证券代码：301468 证券简称：博盈特焊 公告编号：2025-068 广东博盈特焊技术股份有限公司 关于回购股份注销完成暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 广东博盈特焊技术股份有限公司（以下简称"公司"）本次注销的回购股份数 量为1,886,123股，占注销前公司总股本的1.43%，本次实际回购注销金额 41,693,918.54 元 。 本 次 注 销 完 成 后 ， 公 司 总 股 本 由 132,000,000 股 变 更 为 130,113,877股。经中国证券登记结算有限责任公司深圳分公司审核确认，公司本 次回购股份注销日期为2025年10月17日。 根据《证券法》《上市公司收购管理办法》《上市公司股份回购规则》《深 圳证券交易所上市公司自律监管指引第9号——回购股份》等相关规定，现就公 司本次回购股份注销完成事项公告如下： 一、回购股份的实施情况 公司于2024年9月20日召开第二届董事会第八次会议、第二届监事会第八次 会议，并于2024年10月10日召开2024年第三次临时股东大会，审议通过了《关于 回 ...

Investment Rating - The report assigns a rating of "Buy" to the company with a target price of 47.95 CNY [5][11][20] Core Insights - The company is positioned as a leader in overlay welding technology, actively expanding into the AI and oil and gas infrastructure sectors, with expectations of entering a high growth phase over the next 3-5 years [2][11][19] - The company has a strong financial outlook, with projected revenues increasing significantly from 5.51 billion CNY in 2025 to 16.78 billion CNY by 2027, alongside a substantial rise in net profit [18][19] Summary by Sections 1. Investment Recommendations - The company is expected to achieve earnings per share (EPS) of 0.60, 1.37, and 2.27 CNY for the years 2025, 2026, and 2027 respectively, indicating a robust growth trajectory [11][18] - The revenue from waste incineration and other businesses is projected to account for 68.5% and 31.5% of total revenue in 2024 [15] 2. Company Overview - Established in 2007, the company has developed advanced overlay welding technology and has a strong foothold in the waste incineration market, with a market penetration rate of 40% in domestic waste incineration boiler markets by 2021 [23][30] - The company has successfully expanded its product offerings to include high-end structural components and pressure vessels, catering to various industries including energy and chemicals [26][30] 3. Financial Performance - The company’s total revenue is forecasted to fluctuate from 6.04 billion CNY in 2023 to 4.60 billion CNY in 2024, before rebounding to 5.51 billion CNY in 2025 [17][18] - The gross profit margin is expected to improve gradually, reaching 31.36% by 2027 [18] 4. Market Opportunities - The company is strategically positioned to benefit from the increasing demand for gas turbine heat recovery systems and oil and gas composite pipes, with significant market potential projected in these areas [11][19][20] - The global market for bimetallic composite pipes is expected to grow significantly, driven by the oil and gas sector, which is anticipated to account for approximately 73% of the market by 2030 [11][19] 5. Competitive Landscape - The company faces competition primarily from established players in the oil and gas composite pipe market, but its unique technology and strategic partnerships may provide a competitive edge [11][19][20] - The report highlights the importance of the company's partnerships and joint ventures in expanding its market reach and technological capabilities [35][36]

Core Viewpoint - The company is positioned to capitalize on the growth in AI infrastructure and the oil and gas composite pipe market, with a strong focus on welding technology and international expansion [2][4]. Investment Highlights - The company is rated "Buy" with a target price of 47.95 yuan, expecting a high growth phase in the next 3-5 years, with projected EPS of 0.60, 1.37, and 2.27 yuan for 2025-2027 [2]. - The company has a solid cash flow and a healthy balance sheet, maintaining positive cash flow for the past five years and a very low interest-bearing debt ratio [3]. Market Opportunities - The company is entering the HRSG (Heat Recovery Steam Generator) and oil and gas composite pipe markets, which are identified as blue ocean opportunities, with significant growth potential driven by geopolitical factors and domestic infrastructure investments [2][4]. - The global bimetallic composite pipe market is expected to reach 5.509 billion USD by 2030, with oil and gas accounting for approximately 73% of the market share, indicating a strong demand for composite pipes [4]. Strategic Initiatives - The company plans to leverage its welding technology expertise and has established a joint venture with Weir Group to quickly penetrate the Middle Eastern oil and gas market [4]. - The company’s new factory in Vietnam is set to commence production in September 2025, positioning it to meet the rising HRSG demand in North America [3].

