宁波卡倍亿电气技术股份有限公司2026年第一季度报告重点详解

一、关键财务数据与业绩亮点

• 营业收入：公司2026年第一季度实现营业收入10.09亿元，同比增长14.08%，显示公司主营业务持续增长。
• 归属于上市公司股东的净利润：为1.01亿元，同比增长高达89.37%，增幅显著，主要得益于公允价值变动带来的净利润大幅增加。
• 扣除非经常性损益后的净利润：为3659万元，同比下降25.25%，表明主营业务盈利能力有所下滑，投资者需关注。
• 经营活动产生的现金流量净额：为-1.05亿元，同比下降165.32%，显示公司经营性现金流恶化，需关注现金流风险。
• 基本每股收益：为0.55元，同比增长89.66%。
• 加权平均净资产收益率：为6.98%，较去年同期提升3.42个百分点。

二、非经常性损益分析

• 非经常性损益合计为6401万元，主要包括：
  • 政府补助520万元
  • 金融资产公允价值变动收益7050万元
  • 其他相关损益项目
• 本期净利润大幅增长主要是公允价值变动带来的非经常性损益，投资者需警惕可持续性风险。

三、财务指标变动及原因

• 应收票据增长122.83%，主要由于报告期末已背书或贴现不能终止确认的票据增加。
• 预付款项增长161.25%，主要因材料预付款增加。
• 合同负债增长1705.23%，系预收货款大幅增加。
• 其他流动负债增长458.28%，因未终止确认应收票据还原到其他流动负债增加。
• 应付账款下降45.15%，主要系支付货款及设备工程款致期末余额减少。
• 财务费用上涨69.56%，主要因借款利息、汇兑损失增加。
• 经营现金流净额大幅下降，主要因销售增长及提前备货导致采购材料支付款项增加。
• 投资活动现金流净额下降66.63%，主要因设备及工程款投资额、股权投资增加。
• 筹资活动现金流净额增长500.17%，系银行借款融资额增加。

四、股东结构与限售股变化

• 公司股东总数：普通股股东10,078名。
• 主要股东：宁波新协实业集团有限公司持股52.5%，为控股股东，林光耀、林光成、林强为一致行动人。
• 前十大股东持股情况：详见报告，部分高管持有限售股。
• 回购专用证券账户：截至2026年3月31日，公司回购专用证券账户持股509.99万股，占总股本2.71%。
• 高管锁定股：本期未解除限售。

五、资产负债表与现金流表主要变动

• 总资产：期末为48.22亿元，较年初增长7.58%。
• 流动资产：期末为28.64亿元。
• 流动负债：期末为24.33亿元。
• 短期借款：期末为17.85亿元，较年初增加2.83亿元。
• 长期借款：期末为8.36亿元，增加1.2亿元。
• 经营现金流净额：为-1.05亿元，显示公司经营压力较大。
• 筹资现金流净额：为3.74亿元，主要来自银行借款。

六、对股东与投资者的重要提示

• 非经常性损益驱动净利润大增：本期净利润主要受金融资产公允价值变动影响，未来业绩可持续性存在不确定性。
• 经营现金流恶化需警惕：公司经营活动现金流净额为负，需关注现金流风险。
• 资产负债结构变化：短期与长期借款大幅增加，可能带来财务费用上升与偿债压力。
• 股权结构稳定：控股股东及一致行动人持股比例高，股权结构较为集中。
• 回购股份：公司持续回购股票，可能向市场释放积极信号。

七、结论与影响分析

• 公司2026年第一季度业绩表现亮眼，净利润大幅增长，但主要由非经常性损益驱动，主营业务盈利能力下滑并且现金流恶化，需投资者关注未来业绩的可持续性与现金流风险。
• 短期与长期借款增加，表明公司加大资金投入，需关注后续财务费用与负债压力。
• 回购股份与股权结构稳定，对市场情绪有一定积极作用。
• 上述因素均有可能对股价产生较大影响，建议投资者密切关注公司后续公告与经营状况。

免责声明：本文仅为信息解读，不构成投资建议。投资者需根据自身情况、结合公司后续公告及市场环境，谨慎决策。

English Version

Key Highlights and Detailed Analysis of Ningbo Kabeiyi Electrical Technology Co., Ltd. Q1 2026 Report

