Market and Technology Trends - The company has shifted focus from traditional security to integrating new technologies like AI and AR, enhancing market potential [2] - The company's "Luban" series products, combining digital twin and smart IoT, generated over 1 billion RMB in new business opportunities within a month of launch [2] - The company's multi-modal industry visual model, "Dahua Xinghan," has improved accuracy and generalization, significantly enhancing business competitiveness [4][5] Overseas Business - Overseas operations face challenges due to regional conflicts and US sanctions, but remain a key focus [3] - The company has a global presence with over 3,500 employees, supporting sustainable growth in overseas markets [3] - The company expects overseas business growth to return to double digits in 2024 [3] Financial and Shareholder Returns - Since its IPO in 2008, the company has consistently paid cash dividends, totaling over 5.7 billion RMB [3] - In 2023, the company distributed 2.686 billion RMB in cash dividends, accounting for 36.49% of net profit attributable to shareholders [3] - The company plans to maintain a cash dividend payout ratio of at least 30% of non-GAAP net profit over the next three years [3] Strategic Partnerships - The company is deepening its collaboration with China Mobile, focusing on platform and operational models [4] - The partnership with China Mobile is expected to expand beyond the current 1 billion RMB level, with significant future potential [4] - The company is working with China Mobile to develop standardized products and explore new operational models, leveraging AI capabilities [4] Industry-Specific AI Models - The company's "Dahua Xinghan" model has achieved a 10%+ accuracy improvement in urban governance and a 20%+ improvement in the power industry compared to smaller models [5][6] - The model simplifies deployment and reduces costs, with one large model replacing dozens of smaller models [5][6] - The model supports complex cognitive functions, such as real-time simulation and decision-making in urban governance and power industries [5][6] Future Development - The company is actively developing and deploying large models in various industries, including transportation, to enhance AI capabilities [6] - The company's large models enable real-time simulation and decision-making, improving efficiency in urban governance and power industries [6]

浙江大华技术股份有限公司 2023 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、公司总股本为 3,294,468,990 股，其中公司通过回购专户持有公司股票数 量为 19,819,601 股，该部分已回购的股份不享有参与本次利润分配的权利； 2、本次权益分派方案实施后，根据股票市值不变原则，实施权益分派前后 公司总股本保持不变，现金分红总额分摊到每一股的比例将减小。本次权益分派 实施后除权除息价格计算时，按公司总股本（含回购股份）折算每股现金分红= 本次实际现金分红总额/公司总股本，即 0.3797018 元（保留 7 位小数，最后一位 直接截取，不四舍五入）。因此，公司 2023 年年度权益分派实施后的除权除息参 考价=股权登记日收盘价-0.3797018 元。 一、股东大会审议通过利润分配方案等情况 1、2023 年度股东大会审议通过的利润分配方案为：以公司现有总股本剔除 已回购股份 19,819,601 股后的 3,274,649,389 股为基数，向全体股东每 10 股派发 现金 3.82 元（含税），现金 ...

2023 Annual Report of Zhejiang Dahua Technology Co., Ltd. Zhejiang Dahua Technology Co., Ltd. 2023 Annual Report Stock Code: 002236 Stock Abbreviation: DAHUA Date of Disclosure: April 2024 This document is a translated version of the Chinese version 2023 Annual Report ("2023 年年度报告全文"), and the published annual report in the Chinese version shall prevail. The complete published Chinese 2023 Annual Report may be obtained at http://www.cninfo.com.cn. 1 2023 Annual Report of Zhejiang Dahua Technology Co., Ltd. ...

2024 Q1 Report of Zhejiang Dahua Technology Co., Ltd. Stock Code: 002236 Stock Abbreviation: Dahua Announcement No.: 2024-037 Zhejiang Dahua Technology Co., Ltd. 2024 Q1 Report 2. The Company's legal representative, chief accountant, and person in charge of accounting institution (Accounting Officer) hereby declare and warrant that the financial statements in the quarterly report are authentic, accurate, and complete. □ Yes No This document is a translated version of the Chinese version 2024 Q1 report ("202 ...

2023 ZHEJIANG DAHUA TECHNOLOGY CO., LTD. Environmental, Social and Governance Report Contents | About This Report | 3 | | --- | --- | | Statement from the Chairman | 4 | | Introduction to Dahua | 5 | | Corporate Introduction | 5 | | Development History | 6 | | Corporate Strategy | 7 | | ESG Honors | 8 | Feature: Technology for Social Good, Empowered by Digital Intelligence 9 01 03 Governance | ESG Governance | | --- | | Corporate Governance | | Compliance Management | | Risk Management | | Business Ethics | ...

