博盈特焊(301468) - 2026年1月14日投资者关系活动记录表

Group 1: Company Overview and Business Growth - The company maintains steady growth, with significant achievements in three areas: overseas expansion of traditional business, rapid growth in HRSG business, and the potential of oil and gas composite pipe business [1] - The company has established a production capacity in Vietnam, which is gradually ramping up, and the construction of the Daguo production base is progressing orderly, expected to be operational this year [2] Group 2: HRSG Market Demand and Production - The HRSG market in the U.S. is experiencing rapid growth due to structural increases in electricity demand, driven by factors such as the expansion of AI data centers and the return of manufacturing [3] - The company’s HRSG equipment primarily matches heavy-duty gas turbines and includes key components such as economizers and evaporators, with a production cycle of approximately 6 months [4][5] Group 3: Pricing and Production Capacity - HRSG product pricing is determined by material and labor costs, with adjustments based on market supply and demand [6] - The Vietnam base can produce about 2 sets of HRSG units per production line annually, with plans for 12 production lines in total [5][6] Group 4: Market Entry and Certification - To enter the North American HRSG market, the company must obtain certifications from the American Society of Mechanical Engineers and pass client production system certifications [8] - The company has achieved ASME certification and is progressing well with client certifications, with orders already in production [8] Group 5: Competitive Landscape - The main competitors in the Vietnam base are from South Korea, Thailand, and Vietnam, but the company has advantages in production costs and extensive experience in the energy equipment sector [10] - The company has established a strong customer base in North America, which enhances its competitive position [10] Group 6: Revenue Recognition - The company primarily uses the FOB (Free On Board) trade model for revenue recognition, confirming revenue upon completion of production and export procedures [11]