Group 1: Company Overview and Core Competencies - The company focuses on manufacturing anti-corrosion and anti-wear welding equipment, with a long-term commitment to special equipment manufacturing and expansion into industrial equipment and high-end structural components [1]. - Key competitive advantages include mastery of critical core technologies across materials, processes, and equipment, as well as comprehensive special equipment production qualifications [1][2]. - The management team has extensive industry experience, contributing to strong R&D capabilities and practical experience [2]. Group 2: Market Opportunities and Global Strategy - The company is strategically positioned in both domestic and international markets, maintaining a leading position in the domestic market while actively exploring overseas opportunities [2]. - The demand for waste incineration is increasing, driven by downstream upgrades and the need for resource recovery in various industrial sectors [2][4]. - The company has established a significant presence in the HRSG (Heat Recovery Steam Generator) market, with plans to expand production capacity in Vietnam to a total of 12 production lines, requiring an investment of approximately 6 million RMB for each additional line [3]. Group 3: Industry Trends and Future Outlook - The waste incineration market is experiencing a slowdown in new projects domestically, but there is substantial growth potential in overseas markets, particularly in Southeast Asia and Latin America, due to rapid urbanization [4]. - The coal-fired boiler sector remains crucial for China's power supply, with ongoing demand for upgrades and improvements in anti-corrosion and anti-wear performance [4]. - The market for metallurgical composite pipes is expanding due to increased oil and gas extraction in corrosive environments, with growing demand for advanced composite materials [5]. Group 4: Investor Inquiries and Responses - The pricing model for HRSG products from the Vietnam base is determined by material and labor costs, along with a set net profit margin [3]. - The company views the U.S. HRSG market as currently undersupplied, driven by structural growth in electricity demand and the transition to cleaner energy sources [3].

格隆汇11月11日丨博盈特焊(301468.SZ)在投资者关系表示，目前，越南生产基地一期已投产，共有4条 HRSG生产线，越南生产基地二期的建设在稳步推进中，预计将于明年二季度投产。公司根据当前市场 需求情况，近期对越南生产基地的产能规划进行了调整，公司预计在越南生产基地总共建设12条HRSG 生产线。 ...

Core Viewpoint - The company, Boying Special Welding (301468.SZ), identifies significant growth opportunities in the waste incineration market, driven by increasing demand and downstream transformation upgrades [1] Group 1: Market Opportunities - The waste incineration market has broad demand, leading to an increase in penetration rates due to downstream transformation and upgrades [1] - The coal-fired power generation industry is beginning to show demonstration effects, indicating vast development potential [1] - There is an expanding market demand in other application fields such as chemicals, metallurgy, and papermaking [1] Group 2: Company Developments - The company has strategically positioned itself in HRSG (Heat Recovery Steam Generators) and oil-gas composite pipe businesses, with HRSG already having a certain scale of production capacity [1] - The composite pipe business is forming market positioning and is in the process of engaging with leading international clients for validation [1]

Core Viewpoint - The company specializes in producing HRSG products, primarily for gas turbine waste heat recovery, mainly serving the U.S. market [1] Group 1: Product Overview - The HRSG products include economizers, evaporators, superheaters, reheaters, steam drums, headers, and steel structures [1] - The company has established two HRSG production lines at its Dawa production base to manufacture products for non-U.S. clients [1]

Core Viewpoint - The company identifies significant growth opportunities in the waste incineration market, driven by increasing demand and downstream transformation upgrades [1] Group 1: Market Opportunities - The waste incineration market has broad demand, leading to an increase in penetration rates [1] - The coal-fired power generation industry is showing demonstration effects, indicating vast development potential [1] - Demand in other application fields such as chemicals, metallurgy, and paper-making is expected to further open up [1] Group 2: Company Developments - The company has strategically positioned itself in HRSG (Heat Recovery Steam Generators) and oil-gas composite pipe businesses [1] - HRSG has already achieved a certain scale of production capacity [1] - The composite pipe business is forming market positioning and is in the process of connecting with leading foreign clients for validation [1]

