每经AI快讯，博盈特焊（SZ 301468，收盘价：55.99元）发布公告称，2025年12月22日，博盈特焊接受 华夏基金等投资者调研，公司董事、副总经理、董事会秘书刘一宁等参与接待，并回答了投资者提出的 问题。 每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 （记者 贾运可） 截至发稿，博盈特焊市值为73亿元。 2024年1至12月份，博盈特焊的营业收入构成为：垃圾焚烧发电占比68.46%，其他占比31.54%。 ...

Company Overview - The company focuses on anti-corrosion and wear-resistant welding equipment, specializing in the manufacturing of special equipment and expanding into industrial equipment and high-end structural components [1] - Key competitive advantages include mastery of core technologies, comprehensive production qualifications, and a stable management team with extensive industry experience [1][2] Market Opportunities - The waste incineration market shows broad demand, with downstream upgrades increasing penetration rates [2] - The coal-fired power generation sector is experiencing a demonstration effect, indicating significant growth potential [2] - The company has strategically positioned itself in HRSG and composite pipe businesses, with HRSG already achieving a certain scale of production [2] Financial Performance - As of September 30, 2025, overseas revenue accounted for approximately 54.28% of total revenue, with major exports to Asia, North America, South America, and Europe [3] - The garbage incineration power generation sector represents about 58.99% of the company's revenue, with significant contributions from the chemical, paper, and coal-fired power sectors [3] Industry Trends - The coal-fired power generation industry remains a crucial pillar of China's electricity supply, driven by rising electricity demand due to climate change and technological advancements [4] - Upgrades in coal-fired power plants for low-nitrogen combustion are expected to boost the industrial anti-corrosion and wear-resistant sector [4] Product Specifics - HRSG products are customized based on client specifications, with pricing determined by material costs, labor, and profit margins [5] - The main competitors for HRSG in the Vietnam base are from South Korea, Thailand, and Vietnam, with the company holding advantages in production costs and established client relationships [6] North American Market Insights - The demand for HRSG in the U.S. is driven by structural growth in electricity demand, including the expansion of AI data centers and electric vehicle charging stations [7][8] - The transition to cleaner energy sources enhances the market potential for HRSG, as it improves the efficiency of gas turbines and reduces carbon emissions [8]

Core Viewpoint - The company, Boying Special Welding (301468), focuses on products and technologies primarily used in energy-saving, environmental protection, electricity, energy, chemical, metallurgy, and papermaking industries, particularly in anti-corrosion and anti-wear applications [1] Group 1: Company Applications - The company's products and technologies are applicable in various fields including waste incineration power generation, biomass power generation, and hydropower station operations [1] - During the reporting period, the primary application of the company's technology was in the waste incineration power generation sector [1] Group 2: Industry Context - The company's offerings align with the "14th Five-Year Plan" for renewable energy development and related regulations promoting renewable energy consumption, which include wind power, solar power, conventional hydropower, biomass power, geothermal energy, and ocean energy [1]

Group 1 - The core viewpoint of the article highlights the strategic overseas expansion of Chinese high-end manufacturing companies, particularly focusing on the case of Boying Welding, which is leveraging its technological advantages to meet the increasing power demand in North America driven by AI and other factors [1] Group 2 - The Vietnam base is strategically positioned to cater to the structural power demand in North America, driven by AI data centers, manufacturing reshoring, and the rise of electric vehicles. The first phase of production lines is fully operational with saturated orders [2] - The HRSG (Heat Recovery Steam Generator) components produced at the Vietnam facility are crucial for gas power generation, which is becoming a key solution due to its flexibility and cleanliness compared to traditional power sources [2] - The company plans to build a total of 12 production lines in Vietnam by the end of 2026, with the second phase expected to commence production in the second quarter of next year [2] Group 3 - The company is advancing a differentiated approach in the high-end oil and gas composite pipe market through its "cladding metallurgy composite" technology, which significantly outperforms conventional mechanical composite pipes [3] - This technology targets a high-end market with annual demand reaching several billion dollars, primarily for use in harsh environments such as deep-sea and high-corrosion applications [3] - The core process of "large area, high quality, automated cladding" serves as a technological moat for the company, enabling it to bypass low-cost competition and enter high-value markets [3] Group 4 - The company has established a "headquarters brain + global capacity" collaborative model for its overseas operations, ensuring unified coordination of market development, technical solutions, and project management from its headquarters [4] - Orders are dynamically allocated based on trade policies and production capacities, with the Vietnam base handling orders that meet North America's "non-China manufacturing" requirements [4] - The company is evaluating the feasibility of replicating its global capacity model in potential regions like the Middle East to enhance its international presence in energy construction markets [4]

