2025-12-15 01:55Summary of Conference Call Records Companies and Industries Involved - Jereh Group (杰瑞股份) - Haimai Technology (豪迈科技) - Boinhan Company (博盈特焊) - HRSG Industry (Heat Recovery Steam Generators) Key Points and Arguments Jereh Group - Jereh Group expects to achieve approximately 1.5 billion RMB in sales revenue from over 200 million USD gas generator orders by the end of 2025 to 2026, with a net profit increase of 300-400 million RMB [1][5] - The company anticipates 70 million USD in rental income for 2025, corresponding to a profit of 200 million RMB [1][5] - Jereh has over 800 MW of gas turbine resources and plans to expand its capabilities in collaboration with Baker Hughes and Siemens, aiming for 6-7 billion RMB in revenue from the power generation segment within five years [1][3][4] - The company has secured two significant orders in North America, totaling over 200 million USD, with deliveries expected between 2025 and 2026 [2][5] - Jereh's core competitive advantages include strong design capabilities, resource reserves, and channel advantages in North America and the Middle East [6] Haimai Technology - Haimai Technology's stock has reached new highs, benefiting from the gas turbine supply chain, with a projected revenue growth of over 20% in 2025 [3][12] - The company has a global market share of over 30% in tire molds and maintains stable cash flow through partnerships with brands like Bridgestone and Michelin [3][12] - Haimai's large component business has expanded into gas turbines and wind power-related castings, with a strong order backlog for 2025 and 2026 [12][13] - The company is also experiencing growth in CNC machine tools, with expectations of revenue reaching 2.5 to 3 billion RMB in 2025, reflecting a 24% and 20% year-on-year increase [3][19] Boinhan Company - Boinhan's stock has doubled in less than two months, driven by the high demand in the gas turbine sector [9] - The company is expected to release order announcements that will validate its order-taking capabilities, further boosting its stock price [9][11] - Boinhan's main business is steadily rising, with net profit margins in overseas markets nearing or exceeding 20% [11] HRSG Industry - The HRSG sector is expanding to meet customer demand, with expectations of price increases in the coming quarters due to sustained demand [10] - The industry is experiencing a significant potential for mid-sized gas turbine matching, which has not yet been fully realized [10] Other Important but Possibly Overlooked Content - Jereh's overall performance is projected to reach around 3 billion RMB in 2025, with potential to exceed 4 billion RMB if more orders are secured [7][8] - Haimai's CNC machine tool business is expected to grow significantly, with a focus on high-end five-axis machine tools, which have a market size of approximately 12 billion RMB [17][18] - The manufacturing industry is anticipated to enter a new upcycle in 2026, driven by equipment replacement needs and supportive policies [18]