11月14日，卡倍亿（300863）官方微信公众号消息显示，近日，卡倍亿与人形机器人企业上海矩阵超智 系统集成有限公司（下称：矩阵超智）正式签署战略合作协议，双方将围绕技术创新、供应链协同与产 业共建等方面展开深度合作，共同推进人形机器人业务的快速发展。 资料显示，矩阵超智自创立以来便以卓越的技术基因和全栈自研能力备受关注。其核心团队汇聚了来自 特斯拉、英伟达、OpenAI等全球顶尖科技公司的资深专家，具备从系统设计、硬件开发到算法优化的 完整技术闭环。在2025年世界人工智能大会上，矩阵超智发布的Matrix-1人形机器人，以其高度拟人的 运动控制与智能交互能力，充分展现了公司在人形机器人前沿技术上的深厚积累与创新实力。 卡倍亿作为国内领先的汽车线缆供应商，在新能源汽车线缆、数据线缆、机器人线缆等领域拥有深厚的 技术沉淀与成熟的制造体系。公司长期服务于高端制造与科技产业，具备完整的研发、测试与量产能 力。 根据战略合作协议，双方将建立长期、稳定的战略合作伙伴关系。卡倍亿的目标是成为矩阵超智在机器 人线缆、线束、电池Pack、关节模组及整机组装等领域的重要供应商。双方将通过技术协同、联合开 发、供应链优化等方 ...

Core Viewpoint - The company Kabeyi (300863.SZ), known as "China's leading automotive cable stock," is actively expanding its business and enhancing competitiveness through strategic investments and technological innovation [1][2]. Business Expansion - Kabeyi announced a 100 million yuan investment to establish a wholly-owned subsidiary, Shanghai Kabeyi Robot Co., Ltd., to accelerate the development of humanoid robot components [1][2]. - The subsidiary aims to integrate resources and optimize the existing business structure, enhancing the company's overall strength and competitiveness in the humanoid robot sector [2]. Financial Performance - As of September 2025, Kabeyi's total assets reached 4.146 billion yuan, with construction projects amounting to 310 million yuan, reflecting a 499.35% increase from the beginning of the period [6]. - For the first three quarters of 2025, the company reported a revenue of 2.854 billion yuan, a year-on-year increase of 11.11%, and a net profit attributable to shareholders of 138 million yuan, up 5.01% [6]. - The operating cash flow showed significant improvement, with a net inflow of 166 million yuan for the first three quarters of 2025, compared to a negative 28.73 million yuan in the same period last year, marking a 679.32% increase [6]. Research and Development - Kabeyi has established a strong foundation in the automotive cable industry, with capabilities to produce cables meeting various international standards [2][3]. - The company has invested in R&D, with expenses amounting to 70.29 million yuan in 2022 and 113 million yuan in the first three quarters of 2025, reflecting a steady increase in R&D investment [3]. Market Position - Kabeyi has entered the supply chains of major automotive manufacturers, including Volkswagen, BMW, and Tesla, and has received recognition as an excellent supplier from notable automotive harness companies [6].

