应该还是主要体现在这个月度交易和这个现货交易上所以说我们嗯基本判断如果煤电不出现下跌的情况下对我们的影响也是有限的考综合考虑年度长协。 The tariff cut may appear in the monthly bidding and the spot market. Considering the coal price drop, we think the impact will be limited for our company. 呃我来简要地回答一下您这个第三个问题就是新能源参与现货的一个情况呃现在我们公司新能源参与现货交易的主要在三个地区一个就是山西、山东和甘肃。 Third, about our renewable energy participate in the spot market. There are 3 provinces that we have power plants that participate in the spot market. That is Shanxi, Shandong, and Gansu. 嗯嗯确实这个在新能源大发的时节这个现货价格会表现得比较低而且比煤机降幅要低一些像山西大概是降六到七分钱山东要好一些它属于被动结算要大概能降低个三分钱左右呃甘肃跟山西的情况差不多。 When the renewable energy have great output, the spot market tariff will have a greater drop, especially comparing to the coal tariff drop. In Shandong, we may have a CNY 60 per megawatt decrease, and in Shanxi, Shandong may have a CNY 30 per megawatt of decrease. Gansu is the same as Shanxi. 我们整体采取的策略还是跟煤机一块儿来应对这个市场风险。主要就是说在风光爆发的时候，压低这个煤机的发电量，相当于这个煤机把长协合同让给了风光来发，减少风光的弃风弃光。但同时呢，煤机也可以通过出售中长期合同实现正 W e should coordinate the coal fire unit with our renewable energy. When we have great output in wind and solar power, the coal fire unit can make room for the wind and solar to cut the settlement. When there's the other way around the coal fire unit can increase power generation by long term contract. Thank you. 感谢领导. 下一位有请广发证券有限公司的江涛开始提问。The next question comes from Jiang Tao of GF Securities. 哎各位管理层好。我有三个问题想请教一下。第一个是我们去年的年报当中就提及到了我们有十五亿的调峰及辅助服务的这个收入。想问一下收入的来源主要来自哪些省份？然后还有是价格的话，这个是否是对应到这个调峰电量的这个规模上的话，大概售电的收入是什么样的体量？呃然后这个如果是从这个维度来看的话，今年一季度大概是什么样的收入规模，就是来自调峰及辅助服务的，这是第一个问题。第二个问题是想请教一下大势能源的这个电价和燃料价格的同比和环比的变化。然后我第三个问题是这个我们一季度的永续债的利息是多少？那么展望今年全年的话，永续债的利息是多少？这是我的三个问题。 I have three questions. First, the company has announced that CNY 1.5 billion revenue from the peak regulation and ancillary services. What is the major provinces that participate in the ancillary services and what is the unit revenue for ancillary services? In the first quarter, what's the company's revenue from peak regulation and ancillary services? Second, about the Tuas Power, could you please provide us the tariff and the fuel cost change year-over-year and quarter-over-quarter? Third, what is the interest payment of our perpetual bonds? 投资者您好我来回答您的 1st 个问题，关于这个 peak regulation 的收入，它的主要来源还是辽宁、黑龙江、吉林以及福建和华北这 5 个地区吧。所有的地区，现在我们所有的 47 家火电都已经参与了 ancillary services market ，收入呢，还是 Northeast China 这边相对高一些。 The major revenue of peak regulation is from 辽宁、黑龙江 and 吉林 and 福建 and also central north part of China. All our subsidiaries in different provinces have all participate in the market, the from Northeast we have the major revenue. 