证券代码：301468 证券简称：博盈特焊 编号：2025-025 公司坚定立足国内、国际两个市场，在保持国内市场领先地 位的同时，积极开拓海外市场，投资海外子公司，把握国际市场 机遇，实现全球化的战略布局。 公司业务的发展机遇：垃圾焚烧市场需求广泛，下游转型升 级促使渗透率提升；燃煤发电行业示范效应开始显现，存在广阔 的发展空间；化工、冶金、造纸等其他应用领域市场需求将进一 步打开。公司前瞻布局了 HRSG 和油气复合管业务，HRSG 已经 具备一定规模的产能，复合管形成了市场卡位，与国外头部客户 在对接论证，处于逐步推进的过程中。 公司在核心竞争力、全球化布局及长期成长动能上具备显著 亮点，作为全球知名的能源特种设备制造商，技术壁垒和品牌优 势突出，拥有海内外三个生产基地，规模化制造优势突出；同时 海外拓展成效显著，越南工厂已正式落成并投产，叠加布局中东 油气管道市场的动作，海外收入增长潜力持续释放，为长期业绩 增长奠定坚实基础。 总而言之，公司对长远发展充满信心。公司将依托持续的技 术创新，积极拓展产品应用的广度，进军更广泛的业务市场，以 此驱动公司的可持续增长与未来价值。 二、投资者提出的问题及公司回 ...

Company Overview - 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 technologies include material, process, and equipment, with certifications such as national special equipment production license, US certification, ASME, and EU EN certification [1] - The management team has extensive industry experience and a stable core technical team, contributing to competitive advantages [1] Market Opportunities - The company is strategically positioned in both domestic and international markets, aiming to maintain domestic leadership while expanding overseas [2] - There is a growing demand in the waste incineration market, with downstream upgrades increasing penetration rates [2] - The HRSG (Heat Recovery Steam Generator) and oil-gas composite pipe businesses are being developed, with HRSG already having a certain production capacity [2] Competitive Advantages - The company has significant highlights in core competitiveness, global layout, and long-term growth potential, being a globally recognized manufacturer of energy special equipment [2] - The establishment of a factory in Vietnam has been completed, enhancing overseas revenue growth potential [2] Technology and Innovation - The company employs three welding techniques: MIG, TIG, and laser welding, each suited for different applications [3][4] - Continuous R&D efforts have led to innovations such as digital pulse MIG high-frequency oscillation welding technology, enhancing efficiency and stability [4] Production Capacity and Expansion - The first phase of the Vietnam production base includes four HRSG production lines, with plans for a second phase to add a total of 12 lines [6][7] - The HRSG products produced in Vietnam are primarily compatible with heavy-duty gas turbines [8] Impact of Tariffs - The impact of US tariffs on the company's business is minimal, as the revenue from the US market is currently low [9] - Future US orders will mainly be produced in Vietnam, where tariffs are lower and typically borne by customers [9] Strategic International Expansion - The company is investing in overseas production bases, particularly in Vietnam, to capture gas turbine market opportunities [10] - A joint venture with Wilhelmsen is aimed at expanding into the oil and gas market and establishing overseas manufacturing bases [10] Waste Incineration Market Demand - There is significant market potential for waste incineration overseas, particularly in developing regions facing waste management challenges [11] - Countries like Vietnam, Thailand, and Indonesia are prioritizing waste incineration as a national strategy, supported by government incentives [11]

Core Viewpoint - The company, Boying Special Welding (301468.SZ), identifies significant growth opportunities in the waste incineration market, driven by increasing demand and downstream transformation upgrades [1] Group 1: Market Opportunities - The waste incineration market has broad demand, leading to an increase in penetration rates due to downstream transformation and upgrades [1] - The coal-fired power generation industry is beginning to show demonstration effects, indicating vast development potential [1] - There is an expanding market demand in other application fields such as chemicals, metallurgy, and papermaking [1] Group 2: Company Developments - The company has strategically positioned itself in HRSG (Heat Recovery Steam Generators) and oil-gas composite pipe businesses, with HRSG already having a certain scale of production capacity [1] - The composite pipe business is forming market positioning and is in the process of engaging with leading international clients for validation [1]

