调研活动基本信息 2025年12月23日，广东博盈特焊技术股份有限公司（以下简称"博盈特焊"）在公司会议室接待了特定对 象调研及现场参观活动。中信建投、易方达、新世界金控等3家机构的分析师及投资人员参与了本次调 研，公司董事、副总经理、董事会秘书刘一宁及投资者关系管理专员谭静怡负责接待并与机构代表交 流。 公司核心业务与竞争优势解析 调研中，刘一宁首先介绍了公司基本情况。博盈特焊以防腐防磨堆焊装备为核心，长期专注于特种装备 制造，并向工业设备整体制造、高端结构件制造及大型装备制造等领域延伸。公司产品主要应用于节能 环保、电力、能源、化工、冶金、造纸等工业领域，核心竞争力体现在四大方面： 一是技术壁垒深厚，掌握材料、工艺、设备等关键核心技术，拥有国家《特种设备生产许可证》、美国 ASME认证、欧盟EN认证等齐全资质；二是管理团队经验丰富，核心成员多具备跨国公司任职及项目 经验，且团队稳定性强；三是行业先发优势显著，规模化生产能力与高效管理构筑竞争壁垒；四是客户 资源优质，拥有国内外知名客户的丰富应用案例，承接大项目及国际订单能力突出。 投资者关注焦点与公司回应 核心焊接技术应用场景及技术优势 针对机构提出的焊接 ...

Industry Overview - The global oil and gas pipeline market is experiencing structural growth driven by the expansion of natural gas demand, particularly in the Asia-Pacific and emerging markets, as well as energy construction projects driven by geopolitical conflicts and the need to upgrade aging pipeline networks in Europe and the United States [2] Company Strategy - The company plans to adapt its production locations to be closer to market demand, implementing an international production management model and establishing solid business relationships by producing based on sales [2] Market Demand - There is an increasing demand for composite pipelines due to the declining ease of oil and gas extraction, higher hydrogen sulfide concentrations, and the need for maintenance and replacement of aging pipelines [2]

证券代码：301468 证券简称：博盈特焊 编号：2025-038 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 | 中金公司 郭威秀 张琮翎 | | 人员姓名 | 中泰证券 王风涤 | | | 建信基金 林亮宏 | | | 光大永明 蒋冰 | | | 中邮基金 江刘玮 | | | 兴全基金 薛怡然 | | | 万家基金 冯哲 | | | 光大证券 黄帅斌 | | 时间 | 2025 年 12 月 17 日 | | 地点 | 广东博盈特焊技术股份有限公司、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 | | | 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 | | | 公司以防腐防磨堆焊装备为核心，长期专注于特种装备制 | ...

Core Viewpoint - The global oil and gas pipeline market is experiencing structural growth driven by the expansion of natural gas demand, energy construction projects influenced by geopolitical conflicts, and the need for the renovation of aging pipeline networks [1] Industry Summary - The demand for composite pipelines is increasing due to the challenges in oil and gas extraction, including the decreasing availability of easily extractable oil and gas, high concentrations of hydrogen sulfide, and the need for maintenance and replacement of old pipelines [1]