1. Key Financial Data and Performance Highlights

• Revenue: Q1 2026 revenue reached RMB 1.009 billion, up 14.08% year-on-year, indicating steady business growth.
• Net Profit Attributable to Shareholders: RMB 100.6 million, up 89.37% year-on-year, mainly driven by significant increase from fair value changes.
• Net Profit Excluding Non-recurring Gains: RMB 36.6 million, down 25.25% year-on-year, showing core business profitability decline and requiring investor attention.
• Net Operating Cash Flow: RMB -105.2 million, down 165.32% year-on-year, indicating deteriorating operating cash flow and potential cash flow risk.
• Basic EPS: RMB 0.55, up 89.66% year-on-year.
• Weighted ROE: 6.98%, up 3.42 percentage points from last year.

2. Non-recurring Gains Analysis

• Non-recurring gains total RMB 64.01 million, mainly including:
  • Government subsidies RMB 5.21 million
  • Fair value gains on financial assets RMB 70.5 million
  • Other related gains
• The sharp net profit increase this quarter is mainly driven by fair value gains, raising concerns about sustainability for investors.

3. Financial Metrics Changes and Reasons

• Receivable bills up 122.83%, mainly due to increased un-derecognized endorsed/discounted bills.
• Prepayments up 161.25%, mainly due to increased material prepayments.
• Contract liabilities up 1705.23%, due to significant increase in advance payments from customers.
• Other current liabilities up 458.28%, due to increased un-derecognized receivable bills.
• Accounts payable down 45.15%, mainly due to payment of materials and project funds.
• Financial expenses up 69.56%, due to increased loan interest and exchange losses.
• Operating cash flow net down sharply, mainly due to sales growth and advance procurement.
• Investment cash flow net down 66.63%, mainly due to increased investment in equipment and equity.
• Financing cash flow net up 500.17%, due to increased bank loans.

4. Shareholder Structure and Restricted Shares Changes

• Total Shareholders: 10,078 ordinary shareholders.
• Main Shareholder: Ningbo Xiexie Industrial Group holds 52.5%, is the controlling shareholder, with Lin Guangyao, Lin Guangcheng, and Lin Qiang as concerted action persons.
• Top Ten Shareholders: See report for details, several executives hold restricted shares.
• Repurchase Account: As of March 31, 2026, the company repurchase account holds 5,099,944 shares, accounting for 2.71% of total share capital.
• Executive Locked Shares: No release of restricted shares this period.

5. Balance Sheet and Cash Flow Key Changes

• Total Assets: RMB 4.82 billion, up 7.58% from year beginning.
• Current Assets: RMB 2.86 billion at period end.
• Current Liabilities: RMB 2.43 billion at period end.
• Short-term Loans: RMB 1.78 billion, up RMB 283 million from start of year.
• Long-term Loans: RMB 836 million, up RMB 120 million.
• Net Operating Cash Flow: RMB -105.2 million, showing operating pressure.
• Net Financing Cash Flow: RMB 373.9 million, mainly from bank loans.

6. Important Reminders for Shareholders and Investors

• Net Profit Driven by Non-recurring Gains: Current net profit mainly from fair value changes, sustainability of future earnings is uncertain.
• Operating Cash Flow Risk: Negative net operating cash flow, cash flow risk needs attention.
• Asset-Liability Structure Change: Significant increase in short- and long-term loans, may lead to higher financial expenses and debt pressure.
• Stable Shareholding Structure: High concentration of controlling shareholder and concerted action persons.
• Share Repurchase: Ongoing share repurchase may send positive market signals.

7. Conclusion and Impact Analysis

• Q1 2026 performance is outstanding with sharp net profit growth, but mainly driven by non-recurring gains, core business profitability declines and cash flow deteriorates, investors should monitor sustainability and cash flow risks.
• Substantial increase in short- and long-term loans indicates increased capital investment, attention needed on subsequent financial expenses and debt pressure.
• Share repurchase and stable shareholding structure have certain positive effects on market sentiment.
• These factors may significantly impact share price; investors are advised to closely follow company disclosures and operational status.

Disclaimer: This article is for informational interpretation only and does not constitute investment advice. Investors should make careful decisions based on their own circumstances, subsequent company disclosures, and market environment.

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