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].
博盈特焊(301468)首次覆盖报告：AI与油气基建新秀 迈入增长快车道