关于 peak regulation 这个售电的 1 个标准，我们现在没有做统计，如果您需要的话，我们会后提供您。Don't have unit revenue from ancillary services. We can give you that later after this meeting. 关于 Q1 的这个 ancillary services 的收入情况，还是这个火电和新能源相比之后是收入是 CNY 792 million 。In Q1, the ancillary services revenue was about CNY 792 million. 投资者您好，我来回答大势能源的问题。2023 年一季度大势能源的平均电价是一千三百七十五点八零元每千千瓦时，平均的单位燃料成本是七百六十二点一五元每千千瓦时。 Numbers of two power in the first quarter, the tariff was CNY 1,375.8 per megawatt hour and unit fuel cost was CNY 762.15 per megawatt hour. 2022 年一季度的平均电价是七百八十六点六四元每千千瓦时，平均的单位燃料成本是五百二十四点九八元每千千瓦时。 In the first quarter 2022 the tariff of two was CNY 786.64 per megawatt hour and unit fuel cost was CNY 524.98 per megawatt hour. 2022 年全年的大庆能源的平均电价是 CNY 944 每千千瓦时，平均的单位燃料成本是 CNY 655 每千千瓦时。 For the whole year 2022, the tariff of 2S power was CNY 944 per megawatt-hour. The unit fuel cost was CNY 655 per megawatt-hour. 投资者，你好，我来回答第三个问题。公司 2023 一季度的永续债的利息是 CNY 6.67 亿。 The interest payment of our perpetual bond in the first quarter 2023 was CNY 667 million. 关于全年的这个水平，您可以通过这 2 个数字来框算，一个是我们的余额是 CNY 80.5 billion，然后我们的综合的成本是 3.81% 。 We can give you a guidance of the whole year perpetual bond interest payment. Our outstanding perpetual bond was CNY 80.5, and the average interest rate was 3.81%. Thank you. 好的，谢谢管理层。下一位，有请中欧基金的郑思恩开始提问。The next question comes from 郑思恩 of Central Europe Fund. 呃，管理层您好，那个我这边有两个问题，一个是关于那个就是我们分布板块的这个利润总额的话，类似像燃煤机组的这个利润总额，有没有考虑到针对相对像，呃，这些电厂相关的一个减值的一个因素，是不是已经考虑在了这个，呃，电厂这个利润总额里面，比如像类似去年我们那个境内的整个燃煤机组的话，大概一共亏损了一百七十三亿。然后的话这一部分里面是不是已经包含了，就是我们针对电厂提的这二十多亿的减值，有没有包含在里边？这是第一个问题。然后第二个就是想请问一下，就是我们现在因为截止到一季度，可能整个燃煤机组的整个那个控股的装机规模大概是九千四百万装机，然后的话大概权益的这个燃煤机组的这个规模大概是在一个什么水平？大概就这两个问题，谢谢。 I have two questions. First, in our profit before tax breakdown to different energy sources. Is the asset impairment included in this breakdown of profit? Second, could you please provide us the equity based capacity of coal-fired units? 你好，我来回答一下。呃，首先第一个，分板块的煤机利润已经包含了减值。但是今年一季度的话，我们煤机没有积极减值。您说的一百七十三个亿，也就是去年的煤机的全年利润，是已经包含了您说的二十多亿的减值。 The asset impairment have been included in our last year's profit breakdown. However, in the first quarter, we don't have any asset impairment. 关于那个燃煤的权益容量是 77,220,000 千瓦。 The equity based capacity of our coal-fired units is 77.22 GW. 哦，好的，我这边没有问题了。好，谢谢。下一位，有请中信证券的杜松阳开始提问。The next question comes from 杜松阳 of CITIC Securities. 各位领导好，我是中信证券杜松阳。有三个小问题想跟领导请教一下。首先第一个啊，想让领导那个帮忙说一下，就是第一季度公司的沿海煤的这个价格还有量是什么情况。然后第二条，第二个问题就是，呃，根据公司十四五的一个目标，新能源装机要新增超过四十吉瓦，然后但是二一二年一共十几瓦，二三年如果投产八吉瓦的话，剩下两，两年要投产二十二吉瓦，这个能完成吗？这个包括资源啊或者说是资金方面。然后第三个问题就是资金方面的，如果一年是比如说投产十一吉瓦的话，这个资本开支可能需要大概六百亿左右，然后公司现在这个负债率已经比较高了，会考虑一些什么其他的融资手段吗？