Summary of Key Points from Conference Call Records Industry Overview - The gas turbine market is expected to remain tight until 2029, with the order-to-supply ratio projected to increase from 5.15 in 2025 to 5.9 by 2027, indicating strong demand [1][2] - Major players like Siemens and GE are expected to sign a combined 74 GW of new orders in 2025, accounting for 60% of the global gas turbine market [1][2] - The total global order backlog is estimated to reach approximately 230 GW, significantly exceeding the 2025 production capacity of 45 GW [1][2] Demand Drivers - Demand in 2025 is primarily driven by AI data centers, non-AI replacements in the U.S., and global non-U.S. demand, totaling around 80 GW, with expectations to rise to 150 GW in 2026 [1][4] - The U.S. accounts for less than 40% of global demand, while regions like the Middle East, Central Asia, Russia, and Africa represent over 60% [1][4] Future Projections - By 2028, the global order backlog could reach 500 GW, with demand increasing to 190 GW, although production capacity is limited to 80-90 GW due to constraints in key components like turbine disks and high-temperature blades [1][4] Company Insights Jereh Corporation - Expected profit for 2025 is approximately 3 billion CNY, increasing to at least 3.3 billion CNY in 2026, corresponding to a market value of 60-70 billion CNY [1][9] - The gas turbine business is projected to be revised upwards to 400 MW, contributing 3.5 billion CNY in revenue and 700 million CNY in profit, potentially adding 20-30 billion CNY in market value [1][9] - The liquid cooling business may contribute an additional 10 billion CNY in market value, leading to an overall market value expectation of 100-110 billion CNY [1][9] Binlun Environment - Positioned among the top three in North America for liquid cooling equipment, with new orders expected to reach 1.6 billion CNY in 2025, a year-on-year increase of over 300% [3][10] - HRSG business revenue is projected at 1 billion CNY for 2025, with a target of 1.5 billion CNY for the following year [3][10] - Collaboration with Hyundai Heavy Industries to expand overseas markets indicates strong growth potential [3][10] Market Trends - The gas turbine market is anticipated to grow significantly due to increasing electricity demand, particularly driven by AI [6][7] - By 2030, AI is expected to contribute an additional 200 GW to U.S. electricity demand, a figure significantly higher than some reports suggest [7] Investment Opportunities - Companies such as Jereh, Haomai, Yingliu, Liande, Boyin, Wande, and Changbao are highlighted as potential investment opportunities due to their growth prospects [8] - Jereh and Binlun are expected to outperform market expectations, with Jereh's market value potentially reaching 100 billion CNY and Binlun at 30 billion CNY based on their business development and market conditions [5][15] Conclusion - The gas turbine market is poised for significant growth driven by technological advancements and increasing demand, particularly from AI applications. Companies like Jereh and Binlun are well-positioned to capitalize on these trends, presenting attractive investment opportunities.

证券代码：301468 证券简称：博盈特焊 编号：2025-042 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 | 梵星投资 李泓桦 | | | 人员姓名 | 海创基金 陆陈伟 | | | | 颐和久富 闵宏巍 | | | 时间 | 年 12 月 24 日 | 2025 | | 地点 | 广东博盈特焊技术股份有限公司会议室 | | | 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 ...

宏观热点 商务部：已批准部分稀土出口通用许可申请 在12月18日下午召开的商务部例行新闻发布会上，新闻发言人何亚东针对稀土相关物项出口管制的最新 进展进行回应。 商务部新闻发言人何亚东表示："对稀土相关物项实施出口管制以来，中方主管部门向中国出口商进行 了政策宣介，随着相关出口和合规经验的积累，部分中国出口商已初步达到申请通用许可的基本要求。 据我所知，目前已收到并批准了部分中国出口商提交的通用许可申请。" 国务院办公厅：清理整治互联网违法销售涉烟产品，严查涉电子烟违法活动 国务院办公厅日前印发《关于全链条打击涉烟违法活动的意见》。其中要求，高压严打境内涉烟违法活 动。斩断烟草制假原辅材料及烟草机械供应链；加强烟草制假源头治理；防范烟草制假转移扩散；严查 非法储存、运输、寄递涉烟产品；整治违法分销零售涉烟产品；清理整治互联网违法销售涉烟产品；严 查涉电子烟违法活动；遏制新的涉烟违法活动。 国务院国资委印发《中央企业违规经营投资责任追究实施办法》 工业和信息化部：将对光伏行业进一步加强产能调控 工业和信息化部电子信息司司长杨旭东12月18日表示，2026年，光伏行业治理进入攻坚期，将进一步加 强产能调控，强化光 ...

今日聚焦 1、中微公司：筹划购买杭州众硅控股权 股票停牌 中微公司(688012)12月18日公告，公司正在筹划通过发行股份的方式购买杭州众硅电子科技有限公司(简 称"杭州众硅")控股权并募集配套资金，标的资产估值及定价尚未确定。经初步测算，本次交易不构成 重大资产重组。公司股票自12月19日(星期五)开市起开始停牌，预计停牌时间不超过10个交易日。中微 公司的主要产品是等离子体刻蚀和薄膜沉积设备，属于真空下的干法设备。杭州众硅所开发的是湿法设 备里面重要的化学机械抛光设备(CMP)。刻蚀、薄膜和湿法设备，是除光刻机以外最为核心的半导体工 艺加工设备。通过本次的并购，双方将形成显著的战略协同。 2、旗滨集团：控股子公司拟6亿元设立深圳新能源公司 旗滨集团(601636)12月18日公告，公司控股子公司旗滨光能拟在深圳市宝安区投资设立深圳旗滨新能源 科技有限公司(简称"深圳新能源")，深圳新能源注册资本6亿元，旗滨光能持股比例100%，并将以该平 台为抓手，全面梳理整合、优化提升光伏玻璃供应链的协同效率与管理水平，助力旗滨光能在行业竞争 中筑牢优势。 3、博盈特焊：公司生产的HRSG设备主要匹配重型燃气轮机 博 ...

