Keystone Technology(SH:605588) Zhong Guo Zheng Quan Bao·2026-01-05 20:05Core Viewpoint - The company views overseas markets as a core growth area and aims to achieve the strategic goal of "recreating a new Qiaoguan" through industry chain collaboration and prudent mergers and acquisitions [1][2]. Company Overview - Qiaoguan Cable, established in 2006, is a national high-tech enterprise and a "specialized, refined, and innovative" small giant, primarily producing power cables and related products [1]. - The company’s products are widely used in various sectors, including power, energy, transportation, and construction, and account for about one-quarter of China's electrical industry output [1]. Financial Performance - From 2021 to 2024, the company's revenue is projected to grow from 2.688 billion to 3.585 billion yuan, while net profit is expected to increase from 82.01 million to 133 million yuan [1]. Market Position - In the first half of 2025, the company achieved a significant breakthrough by signing contracts worth 9.65 billion yuan in the Southern Power Grid's centralized bidding, reinforcing its position as a key supplier in the domestic market [2]. Strategic Goals - The company aims to expand internationally, particularly in emerging markets, as domestic competition intensifies and growth slows [2]. - The CEO emphasizes that "going abroad is not a choice but a necessity," highlighting the urgent demand for power infrastructure in markets like Mexico [2]. International Expansion - Qiaoguan Cable has identified Latin America as a key area for foreign trade expansion and has made tangible progress, including forming a specialized foreign trade team and initiating product international certification [3]. - The company plans to collaborate with upstream and downstream enterprises in the industry chain to navigate the complexities of the international market [3]. Mergers and Acquisitions - Mergers and acquisitions are seen as crucial for achieving the goal of "recreating a new Qiaoguan," with a focus on power equipment sectors like meters and transformers [3]. - The company is considering refinancing options based on strategic development and funding needs, while also monitoring relevant M&A opportunities [3]. Future Outlook - The company intends to continue strengthening its domestic market share while accelerating overseas expansion, particularly in the new energy vehicle charging equipment and marine energy cable markets [4]. - The dual approach of technological innovation and market development is expected to drive long-term stable growth [4].