博盈特焊(301468) - 2026年1月7日投资者关系活动记录表

Group 1: Company Performance and Market Expansion - The company has shown significant improvement in four areas: overseas market expansion, rapid business growth, potential in the oil and gas composite pipe industry, and strong confidence in creating long-term value for investors [1] - The overseas market demand for waste incineration is broad, driven by downstream transformation and policy support in developing countries, leading to increased penetration rates [1] - The new production base in Vietnam has begun to establish capacity and is entering the ramp-up phase, while the construction of the Daya production base is progressing orderly and is expected to be operational this year [1][2] Group 2: Financial Performance and Shareholder Returns - The company has distributed approximately CNY 100 million in dividends since its listing, enhancing shareholder satisfaction [2] - A share repurchase plan of CNY 400 million is set to be implemented, with all repurchased shares to be canceled, further stabilizing and enhancing the company's investment value [2] - The company emphasizes continuous optimization of profit distribution mechanisms to share development dividends with investors through dividends and buybacks [2] Group 3: Production Capacity and Order Progress - The Vietnam production base has eight HRSG production lines under construction, with four expected to be operational in Q2 and the remaining four in Q4 of this year [2] - The company has received orders for HRSG products, with the production cycle approximately six months, and the first batch of orders is set to enter production soon [2] - The Daya base is planned to have two HRSG production lines, expected to be operational in 2026, primarily serving non-North American market demands [3] Group 4: Market Demand and Pricing Strategy - The demand for HRSG is increasing alongside the rising need for gas turbines driven by the rapid expansion of AI data centers in North America [3] - The pricing of HRSG products is determined by material costs, labor, and other expenses, with recent orders reflecting price increases compared to earlier contracts [3] - The company has obtained ASME certification and is progressing through the necessary production system certifications to enter the North American market [3]