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2018 First-Quarter Analyst Exchange of DaTang International Power Generation

Performanceintroduction: In the first quarter of 2018, the company’s operating incometotaled 17.345 billion yuan, realized a year-on-year growth of 13.62%. Netprofit attributable to shareholders of the listed company was 540 million yuan,which decreased by 14.19% froma year earlier. Earnings per share reached 0.0407 yuan, which decreased by14.19% from a year earlier. At the end of the first quarter of 2018,asset-liability ratio of the company reached 74.46%, with a year-on-yeardecrease of 3.93%. The company’s total assets reached 251.494 billion yuan, whichincreased by 8.38% from a year earlier, and the owner’s equity attributable toshareholders of the listed company reached 55.357 billionyuan with a year-on-year growth of 37.18%. By the end of the first quarter of2018, installed capacity of the company reached 48.31 million kilowatts with ayear-on-year growth of 5.22%. In the first quarter, the company achieved powergeneration of 48.728 billionkwh, which increased by 10.23% from a year earlier; and the utilization hour reached1019 hours with a year-on-year growth of 2.1%. The standard coal consumptionrate reached 290.77 grams per kilowatt-hour with a year-on-year growth of0.41%. Theequivalent availability factor of the unit reached 93.3%, which decreased by3.19% from a year earlier, and the composite rate of station service powerconsumption was ayear-on-year decrease of 0.19%.

Q&A:

Q: 1. How much arethe fuel unit cost as well as the unit price of standard coal in the firstquarter? How did it change from the same period last year? In addition, howmuch is the fuel unit cost as well as the unit price of standard coal in thefirst quarter when excluding the gas-fired unit? 2. Why the investment incomeof private enterprises and joint ventures decreased so much in the firstquarter? 3. Except the reason that there was a lump-sum income of about 230million yuan from selling insurance in the first quarter of last year, arethere any other reasons which can explain the significant decrease of investmentincome? That’s it, thank you.

A:In the first quarter, the company’s fuel unit cost of electricity generationincreased compared to the same period of last year. The company’s fuel unitcost for coal-fired generator in the first quarter was 192.64 yuan, whichincreased by 6.96 yuan. The unit price of standard coal in the first quarter was631.3 yuan, which increased by 19.42 yuan. The company’s fuel unit cost for gas-firedgenerator in the first quarter was 344 yuan, which decreased compared to theunit cost of 356 in the same period of last year. In the first quarter, thecompany’s total unit fuel cost was 200 yuan/MWh, with a year-on-year growth of4 yuan/MWh compared to 196 yuan/MWh in the same period of last year. From the pointview of the unit price of standard coal, the unit price of standard coal forcoal-fired generator in the first quarter was 631 yuan, which increased by 19yuan compared to 612 yuan in the same period of last year. The unit price ofstandard coal for gas-fired generator was 1,938 yuan, which increased by 41yuan compared to 1,897 yuan last year. In the first quarter, the company’s overallunit price of standard coal was 682 yuan, which increased by 10 yuan comparedwith 672 yuan in the same period of last year.

Thecompany’s investment income in the first quarter realized 124 million yuan, whichdecreased greatly on year-on-year basis. There are two main reasons: first, wesold the shares of China Continent Insurance last year, which totaled about 240million yuan. Second, this year, the estimated investment income according to therevenues of the joint-stock companies is less, among which Ningde Nuclear Powerhas a relatively large influence. Ningde Nuclear Power’s contribution to thecompany in the first quarter was 92 million yuan, compared to 373 million yuanin the same period of last year, which was a significant decrease on a year-on-yearbasis. The decrease in utilization hours of Ningde Nuclear Power in the firstquarter was mainly due to the maintenance of two sets of unit in the firstquarter, while no such maintenance in the same period of last year. As aresult, the power generation decreased compared with the same period of lastyear. These are the main reasons.

Q: 1. How much arethe long-term price and spot price of purchased coal in the first quarter ofthis year? How much are the year-on-year increases respectively?  2. How much is the electricity quantity directlypurchased by large consumer this year? How much is the discount? How about thatin the same period last year? 3.How much profits have the coal-fired generator, gas-fired generator, hydropower, wind powerand photovoltaic contributed to the company respectively?

A: DatangInternational Power Generation purchased 8.05 million tons of long-term coal ofwhich the price increased by 36.16 yuan on a year-on-year basis. The proportionof long-term coal was 39.5%.Spotcoal can be divided into two parts, one part was the spot coal for domesticmarket, of which the amount purchased was 7.14 million tons, accounting for35.1%; and the other part was imported spot coal which was 3.51 million tons,accounting for 17.2%. Inthe first quarter of 2018, the standard coal unit price of long-term coal was610.92 yuan, and that yuan,and that of spot coalwas 616.68 yuan,andthe unit price of long-term coal increased by 36.16 yuan on a year-on-year basis.

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