Core Viewpoint - The company identifies significant growth opportunities in the waste incineration market, driven by increasing demand and downstream transformation upgrades [1] Group 1: Market Opportunities - The waste incineration market has broad demand, leading to an increase in penetration rates [1] - The coal-fired power generation industry is showing demonstration effects, indicating vast development potential [1] - Demand in other application fields such as chemicals, metallurgy, and paper-making is expected to further open up [1] Group 2: Company Developments - The company has strategically positioned itself in HRSG (Heat Recovery Steam Generators) and oil-gas composite pipe businesses [1] - HRSG has already achieved a certain scale of production capacity [1] - The composite pipe business is forming market positioning and is in the process of connecting with leading foreign clients for validation [1]

Company Overview - 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 technologies include material, process, and equipment, with certifications such as the National Special Equipment Production License, ASME, and EU certifications [1] - The management team has extensive industry experience and stability, contributing to the company's competitive edge [1] Market Opportunities - The waste incineration market shows broad demand, with downstream upgrades increasing penetration rates [2] - The coal-fired power industry is demonstrating significant growth potential, alongside expanding markets in chemicals, metallurgy, and papermaking [2] - The company has strategically positioned itself in HRSG and composite pipe businesses, with HRSG already achieving a certain production scale [2] Production Capacity - The HRSG product production cycle is approximately 6 months, with revenue recognized upon completion of production and shipping [3] - The Vietnam production base has 4 operational HRSG production lines, with plans for a total of 12 lines [4] HRSG Market Role - HRSG plays a crucial role in the U.S. power system, driven by structural growth in electricity demand and the need for efficient energy recovery [5] - The transition to cleaner energy enhances HRSG's market potential, as it improves gas turbine efficiency and reduces carbon emissions [5] Oil and Gas Pipeline Market - The global oil and gas pipeline market is experiencing structural growth, driven by rising natural gas demand and the need for infrastructure upgrades [6] - The demand for composite pipes is increasing due to challenges in oil and gas extraction and the need for pipeline replacements [6] Waste Incineration Market Insights - The overseas waste incineration market is expanding, particularly in developing regions facing waste management challenges [7] - Countries like Vietnam and Indonesia are prioritizing waste-to-energy solutions, supported by government policies [7]

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 and stability, with significant roles in technology R&D and production management [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 shows broad demand, with downstream upgrades increasing penetration rates [2] - The company has strategically positioned itself in the HRSG and oil and gas composite pipe sectors, with HRSG already achieving a certain scale of production [2] Group 3: Production Capacity and Future Prospects - The Vietnam production base has four HRSG production lines in operation, with plans for a total of 12 lines [5][6] - The second phase of the Vietnam production base is expected to commence production in the second quarter of next year [5] - The company anticipates a robust order outlook for HRSG products from the Vietnam base, with several international clients undergoing preliminary factory audits [8] Group 4: Competitive Landscape and Market Trends - Major competitors in the US HRSG market include manufacturers from South Korea, Thailand, and Vietnam [4] - The structural growth in electricity demand in the US, driven by factors such as AI data centers and the return of manufacturing, supports the market for HRSG [7] - The transition to cleaner energy in the US enhances the market potential for HRSG, as it improves the efficiency of gas-fired power generation [7]

Group 1: Company Overview and Market Position - Guangdong Boying Special Welding Technology Co., Ltd. was established in 2007, initially focusing on welding services for offshore drilling platforms for American clients, and has since expanded into anti-corrosion and wear-resistant welding fields. The company successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in July 2023 [1] - The company aims to maintain its leading position in the domestic market while actively exploring overseas markets, establishing overseas subsidiaries to seize international market opportunities [1] Group 2: Business Development and Capacity Expansion - The company has strategically laid out HRSG (Heat Recovery Steam Generator) and composite pipe businesses, with HRSG already having a certain scale of production capacity. The Vietnam production base's first phase has been put into operation, and the second phase is under construction [2] - The Vietnam production base is planned to have a total of 12 HRSG production lines, with the first phase already operational and the second phase expected to start production in the second quarter of next year [5][6] Group 3: Market Demand and Future Prospects - The HRSG market in the U.S. is expected to grow due to structural increases in electricity demand driven by factors such as the rapid expansion of AI data centers and the return of manufacturing, with the U.S. grid load reaching new highs [3] - The overseas waste-to-energy market is projected to be very promising, particularly in developing regions like Southeast Asia and Latin America, where rapid urbanization has led to increased waste generation, making waste incineration a necessary solution [8] Group 4: Order and Revenue Insights - As of June 30, 2025, the company had signed contracts corresponding to approximately CNY 377 million in revenue that had not yet been fulfilled. The order backlog has been growing at over 30% as of September 30, 2025, indicating a robust demand [7] Group 5: Industry Trends and Challenges - The global oil and gas pipeline market is experiencing structural growth, driven by the expansion of natural gas demand and the need for upgrades to aging pipeline networks in developed regions [9][10] - The coal-fired power generation sector in China remains a critical power source, with stable and reliable characteristics, and is expected to see upgrades and renovations driven by policy support and increasing electricity demand [10]