Company Overview - Guangdong Boying Special Welding Technology Co., Ltd. was established in 2007, initially focusing on welding services for offshore drilling platforms for American clients [1][2]. - The company successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in July 2023 [2]. Market Position and Strategy - The company aims to maintain its leading position in the domestic market while actively expanding into international markets, investing in overseas subsidiaries to seize global opportunities [2]. - The demand for waste incineration and the transformation of the coal-fired power industry present significant growth opportunities, with a broad market potential in chemical, metallurgy, and paper industries [2]. Production Capacity and Expansion - The company has established a production base in Vietnam, with Phase I already operational and Phase II under construction, expected to commence production in the second quarter of next year [3][10]. - The total area of the Vietnam production base is approximately 150,000 square meters, focusing on heat recovery steam generators (HRSG) for gas turbines [3][5]. Revenue and Market Trends - As of September 30, 2025, revenue from waste incineration power generation accounted for approximately 59% of the company's total revenue [3]. - The waste incineration market is experiencing a slowdown in new projects domestically, while overseas markets, particularly in Southeast Asia, show significant growth potential due to urbanization and government support [4]. Technological Advancements - The company employs three main welding technologies: MIG, TIG, and laser welding, each suited for different applications, including high-temperature and corrosive environments [3]. - Continuous R&D efforts have led to innovations in digital pulse high-frequency oscillation MIG technology, enhancing welding efficiency and stability [3]. Order and Financial Outlook - As of June 30, 2025, the company had approximately 377 million yuan in unfulfilled contracts, with a backlog of orders growing at over 30% [8]. - The company anticipates a sustained increase in the global gas turbine market, driven by demand from North America, the Middle East, and Europe [6][7]. Impact of Tariffs and International Strategy - The impact of U.S. tariffs on the company's business is minimal, as the revenue from U.S. orders is currently low, and future orders will primarily be produced in Vietnam, where tariffs are lower [9]. - The company is strategically expanding its international presence through investments in Vietnam and partnerships to explore oil and gas markets [10].

Company Overview - Guangdong Boying Special Welding Technology Co., Ltd. was established in 2007, focusing on welding technology and services, and successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in July 2023 [1][2]. - The company has developed into a globally recognized manufacturer of anti-corrosion and wear-resistant welding equipment, with patented digital pulse welding technology in multiple countries [2]. Market Expansion and Future Plans - The company plans to increase R&D investments in gas boilers, oil and gas pipelines, thermal power generation, and marine equipment, aiming to expand into high-end manufacturing and other large equipment sectors [2]. - Boying aims to capture opportunities in the gas turbine market through its production base in Vietnam and establish a joint venture to enter the oil and gas composite pipe market in the Middle East [2]. Revenue Breakdown - As of September 30, 2025, the top five countries for overseas revenue are the UAE, the USA, Thailand, Brazil, and Japan [2]. - The company’s revenue from the waste-to-energy sector is significant, with other major sectors including chemicals, papermaking, coal-fired power, and gas turbines [6]. - Revenue from the coal-fired power sector accounts for approximately 5.8% as of September 30, 2025 [7]. Industry Trends - The waste-to-energy market is expanding rapidly, particularly in developing regions facing waste management challenges, with government support for waste incineration projects [3]. - The demand for bimetallic composite pipes is increasing due to deeper oil and gas extraction and the presence of corrosive media, with market conditions favoring the adoption of welding technology [4]. - The coal-fired power sector remains a critical part of China's energy landscape, with increasing electricity demand and a need for upgrades to improve anti-corrosion and wear resistance [8]. Specific Market Insights - The HRSG (Heat Recovery Steam Generator) market in the USA is driven by structural growth in electricity demand, particularly from AI data centers and the return of manufacturing [9][10]. - The transition to cleaner energy sources is enhancing the market potential for HRSG, as it improves the efficiency of gas turbines and reduces carbon emissions [10].

Group 1: Company Overview and Recent Developments - The joint venture with Wilham has been established and is now operational, with business registration completed and a business license obtained [1] - As of June 30, 2025, the company has signed contracts worth approximately CNY 377 million that are yet to be fulfilled [3] - The Vietnam base is progressing, with contracts signed amounting to approximately CNY 67.37 million, expected to commence production in Q3 2025 [5] Group 2: Financial Performance and Management - Management expenses increased primarily due to costs associated with the Vietnam factory, which has not yet commenced production [4] - The company aims for a revenue growth rate of no less than 10% in 2025, 40% in 2026, and 80% in 2027, based on 2024 revenue figures [6] Group 3: Market Outlook and Strategic Planning - The global oil and gas pipeline market is experiencing structural growth driven by natural gas demand, geopolitical energy projects, and the need to upgrade aging pipelines [2] - The company plans to expand its product range, application fields, and international market presence as part of its core strategy [7][8] - R&D investment in the first half of 2025 was approximately CNY 12.4 million, indicating a commitment to innovation and product development [8]