Core Viewpoint - Boreton (01333) has seen a stock price increase of over 5%, currently trading at 21.36 HKD with a transaction volume of 54.47 million HKD, indicating strong market interest amid geopolitical tensions affecting resource supply chains [1] Industry Summary - The mining machinery industry is expected to benefit from increased capital expenditure due to heightened global geopolitical disturbances, leading to sustained high demand in the sector [1] - Domestic mining machinery manufacturers possess competitive advantages in terms of cost-effectiveness and customized equipment design, suggesting significant potential for increased global market share as the trend towards self-sufficient resource supply chains continues [1] Company Summary - Boreton plans to launch a new generation of unmanned mining trucks by 2025 and expand into overseas markets such as Africa, indicating a strategic growth initiative [1] - The penetration rate of new energy engineering machinery is expected to rise, with Boreton's product iteration to the BRT970EV model and continuous market expansion [1] - The mining sector is identified as a key application area for autonomous commercial vehicles, with a projected penetration rate of 50% by 2030 [1] - Boreton has introduced the 9M145E model, an original unmanned mining truck equipped with a self-developed E2E intelligent driving system and smart scheduling platform, facilitating collaborative operations among multiple devices [1] - The company has a robust order backlog, having signed a procurement agreement for 1,000 units with Mingyang Mining and supplying 150 units to Fujian Rixin, indicating accelerated commercialization [1]

Group 1 - Boreton (01333) saw a stock price increase of over 5%, currently trading at 21.36 HKD with a transaction volume of 54.47 million HKD [1] - Oriental Securities reported that global geopolitical disturbances are increasing, leading to a stronger demand for resource supply chain and industrial chain security, which will directly benefit the mining machinery industry through increased capital expenditure [1] - Domestic mining machinery has competitive advantages in cost-effectiveness and customized design, with significant potential for global market share growth under the trend of self-controllable resource supply chains [1] Group 2 - Tianfeng Securities noted that Boreton plans to launch a new generation of unmanned mining trucks by 2025 and expand into overseas markets such as Africa [1] - The penetration rate of new energy engineering machinery is expected to continue rising, with Boreton's product iteration to the BRT970EV model and ongoing market expansion [1] - The mining area is identified as a core application scenario for autonomous commercial vehicles, with a projected penetration rate of 50% by 2030 [1] - Boreton has introduced the original unmanned mining truck model 9M145E, equipped with a self-developed E2E intelligent driving system and smart scheduling platform for multi-device collaborative operations [1] - The company has a strong order reserve, having signed a procurement agreement for 1,000 units with Mingyang Mining and supplying 150 units to Fujian Rixin, accelerating commercialization [1]

一、公司概况：零碳智慧矿山标杆，全球化布局提速博雷顿作为工信部"专精特新重点小巨人" 企业， 是全球领先的零碳与智慧矿山解决方案提供商，核心围绕 "光储微电网+新能源工程设备 + 自动化协同 作业"构建生态体系。公司发展历程跨越式推进，2016 年成立后，2019 年实现电动装载机商业化落地， 2022 年推出全球首台 700kWh纯电动矿卡，2024 年市占率跻身行业前三，2025 年发布新一代无人驾驶 矿卡并拓展至非洲等海外市场。核心产品电动宽体自卸车（2024 年收入占比 57.4%）与装载机（占比 35.3%）合计贡献 92.7% 营收。 二、核心业务：新能源工程机械，引领行业替代浪潮新能源装载机：下游采矿业、建筑业需求增长驱动 行业扩容，电动装载机具备显著降碳与成本优势 —— 五吨级产品五年可减碳 342 吨、节省成本 120 万 元，105 吨级电动宽体自卸车最高减碳 625 吨。随着新能源工程机械渗透率持续提升（2023-2028E 复合 年增长率超 20%），公司产品迭代至 BRT970EV 型号，市场覆盖持续扩大。 机构：天风证券 研究员：孙潇雅 三、新兴业务：光储能源破局，构建全链条优势针 ...