Core Viewpoint - The company is positioned for significant growth driven by the increasing demand for AI computing power and the expansion of its MPO product offerings, supported by strategic acquisitions and automation enhancements in production processes [1][2][3][4]. Group 1: AI Computing and MPO Demand - The surge in AI computing power is driving high demand for MPO products, with a trend towards higher core counts and density in product offerings [1]. - The company’s fiber optic products primarily consist of MPO and LC types, with MPO fiber jumpers available in various core counts, and ongoing collaboration with clients to develop high-end specialty fiber products [1]. Group 2: Global Capacity and Production Expansion - The company has a robust global capacity reserve with production bases in key regions including the Yangtze River Delta, Pearl River Delta, and overseas locations in Vietnam and Mexico, bolstered by the acquisition of Leoni Kable [2]. - The company is expanding its production lines in the Huizhou factory to cater to major clients and is enhancing global supply capabilities through production expansions in Mexico and Europe [2]. Group 3: Technological Advancements and Automation - The company leads in MPO manufacturing technology, achieving high precision and yield in core production processes, which has garnered strong customer recognition [2]. - Significant investments in automation, supported by the Lixun Robotics team, have led to the development of various automated fiber optic equipment, which is expected to improve production efficiency and profit margins [2]. Group 4: Strategic Acquisitions and Business Growth - The acquisition of Leoni's cable solutions business is progressing well, with expectations of improved profitability and operational efficiency in the coming years [3]. - The company has signed an acquisition agreement for Dejinchang, which focuses on copper wire products, enhancing supply security and vertical integration [3]. - The server business is anticipated to maintain high growth due to the booming AI server market [3]. Group 5: Investment Rating and Financial Projections - The company maintains a "strong buy" investment rating, benefiting from its strategic positioning in the MPO optical communication and AI server sectors, with expectations of high-quality growth [4]. - Revenue projections for 2025, 2026, and 2027 are set at HKD 10.2 billion, HKD 12.9 billion, and HKD 16.6 billion, respectively, with net profits of HKD 710 million, HKD 1.21 billion, and HKD 1.7 billion, reflecting a positive outlook on profitability [4].

Group 1 - The company announced that the environmental impact assessment (EIA) approval for its fundraising projects, "Shanghai High-Speed Copper Cable Project" and "Ningbo Automotive Cable Renovation Project," is currently under review by relevant authorities [1] - To avoid uncertainties in project implementation, the company has applied to the Shenzhen Stock Exchange to suspend the review of its convertible bond issuance to unspecified objects, with the suspension expected to last no more than one month [1] - The application for suspension of review will not affect the company's normal production and operations, and the company will promptly apply for the resumption of review once the EIA and approval are confirmed [1]

Core Insights - The company reported a revenue of 1.83 billion yuan for the first half of 2025, representing a year-on-year growth of 10.94% [1] - The net profit attributable to shareholders was 92.27 million yuan, showing a year-on-year increase of 1.93% [1] Business Development - The company specializes in the automotive cable industry and has strategically expanded into high-speed copper cables and humanoid robot cables, leveraging its years of technical expertise and manufacturing experience [1] - The establishment of Ningbo and Shanghai subsidiaries for high-speed copper cable production is part of the company's growth strategy [1] - The company is raising funds through convertible bonds to invest in high-speed copper cable production bases in Shanghai and Mexico, aiming to produce 112G and 224G copper cable products [1] Production and Capacity - The first phase of the company's factory in Mexico has begun production and is currently in the capacity ramp-up stage, having received customer orders [1] - The company has set up a robotics division and a high-standard robotics cable laboratory to conduct various testing projects for robot cables, meeting industrial standards for drag chain cables and flexible cables [1] Partnerships and Technology - The company has accumulated patented technologies and production experience in insulation materials, shielding structures, and bend resistance, which provides a solid foundation for the further expansion of new products [2] - Strong partnerships have been established with major harness manufacturers and OEM clients, including Tyco, Amphenol, Aptiv, Xiaomi, and Xiaopeng, enhancing the company's market position [2]

Company Overview - Ningbo KBE Electrical Technology Co., Ltd. is a company established from the transformation of a limited liability company into a joint-stock company, with its establishment date on March 5, 2004 [1][2] - The company specializes in the research, production, and sales of automotive cables, serving as a secondary supplier in the automotive supply chain [2][3] - The company has a total share capital of 134,951,140 shares and is listed on the Shenzhen Stock Exchange under the stock code 300863 [1][2] Business Operations - The main products include various types of automotive cables such as conventional cables, aluminum cables, twisted pair cables, shielded cables, new energy cables, and multi-core sheathed cables [2][3] - The company has obtained certifications from major automotive manufacturers and is recognized as a high-tech enterprise, holding 52 patents as of March 31, 2025 [2][3] Financial Performance - The total assets of the company for the years 2022, 2023, and 2024 were 358,912.47 million, 374,696.60 million, and 281,635.52 million respectively [5] - The company reported operating revenues of 294,840.82 million in 2022, 345,193.07 million in 2023, and 364,801.63 million in 2024 [5] - The net profit attributable to shareholders was 14,005.17 million in 2022, 16,594.46 million in 2023, and 16,165.45 million in 2024 [5] Market Position - The automotive wiring harness market is highly concentrated, with the top five companies holding approximately 60%-70% of the market share [11] - The company has established long-term stable supply relationships with major automotive wiring harness manufacturers, including Volkswagen, BMW, and Toyota [2][11] Risks and Challenges - The company faces risks related to high customer concentration, with over 60% of sales coming from the top five customers [11] - Fluctuations in copper prices can significantly impact the company's profit margins and working capital requirements [10][11] - The company must continuously innovate and adapt to meet the evolving technical requirements of automotive manufacturers [12][19]