证券之星消息，10月14日，博盈特焊（301468）融资买入1811.12万元，融资偿还1478.22万元，融资净 买入332.9万元，融资余额6796.69万元，近3个交易日已连续净买入累计542.53万元。 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-10-14 | 6796.69万 | 332.90万 | 5.15% | | 2025-10-13 | 6463.79万 | 62.00万 | 0.97% | | 2025-10-10 | 6401.78万 | 147.63万 | 2.36% | | 2025-10-09 | 6254.16万 | 260.48万 | 4.35% | | 2025-09-30 | 5993.68万 | -88.80万 | -1.46% | | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-10-14 | 332.90万 | 6796.69万 | 3.24% | | 2025-10-13 | 62 ...

Group 1 - The core viewpoint of the article highlights that 博盈特焊 (301468.SZ) specializes in products and technologies used in energy-saving and environmental protection, as well as in various industrial corrosion and wear-resistant fields [1] - The company serves important clients in the metallurgy sector, including 紫金矿业, 江西铜业, and 铜陵有色 [1] - 博盈特焊 provides cladding equipment and components such as cladding boiler water walls and cladding water jacket plates to non-ferrous metal enterprises [1]

Core Viewpoint - The company, Boying Special Welding (301468.SZ), emphasizes the significance of cladding technology in the nuclear power sector, which enhances the performance of critical components and ensures operational safety [1] Company Overview - The main business of the company includes the research, development, production, and sales of anti-corrosion and anti-wear cladding equipment, non-cladding boiler components, pressure vessels, and high-end steel structures [1] - In the nuclear power field, the company primarily provides high-pressure pipeline inner wall cladding and equipment and components utilizing cladding technology, such as steam-water separator reheaters [1]

证券代码：301468 证券简称：博盈特焊 公告编号：2025-067 广东博盈特焊技术股份有限公司 关于回购股份结果暨股份变动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广东博盈特焊技术股份有限公司（以下简称"公司"）于2024年9月20日召开 第二届董事会第八次会议、第二届监事会第八次会议，并于2024年10月10日召 开2024年第三次临时股东大会，审议通过了《关于回购公司股份方案的议 案》。同意公司以集中竞价交易方式回购公司已发行的人民币普通股（A股）股 票，用于减少注册资本，本次回购股份的资金总额不低于人民币4,000万元 （含），不超过人民币8,000万元（含），具体回购资金总额以实际回购股份使 用的资金总额为准。回购价格不超过29.09元/股（含本数），本次回购期限自公 司股东大会审议通过回购股份方案之日起12个月内。具体内容详见公司2024年9 月21日及2024年10月21日于巨潮资讯网（http://www.cninfo.com.cn）披露的《关 于回购公司股份方案的公告》（公告编号：2024-036）、《回购报告书》（公 告编号 ...

Core Insights - The company, Boying Special Welding, has developed key core technologies in the field of anti-corrosion and wear-resistant materials, showcasing strong independent innovation capabilities [1] - The research focuses on the development and application of protective layers for key components of high-parameter waste incineration power generation units, specifically in the area of nano-particle reinforced nickel-based high-temperature alloy coatings [1] Research Objectives - The aim is to tackle the challenges of material composition and microstructure regulation in the complex corrosive environment of waste incineration furnaces, developing proprietary overlay formulations and preparation processes to achieve import substitution [1] - Specific research areas include: 1. Development of nano-ceramic particle reinforced nickel-based welding materials and their metallurgical mechanisms [1] 2. Development of high-efficiency, high-performance surface welding processes and equipment for key components [1] 3. Investigation of the service behavior and application demonstration of key components with high-temperature corrosion and wear resistance in typical application fields [1]

