Core Insights - The company BoYing TeHuan announced on November 3 that it has three technical paths for cladding welding: MIG welding, TIG welding, and laser welding [2] - The company is continuously innovating and has developed advanced technologies in the field of digital pulse MIG high-frequency oscillation cladding welding [2] Group 1: Welding Technologies - MIG welding, known as melting electrode inert gas protection welding, is characterized by high efficiency and is suitable for high-temperature and corrosive environments, such as waste incineration furnaces [2] - TIG welding, or non-melting electrode inert gas protection welding, is noted for its high quality and all-position welding capabilities, making it effective for oil and gas pipelines [2] - Laser welding involves adding cladding material to the substrate surface and using a high-energy density laser beam to melt it, achieving high efficiency and applicability in coal powder furnace fields [2] Group 2: R&D and Technological Advancements - The company combines precise pulse arc control with composite high-frequency oscillation to achieve stable arc transition, low heat input, and low dilution rate, resulting in high cladding rates and stability [2] - In addition to consolidating its advantages in digital pulse MIG cladding welding, the company is actively developing and reserving advanced industry technologies, including laser cladding and secondary remelting [2] - The cladding technologies mastered by the company can be applied in complex environments characterized by strong corrosion, wear, high temperature, and high pressure, covering a wide range of industrial fields such as energy conservation, environmental protection, electricity, energy, chemicals, metallurgy, and papermaking [2]

证券日报网讯博盈特焊11月3日发布公告，在公司回答调研者提问时表示，根据公司前期的相关公告， 截至2025年6月30日，公司在报告期末已签订合同、但尚未履行或尚未履行完毕的履约义务所对应的收 入金额约为3.77亿元。截至2025年9月30日，公司在手订单增速在30%以上，在手订单充足。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯博盈特焊11月3日发布公告，在公司回答调研者提问时表示，美国加征关税对公司带来的 影响非常小。目前国内公司来自美国市场的订单数量少，营收占比较小。未来公司的美国订单将主要在 越南基地生产，美国对越南加征的关税较低，且越南公司出口至美国的商品关税一般由客户承担。 ...

Core Viewpoint - The company, Boin Special Welding, reported that as of September 30, 2025, approximately 59% of its revenue will come from waste-to-energy projects, indicating a strong focus on this sector amid a complex economic environment [2]. Industry Summary - The waste-to-energy market is divided into domestic and overseas segments, with a slowdown in new waste incineration boiler projects domestically, although there remains a demand for new and upgraded projects [2]. - The overseas market presents significant growth opportunities, particularly in developing regions such as Southeast Asia, Central Asia, and Latin America, where rapid urbanization has led to increased waste generation and a pressing need for effective waste management solutions [2]. - Countries like Vietnam, Thailand, and Indonesia have prioritized waste incineration as a national strategy, supported by government policies such as waste treatment subsidies and favorable electricity pricing, which are driving the growth of waste-to-energy initiatives [2]. - In developed regions like Europe and North America, the waste-to-energy industry is more mature, with a higher number of existing facilities; however, there is a growing demand for upgrading and retrofitting older waste incineration boilers [2].

（文章来源：证券日报） 证券日报网讯博盈特焊11月3日发布公告，在公司回答调研者提问时表示，越南生产基地占地总面积约 150000平方米，目前一期厂房已建成投产，二期厂房的建设在有序推进中，预计将于明年二季度投产。 越南基地主要生产的产品是燃气轮机里的余热回收装置（HRSG）。HRSG产品的交付周期在6个月左 右。 ...

