Boying Special Welding (301468) Limit-Up Reason and Market Analysis

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1. Overseas Capacity Expansion Announcement
   : The company plans to inject no more than 275 million yuan into its Vietnamese subsidiary to expand production lines for products such as HRSG, enhancing its ability to undertake international orders [2].
2. Industry Prosperity Driver
   : The gas turbine industry is on the verge of an outbreak, and demand for HRSG as a supporting product has grown significantly; the logic of power shortage in North America has driven strong demand in overseas markets [3].
3. Sector Linkage Effect
   : This stock is a hot stock in the nuclear power concept. On the same day, the nuclear power sector rose by 0.66%, driving the performance of individual stocks [4].
4. Institutional Research Expectation
   : It accepted institutional research on December 9, and the probability of stock price rise in 24 trading days after historical research reached 90% [3].

: On the day, it rose by 19.99% to the limit-up price of 55.67 yuan, with a trading volume of 105,200 lots, a turnover rate of 14.03%, and a volume ratio of 1.40 (40% higher than the 5-day average), indicating a significant increase in capital attention [3].

1. Resonance Between Industry Trends and Company Layout
   : The growth of the gas turbine + HRSG industry and the demand for power shortage in North America form a dual drive. The company’s overseas capacity expansion is timely, strengthening its global market competitiveness.
2. Signal Role of Institutional Research
   : The high probability of rise after historical research enhances market confidence, but a comprehensive judgment needs to be made in combination with valuation and reduction pressure.

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• High Valuation Risk
  : The dynamic P/E ratio is 115.18 times, and the TTM P/E ratio is 142.66 times, which is much higher than the industry average [3].
• Shareholder Reduction Pressure
  : In November, it was announced that shareholders holding more than 5% of the shares plan to reduce their holdings by no more than 3%, which will be implemented from November 25, 2025 to January 24, 2026 [6].

:

• Overseas capacity expansion is expected to increase international market share and seize the opportunity of global HRSG demand growth.
• The continuous growth of the gas turbine and nuclear power industries provides long-term development space for the company.

The limit-up of Boying Special Welding (301468) on December 12, 2025 was driven by multiple factors, including capacity expansion, industry prosperity, sector linkage, and institutional research expectations. The short-term market momentum is strong, but high valuation and shareholder reduction form potential pressures. Investors need to pay attention to the effectiveness of the limit-up breakthrough and the impact of the implementation of the reduction plan.