Core Viewpoint - The company, Boying Special Welding (博盈特焊), is focusing on the North American market through its operations in Vietnam, where it has established production lines to meet customer requirements and maintain a competitive edge in production costs compared to overseas competitors [1] Group 1: Market Focus - The Vietnam base primarily targets the North American market [1] - Competitors include several HRSG manufacturers from South Korea, Thailand, and Vietnam [1] Group 2: Company Experience and Capabilities - The company has years of experience in the energy and special equipment sectors [1] - It has a diverse customer base that includes major gas turbine suppliers in North America [1] - The company possesses complete production qualifications for special equipment and has extensive experience in connecting with overseas clients [1] Group 3: Competitive Advantage - The production cost of the company's HRSG products is advantageous compared to overseas competitors [1]

Core Viewpoint - The company, Boying Special Welding (博盈特焊), specializes in producing HRSG (Heat Recovery Steam Generator) equipment, primarily for heavy-duty gas turbines, and has established a strong presence in the energy and special equipment sectors [1] Group 1: Product and Market Position - The HRSG equipment produced by the company is a key component of heat recovery systems, focusing on pressure-bearing parts [1] - The company has extensive experience in the energy sector and has developed a customer base that includes major gas turbine suppliers in North America [1] - The company possesses complete production qualifications for special equipment and has rich experience in connecting with overseas clients [1] Group 2: Competitive Advantage - The company has established a production line in Vietnam, which meets customer requirements for supplier selection, thereby enhancing its order acquisition capabilities [1] - The HRSG products manufactured by the company have a cost advantage compared to overseas competitors [1]

Core Viewpoint - The company, Boying Special Welding (301468.SZ), is focusing on the North American market from its base in Vietnam, facing competition primarily from manufacturers in South Korea, Thailand, and Vietnam [1] Group 1: Competitive Landscape - The main competitors in the HRSG (Heat Recovery Steam Generator) market for the company are several manufacturers from South Korea, Thailand, and Vietnam [1] - The company has established a production line in Vietnam to meet customer requirements for supplier selection [1] Group 2: Company Advantages - The company has extensive experience in the energy and special equipment sectors, with a customer base that includes major gas turbine suppliers in North America [1] - The company possesses complete production qualifications for special equipment and has rich experience in connecting with overseas clients [1] - The HRSG products produced by the company have a cost advantage compared to overseas competitors [1]

Core Viewpoint - The company, Boying Special Welding, specializes in producing HRSG (Heat Recovery Steam Generator) equipment, primarily designed to match heavy-duty gas turbines, and has established a strong presence in the energy and special equipment sectors [1] Group 1: Company Overview - The company has extensive experience in the energy sector, focusing on the production of pressure components for HRSG devices, which are the core components of these systems [1] - Boying Special Welding has developed a customer base that includes major gas turbine suppliers in the North American market [1] - The company possesses comprehensive production qualifications for special equipment and has rich experience in connecting with overseas clients [1] Group 2: Production and Competitive Advantage - The company has established a production line in Vietnam, which meets customer requirements for supplier selection, thereby enhancing its order acquisition capabilities [1] - The HRSG products produced by the company have a cost advantage compared to overseas competitors [1]

Group 1: Company Overview and Core Competencies - The company focuses on anti-corrosion and wear-resistant welding equipment, specializing in the manufacturing of special equipment and expanding into industrial equipment and high-end structural components [1] - Key competitive advantages include mastery of critical core technologies across materials, processes, and equipment, as well as comprehensive special equipment production qualifications [1] - The management team has extensive industry experience, with stable core technical personnel and a strong background in multinational companies [1] Group 2: Market Opportunities and Global Strategy - The company is committed to both domestic and international markets, maintaining a leading position in the domestic market while actively exploring overseas opportunities [2] - The demand for waste incineration and the transformation of the coal-fired power industry present significant growth potential [2] - The company has strategically positioned itself in the HRSG and oil and gas composite pipe markets, with HRSG already achieving a certain scale of production [2] Group 3: HRSG Equipment and Market Position - The HRSG equipment is primarily compatible with heavy-duty gas turbines, serving as a core component for heat recovery systems [3] - The production cycle for HRSG products is approximately 6 months, with ongoing orders and successful customer certification processes [4] - The pricing strategy for HRSG products is based on material and labor costs, with adjustments made according to market supply and demand [4] Group 4: Future Market Prospects - The U.S. market for HRSG is expected to grow due to structural increases in electricity demand driven by factors such as AI data centers and the return of manufacturing [4] - The transition to cleaner energy sources enhances the market potential for HRSG, as it improves the efficiency of gas turbines and reduces carbon emissions [4] - The domestic waste incineration market is characterized by both stock and incremental demand, driven by national strategies for ecological civilization and waste management [5]

