证券日报网讯常宝股份（002478）11月20日发布公告，在公司回答调研者提问时表示，公司自2010年上 市时就募投开发HRSG产品产线，通过多年的技术研究、产品开发、技术积累及市场开拓，HRSG产品 已经成为公司重点特色产品。公司可生产超长、超薄、高钢级HRSG产品。通过核心技术工艺控制，逐 步形成了质量优、交期快、多品种、小批量竞争优势。近年来，公司HRSG产品产销量逐年上升，长期 与国内外头部品牌企业保持稳定供货，市场份额处于行业前列。公司HRSG产品作为燃气轮机联合循环 发电余热回收系统的重要部件，能有效回收排气余热实现二次发电，助力提升能源利用效率。由于北 美、中东等地AI数据中心建设与能源转型推动燃气轮机发电机组需求增长，预计未来几年市场景气度 较高。公司将持续加大HRSG产品的产能挖潜和结构升级，进一步开发不锈钢及镍基产品，持续提升产 品的竞争力和价值率。 ...

（记者 王瀚黎） 博盈特焊（301468.SZ）11月17日在投资者互动平台表示，生产HRSG产品需要取得如美国ASME等国际 权威的特种设备资质，并且客户需完成审厂流程，才可以进入商务谈判阶段。公司已在特种装备领域深 耕多年，客户群体已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，因此可获得客户 的订单。 每经AI快讯，有投资者在投资者互动平台提问：HRSG是高技术壁垒产品吗？公司为何能通过北美大客 户认证和获得订单？ ...

Group 1: Company Overview and Performance - Jiangsu Changbao Steel Pipe Co., Ltd. specializes in the R&D, manufacturing, and service of special seamless pipes, established in 1958 and listed in 2010 [2][3] - The company has three production bases in Changzhou, Jintan, and Oman, with an annual production capacity of 1 million tons of special pipes [3] - In the first three quarters of 2025, the company achieved revenue of CNY 4.284 billion, net profit attributable to shareholders of CNY 392 million, and net cash flow from operations of CNY 249 million, indicating stable operational performance [3] Group 2: Product Development and Market Strategy - The company focuses on high-end, brand-oriented, and segmented development strategies, aiming to enhance the proportion of specialty and value-added products [3][11] - HRSG products have become a key feature, with production capabilities for ultra-long, ultra-thin, and high-strength products, maintaining a leading market share [4] - The company plans to increase production capacity and optimize product structure for boiler pipes, particularly in high-temperature alloy and stainless steel segments [5][11] Group 3: Raw Material Management and Profit Stability - The main raw material, special steel pipe blanks, is subject to price fluctuations influenced by macroeconomic factors and supply-demand dynamics [6] - The company has established long-term strategic partnerships with several domestic steel manufacturers to mitigate raw material price volatility [6] Group 4: Future Capacity and Dividend Plans - The company aims to maintain stable overall production capacity while optimizing product and market structures to enhance profitability [7][9] - Since its listing, the company has consistently returned profits to shareholders, with a commitment to balance business growth and shareholder returns [9] Group 5: International Operations and Market Expansion - The overseas factory in Oman has been operational since 2017, focusing on deep processing of oil well pipe products and serving major local oil and gas companies [10] - The company will continue to assess external market conditions to seize opportunities for expansion in overseas markets [10] Group 6: Profit Margin Improvement Measures - The company is actively adjusting product and market structures to enhance profitability, focusing on unconventional oil and gas markets and high-end product development [11][12] - Efforts will be made to develop new materials and improve operational quality through digitalization and lean management practices [12]

Group 1: Company Overview and Core Competencies - The company focuses on manufacturing anti-corrosion and anti-wear welding equipment, with a long-term commitment to special equipment manufacturing and expansion 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][2]. - The management team has extensive industry experience, contributing to strong R&D capabilities and practical experience [2]. Group 2: Market Opportunities and Global Strategy - The company is strategically positioned in both domestic and international markets, maintaining a leading position in the domestic market while actively exploring overseas opportunities [2]. - The demand for waste incineration is increasing, driven by downstream upgrades and the need for resource recovery in various industrial sectors [2][4]. - The company has established a significant presence in the HRSG (Heat Recovery Steam Generator) market, with plans to expand production capacity in Vietnam to a total of 12 production lines, requiring an investment of approximately 6 million RMB for each additional line [3]. Group 3: Industry Trends and Future Outlook - The waste incineration market is experiencing a slowdown in new projects domestically, but there is substantial growth potential in overseas markets, particularly in Southeast Asia and Latin America, due to rapid urbanization [4]. - The coal-fired boiler sector remains crucial for China's power supply, with ongoing demand for upgrades and improvements in anti-corrosion and anti-wear performance [4]. - The market for metallurgical composite pipes is expanding due to increased oil and gas extraction in corrosive environments, with growing demand for advanced composite materials [5]. Group 4: Investor Inquiries and Responses - The pricing model for HRSG products from the Vietnam base is determined by material and labor costs, along with a set net profit margin [3]. - The company views the U.S. HRSG market as currently undersupplied, driven by structural growth in electricity demand and the transition to cleaner energy sources [3].

Core Viewpoint - The company specializes in producing HRSG products, primarily for gas turbine waste heat recovery, mainly serving the U.S. market [1] Group 1: Product Overview - The HRSG products include economizers, evaporators, superheaters, reheaters, steam drums, headers, and steel structures [1] - The company has established two HRSG production lines at its Dawa production base to manufacture products for non-U.S. clients [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] - Its products and technologies are primarily applied in energy conservation, electric power, chemical, metallurgy, and papermaking industries [1] - The company possesses key core technologies covering materials, processes, and equipment, along with comprehensive special equipment production qualifications [1] Competitive Advantages - The management team has extensive industry experience and stable core technical personnel, contributing to strong R&D capabilities [1] - The company has established a competitive barrier through its industry-leading position, large-scale production capacity, and efficient production management [1] - It has a rich portfolio of applications with well-known domestic and international clients, showcasing its ability to undertake large projects and international orders [1] Market Opportunities - The company is actively expanding into overseas markets while maintaining its leading position in the domestic market [2] - There is a broad demand in the waste incineration market, and the coal-fired power generation industry is showing significant growth potential [2] - The company has strategically positioned itself in the HRSG and oil and gas composite pipe businesses, with HRSG already having a certain scale of production capacity [2] Production Capacity and Plans - The Vietnam production base has four HRSG production lines currently in operation, with plans to build a total of 12 lines by 2025 and 2026 [5] - Each additional production line requires an investment of approximately 6 million RMB, with the total factory area planned to be around 100,000 square meters [6] Product Details and Market Position - HRSG products produced in Vietnam include components for gas turbine waste heat recovery devices, with a production cycle of about 6 months [3] - The pricing model for HRSG products is based on material and labor costs, along with a set net profit margin [7] - The components supplied from the Vietnam base are critical to the overall value of the HRSG boiler, indicating a high value contribution [8] Order Prospects - The order outlook for HRSG products from the Vietnam base is promising, with several international clients undergoing preliminary factory audits [9] - The company is targeting the North American market, facing competition primarily from South Korean and Thai manufacturers [10]