HBP(SZ:002554) Quan Jing Wang·2025-12-08 00:50Core Viewpoint - Huibo's recent major project win of approximately 1.6 billion RMB and the accelerated construction of its high-end energy equipment manufacturing base in Tianjin signify a strong market recognition in the oil and gas energy and environmental equipment sectors, positioning the company for a dual breakthrough in business scale and technological capability [1][2]. Group 1: Major Project Win - On November 21, Huibo announced it won a contract worth 2.25 billion USD (approximately 15.96 billion RMB) for the Naft Khana oilfield rehabilitation project in Iraq, marking the largest single contract in the company's history [2][3]. - This contract represents 61.20% of Huibo's audited revenue for the fiscal year 2024, indicating a significant impact on the company's financial structure [3][4]. - The project will enhance Huibo's market position in the Middle East and lay a solid foundation for further expansion into overseas markets [2][3]. Group 2: Internationalization Strategy - Huibo has embedded internationalization in its development strategy since its inception, with overseas business surpassing domestic operations as early as 2010 [3]. - The company has established itself as a qualified supplier for major international oil companies and has gained access to several oil and gas companies in the Gulf region [3]. - The recent project win continues Huibo's strategy of deepening its presence in the Middle East through technology standardization and localized service networks [3]. Group 3: Tianjin Manufacturing Base - The Tianjin high-end energy equipment manufacturing base is a strategic move to enhance Huibo's manufacturing capabilities and reduce reliance on external processing [5][6]. - The base will integrate R&D, manufacturing, and service capabilities, aiming to create a comprehensive energy equipment industry platform [6][7]. - The facility is expected to produce an annual output value exceeding 2 billion RMB upon full operation, significantly improving project delivery efficiency [8][9]. Group 4: Market Opportunities - The global energy transition is creating a trillion-dollar market opportunity, with the domestic oil and gas equipment market projected to exceed 500 billion RMB by 2030 [10]. - Huibo's focus on high-value projects and its dual business model of oil and gas engineering services alongside environmental services positions it well to capitalize on this growth [9][10]. - The company's ongoing investments in low-carbon technologies and environmental solutions are expected to open new market spaces, particularly in CCUS and hydrogen sectors [10][11].