Group 1: Company Overview and Core Competencies - The company focuses on manufacturing special equipment for anti-corrosion and anti-wear applications, expanding into industrial equipment and high-end structural components [1] - It possesses key core technologies in materials, processes, and equipment, along with comprehensive production qualifications including national and international certifications [1] - The management team has extensive industry experience, contributing to strong R&D capabilities and stable operations [1] Group 2: Market Opportunities and Strategic Expansion - The company is actively expanding into international markets while maintaining its leading position domestically, with a focus on overseas subsidiaries [2] - There is a growing demand in the waste incineration market and significant potential in the coal-fired power generation sector, as well as in chemical, metallurgy, and paper industries [2] - The company has strategically positioned itself in HRSG and oil and gas composite pipe businesses, with HRSG already achieving a certain scale of production [2] Group 3: Order Backlog and Financial Performance - As of June 30, 2025, the company had signed contracts with a revenue amount of approximately CNY 377 million that are yet to be fulfilled [3] - The order backlog has been growing at over 30% as of September 30, 2025, indicating strong demand and sufficient orders [3] Group 4: Technological Applications and Product Details - The company's welding technology can be applied in controlled nuclear fusion, utilizing metal composite techniques for high-temperature alloy manufacturing [4][5] - TIG welding offers significant advantages in oil and gas pipelines, enhancing corrosion resistance and extending equipment lifespan [6][7] - The production cycle for HRSG products is approximately 6 months, with a high value contribution to the overall boiler system [7] Group 5: Competitive Landscape and Market Position - The company faces competition in the North American HRSG market primarily from manufacturers in South Korea, Thailand, and Vietnam [10] - It has established a strong customer base in North America and possesses comprehensive production qualifications, giving it a competitive edge in production costs [10]

Group 1: Company Overview and Core Competencies - The company focuses on anti-corrosion and wear-resistant welding equipment, specializing in the manufacturing of special equipment and expanding into industrial equipment and high-end structural components [1] - Key competitive advantages include mastery of critical core technologies, comprehensive special equipment production qualifications, and a stable management team with extensive industry experience [1] - The company has established a strong market position with a scalable production capacity and efficient management, supported by a rich portfolio of well-known domestic and international clients [1] Group 2: Market Opportunities and Global Strategy - The company is committed to both domestic and international markets, maintaining a leading position in China while actively exploring overseas opportunities [2] - Significant market demand exists in the waste incineration sector, with potential growth in the coal-fired power generation industry and other applications in chemicals, metallurgy, and papermaking [2] - The company has strategically positioned itself in HRSG and composite pipe businesses, with HRSG already achieving a certain scale of production [2] Group 3: Product Development and Innovation - The company continuously innovates in welding technologies, including digital pulse MIG and laser welding, to enhance efficiency and stability in complex environments [4] - The application range of the company's welding technologies spans various industries, including energy, chemicals, and environmental protection [4] Group 4: Order Status and Production Cycle - The company currently has a sufficient order backlog, with a production cycle of approximately 3 months for custom large equipment [5] - For products requiring installation, the sales cycle can extend to 9-12 months, while non-installation sales typically take about 4 months [5] Group 5: Market Trends and Future Expansion - The domestic waste incineration market is driven by national strategies for ecological civilization and waste reduction, creating a demand for upgrading existing facilities [6] - The company has four HRSG production lines in Vietnam, with plans to expand to a total of 12 lines based on market demand [7] - The company is actively pursuing customer certifications and has entered production processes for existing orders, with potential clients undergoing preliminary audits [8]

证券代码：301468 证券简称：博盈特焊 编号：2025-028 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 | 兴全基金：张颖 潘博众 余明强 | | 人员姓名 | 海富通基金：陆怡雯 吕越超 | | | 中银基金：时文博 华旭桥 | | 时间 2025 | 年 11 月 26 日 | | 地点 | 腾讯会议 | | 上市公司接待人 | 1、董事、副总经理、董事会秘书 刘一宁 | | 员姓名 | 谭静怡 2、投资者关系管理专员 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、冶金、造纸等工业领域。 | | | 公司的竞争能力主要体现在如下几个 ...

Group 1: Company Overview and Core Competencies - The company focuses on manufacturing anti-corrosion and anti-wear welding equipment, with applications in energy conservation, environmental protection, power, energy, chemical, metallurgy, and papermaking industries [1] - It possesses key core technologies covering materials, processes, and equipment, along with comprehensive special equipment production qualifications [1] - The management team has extensive industry experience and stable core technical personnel, contributing to the company's competitive edge [1] Group 2: Market Opportunities and Global Strategy - The company is committed to both domestic and international markets, maintaining a leading position in the domestic market while actively exploring overseas opportunities [2] - The waste incineration market is expanding, driven by urbanization in developing countries, with countries like Vietnam, Thailand, and Indonesia prioritizing waste-to-energy solutions [3] - In developed regions like Europe and North America, there is a growing demand for upgrading existing waste incineration facilities [4] Group 3: Product Applications and Clientele - The company has established a strong presence in various sectors, including papermaking and metallurgy, with notable clients such as Nine Dragons Paper and Zijin Mining [5] - It provides specialized products and services to non-ferrous metal enterprises, including welding equipment and components [6] Group 4: HRSG Product Development and Market Demand - The HRSG (Heat Recovery Steam Generator) products produced in Vietnam are primarily designed for heavy-duty gas turbines, contributing to increased efficiency in power generation [6] - The demand for HRSG in the U.S. is rising due to structural growth in electricity demand and the transition to cleaner energy sources [7] - The pricing of HRSG products is determined by material costs, labor, and profit margins, with potential adjustments based on market conditions [7]

证券日报网讯博盈特焊（301468）11月24日发布公告，在公司回答调研者提问时表示，越南基地主要针 对的是北美市场，竞争对手主要是韩国、泰国、越南的几家HRSG制造企业。公司已在能源等特种装备 领域深耕多年，客户群体涵盖北美市场燃气轮机主要供应商，同时公司具备齐全的特种设备生产资质， 拥有丰富的海外客户对接经验，并且在越南已形成生产线，满足客户对供应商的选择要求，公司生产的 HRSG产品相较于海外竞争对手，在生产成本上具有优势。 ...