比如说股权融资之类的。好，就是三个问题，谢谢领导。 I have 3 questions. First, could you please provide us the price and volume of our seaborne coal in first quarter? Second, as the company's target renewable energy added was 40 GW in the 14th Five-Year period. In the last 2 year of 14th Five-Year, we'll have to add 22 GW. Will the company accomplish this target? Third, as the company have a very high debt-to-asset ratio, and the company's CapEx will maintain high with the high renewable energy capacity added. What will be the company's access to refinance? Will the company consider equity-based financing method? Thank you. 投资者，您好，我来回答一下您的第一个问题。一季度公司累计采购下水煤两千一百三十三，三十三万吨，呃，原煤采购单价是七百六十七点八一元每吨。 In the first quarter, the company have purchased 213,300 tons of coal, the average price, local price was CNY 767.81/ton. 投资人你好，我来回答您第二个问题。就是按照这个公司在去年年初制定的这个十四五规划的总体目标呢，公司是力争在这个十四五末，我们要实现的总目标是呃，低碳清洁能源装机占比要达到百分之四十五左右。按照这个比例的测算下来，我们在十四五期间的呃，新能源的装机，呃，力争是要达到这个，呃，需要新增装机在四千，四千万千瓦左右。 About the second question. The company's 14th Five-Year Plan has just said our low carbon clean energy proportion will be around 45% of our total capacity. The company is striving to add 40 gigawatts of renewable energy during the five year. 那么在十四五的前 two 年呢，主要受到疫情还有原材料供货的原因呢，我们的新能源的装机没有达到之前的预期。那么按照现在公司总体的安排，随着现在的疫情的解除，以及国内对新能源的这个发展的提速，那么我们还是力争按照我们十四五的总体目标，在新能源的十四五的后 two 年，每年的这个新增的装机规模都要力争超 10 million kilowatts 的这一个水平。 In the first two year of 14th Five-Year Plan affected by the pandemic and the raw materials supply, the company haven't had enough capacity added as expected. In the last two years in the 14th Five-Year with the pandemic ended and renewable energy acceleration in the 14th Five-Year Plan, we think in the last two year will add 10 gigawatts each year. 对于这个项目的一个资源的获取情况来看呢，在近几年，公司在不断地加大这个新能源项目的这个开发的力度。从去年情况来看，我们 2022 年整个公司在风电和光伏的核准备案的规模已经达到了 3600 万千瓦左右。 About the resources obtaining the company have enforcement in the development of renewable energy in 2022. The company have wind and solar capacity that being approved by the government amounted to 36 gigawatts. 后续对于这些获取的资源呢，公司也将加快落实有关的建设指标，落实相关的一些，土地接入的一些相关的一些条件之后，在确保收益的前提下，我们将加快它的开工建设，确保公司在十四五期间的新能源装机的一个新增规模能够达到预期。谢谢。 The following years the company will continue to obtain new resources and have our on-site construction. As the profitability be our priority the company will accelerate our construction and strive to achieve our target. 你好，我来回答您关于资产负债率的问题。公司其实一直是致力于保持一个平稳适中的资产负债率水平，合理的去利用财务杠杆来增厚股东的回报。2023 年一季度末呢，得益于我们一季度经营情况的大幅改善，以及这个能源保供特别债权益资金的这个注入，我们的负债率水平较年初已经有了比较明显的下降，降了 3.52% 。降至 71.3% 。