博盈特焊(301468) - 2025年12月22日投资者关系活动记录表

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 competitive advantages include mastery of core technologies, comprehensive production qualifications, and a stable management team with extensive industry experience [1][2] Market Opportunities - The waste incineration market shows broad demand, with downstream upgrades increasing penetration rates [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 composite pipe businesses, with HRSG already achieving a certain scale of production [2] Financial Performance - As of September 30, 2025, overseas revenue accounted for approximately 54.28% of total revenue, with major exports to Asia, North America, South America, and Europe [3] - The garbage incineration power generation sector represents about 58.99% of the company's revenue, with significant contributions from the chemical, paper, and coal-fired power sectors [3] Industry Trends - The coal-fired power generation industry remains a crucial pillar of China's electricity supply, driven by rising electricity demand due to climate change and technological advancements [4] - Upgrades in coal-fired power plants for low-nitrogen combustion are expected to boost the industrial anti-corrosion and wear-resistant sector [4] Product Specifics - HRSG products are customized based on client specifications, with pricing determined by material costs, labor, and profit margins [5] - The main competitors for HRSG in the Vietnam base are from South Korea, Thailand, and Vietnam, with the company holding advantages in production costs and established client relationships [6] North American Market Insights - The demand for HRSG in the U.S. is driven by structural growth in electricity demand, including the expansion of AI data centers and electric vehicle charging stations [7][8] - The transition to cleaner energy sources enhances the market potential for HRSG, as it improves the efficiency of gas turbines and reduces carbon emissions [8]