Company Overview - Guangdong Boying Special Welding Technology Co., Ltd. was established in 2007, initially focusing on welding services for offshore drilling platforms for American clients [1][2]. - The company successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in July 2023 [2]. Market Position and Strategy - The company aims to maintain its leading position in the domestic market while actively expanding into international markets, investing in overseas subsidiaries to seize global opportunities [2]. - The demand for waste incineration and the transformation of the coal-fired power industry present significant growth opportunities, with a broad market potential in chemical, metallurgy, and paper industries [2]. Production Capacity and Expansion - The company has established a production base in Vietnam, with Phase I already operational and Phase II under construction, expected to commence production in the second quarter of next year [3][10]. - The total area of the Vietnam production base is approximately 150,000 square meters, focusing on heat recovery steam generators (HRSG) for gas turbines [3][5]. Revenue and Market Trends - As of September 30, 2025, revenue from waste incineration power generation accounted for approximately 59% of the company's total revenue [3]. - The waste incineration market is experiencing a slowdown in new projects domestically, while overseas markets, particularly in Southeast Asia, show significant growth potential due to urbanization and government support [4]. Technological Advancements - The company employs three main welding technologies: MIG, TIG, and laser welding, each suited for different applications, including high-temperature and corrosive environments [3]. - Continuous R&D efforts have led to innovations in digital pulse high-frequency oscillation MIG technology, enhancing welding efficiency and stability [3]. Order and Financial Outlook - As of June 30, 2025, the company had approximately 377 million yuan in unfulfilled contracts, with a backlog of orders growing at over 30% [8]. - The company anticipates a sustained increase in the global gas turbine market, driven by demand from North America, the Middle East, and Europe [6][7]. Impact of Tariffs and International Strategy - The impact of U.S. tariffs on the company's business is minimal, as the revenue from U.S. orders is currently low, and future orders will primarily be produced in Vietnam, where tariffs are lower [9]. - The company is strategically expanding its international presence through investments in Vietnam and partnerships to explore oil and gas markets [10].

Core Viewpoint - 博盈特焊 is actively engaging with investors and has a significant revenue stream from waste incineration power generation, indicating a strong position in the industry [1] Company Summary - 博盈特焊's revenue composition for the year 2024 is as follows: waste incineration power generation accounts for 68.46%, while other sources contribute 31.54% [1] - As of the latest report, 博盈特焊 has a market capitalization of 4.7 billion yuan [1] Industry Summary - The company is part of a sector that is increasingly focusing on waste management and energy generation, reflecting a growing trend towards sustainable practices in the industry [1]

Company Overview - Guangdong Boying Special Welding Technology Co., Ltd. was established in 2007, focusing on welding technology and services, and successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in July 2023 [1][2]. - The company has developed into a globally recognized manufacturer of anti-corrosion and wear-resistant welding equipment, with patented digital pulse welding technology in multiple countries [2]. Market Expansion and Future Plans - The company plans to increase R&D investments in gas boilers, oil and gas pipelines, thermal power generation, and marine equipment, aiming to expand into high-end manufacturing and other large equipment sectors [2]. - Boying aims to capture opportunities in the gas turbine market through its production base in Vietnam and establish a joint venture to enter the oil and gas composite pipe market in the Middle East [2]. Revenue Breakdown - As of September 30, 2025, the top five countries for overseas revenue are the UAE, the USA, Thailand, Brazil, and Japan [2]. - The company’s revenue from the waste-to-energy sector is significant, with other major sectors including chemicals, papermaking, coal-fired power, and gas turbines [6]. - Revenue from the coal-fired power sector accounts for approximately 5.8% as of September 30, 2025 [7]. Industry Trends - The waste-to-energy market is expanding rapidly, particularly in developing regions facing waste management challenges, with government support for waste incineration projects [3]. - The demand for bimetallic composite pipes is increasing due to deeper oil and gas extraction and the presence of corrosive media, with market conditions favoring the adoption of welding technology [4]. - The coal-fired power sector remains a critical part of China's energy landscape, with increasing electricity demand and a need for upgrades to improve anti-corrosion and wear resistance [8]. Specific Market Insights - The HRSG (Heat Recovery Steam Generator) market in the USA is driven by structural growth in electricity demand, particularly from AI data centers and the return of manufacturing [9][10]. - The transition to cleaner energy sources is enhancing the market potential for HRSG, as it improves the efficiency of gas turbines and reduces carbon emissions [10].