Investment Rating - The report assigns a rating of "Buy" to the company with a target price of 47.95 CNY [5][11][20] Core Insights - The company is positioned as a leader in overlay welding technology, actively expanding into the AI and oil and gas infrastructure sectors, with expectations of entering a high growth phase over the next 3-5 years [2][11][19] - The company has a strong financial outlook, with projected revenues increasing significantly from 5.51 billion CNY in 2025 to 16.78 billion CNY by 2027, alongside a substantial rise in net profit [18][19] Summary by Sections 1. Investment Recommendations - The company is expected to achieve earnings per share (EPS) of 0.60, 1.37, and 2.27 CNY for the years 2025, 2026, and 2027 respectively, indicating a robust growth trajectory [11][18] - The revenue from waste incineration and other businesses is projected to account for 68.5% and 31.5% of total revenue in 2024 [15] 2. Company Overview - Established in 2007, the company has developed advanced overlay welding technology and has a strong foothold in the waste incineration market, with a market penetration rate of 40% in domestic waste incineration boiler markets by 2021 [23][30] - The company has successfully expanded its product offerings to include high-end structural components and pressure vessels, catering to various industries including energy and chemicals [26][30] 3. Financial Performance - The company’s total revenue is forecasted to fluctuate from 6.04 billion CNY in 2023 to 4.60 billion CNY in 2024, before rebounding to 5.51 billion CNY in 2025 [17][18] - The gross profit margin is expected to improve gradually, reaching 31.36% by 2027 [18] 4. Market Opportunities - The company is strategically positioned to benefit from the increasing demand for gas turbine heat recovery systems and oil and gas composite pipes, with significant market potential projected in these areas [11][19][20] - The global market for bimetallic composite pipes is expected to grow significantly, driven by the oil and gas sector, which is anticipated to account for approximately 73% of the market by 2030 [11][19] 5. Competitive Landscape - The company faces competition primarily from established players in the oil and gas composite pipe market, but its unique technology and strategic partnerships may provide a competitive edge [11][19][20] - The report highlights the importance of the company's partnerships and joint ventures in expanding its market reach and technological capabilities [35][36]

Core Viewpoint - The company is positioned to capitalize on the growth in AI infrastructure and the oil and gas composite pipe market, with a strong focus on welding technology and international expansion [2][4]. Investment Highlights - The company is rated "Buy" with a target price of 47.95 yuan, expecting a high growth phase in the next 3-5 years, with projected EPS of 0.60, 1.37, and 2.27 yuan for 2025-2027 [2]. - The company has a solid cash flow and a healthy balance sheet, maintaining positive cash flow for the past five years and a very low interest-bearing debt ratio [3]. Market Opportunities - The company is entering the HRSG (Heat Recovery Steam Generator) and oil and gas composite pipe markets, which are identified as blue ocean opportunities, with significant growth potential driven by geopolitical factors and domestic infrastructure investments [2][4]. - The global bimetallic composite pipe market is expected to reach 5.509 billion USD by 2030, with oil and gas accounting for approximately 73% of the market share, indicating a strong demand for composite pipes [4]. Strategic Initiatives - The company plans to leverage its welding technology expertise and has established a joint venture with Weir Group to quickly penetrate the Middle Eastern oil and gas market [4]. - The company’s new factory in Vietnam is set to commence production in September 2025, positioning it to meet the rising HRSG demand in North America [3].