证券代码：301468 证券简称：博盈特焊 编号：2025-027 广东博盈特焊技术股份有限公司投资者关系活动记录表 | ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | ☑ | 线上调研 | | 参与单位名称及 | 华安基金：花超 周丹 蒋璆 | | 人员姓名 | 万家基金：张希晨 刘洋 李杨 况晓 刘宏达 王霄音 崔逸凡、冯 | | 哲 | | | 时间 2025 | 年 11 月 25 日 | | 地点 | 腾讯会议：882-166-774 | | | 腾讯会议：299-851-087 | | 上市公司接待人 | 刘一宁 1、董事、副总经理、董事会秘书 | | 员姓名 | 2、投资者关系管理专员 谭静怡 一、董事会秘书刘一宁先生简单介绍公司情况 | | | 公司以防腐防磨堆焊装备为核心，长期专注于特种装备制 造，不断向工业设备整体制造、高端结构件制造及其他大型装备 制造等方向延伸与拓展。公司的产品和技术主要应用于节能环 | | | 保、电力、能源、化工、 ...

Group 1: Company Overview and Achievements - The company has notable overseas projects, including the largest waste-to-energy facility in Dubai, covering an area of 40,000 square meters, significantly enhancing its international visibility and order acquisition capabilities [1] - Key EPC partners include renowned companies such as General Electric (GE), Mitsubishi, and Hitachi (HZI) [2] Group 2: Product and Technology - The company specializes in producing heat recovery steam generators (HRSG) and related components, with a comprehensive capability in R&D, design, and manufacturing [3] - It holds various industry certifications, including the A-level boiler production license and ASME certification [3] Group 3: Market Expansion and Applications - The company is actively expanding its applications beyond the power energy sector into industries such as papermaking and metallurgy, securing high-quality clients like Nine Dragons Paper and Zijin Mining [4] - Its products are utilized in energy-saving and environmental protection across multiple sectors, including chemical and metallurgical industries [5] Group 4: Market Outlook - The overseas waste-to-energy market is projected to grow significantly, driven by rapid urbanization in developing regions, which increases waste generation and necessitates effective waste management solutions [5] - In developed regions, there is a rising demand for upgrading and retrofitting existing waste incineration facilities, further boosting market needs [5]

Group 1: Company Overview and Operations - The company specializes in the research, production, and sales of anti-corrosion and wear-resistant welding equipment, non-welded boiler components, pressure vessels, and high-end steel structures, primarily serving the energy sector [2] - Current applications of the company's products include waste-to-energy, coal-fired power, gas boilers, nuclear power, and biomass energy generation [2][3] Group 2: Market Trends and Future Prospects - Coal-fired power remains a crucial electricity source in China, with increasing demand driven by factors such as global warming and the rise of AI data centers, leading to a stable growth outlook for the coal power sector [3] - The oil and gas pipeline market is expected to grow due to increasing demand for bimetallic composite pipes, particularly in corrosive environments, with welding technology becoming more efficient and cost-effective [7] Group 3: Production and Delivery - The delivery cycle for products from the Vietnam base is approximately 6 months, focusing on gas turbine waste heat recovery devices [4] - The company employs a "make-to-order" production model, confirming revenue upon completion of production and shipping under the FOB trade model [6] Group 4: Infrastructure Development - The Vietnam production base covers an area of approximately 150,000 square meters, with phase one completed and operational, while phase two is expected to commence production in Q2 of the following year [8] Group 5: Industry Growth and Demand - The global gas turbine market is projected to grow, driven by demand from North America, the Middle East, and Europe, with gas turbines being key to meeting electricity needs and facilitating energy transitions [10]

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]

Financial Performance - In 2024, the company's total revenue was ¥460,310,746.80, with a net profit attributable to shareholders of ¥69,420,729.62 [1] - Revenue and net profit decreased by 23.76% and 47.02% year-on-year, respectively, primarily due to complex international political and economic conditions, increased domestic economic pressure, and intensified competition in the domestic waste incineration power generation industry [2][3] Market Impact and Strategy - The company exports primarily to Asia and Europe, with limited revenue from the U.S., indicating that the U.S.-China trade war has a minimal impact on overall income and profit [1] - To mitigate risks from market fluctuations and policy adjustments in the waste incineration power generation sector, the company plans to enhance R&D efforts, expand product types, and develop new customer bases while maintaining existing ones [2][3] International Expansion - The construction and equipment procurement for the Vietnam factory are progressing as planned, with production expected to commence in 2025, which will enhance overseas production capacity and customer development [4] - The Vietnam factory is anticipated to serve as a demonstration base for overseas production, improving the company's ability to serve global clients [4] Future Growth Drivers - Future profit growth will be driven by continuous R&D around core welding technologies, expanding product applications, and entering new markets [5] - The company aims to extend its product range into industrial equipment manufacturing, high-end structural components, and other large-scale equipment manufacturing [5] Industry Outlook - The industrial anti-corrosion and wear-resistant market is expected to grow, driven by both incremental and existing project demands, with increasing competition in the sector [6][7] - The industry is crucial for energy conservation and the development of a circular economy, with significant potential for technological advancements and cost-effective solutions [6][7]

本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在不 确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎 作出投资决定。 广东博盈特焊技术股份有限公司 Pourin Special Welding Technology Co., Ltd. （广东省江门市鹤山市共和镇共盈路 8 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 1-1-1 创业板投资风险提示 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险。 1-1-2 ...