About the company debt-to-asset ratio. The company is striving for to maintain appropriate debt-to-asset ratio and wisely use the gearing to help increase our profit. In the first quarter the company's debt-to-asset ratio have dropped by 3.52% to 71.3%. 未来公司呢，主要从两个方面吧，努力去降低这个资产负债率，管控资产负债率的水平。一个是，还是要加大经营绩效提升的这个力度，通过恢复和增强我们自身经营积累，来增加我们的权益的水平。因为公司正常年份的经营现金流入大概能在 CNY 30 billion 到 CNY 40 billion 的左右的一个水平还是比较可观的。 The company will take following measures to help with our debt-to-asset ratio. First is to improve our operating results to increase our inner accumulation. In a normal operating year the company will have CNY 30 billion to CNY 40 billion of operating cash inflow. 另外呢，我们也会不断地去研究和拓宽融资渠道，密切去跟踪市场和政策的变化，积极地研究资本市场推出的新的权益融资的工具和政策，根据公司的自身的一个需求，发展的需要，进行后续的一个相应的措施的安排，合理管控我们的资产负债率水平。 Second, the company will study into our refinancing needs, keeping close track about the government's policy and research into the market trends according to the company's refinancing needs. The company will have control of our debt-to-asset ratio. 好，明白，谢谢各位领导。我们没有其他问题了。下一位，有请长江证券的宋尚谦开始提问。 The next question come from 宋尚谦 of Changjiang Securities. 呃，各位领导好，我是长江证券宋尚谦，那个关于这个煤这个，这个成本，包括煤炭这个方面的话，有几个补充的一个问题啊。第一个的话还是想问一下，咱们公司目前的一个电煤库存和可用天数，这个当前的话大概是怎么样的一个水平？然后第二个的话就是关于这个长协兑现这个方面的话，这个想问一下咱们今年的这个，这个煤炭资源的一个情况，这个平均的这个热值，啊，这个同比要，这个比去年的一个水平上来讲的话，大概是什么样的一个变化，会不会出现虽然说我们长协兑现的比例提升了，但是平均的这个热值，啊，有没有一些这个，这个，这个下降这个方面的一个情况的这个发生，啊。主要就是包含这两个方面的问题。 I have two questions for about the coal price and coal inventories. Could you please tell us the inventory of the company and the inventory days? Second, about our honor rate, because it's related to the heat value, so could you please provide us with the heat value of the long term contract coal and what was the year-over-year change? 投资者您好，我来回答一下您的，呃，这两个关于煤炭的问题。截止到昨天四月二十五号，公司存煤一千一百八十五万吨，呃，同比增长百分之二十三点二，呃，存煤可用天数二十四天，同比持平。 Up until yesterday the company's coal inventory was 11.85 million tons, increasing by 23.2% compared to the same period last year. Inventory days was 24 days. 一季度公司的这个，呃，原煤热值累计是四千二百八十一大卡，同比下降了百分之六点二二。 In the first quarter, the heat value of the company purchased coal was 4,281 kcal, it has a 6.22% decrease compared to the same period last year. Thank you. 好的好的，感谢各位领导。下一位，有请工银国际的 Eric 开始提问。 The next question comes from Eric of ICBC International. 呃，管理层你好，我这边有两个小问题还是想请教一下我们，呃，每一季这边的一个情况，就是想，呃，请教我们一季度每一季这边的，例如，呃，单价是怎么样一个比例，可不可以，呃，提供一下同比跟环比的这个数字。然后我第二个问题是想请教，就是关于我们一季度，呃，煤炭产业的话，如果看，呃，供应的这个，这个情况，我们一季度有多少的这个煤炭供应是来自长约，然后跟，呃，进口的。好，我就这两个问题，好，谢谢。 Have 2 question. First, what is the standard coal price of coal and what was the year-on-year change and quarter-on-quarter change? Second, about the coal supply, what was the% of our of coal procurement that from the long-term contract and from our imported coal? 