Boying Special Welding (301468) Strength Analysis: Growth Driven by HRSG Business Breakthrough and Global Layout

Boying Special Welding (301468.SZ) performed strongly on January 19, 2026, entering the hot stock pool. According to market data [1], the stock’s gain today reached 13.15%-14.95%, with a turnover of RMB 830 million - RMB 1.02 billion and a turnover rate of 16.17%-19.78%, leading the gains in the gas turbine concept sector.

The company is Guangdong Boying Special Welding Technology Co., Ltd., whose main businesses include anti-corrosion and anti-wear surfacing equipment, non-surfacing boiler components, pressure vessels, and high-end steel structural parts, belonging to the gas turbine concept sector in the special equipment industry. Judging from the trading volume and turnover rate data, capital activity is extremely high today, indicating a significant increase in market attention to this stock [1].

The overall gain of the gas turbine concept sector today reached 2.89%-3.84% [1], and Boying Special Welding, as a core target in this sector, led the gains. Global gas turbine giants such as GEV (General Electric Vernova), Mitsubishi, and Siemens are currently facing serious order backlogs, and gas turbine prices continue to rise, directly driving a surge in demand for downstream HRSG (Heat Recovery Steam Generator) [2]. Factors such as the expansion of AI data centers, reshoring of manufacturing, and popularization of electric vehicles have pushed North America’s power demand to a historical high. As a key supporting equipment for gas turbine power generation systems, the market space for HRSG continues to expand.

Major positive news has come from the Vietnam production base. The first phase of 4 HRSG production lines has been officially put into operation and achieved full capacity operation [3], marking a breakthrough of the company’s HRSG business from zero to one. More importantly, the company has passed the production system certification of some customers and obtained US orders. The first batch of orders entered the production process in September 2025, successfully opening the door to the North American market [3].

The capacity expansion plan is clear: the remaining 8 production lines are under construction, of which 4 are expected to be put into operation in Q2 2026, and the other 4 in Q4 2026 [2]. Two HRSG production lines at the domestic Da’ao base are expected to be put into operation in 2026, mainly meeting the demand of non-North American markets. Relying on cost advantages, the Vietnam base is expected to occupy a favorable position in global HRSG competition.

The company has obtained the certification from the American Society of Mechanical Engineers (ASME), which is a “passport” to enter the North American HRSG market [3]. ASME certification is a necessary condition for pressure vessels and boiler products to enter the US market, reflecting that the company’s technical strength and quality management system have reached international first-class standards. The demand for HRSG in the North American market is in a stage of rapid growth, and the company is expected to obtain a considerable order share in this market by virtue of the production capacity and cost advantages of the Vietnam base.

From January 14 to 16, 2026, the company held a series of institutional research activities, with more than 40 participating institutions, including well-known public funds, leading asset management companies, and securities research institutions [4][5]. Participating institutions include public funds such as Xinhua Fund, Lion Fund, Wanjia Fund, and Baoying Fund; leading asset management companies such as Sunny Asset Management, CITIC Asset Management, Guosen Asset Management, and Infineon Capital; and securities research institutions such as Western Securities, Guolian Minsheng Securities, and CICC. Intensive institutional research shows that professional investors pay high attention to the company’s development prospects.

The company’s 2nd restricted stock incentive plan for 2025 was granted on January 13, 2026 [6], which helps to bind the interests of the core team, enhance the enthusiasm of management and core technical personnel, and lay a talent foundation for the company’s long-term development.

From a technical perspective, Boying Special Welding showed typical momentum-driven rally characteristics today. Trading volume increased significantly, with a turnover rate close to 20%, indicating active entry of off-market funds and high market sentiment. The stock price is in an accelerated rally phase, and today’s gain outperformed the overall performance of the sector, making it a leading target in the concept-driven rally [1].

According to institutional research information, the average target price of institutions in the past 90 days is RMB 70.88 [5], which can be used as an important reference resistance level. The short-term resistance level is in the range of RMB 60-65 (previous high area), and the support level is in the range of RMB 45-50 (upper edge of the recent consolidation platform). Considering that the ChiNext has a price limit of ±20%, investors need to pay attention to the volatility risk in extreme market conditions.

Margin trading data shows that in the past 3 months, the net inflow of margin trading was RMB 252 million, and the margin balance continued to increase; the net inflow of short selling was zero, and the short selling balance remained stable [5]. Leveraged capital shows obvious bullish characteristics, indicating strong bullish sentiment in the market. However, it should be noted that margin trading positions may bring liquidation pressure when the stock price pulls back.

According to the 2025 Q3 report data [5], the company achieved operating revenue of RMB 372 million in the first three quarters, a slight year-on-year decrease of 0.03%; net profit attributable to parent company was RMB 41.61 million, a year-on-year decrease of 37.17%. Although the overall performance was under pressure, the single-quarter data of Q3 improved significantly: operating revenue was RMB 109 million, a year-on-year increase of 8.63%; net profit attributable to parent company was RMB 10.4 million, a year-on-year increase of 37.44%, indicating that the company’s performance is gradually recovering.