Summary of the Conference Call for 博盈特焊 Company Overview - **Company**: 博盈特焊 - **Industry**: HRSG (Heat Recovery Steam Generator) manufacturing and related services Key Points Financial Performance - In Q3 2025, 博盈特焊 reported a significant improvement in profitability, with net profit attributable to shareholders increasing by 37.44% year-on-year, reversing the decline seen in the first half of the year [3][5] - The gross margin for Q3 was 27.32%, reflecting a year-on-year increase of 7.9 percentage points, attributed to effective cost control and product structure optimization [2][3] Order Book and Revenue Outlook - As of June 30, 2025, the company had an order backlog of 377 million yuan, with a substantial increase in orders primarily from overseas markets, laying a solid foundation for future revenue conversion [2][3] - The company maintains a full-year growth target of 10% for 2025, which remains unchanged [5] Project Developments - The first phase of the HRSG project in Vietnam has been launched, with four production lines expected to generate annual revenue of 500 to 700 million yuan, and a current net profit margin of approximately 20% [2][6] - The second phase of the project is planned to commence production in April 2026, with a target net profit margin increase to 30%-40% [2][8] Market Position and Strategy - 博盈特焊 has successfully entered the U.S. gas turbine HRSG supply chain, leveraging the experience of its management team and support from major clients like GE, Siemens, and Mitsubishi Heavy Industries [2][9] - The company is also establishing a joint venture with 威尔汉姆 to set up a production base in the Middle East, with an initial investment of 30 million USD, aiming to recover costs within 3 to 4 years [4][24] Production Capacity and Future Plans - The first phase of the HRSG project is designed to produce 6 to 8 units, with total capacity expected to reach 16 units after the second phase is completed [19][11] - The company anticipates a supply-demand imbalance in the market over the next 3 to 5 years, prompting plans for capacity expansion around mid-2026 [11] Competitive Advantages - 博盈特焊 maintains a higher net profit margin than peers due to its efficient management practices, including low-cost management models and project manager accountability [12] - The company’s traditional business in waste incineration maintains a net profit margin above 10%, even amidst competitive pressures [12] Customer Engagement and Pricing Strategy - The company is currently negotiating price increases for the second phase of the HRSG project, aiming for a net profit margin of 30% to 40% [8][10] - The pricing for HRSG equipment is approximately 4.5 to 5 million USD per unit, with potential adjustments based on market conditions [15][18] Industry Trends - The global oil and gas pipeline market is experiencing structural growth driven by increased natural gas demand and the need for infrastructure upgrades in aging networks [24] - 博盈特焊's strategic positioning in this market, along with its established technology and experience, positions it favorably for future growth [24] Additional Insights - The company’s HRSG projects do not include the inlet and outlet gas components, which could affect overall project pricing and value [17] - The lifespan of the welding products used in waste incineration is approximately 8 to 10 years, with maintenance cycles varying based on operational conditions [20]

Core Viewpoint - 博盈特焊 is a leading domestic company in the field of anti-corrosion and wear-resistant welding technology, having established a strong technical barrier in this sector. The company was listed on the Shenzhen Stock Exchange on July 24, 2023, and is involved in the research, production, and sales of various welding equipment and components [1]. Group 1: Business Performance - In Q3 2025, 博盈特焊 reported revenue of 372 million yuan, ranking 43rd among 51 companies in the industry. The top company, 巨星科技, achieved revenue of 11.156 billion yuan, while the industry average was 1.351 billion yuan [2]. - The main business segment, anti-corrosion and wear-resistant welding products, generated revenue of 188 million yuan, accounting for 71.57% of total revenue. Other business segments contributed 74.87 million yuan, or 28.43% [2]. - The net profit for the same period was 41.615 million yuan, ranking 32nd in the industry. The industry leader, 巨星科技, reported a net profit of 2.211 billion yuan, with the industry average at 141 million yuan [2]. Group 2: Financial Ratios - 博盈特焊's debt-to-asset ratio stood at 11.23% in Q3 2025, up from 7.96% in the previous year, significantly lower than the industry average of 38.24% [3]. - The gross profit margin for the same period was 25.87%, down from 30.55% year-on-year, and slightly below the industry average of 26.36% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 11.47% to 17,000, while the average number of circulating A-shares held per shareholder increased by 12.96% to 4,520.74 [5]. - 国泰海通证券 has given 博盈特焊 an "accumulate" rating with a target price of 47.95 yuan, projecting EPS of 0.60, 1.37, and 2.27 yuan for 2025 to 2027 [5]. Group 4: Leadership Compensation - The chairman and general manager, 李海生, received a salary of 1.1709 million yuan in 2024, a decrease of 38,800 yuan from 2023 [4].