您好，我来回答第一个问题。公司境内煤机的，呃，第一季度的耗用标煤单价是一千一百三十二元左右。 The standard coal price in the first quarter for our coal-fired units was CNY 1,132 per ton. 同比是减少了八十九元左右，谢谢。 It has CNY 89 per ton decrease comparing to the same period last year. 环比 2022 Q4 是减少了约 CNY 37 左右. It has a CNY 37 per ton decrease comparing to the fourth quarter last year. 呃，投资者您好，我要回答一下您的第二个问题。呃，一季度，呃，公司，呃，执行的长协占我们内贸需求大概是百分之七十六的样子。呃，然后一季度公司累计采购的这个进口煤是一千五百二十七万吨。 In the first quarter, the company's long-term contract procurement account for about 76% of our domestic demand, and we have purchased 15.27 million tons of long-term contract coal. 好的，管理层，我这边想就问就是刚才您讲到的这个，呃，电煤单价这个数据，可不可以也把 2022 年全年的这个数据也，啊，啊，说一下，谢谢。你好 2022 年全年的入炉标煤单价是 CNY 1,205. 好的接下来没有其他问题了。 The standard coal price of 2022 was CNY 1,205 per ton. 下一位有请华夏未来资本的曹迪亚开始提问. The next question comes from Cao Diya of Huaxia Future Capital. 诶领导您好能听到我说话吗？可以听到请讲。哎我这边有几个小问题啊首先就是 Q1 的话咱们火电这边的盈亏平衡线大概是多少啊？ My first question about the break-even point for our thermal sector. 你好我来回答一下根据公司一季度境内煤机实际的这个数据来测算呃煤机的这个盈亏平衡的耗用标煤单价是一千一百二十九元左右。 The break-even standard coal price in the first quarter calculated using numbers of the first quarter was CNY 1,129. 好的还有一个问题就是说您刚刚披露的这个长协这边的兑现率大概是 67% 这 67% 里面有多少是 570-770 之内的这个锁价的长协呢？ What was the proportion of our long-term contract coal that was in line with government regulated CNY 570-CNY 770 price range? 啊投资者您好我来回答一下您的这个问题呃首先更正一下一季度我们这个长协合同的这个兑现率是百分之七十六啊不是百分之六十七。 First, let me clarify that our honor rate in the first quarter was 76%. 在这个 76% 的这个长协履约率中吧大概有 60% 这个下水煤炭它是符合我们国家这个 770 的这个价格政策. In all those long-term contract we procured, 60% is seaborne coal, and they are basically in line with the government regulated price range. 陆运直达区域呢基本上都符合各地出台的一个价格政策。 For inland coal park, they are also in line with the provincial government regulated price range. 明白明白。诶那领导您刚刚提到了这个呃进口煤这边的原煤采购单价大概七百六十七点八亿元每吨这个它的热值的口径是五千五还是七千入炉的这个标煤的口径。您好这个进口煤我们这个 CNY 766 每吨是对应一个原煤的这个采购热值. 明白明白我这边还有最后一个想问一下就是说 Q1 的话咱们市场煤就是刨开进口煤这一部分市场煤的大概采购的均价是在什么样的水平？嗯市场煤价是八百一十一点一四元每吨。谢谢。好的好的我这边没有问题了谢谢领导. The imported coal have a local price of CNY 766 per ton and, the local price for the coal purchased from open market was CNY 814 per ton. 下一位有请海通证券的吴杰开始提问。The next question comes from Wu Jie of Haitong Securities. 嗯各位领导大家好那个呃我有几个小问题啊就是首先第一想问一下我们这个一季度我们的煤电的呃就是标煤耗啊这是第一个啊然后第二个呢是想问一下就是刚才说到的这个煤价因为呃领导们也说了是幺幺三二嘛然后哦就是这个我想问一下三月份的这个煤价是多少钱？就是除了一季度呃这个数据以外啊就是能不能告诉我们一下三月份的这个煤价是多少钱？然后呃第三个就是公司的这个供热的煤耗一季度是多少，多少吨？能不能跟我们说一下就标煤耗。好吧谢谢啊。 