Core Viewpoint - The company, Boying Special Welding (301468.SZ), focuses on products and technologies applicable in various industrial sectors, including energy conservation, environmental protection, power, energy, chemical, metallurgy, and papermaking, particularly in anti-corrosion and anti-wear applications [1] Group 1 - The company's products and technologies are primarily used in industrial anti-corrosion and anti-wear fields [1] - The equipment for controlled nuclear fusion involves various special alloys and high-temperature alloys manufactured using metal composite technology [1] - The company's anti-corrosion and anti-wear cladding technology can be applied to special welding equipment or components in the nuclear power sector [1]

Group 1 - In the past five trading days, approximately 160 companies were investigated by institutions, with Changan Automobile, Yipinhong, and Boying Special Welding being the most frequently researched [1] - Among the companies investigated, 24 received attention from more than 20 institutions, with Changan Automobile being the most popular, attracting 214 institutions [1] - The types of institutions involved in the research included 133 securities companies, 103 fund companies, and 65 private equity firms [1] Group 2 - In terms of capital inflow, seven out of the 20 companies that attracted more than 20 institutions saw net capital inflows, with SAIC Motor receiving the highest net inflow of 398 million yuan [1] - The companies with significant net inflows also included Boying Special Welding and Zhenyou Technology, with net inflows of 71 million yuan and 51 million yuan, respectively [1] - The most frequently investigated company was Ice Wheel Environment, which was researched seven times by institutions [1] Group 3 - In market performance, nine of the investigated stocks increased in value, with the highest gains seen in Xingchen Technology (25.35%), Zhenyou Technology (21.89%), and Tiankang Biological (6.63%) [2] - Conversely, 15 stocks experienced declines, with Yipinhong, Huatuo Cable, and Lianang Microelectronics showing the largest drops of 23.69%, 13.18%, and 10.54%, respectively [2] - The detailed list of investigated stocks includes Changan Automobile, Yipinhong, Boying Special Welding, and others, along with their respective closing prices and percentage changes [2][3]

Group 1 - The core viewpoint of the article is that 博盈特焊 (Boyin Special Welding) is currently constructing its HRSG production line at the 大凹 (Daya) production base, which is not yet open for on-site research [1] Group 2 - The 大凹 production base is still under construction and therefore does not accept on-site visits for research purposes [1]

（文章来源：证券日报） 证券日报网12月18日讯博盈特焊在12月18日回答调研者提问时表示，首先，美国电力需求的结构性增长 构成HRSG的市场基本盘。在人工智能数据中心集群的迅猛扩张、美国制造业回流带来的工业用电负荷 攀升，以及电动汽车充电桩普及等因素的推动下，美国电网负荷达到新高。美国燃气轮机的市场需求显 著提升。作为燃气轮机的核心换热设备，HRSG能够高效回收燃气轮机排放的高温废气，同时产生蒸 汽，驱动二次发电，提升电厂的发电效率，成为满足美国市场电力需求的可靠技术选择。其次，能源清 洁化转型的需求，进一步提升HRSG的市场空间。在美国持续推进碳中和目标的背景下，天然气作为低 碳过渡能源的地位日益凸显。相较于煤电，燃气发电的碳排放强度显著降低。HRSG通过提升燃气轮机 的整体发电效率，间接降低每度电的碳排放和废气排放，满足美国能源清洁化转型的需求。 ...

Group 1 - The company operates in the industrial anti-corrosion and wear-resistant industry, with applications in energy-saving and environmental protection, electricity, energy, chemicals, metallurgy, and papermaking sectors [1] - As of September 30, 2025, approximately 58.99% of the company's products are applied in the waste incineration power generation industry, with significant revenue contributions also from the chemical, papermaking, and coal-fired power generation sectors [1] - The company's overseas revenue accounts for about 54.28% of total revenue, with products primarily exported to Asia, North America, South America, and Europe [1]

Core Viewpoint - The company emphasizes that coal-fired power generation remains a crucial source of electricity in China, serving as a pillar industry in the power sector [1] Industry Summary - Recent trends indicate a rapid increase in electricity consumption in China due to global warming, rising summer temperatures, the growth of artificial intelligence data centers, and the demand for electric vehicle charging [1] - Coal power is recognized for its stability, peak regulation capabilities, and reliability, making it a fundamental support for the stable operation of China's power system [1] - There is a growing demand for upgrades and renovations in the coal-fired power generation industry, particularly for low-nitrogen combustion modifications, which necessitate improvements in boiler corrosion and wear resistance [1] - This upgrade demand is expected to drive the development of the industrial corrosion and wear resistance sector [1]