The gross profit margin was 25.87%, maintaining a reasonable level; the asset-liability ratio was only 11.23%, with a stable financial structure and strong risk resistance; financial expenses were -RMB 8.6993 million, with interest income exceeding expenditure, and the cash flow situation was good. The non-net profit was RMB 25.69 million, a year-on-year decrease of 48.64%, and investment income (RMB 10.1 million) contributed greatly to the profit, reminding investors to pay attention to the recovery of the profitability of the main business.

The company has multiple competitive advantages in the industry [2][3]:

: The company has anti-corrosion and anti-wear surfacing technology and has obtained ASME certification, whose technical strength has been internationally recognized. The company’s surfacing technology can also be applied in the nuclear power field, and is expected to expand to more high-end application scenarios in the future.

: The company has established production bases in three locations: Vietnam, Da’ao, and the Middle East, forming a production capacity network covering major global markets. The commissioning and operation of the Vietnam base have given the company a cost advantage over overseas competitors [2].

: The company’s customers include major North American gas turbine suppliers, and it has established cooperative relationships with global giants such as GEV, Mitsubishi, and Siemens [2]. These high-quality customer resources provide a guarantee for the company to continuously obtain orders.

: The core personnel have nearly 20-30 years of industry experience and have completed multiple large-scale overseas projects [2], providing strong talent support for the company’s international strategy.

As of January 9, 2026, the number of registered shareholders of the company was 17,924, an increase of about 920 compared with 17,004 at the end of 2025 [6], indicating an increase in the number of shareholders and a certain degree of chip dispersion. However, it should be noted that the share reduction plan of the Qianhai system shareholders is continuing [6], which may cause periodic pressure on the stock price.

: Today’s gain exceeded 14%, and there is a risk of pullback in the short term. The ChiNext has a price limit of ±20%, and in extreme cases, the stock price may fall back rapidly. Investors should be cautious when chasing high prices, and can wait for a pullback before choosing an opportunity to deploy.

: The share reduction plan of the Qianhai system shareholders is continuing [6], which may cause pressure on the stock price. Investors need to pay attention to subsequent share reduction announcements and evaluate the potential impact on the stock price.

: The production cycle of HRSG is about 6 months, and it takes time to realize performance [2]. The order situation and delivery progress of the new production lines in Vietnam will be key variables affecting short-term performance.

: Changes in Sino-US trade relations may affect the expansion of North American business [2]. If trade policies tighten, the company’s development of the US market may face uncertainty.

: Overseas businesses are settled in US dollars, and exchange rate fluctuations may affect profit margins [2]. Fluctuations in the US dollar to RMB exchange rate need to be considered in investment decisions.

: It takes time for new production lines to reach full capacity [2]. It takes a certain period to improve the capacity utilization rate and yield of new production lines.

: HRSG competitors in South Korea, Thailand, Vietnam and other places are also expanding their production capacity [2], and industry competition may intensify.

The driving logic of Boying Special Welding’s current rally is clear:

is reflected in the breakthrough of the HRSG business from zero to one. The full capacity of the Vietnam base and the landing of US orders mark the company’s successful entry into the global high-end market; is reflected in the global shortage of gas turbines and strong demand for downstream HRSG; comes from intensive research showing increased attention from professional investors; is reflected in the substantial growth of production capacity in 2026, with expected performance flexibility.

: Bullish but cautious. The short-term gain is too large, and it may need to fluctuate to digest floating chips. Investors need to pay attention to the breakthrough of the RMB 60-65 resistance level and whether the trading volume can be maintained.

: Optimistic. Positive factors such as the commissioning of new production lines in Vietnam, order delivery, and performance improvement are expected to be gradually realized. The company’s Q3 performance has turned from negative to positive, and the fundamental improvement trend is expected to continue.

: Positive. The expansion of the US market is progressing smoothly, the global layout is deepened, and the HRSG business is expected to become a new growth pole of the company. The company’s technical strength and cost advantages are expected to stand out in global competition.

Investors should focus on the following fundamental inflection points: the commissioning and order situation of new production lines in Vietnam (expected in Q2 and Q4), the commissioning time of the Da’ao base (expected in 2026), the performance of the 2025 annual report and 2026 Q1 report, and the progress of new order acquisition in the North American market.

In the past 90 days, 2 institutions have given a “Buy” rating, and the institutional consensus target price is RMB 70.88 [5], which has a certain upside potential compared with the current stock price. Institutional ratings and target prices can be used as investment references, but investors need to make decisions based on their own risk preferences and investment goals.

Boying Special Welding’s strong performance today is supported by both fundamentals and event-driven factors. The superposition of positive factors such as full capacity of the Vietnam HRSG base, landing of US orders, intensive institutional research, and booming gas turbine industry has driven the stock price to rise sharply. The company’s fundamentals are improving, the HRSG business is expected to become a new growth pole, and the 2026 capacity expansion plan provides momentum for medium to long-term growth. In the short term, it is necessary to be wary of the pullback risk caused by excessive gains; in the medium to long term, attention can be paid to the progress of capacity deployment and order acquisition. It is currently a momentum-driven rally, and investors can wait for a pullback before choosing an opportunity to deploy, while closely monitoring changes in fundamentals and the evolution of risk factors.