First, could you please provide us with a coal consumption rate in the first quarter for our electricity sector and our heat supply, sector? Second, could you please provide us the standard coal price in March? 哎你好那个第一，第一季度嗯公司的生产供电煤耗完成值是二百七十五点三六克每度，同比持平。 Thank you. The coal consumption rate in the first quarter was CNY 275.36 per kilowatt-hour, it maintained the same level comparing to the last year. 你好，关于第二个问题，呃，我们没有细分月度的这个耗煤标煤单价。 sorry, we don't have the number to each month of standard coal price. 关于您刚才问的供热，第一季度的供热煤耗这个，这个数，我现在需要再做进一步统计，可以会后再回答你。谢谢。 We haven't got the coal consumption rate for heat supply sector, we'll give you after the meeting. Thank you. 您好，我再补充一下，就是，前面还有一个问题，就是领导们在解释的时候，关于这个长协兑现率 76% ，我想问这个长协的签约率现在是多少？ Could you please give us the coverage ratio of long-term contract? 啊，投资者您好，截至当前，公司累计签订了这个电煤中长期合同，一四九七八万吨，大概一点五亿吨吧，呃，覆盖公司内贸煤需求百分之九十四点八。谢谢。 The company have signed 149.78 million tons of long-term contract coal. The coverage ratio was 94.8%. 嗯，最后，最后，谢谢啊。最后补充一个问题，就是前面说到那个一千五百二十七万吨长协，我想问一下，这一千二百五十七万吨长协，我们的买煤的这个总，总，总，总金额是多少？这个可以告诉我们吗？ What is the total amount paid to our long-term contract coal purchased in the first quarter? 呃，投资者您好，这个一千五百二十七万吨是公司一季度，呃，进口的这个煤炭数量，不是长协煤。 The 15.27 million tons of coal is the number for our imported coal in the first quarter. 可以把长协的量和长协的金额告诉我们吗？一季度公司累计采购长协合同是 27,600,000 tons，长协合同煤价是 CNY 694.61 per ton. The company have purchased 27.6 million tons of long-term contract coal with an average price, local price of CNY 694.61 per ton. 谢谢管理层，我没有问题了。下一位有请江银资本的罗磊开始提问。The next question come from 罗磊 of 江银 Capital. 喂，诶，那个管理层你们好，我有两个问题啊。第一个就是你们提到这个热值比去年同期降低百分之六嘛，我是想问一下，这是不是意味着如果我们发同样的这个电的话，呃，就是需要多百分之六的这个重量的煤炭呢？先问这个问题吧。 As the company have said the heat value have decreased by 6%. Is that mean, to generate same amount of electricity we need 6% more volume of coal? 您提的这个问题，大致可以这样理解，随着煤炭热值的变化，燃煤发电机组的自身消耗也有变化，不能一概而论。谢谢。 it's roughly as you understand. The Coal consumption rate may vary, when we have different heat value. 就是如果我们用那个有一些，就是性能更优良的机组的话，那么其实也并不需要多 6% 的煤，可以这么理解吗？ If the unit have a higher efficiency, can we understand that we don't need that much volume of coal. 您好，我们的燃煤发电机组具有最佳运行状态，也就是说在设计的这个在设计热值的煤炭燃烧的状态下，会取得一个最佳的运行效果。谢谢。 If the for our thermal unit, if the coal have the designed heat value, then the operation will reach the best. 我 second 个问题问一下，就是这个，刚才提到我们公司的话，在前 two 年，这个因为疫情的原因，就是这个，就是风电光伏的这个，每一年这个建成的这个情况，就还是比这个计划的稍微慢一些。您，管理层刚刚提到说， 2023 到 2025 这 three 年的话，每一年要建， 10 GW 的这个风电光伏吗？想问一下这里面有没有对风电光伏进行一个拆分呢？另外就是能不能提醒一下我，就是去年 2022 年我们这个建成的情况，这个风电光伏分别建成了多少？并网了多少？对，我就问一下这个问题吧，谢谢。 