Group 1 - The company, Ningbo KBE Electrical Technology Co., Ltd., is issuing convertible bonds to unspecified investors to raise funds for three major projects: Shanghai High-Speed Copper Cable Project, Mexico Automotive Cable and High-Speed Copper Cable Production Base Project, and Ningbo Automotive Cable Reconstruction Project [2][10][14] - The company has received a credit rating of A+ with a stable outlook for the convertible bonds from Shanghai New Century Credit Rating Investment Service Co., Ltd. [2][3] - The company aims to optimize its product and capacity structure, enhance profitability, and improve technological capabilities through the funds raised from this issuance [14] Group 2 - The automotive cable market is experiencing growth due to the increasing demand for electric and intelligent vehicles, with global automotive sales rising by 15% over the past three years [14] - China remains the largest automotive market, with a 17% increase in automotive sales, while North America is the second largest market, also growing by 17% [14] - The company plans to implement a stable and active profit distribution policy, with cash dividends expected to be at least 10% of the distributable profits each year, and higher percentages based on the company's development stage and capital expenditure needs [4][5][6] Group 3 - The company has a history of consistent profit distribution, with cash dividends of RMB 29.57 million in 2022, RMB 44.44 million in 2023, and projected cash dividends of RMB 40.14 million in 2024 [7][8][9] - The company’s dividend policy is designed to balance shareholder returns with the need for reinvestment in growth opportunities [3][5] - The company is committed to maintaining a transparent communication process with shareholders regarding dividend distribution and any changes to the policy [6][11]

Core Viewpoint - The financial report of Kabeiyi Company for 2024 shows a slight increase in revenue but a decline in net profit, indicating potential challenges in profitability despite revenue growth [1][2]. Financial Performance - The operating revenue for 2024 is 3.648 billion yuan, representing a year-on-year increase of 5.68% compared to 3.452 billion yuan in 2023 [1]. - The net profit attributable to shareholders is 161.65 million yuan, down 2.59% from 165.94 million yuan in 2023 [1]. - The net profit after deducting non-recurring gains and losses is 157.67 million yuan, a slight decrease of 0.07% from 157.79 million yuan in the previous year [1]. - Basic and diluted earnings per share are both 1.30 yuan, down 4.41% from 1.36 yuan in 2023 [1]. - The total assets at the end of 2024 amount to 3.747 billion yuan, a significant increase of 33.04% from 2.816 billion yuan at the end of 2023 [1]. Profitability Metrics - The gross profit margin for 2024 is 12.37%, a decrease of 0.03 percentage points year-on-year [2]. - The net profit margin is 4.43%, down 0.38 percentage points compared to the previous year [2]. Expense Analysis - Total operating expenses for 2024 are 2.59 billion yuan, an increase of 37.92 million yuan from the previous year [2]. - The expense ratio is 7.09%, up 0.70 percentage points year-on-year [2]. - Sales expenses decreased by 28.67%, while management expenses increased by 6.55%, R&D expenses rose by 24.61%, and financial expenses surged by 51.58% [2]. Employee Statistics - The total number of employees at the end of 2024 is 1,163, an increase of 141 employees or 13.80% from 1,022 employees at the end of 2023 [6]. Executive Compensation - The total compensation for directors, supervisors, and senior management in 2024 is 5.0213 million yuan, with the highest paid being the chairman and general manager Lin Guangyao, who received 1.2095 million yuan [7].