Group 1: Company Overview - The company focuses on anti-corrosion and wear-resistant welding equipment, with applications in energy, chemical, metallurgy, and paper industries [1] - It possesses key core technologies in materials, processes, and equipment, along with comprehensive special equipment production qualifications [1] - The management team has extensive industry experience and a stable core technical staff, contributing to competitive advantages [1] Group 2: Market Opportunities - The waste incineration market shows broad demand, with increasing penetration rates due to downstream upgrades [2] - The coal-fired power generation sector is experiencing a demonstration effect, indicating significant growth potential [2] - The company has strategically positioned itself in HRSG and oil-gas composite pipe businesses, with HRSG already achieving certain production capacity [2] Group 3: Financial Performance - As of September 30, 2025, the waste incineration power generation sector accounts for approximately 58.99% of the company's revenue [4] - The overseas revenue share is about 54.28%, with major exports to Asia, North America, South America, and Europe [4] Group 4: Competitive Landscape - The company has notable representative projects overseas, including the largest waste incineration power facility in Dubai [3] - Key EPC partners include General Electric, Mitsubishi, and others, enhancing the company's international collaboration [3] Group 5: Future Outlook - The domestic coal-fired boiler market is expected to grow due to increasing electricity demand and the need for upgrades [5] - The company's HRSG products are primarily designed for heavy-duty gas turbines, with a production cycle of approximately six months [6] - The Vietnam base is projected to produce about two HRSG units per year, depending on production schedules and resource availability [7] Group 6: US Market Demand - The US HRSG market is driven by structural growth in electricity demand, with significant increases in gas turbine market needs [8] - The transition to cleaner energy sources enhances the market potential for HRSG, as it improves overall power generation efficiency [9]
博盈特焊(301468) - 2025年12月18日投资者关系活动记录表