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 technologies include material, process, and equipment, with certifications such as the National Special Equipment Production License, ASME, and EU certifications [1] - The management team has extensive industry experience and stability, contributing to the company's competitive edge [1] Market Opportunities - The waste incineration market shows broad demand, with downstream upgrades increasing penetration rates [2] - The coal-fired power industry is demonstrating significant growth potential, alongside expanding markets in chemicals, metallurgy, and papermaking [2] - The company has strategically positioned itself in HRSG and composite pipe businesses, with HRSG already achieving a certain production scale [2] Production Capacity - The HRSG product production cycle is approximately 6 months, with revenue recognized upon completion of production and shipping [3] - The Vietnam production base has 4 operational HRSG production lines, with plans for a total of 12 lines [4] HRSG Market Role - HRSG plays a crucial role in the U.S. power system, driven by structural growth in electricity demand and the need for efficient energy recovery [5] - The transition to cleaner energy enhances HRSG's market potential, as it improves gas turbine efficiency and reduces carbon emissions [5] Oil and Gas Pipeline Market - The global oil and gas pipeline market is experiencing structural growth, driven by rising natural gas demand and the need for infrastructure upgrades [6] - The demand for composite pipes is increasing due to challenges in oil and gas extraction and the need for pipeline replacements [6] Waste Incineration Market Insights - The overseas waste incineration market is expanding, particularly in developing regions facing waste management challenges [7] - Countries like Vietnam and Indonesia are prioritizing waste-to-energy solutions, supported by government policies [7]

Group 1 - On November 10, a total of 13 companies were investigated by institutions, with 8 companies being surveyed by funds [1] - The most attention was given to Boying Special Welding, which had 17 participating funds, followed by Jiayi Co., Ltd. and Inno Laser with 9 and 5 funds respectively [1] - Among the surveyed companies, there was 1 from the main board, 5 from the ChiNext, 1 from the Sci-Tech Innovation Board, and 1 from the Beijing Stock Exchange [1] Group 2 - Of the companies surveyed, 7 had a total market capitalization of less than 10 billion yuan, including Canaan Technology, Super Equipment, and Boying Special Welding [1] - In terms of market performance, 4 out of the surveyed stocks increased in the last 5 days, with the highest gains from Kelu Electronics, Inno Laser, and Pumen Technology, showing increases of 5.42%, 5.29%, and 1.44% respectively [1] - Conversely, 4 stocks experienced declines, with Tonghui Electronics, Boying Special Welding, and Jiayi Co., Ltd. showing the largest drops of 7.23%, 4.03%, and 3.94% respectively [1]

Group 1 - The core point of the news is that 博盈特焊 (Boyin Special Welding) experienced a stock price increase of 5.37%, reaching 42.95 CNY per share, with a trading volume of 1.09 billion CNY and a turnover rate of 3.47%, resulting in a total market capitalization of 55.88 billion CNY [1] - The company, established on March 28, 2007, is located in Jiangmen City, Guangdong Province, and was listed on July 24, 2023. Its main business involves the research, production, and sales of anti-corrosion and wear-resistant welding equipment, non-welding boiler components, pressure vessels, and high-end steel structures. The revenue composition is 71.57% from anti-corrosion and wear-resistant welding products and 28.43% from other sources [1] Group 2 - 华夏稳增混合 (Huaxia Stable Growth Mixed Fund) has entered the top ten circulating shareholders of 博盈特焊, holding 2.6496 million shares, which accounts for 3.45% of the circulating shares. The estimated floating profit for today is approximately 5.8026 million CNY [2] - The fund was established on August 9, 2006, with a current scale of 1.2 billion CNY. Year-to-date returns are 41.36%, ranking 1752 out of 8147 in its category, while the one-year return is 34.13%, ranking 1714 out of 8056. Since its inception, the fund has achieved a return of 503.34% [2] Group 3 - The fund manager of 华夏稳增混合 is 彭海伟 (Peng Haiwei), who has a cumulative tenure of 11 years and 302 days. The total asset scale of the fund is 1.314 billion CNY, with the best fund return during his tenure being 95.9% and the worst being -4.6% [3] Group 4 - 华夏稳增混合 holds 博盈特焊 as its second-largest heavy stock, with 2.6496 million shares, representing 5.69% of the fund's net value. The estimated floating profit for today is approximately 5.8026 million CNY [4]