Investment Rating - The report maintains a "Recommend" rating for Dahua Technology (002236 SZ) [2][3] Core Views - Dahua Technology achieved revenue of RMB 32 218 billion in 2023, a year-on-year increase of 5 41%, with net profit attributable to the parent company reaching RMB 7 362 billion, a significant increase of 216 73% [2] - The company's AIoT and intelligent IoT platform strategies have driven business optimization, with smart IoT products and solutions generating RMB 266 45 billion in revenue, up 5 79% year-on-year [2] - Innovation businesses, including machine vision, mobile robots, and automotive electronics, contributed RMB 49 07 billion in revenue, a 19 20% increase [2] - Overseas revenue accounted for 47 57% of total revenue, with the company expanding its global presence through 69 overseas branches and over 1,000 service partners [2] - The company's R&D investment reached RMB 3 967 billion in 2023, accounting for 12 31% of revenue, focusing on AI, big data, and cloud computing [2] Financial Performance and Forecast - For 2024-2026, the report forecasts EPS of RMB 1 16, 1 37, and 1 58, respectively, with corresponding P/E ratios of 15x, 13x, and 11x [2][3] - Revenue is expected to grow to RMB 35 501 billion in 2024, RMB 39 779 billion in 2025, and RMB 45 193 billion in 2026, with growth rates of 10 19%, 12 05%, and 13 61%, respectively [5] - Net profit attributable to the parent company is projected to be RMB 3 824 billion in 2024, RMB 4 511 billion in 2025, and RMB 5 200 billion in 2026 [5] - The company's gross margin is expected to remain stable at around 42% over the forecast period [5] Business Highlights - Dahua Technology's software business grew by 21 59% in 2023, reaching RMB 1 797 billion in revenue [2] - The company launched the Xinghan AI model, enhancing its visual analysis capabilities through multimodal data integration [2] - Domestic revenue accounted for 52 43% of total revenue, with marketing centers covering 100% of provinces and 70% of counties in China [2] - The company established a Future Communications Research Institute to advance IoT and visual networking technologies [2] Valuation and Metrics - The current price of Dahua Technology is RMB 17 99, with a P/E ratio of 15x for 2024 [3] - The company's ROE is expected to be 10 67% in 2024, 11 17% in 2025, and 11 41% in 2026 [5] - The dividend yield is projected to be 3 85% in 2024, increasing to 4 56% in subsequent years [6]

一、担保情况概述 浙江大华技术股份有限公司（以下简称"公司"）于 2023 年 4 月 27 日召开的 第七届董事会第四十二次会议审议通过了《关于为子公司提供担保的议案》。根 据公司实际业务发展需要，公司拟在 2023 年为合并范围内的部分子公司提供担 保，担保总额度不超过人民币 1,360,000 万元。其中，对资产负债率低于 70%的 子公司提供担保额度 67,800 万元，对资产负债率高于 70%的子公司提供担保额 度 1,292,200 万元。在上述额度范围内，公司管理层可根据实际经营情况对子公 司之间的担保金额进行调剂。上述事项已经公司 2022 年度股东大会审议通过。 具体内容详见公司刊登于《证券时报》和巨潮资讯网（www.cninfo.com.cn）的 《关于为子公司提供担保的公告》（公告编号：2023-032）。 二、担保进展情况 近日，公司在汇丰银行（中国）有限公司杭州分行开立保函（保函编号： PEBHAZ402356），约定为子公司Dahua Technology (HK) Limited向供应商的采 购合同提供付款担保，担保总额不超过300万美元，保证期间为2024年4月22日至 202 ...