证券日报网12月17日讯博盈特焊（301468）在12月17日回答调研者提问时表示，公司生产的HRSG设备 主要匹配重型燃气轮机，主要生产余热回收装置的承压部件，也是余热回收装置的核心主体。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，因此可以获得客户的订单。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。 ...

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 | ...

证券代码：301468 证券简称：博盈特焊 编号：2025-035 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 | 中欧基金 沈少波 王蒙达 李帅 金旭炜 | | | 人员姓名 | | | | 时间 | 年 12 月 13 日 | 2025 | | 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 | 2、投资者关系管理专员 谭静怡 | | | | 一、董事会秘书刘一宁先生简单介绍公司情况 | | | | 博盈特焊成立于 2007 年，以承接北美客户的海洋钻井平台 | | | | 焊接业务起步，随后深耕防腐防磨堆焊领域，并于 年 月 2023 7 | | | | 成功登陆深交所创业板。自成立以来，公司始终以焊接技术为核 | | | | 心，专注于研发、应用与产业化，依 ...

（编辑 王雪儿） 证券日报网12月10日讯 博盈特焊在回答调研者提问时表示，公司生产的HRSG设备主要匹配重型燃气轮 机，主要生产余热回收装置的承压部件，也是余热回收装置的核心主体。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，因此可获得客户 的订单。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。 ...

Core Viewpoint - The company has developed a patented digital pulse MIG high-frequency oscillation technology, which has received protection in multiple countries and regions, enhancing its competitive edge in the market [1]. Group 1: Technology and Innovation - The company's digital pulse MIG high-frequency oscillation technology is patented and recognized internationally, indicating a strong focus on innovation [1]. - The application of this technology in the production of HRSG (Heat Recovery Steam Generator) equipment is limited, suggesting a niche specialization [1]. Group 2: Market Position and Clientele - 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 establishment of a production line in Vietnam allows the company to meet supplier selection requirements, enhancing its ability to secure orders from overseas clients [1]. Group 3: Competitive Advantage - The production costs of the company's HRSG products are lower compared to overseas competitors, providing a significant competitive advantage in pricing [1].

Summary of the Conference Call for 博盈特焊 Company Overview - **Company**: 博盈特焊 - **Industry**: HRSG (Heat Recovery Steam Generator) manufacturing and related services Key Points Financial Performance - In Q3 2025, 博盈特焊 reported a significant improvement in profitability, with net profit attributable to shareholders increasing by 37.44% year-on-year, reversing the decline seen in the first half of the year [3][5] - The gross margin for Q3 was 27.32%, reflecting a year-on-year increase of 7.9 percentage points, attributed to effective cost control and product structure optimization [2][3] Order Book and Revenue Outlook - As of June 30, 2025, the company had an order backlog of 377 million yuan, with a substantial increase in orders primarily from overseas markets, laying a solid foundation for future revenue conversion [2][3] - The company maintains a full-year growth target of 10% for 2025, which remains unchanged [5] Project Developments - The first phase of the HRSG project in Vietnam has been launched, with four production lines expected to generate annual revenue of 500 to 700 million yuan, and a current net profit margin of approximately 20% [2][6] - The second phase of the project is planned to commence production in April 2026, with a target net profit margin increase to 30%-40% [2][8] Market Position and Strategy - 博盈特焊 has successfully entered the U.S. gas turbine HRSG supply chain, leveraging the experience of its management team and support from major clients like GE, Siemens, and Mitsubishi Heavy Industries [2][9] - The company is also establishing a joint venture with 威尔汉姆 to set up a production base in the Middle East, with an initial investment of 30 million USD, aiming to recover costs within 3 to 4 years [4][24] Production Capacity and Future Plans - The first phase of the HRSG project is designed to produce 6 to 8 units, with total capacity expected to reach 16 units after the second phase is completed [19][11] - The company anticipates a supply-demand imbalance in the market over the next 3 to 5 years, prompting plans for capacity expansion around mid-2026 [11] Competitive Advantages - 博盈特焊 maintains a higher net profit margin than peers due to its efficient management practices, including low-cost management models and project manager accountability [12] - The company’s traditional business in waste incineration maintains a net profit margin above 10%, even amidst competitive pressures [12] Customer Engagement and Pricing Strategy - The company is currently negotiating price increases for the second phase of the HRSG project, aiming for a net profit margin of 30% to 40% [8][10] - The pricing for HRSG equipment is approximately 4.5 to 5 million USD per unit, with potential adjustments based on market conditions [15][18] Industry Trends - The global oil and gas pipeline market is experiencing structural growth driven by increased natural gas demand and the need for infrastructure upgrades in aging networks [24] - 博盈特焊's strategic positioning in this market, along with its established technology and experience, positions it favorably for future growth [24] Additional Insights - The company’s HRSG projects do not include the inlet and outlet gas components, which could affect overall project pricing and value [17] - The lifespan of the welding products used in waste incineration is approximately 8 to 10 years, with maintenance cycles varying based on operational conditions [20]