The company will add 10 gigawatts each year in the last two years in 14th Five-Year Plan. Could you please provide us the breakdown to wind power and solar power? Could you give us the number of the capacity that put onto the grid in 2022? 投资人你好，我来回答一下你这个问题。就刚刚也提到了，为了确保我们能够实现十四五的，呃，十，十四五的规划目标呢，我们在后两年每年的这个新增的新能源的装机力争要超过千万千瓦。呃，但是这个比例呢，现在其实，呃，没有一个严格的拆分啊，但是从我们获取资源的角度上来看，我们基本上的现在的百分之，获取的资源百分之七十，七十，七十左右吧，应该是光伏项目，百分之三十应该是风电项目。 About 10 gigawatts, capacity add in the last two years in 14th Five-Year Plan, we don't have a specific breakdown the proportion of solar and wind. However, consider from the resource obtaining 70% is solar and 30% is wind. 公司 2022 年的这个新增的风电的装机规模是 3.09 million kW，光伏项目是 2.93 million kW。 In 2022 the company added 3.09 gigawatts of wind and 2.93 gigawatts of solar. 现阶段的话，这个风电的资源是说就真的非常就基本上非常难找到，还是说因为短期的话，我们就是取得相对难一些，但给时间长的话，国家有比较多这个风电资源呢，我们也，对我们来讲？ Because the company may have limited resource in the short term or if it in the long run there will be still, will there still be another resources for our wind project? 嗯，这个总体上来说，因为这两年国家也在推，呃，分，分布式的项目，因为从分布式项目总体来说，光伏的项目的这个规模要，呃，这个获取的资源的这个，更是，比风电要更多一些。那么现在集中式风电呢来说，呃，特别是公司所在的这个中部，大部，中部区域吧，这个风电资源的这个确实，这个每年拿出来的资源量确实相对要较少一些。这个我们未来，嗯，无论是风电还是光伏，对于公司来说都是努力去争取的这个投资的方向，所以这个没有什么特别的区分，说一定要干风电或者是干光伏。谢谢。 The government have promote the distributed form of solar project and that may have a abundance of resources, maybe for the centralized wind power it has limited resources comparing to the solar. However, for our companies both wind power and solar power we will be our future target. We don't have specific, differentiate between those two power resources. Thank you. 嗯，好的，好的，我没有其他问题了。谢谢管理层。下一位有请摩根大通的 Winter 开始提问。The next question comes from Winter of JP Morgan. 哎，谢谢领导。呃，就是我有几个小问题请教一下，第一个问题就是关于我们的单位燃料成本，就是用那个，呃，千瓦时为基础的那个，就是想问一下我们一季度的话，那个煤机跟，啊，燃机分别的那个，啊，单位，单位燃料成本是多少呢？第二个问题是关于我们的那个电价合同的签订情况，请问我们有那个分，这是刚才我们说的一个大概的那个情况嘛，就是想了解一下我们会不会有分年度、月度跟季度的那个比例的拆分呢？还有第三个问题就是关于我们那个，呃，市场，呃，新能源的市场电的部分，就是想了解一下，就是我们一季度的话电价是多少，然后我们那个占我们新能源的那个电量的比例是多少呢？谢谢。 I have 3 questions. First, which is the unit cost for coal sector and for gas sector. Second, about the tariff contract, could you please break down the contract down to the annually settled, monthly settled and quarterly settled. Third, in the first, what is the market-based tariff for our renewable energy and what was the market-based volume for the renewable energy? 您好，我来回答关于单燃的问题。 2023 年一季度，公司境内的煤机的单燃是 CNY 333 左右，每千瓦时左右。First about the unit fuel cost in first quarter, the domestic power plant unit fuel cost of coal sector was CNY 3,303 per megawatt-hour. 同比减少了 CNY 25.5 左右。It decreased by CNY 25.5 per megawatt-hour. 