Investment Rating - Buy | Maintain [1] Core Views - The company achieved steady revenue growth and a significant increase in non-GAAP net profit in 2023, with revenues reaching 32.218 billion yuan, up 5.41% YoY, and non-GAAP net profit attributable to the parent company reaching 2.962 billion yuan, up 87.39% YoY [2] - In Q1 2024, the company reported revenues of 6.181 billion yuan, up 2.75% YoY, and non-GAAP net profit attributable to the parent company of 501 million yuan, up 25.92% YoY [2] - The company maintained high R&D investment, with 3.967 billion yuan spent in 2023, accounting for 12.31% of revenue, focusing on AI, data intelligence, and cloud computing [3] - The company's innovative business grew rapidly, with revenues of 4.907 billion yuan in 2023, up 19.20% YoY, and a gross margin of 35.41% [3] - The company has built a comprehensive algorithm training system, including the Xinghan visual model, which supports multiple industries such as energy and water resources [4] Financial Forecasts - Revenue is projected to grow to 35.246 billion yuan in 2024, 38.351 billion yuan in 2025, and 41.571 billion yuan in 2026 [5] - Net profit attributable to the parent company is expected to reach 3.717 billion yuan in 2024, 4.308 billion yuan in 2025, and 4.808 billion yuan in 2026 [5] - EPS is forecasted to be 1.13 yuan in 2024, 1.31 yuan in 2025, and 1.46 yuan in 2026, with corresponding P/E ratios of 15.33x, 13.23x, and 11.85x [5] Business Segments - Domestic TO G business revenue was 4.333 billion yuan in 2023, up 0.18% YoY [2] - Domestic TO B business revenue was 9.087 billion yuan in 2023, up 9.92% YoY [2] - Domestic other business revenue was 3.471 billion yuan in 2023, up 8.24% YoY [2] - Overseas business revenue was 15.327 billion yuan in 2023, up 3.80% YoY [2] R&D and Innovation - The company's software business within its smart IoT products and solutions generated 1.797 billion yuan in revenue in 2023, up 21.59% YoY, with a gross margin of 67.09% [3] - The company has developed a 1+1+N algorithm training system, including offline training machines and an AI training online platform [4] Financial Ratios - Gross margin improved to 42.04% in 2023, up from 37.87% in 2022 [13] - ROE increased to 21.20% in 2023, compared to 9.00% in 2022 [13] - Net profit margin rose to 22.85% in 2023, up from 7.60% in 2022 [13]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has upgraded its Dahua Think2.0 strategy, achieving a significant increase in net profit attributable to the parent company by 216.73% year-on-year, with a non-GAAP net profit increase of 87.39% [8][12] - The company focuses on integrated intelligence and continues to enhance its AIoT and data intelligence platform capabilities, which are expected to drive long-term growth [11][12] - The company emphasizes technological innovation and has invested 3.967 billion yuan in R&D, accounting for 12.31% of its revenue in 2023 [11][12] Financial Performance - In 2023, the company achieved operating revenue of 32.218 billion yuan, a year-on-year increase of 5.41%, and a gross profit margin of 42.04%, up by 4.17 percentage points [8][10] - The forecast for operating revenue is expected to grow to 36.576 billion yuan in 2024, with a year-on-year growth rate of 13.5% [10][12] - The projected net profit for 2024 is 3.996 billion yuan, with an EPS of 1.21 yuan [10][12] Market and Product Performance - The smart IoT products and solutions generated revenue of 26.645 billion yuan in 2023, a year-on-year increase of 5.79%, with software business revenue growing by 21.59% [9] - The company has optimized its global marketing and service system, achieving a revenue of 16.891 billion yuan domestically, up by 6.91%, and 15.327 billion yuan overseas, up by 3.80% [9] Strategic Focus - The company is committed to AI as a core strategy, aiming to enhance its AI capabilities and provide comprehensive solutions for urban and enterprise digital transformation [12] - The company has established a "1+2" AI capability system, focusing on algorithm supply and customer experience [12][11]

2024 年 04 月 18 日 公司研究 评级：增持 (首次覆盖 ) 研究所： [Table_Title] 业绩逐步改善，合作中移动 赋能日新月盛 +AI 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn ——大华股份（ ） 年年报 年 002236 2023 &2024 一季报点评 事件 : 最近一年走势 2024年4月15日，公司发布2023年年度及2024年一季度报告： 2023年，公司实现营业收入322.18亿元，同比+5.41%；归母净利润73.62 亿元，同比+216.73%；扣非后归母净利润29.62亿元，同比+87.39%； 经营活动净现金流45.99亿元，同比+336.49%。 2024Q1公司营业收入61.81亿元，同比+2.75%；归母净利润5.61亿元， 同比+13.26%；扣非归母净利润5.01亿元，同比+25.92%。 投资要点 :  B端业务稳定发力，创新业务维持高增长 相对沪深300表现 2024/04/18 表现 1M 3M 12M 2023年主营业务保持稳健增长，分业务看： 大华股份 -8.9% 5.3% -25.6% （1）国内市 ...