Market Sector - The Sci-Tech Innovation Board (STAR Market) index increased by 51.20% in the first three quarters of 2025, ranking second among various sector indices, outperforming the North Exchange 50, Shenzhen 50, and Shanghai 50 indices [2] - As of the end of Q3 2025, the total market capitalization of the STAR Market reached 10.95 trillion yuan, an increase of 3.33 trillion yuan from 7.62 trillion yuan at the end of Q2 2025, representing a growth rate of 43.66%, which is higher than other sectors [4] - The total trading volume of the STAR Market reached 25.93 trillion yuan in the first three quarters of 2025, with an average trading volume of 440.32 billion yuan per stock, which is lower than the average trading volumes of stocks in the Shanghai and Shenzhen main boards and the ChiNext [6] - The average daily turnover rate of the STAR Market was 2.99% in the first three quarters of 2025, higher than that of the Shanghai main board but lower than that of the Shenzhen main board, ChiNext, and North Exchange [8] - The price-to-book ratio of the STAR Market was 5.78 times at the end of Q3 2025, higher than that of the ChiNext and Shanghai and Shenzhen main boards [11] - The financing balance of the STAR Market reached 244.335 billion yuan at the end of Q3 2025, an increase of 99.034 billion yuan from 145.301 billion yuan at the beginning of the year [13] - The margin trading balance of the STAR Market was 0.829 billion yuan at the end of Q3 2025, an increase of 0.037 billion yuan from 0.459 billion yuan at the beginning of the year [15] Individual Stocks - As of the end of Q3 2025, SMIC led with a market capitalization exceeding 700 billion yuan, followed by Haiguang Information, Cambricon Technologies, and BeiGene, with 11 companies having market capitalizations exceeding 100 billion yuan [18] Industry Themes - In the first three quarters of 2025, companies listed on the STAR Market were primarily distributed across three Wind Sci-Tech theme industries, with the new generation information technology industry leading with four companies, followed by high-end equipment manufacturing and biotechnology industries, each with one company [29] - Among the seven companies issued on the STAR Market in the first three quarters of 2025, six were listed under Standard One, which requires positive net profits for the last two years and a cumulative net profit of no less than 50 million yuan, or a positive net profit for the last year with operating income of no less than 100 million yuan, and an expected market capitalization of no less than 1 billion yuan [31] - The companies issued on the STAR Market in the first three quarters of 2025 came from Beijing and Jiangsu (two each), and Hubei, Zhejiang, and Guangdong (one each) [34] - The total IPO financing on the STAR Market in the first three quarters of 2025 was 7.901 billion yuan, a year-on-year decrease of 9.99%, with three companies raising over 1 billion yuan, three raising between 500 million to 1 billion yuan, and one raising less than 500 million yuan [36] - Yitang Co., Ltd. led the IPO financing in the first three quarters of 2025 with 2.497 billion yuan, while Yingshi Innovation and Xingfu Electronics each raised over 1 billion yuan [40]

国信信扬律师事务所 广州市天河区天河路 101 号兴业银行大厦 13 楼 电话：8620-38219668 传真：8620-38219766 关于广东博盈特焊技术股份有限公司 2025 年第三次临时股东会的法律意见书 国信信扬法字（2025）0133 号 致：广东博盈特焊技术股份有限公司 国信信扬律师事务所（以下简称"本所"）受广东博盈特焊技术股份有限公司 （以下简称"公司"）委托，指派蓝瑶瑶律师、徐嘉惠律师（以下简称"本所律师"） 对公司召开的 2025 年第三次临时股东会（以下简称"本次股东会"）进行见证。 本所律师根据《中华人民共和国公司法》（以下简称《公司法》）、中国证监会 《上市公司股东会规则》等法律法规、规范性文件和《公司章程》的规定，出具 本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1、公司现行有效的《公司章程》； 2、公司于 2025 年 9 月 13 日刊登于巨潮资讯网(www.cninfo.com.cn)及深圳 证券交易所网站（www.szse.cn）的《广东博盈特焊技术股份有限公司第二届董 事会第十七次会议决议公告》； 3、公司于 2025 年 ...