Kaibeyi (300863) Strong Stock Analysis: Leading Automotive Wire & Cable Player Benefits from Sector Rotation

Kaibeyi’s strong performance today is mainly driven by the sector rotation effect. On January 19, 2026, the automotive sector in the A-share market performed prominently, with an intraday gain close to 2% [1]. As a leader in the automotive wire & cable sub-sector, the company was significantly boosted by sector sentiment. The company’s stock price rose by over 10% on the day, successfully entering the strong stock pool [1]. Other strong sectors on the day included basic chemicals (over 2% gain) and power equipment (close to 2% gain), indicating a rebound in market risk appetite [1].

From a fundamental perspective, Kaibeyi, as a leading domestic enterprise in the automotive wire & cable sector, has maintained a steady growth trend in recent years. Financial data shows that the company’s operating revenues in 2022, 2023, and 2024 were RMB 2.948 billion, RMB 3.452 billion, and RMB 3.648 billion respectively, with year-on-year growth rates of 30.01%, 17.08%, and 5.68% [0]. In the first three quarters of 2025, the company achieved operating revenue of RMB 2.854 billion, a year-on-year increase of 11.11%; net profit attributable to shareholders was RMB 138 million, a year-on-year increase of 5.01% [0]. The company’s major customers cover multiple complete vehicle manufacturers and Tier 1 suppliers, with production schedules exceeding 1 month within 90 days, indicating good order visibility [0].

According to a December 2025 report by Zhitong Finance, the company is accelerating its expansion into two new tracks [2]. The first is the

business, which benefits from growing demand in areas such as AI data centers and servers, with broad market space. The second is the business; as an important component of robots, cables are expected to bring incremental demand along with the development of the robot industry. In addition, the company provides a credit guarantee of no more than RMB 100 million to its wholly-owned subsidiary, demonstrating the management’s supportive attitude towards business expansion [2]. On December 9, 2025, Guqu Investment conducted a research visit to the company, indicating increasing attention from institutional investors [2].

From a technical perspective, the company’s stock price has recently fluctuated within the range of RMB 50-53, with the turnover rate maintaining between 1.5%-2.5%, indicating relatively active trading. On January 7, the closing price was RMB 53.0, with a daily gain of 2.73% and a turnover of RMB 213 million [0]. However, there is certain pressure on the capital side: main funds had a net sale of RMB 5.2858 million on December 24, 2025, and a net sale of RMB 10.3281 million on January 7, 2026 [0]. The continuous net outflow of main funds indicates short-term profit-taking pressure, but the stock price still rose against the background of net outflow, showing strong market absorption capacity.

From the perspective of financial indicators, the company’s asset-liability ratio is approximately 65% (64.15% in 2024), with a relatively high financial leverage level [0]. In addition, the company’s net profit in 2024 decreased by 2.59% year-on-year, and the revenue growth rate slowed down from 30% and 17% in the previous two years to 5.68% [0], indicating a weakening growth momentum. High debt ratio and slowing growth are risk factors that require continuous tracking.

: Kaibeyi’s new business layout reflects a typical path for auto parts enterprises to extend to high-end manufacturing fields. The high-speed copper cable business aligns with the current growth in demand for AI computing power infrastructure, while the humanoid robot business benefits from the trend of automated industrial upgrading. This dual-track layout enables the company to have both new energy and technology concepts, which is in line with current market hot spot preferences.

: Although main funds have shown a net outflow recently, the increase in institutional research visits indicates rising attention from professional investors. Capital outflows may reflect profit-taking by short-term speculative funds, rather than a signal of fundamental deterioration. This phenomenon of “main funds outflowing while stock price rising” usually indicates that retail investors and trend traders are taking over, and attention should be paid to possible short-term adjustments in the future.

: The continuous increase in the penetration rate of new energy vehicles is reshaping the pattern of the automotive wire & cable industry. New energy vehicles have higher demand and technical requirements for cables than traditional fuel vehicles, and leading enterprises with technical accumulation are expected to further consolidate their market position in industry integration. As an industry leader, Kaibeyi is expected to fully benefit from this structural change.

Risk Type	Specific Description	Urgency
Main Capital Pressure	Recent continuous net outflow, with single-day net outflow exceeding RMB 10 million on January 7 [0]	High
Slowing Performance Growth	2024 net profit decreased by 2.59% year-on-year, revenue growth rate slowed to 5.68% [0]	Medium-High
High Financial Leverage	Asset-liability ratio of approximately 65%, relatively high debt pressure [0]	Medium
Valuation Risk	Large short-term gain, time needed to digest valuation	Medium

: The overall strength of the automotive sector provides a window for trading opportunities. The sector rose by close to 2% today [1], with leading stocks showing more significant gains, indicating that funds are rotating from previously strong sectors to undervalued sectors.

: The high-speed copper cable and humanoid robot businesses are still in the layout stage; once substantive breakthroughs are made, they will open a second growth curve for the company. Both tracks have long-term growth logic [2].

: As a leader in the automotive wire & cable sector, the company has significant advantages in technical accumulation, customer resources, and production capacity layout, and is expected to gain more market share in the process of increasing industry concentration.

Short-term (1-2 weeks): Closely monitor whether the main fund flow turns from net outflow to net inflow, and the sustainability of automotive sector rotation.

Medium-term (1-3 months): Focus on the 2025 full-year performance and 2026 Q1 performance guidance, as well as the implementation of new business orders.

Long-term (over 6 months): Track the progress of high-speed copper cable and humanoid robot businesses, and the impact of changes in new energy vehicle penetration on cable demand.

Kaibeyi’s strong performance today is mainly driven by the overall strength of the automotive sector, which is a trading opportunity under the sector rotation effect. The company’s fundamentals remain sound, and as an industry leader, it has certain competitive advantages, while actively laying out new tracks in high-speed copper cables and humanoid robots. However, the recent continuous net outflow of main funds, the slight decline in 2024 performance, and the relatively high asset-liability ratio are risk factors that require attention. In the future, focus should be on tracking Q1 performance, progress in new business expansion, and changes in main fund flows.

: This report is compiled and analyzed based on public information and does not constitute investment advice. The stock market is risky, and investment requires caution.