Summary of the Conference Call for 博云特焊 Company Overview - 博云特焊 reported a significant recovery in Q3 2025, with net profit attributable to shareholders increasing by 37.44% year-on-year, reversing the downward trend observed in the first half of the year [2][3] - The gross profit margin improved to 27.32% quarter-on-quarter, indicating effective cost control and successful expansion into overseas markets [2][3] Key Financial Metrics - The company had a healthy cash flow and financial status, supporting its expansion and rapid development [3] - The total number of employees increased to approximately 1,200, with nearly 400 new hires in 2025, reflecting business expansion needs [2][5] Production Capacity and Expansion Plans - The Vietnam factory has 15 hardfacing production lines with an annual capacity of about 100,000 cubic meters; it also has 4 HRSG production lines, each capable of producing two HRSG units valued at approximately $4.5 million [2][6] - Plans to expand to 12 HRSG production lines by the end of 2026, with the first phase expected to be completed by April 2026 [6] Order and Profitability Insights - New orders target a net profit margin of over 20%, with pricing structures fixed post-quotation, although actual margins may fluctuate based on manufacturing costs [2][8] - The company aims to reduce reliance on waste incineration power generation, projecting its revenue share to drop to 50%, corresponding to about 300 million yuan [4][24] Market Strategy and Outlook - 博云特焊 is focusing on penetrating the Saudi Aramco market, with plans to expand into other markets subsequently [4][13] - The HRSG market is expected to face supply shortages in the next 3-5 years, with 博云特焊 targeting to become the largest supplier in the U.S. market [4][14] Employee Recruitment and Management - Recruitment in Vietnam has progressed well, with expectations to increase the workforce to 600 by April 2026 and 900 by the end of the year [7] - The core management team consists of Chinese personnel, while the majority of new hires are local Vietnamese [7] Shareholder Actions - 前海股东 has announced a 3% reduction in shareholding, with a potential further reduction of 2% without the need for additional announcements due to their holding dropping below 5% [2][10] - The chairman has no plans to reduce his holdings, citing a lack of motivation and previous dividends received [11][12] Competitive Landscape - The domestic waste incineration market is expected to grow, particularly in economically developed regions, while the penetration rate of hardfacing in existing waste incineration furnaces is below 20% [27] - The price war in the domestic waste incineration industry has eased, with prices previously dropping from over 20,000 yuan to around 7,000 yuan [28] Conclusion - 博云特焊 is positioned for growth with a focus on international markets, particularly in HRSG production and waste incineration technology, while maintaining a strong domestic presence. The company is actively managing costs and expanding its workforce to meet increasing demand.

Group 1: Company Overview and Core Competencies - 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 critical core technologies across materials, processes, and equipment, as well as comprehensive special equipment production qualifications [1] - The management team has extensive industry experience and stability, with significant roles in technology R&D and production management [1] Group 2: Market Opportunities and Global Strategy - The company is committed to both domestic and international markets, maintaining a leading position in the domestic market while actively exploring overseas opportunities [2] - The waste incineration market shows broad demand, with downstream upgrades increasing penetration rates [2] - The company has strategically positioned itself in the HRSG and oil and gas composite pipe sectors, with HRSG already achieving a certain scale of production [2] Group 3: Production Capacity and Future Prospects - The Vietnam production base has four HRSG production lines in operation, with plans for a total of 12 lines [5][6] - The second phase of the Vietnam production base is expected to commence production in the second quarter of next year [5] - The company anticipates a robust order outlook for HRSG products from the Vietnam base, with several international clients undergoing preliminary factory audits [8] Group 4: Competitive Landscape and Market Trends - Major competitors in the US HRSG market include manufacturers from South Korea, Thailand, and Vietnam [4] - The structural growth in electricity demand in the US, driven by factors such as AI data centers and the return of manufacturing, supports the market for HRSG [7] - The transition to cleaner energy in the US enhances the market potential for HRSG, as it improves the efficiency of gas-fired power generation [7]