燃机的单位燃料成本是 CNY 425 左右，同比增加约 CNY 32.6 。The unit fuel cost of gas sector was CNY 425 per megawatt-hour, increasing by CNY 22.6 per megawatt-hour. 投资者您好，我来回答一下您的第二个和第三个问题。首先是这个合同签订比例的这个问题。总体来讲，就是个从，首先说明一下吧，就是这个比例呢，不是一个固定的数值，是一个有一个微小变化的一个动态的数值。我说一下，供您参考一下吧。首先这个年度交易合同，那个现在占比大概是 67% 左右，那个月度交易合同大概是 30% 左右，这个里面是含这个代理供电的部分，其余的像现货什么的，是在其余的这个量里面。First let me give you the proportion of market-based volume, that is only for your reference. The annually settled contract account for 67% of our total market-based volume, and monthly contract accounts for 30% that includes the great companies as a power agency. For other volume is from our the spot market. 一季度的这个风光的交易电量分别是风电的交易电量是 2.218 亿千瓦时，交易占比是占到 27.7% ，交易价格是 484.7 CNY 每千千瓦时。The market-based power generation for wind sector was 2.218 billion kilowatt hour. It account for 27.7% of our total wind power. The average price was CNY 484.7 per megawatt-hour. 光伏的交易电量是三点七七亿千瓦时，占比是百分之十九点九八。它的交易价格是五百零六点三九元每千千瓦时。For solar sector, the market-based volume was 377 million kilowatt-hour. It accounts for 19.98% of solar power generation with an average price of CNY 506.39 per megawatt-hour. 想确认一下，就是那个新能源市场电的话，这个电价是相对那个，其实是折让了多少了？那个风电的那个交易电价是下降了 CNY 0.022 ，太阳能同比的，太阳能那个涨幅是上涨了 CNY 0.016 ，是因为有一些，一个是有结构的原因，再一个是有地方政策在调整的一个原因。 market-based wind tariff has a CNY 22 per megawatt decrease. for solar sector, it has a CNY 16 per megawatt increase that mainly because of the policy of the provincial government. 哦，明白，所以这个就是相对于我们那个，呃，标杆价电价的那个折让吧。啊，是的，是的。啊，明白，明白。好，呃，对，就是还有一个问题，就是想问一下，我们刚才说那个分，啊，你 run out 的那个，就是的那个，呃，利润的话，是其实跟我们那个公告上面的那个有什么分别呀？您好，我跟您确认一下，您是说的，利润是吗？啊，对，就是刚才我们说那个，啊，分，就是分煤啊，燃机这个的权益利润，跟我们公告上面也有分，这个的，呃，分别是怎样，因为我看好像数字是不是太合得来的。因为公告是利润总额，也就是税前的，也不成那个股比的，就是，我们的权益股比的。我刚才说的是税后的，然后归属于我，本公司的这个权益利润。We have announced, profit breakdown in the our announcement that profit was profit before tax. We have just said, the number was, profit attributable to equity holder. 诶，收到，我没有其他问题了，谢谢您哒。由于时间关系，我们有请最后一位来自国泰君安证券的孙辉贤开始提问。Due time constraints, we invite the last investor to ask question. It comes from 孙辉贤 of 国泰君安 Securities. 哎，管理层您好。哎，我这边最后提三个小问题，就是第一个想跟您确认一下，就是，呃，刚刚说的那个煤机一千一百三十二元每吨的价格，这个是就是财务核算口径的一个除税入煤标煤的单价吗？然后第二个问题是，呃，咱们一季度的话，一个煤价的电价情况大概是什么样子，呃，以及就是我们除了广东省之外的话，如果分省份来看的话，那煤电电价同比上浮的省份有哪些呢？然后第三个问题是对于咱们二季度的一个新能源的装机量这一块目前有一个规划值吗？啊，主要是这三个问题，谢谢。 I have three questions. First, is the CNY 1,132 standard coal price tax excluded? Second, what is the tariff of coal fire unit and what was the year-over-year change and which provinces have a higher tariff hike? Third, what is the company's plan of new added capacity in the second quarter?

Sign in to continue