Investment Rating - The report maintains a "Recommended" investment rating for Hikvision (002415.SZ) [1] Core Insights - The company reported a total revenue of 89.34 billion yuan for 2023, representing a year-over-year increase of 7.4%. The net profit attributable to shareholders was 14.11 billion yuan, up 9.9% year-over-year [1] - In Q1 2024, the company achieved revenue of 17.82 billion yuan, a 10.0% increase year-over-year, with a net profit of 1.92 billion yuan, reflecting a 5.8% growth [1] - The company has seen a strong quarterly performance in 2023, with innovative business segments growing significantly, contributing to a total revenue of 18.55 billion yuan, which is a substantial year-over-year increase of 23.11% [1] - The gross profit margin improved by 2.15 percentage points to 44.44% in 2023, with product and service gross margins at 46.34% [1] Financial Performance Summary - The company’s operating cash flow increased by 63.55% year-over-year, driven by improved sales collections [1] - For Q1 2024, the gross margin continued to rise, reaching 45.76% [1] - The company’s expenses for sales, management, and R&D were 9.77 billion, 2.64 billion, and 9.81 billion yuan respectively in 2023, with year-over-year changes of +3.27%, -2.41%, and +8.06% [1] Business Strategy and Innovation - The company is advancing six digital product lines centered around operational technology (OT), integrating IT and data technology (DT) to create comprehensive smart IoT solutions [1] - The company has launched the "Guanlan" large model, which includes a three-tier architecture of foundational, industry, and task models, enhancing its capabilities in cloud computing, big data, and artificial intelligence [1] - The large model has expanded its coverage to over 10 major industries and nearly 90 sub-industries, addressing over 500 specific scenarios to meet customized digital transformation needs [1] Future Projections - The company is projected to achieve revenues of 99.81 billion, 112.99 billion, and 125.36 billion yuan for 2024, 2025, and 2026 respectively, with year-over-year growth rates of 11.7%, 13.2%, and 11.0% [4] - The net profit attributable to shareholders is expected to reach 16.99 billion, 19.66 billion, and 22.69 billion yuan for the same years, with growth rates of 20.5%, 15.7%, and 15.4% [4] - The report forecasts an EPS of 1.82, 2.11, and 2.43 yuan for 2024, 2025, and 2026, with corresponding P/E ratios of 18, 15, and 13 [4]

Investment Rating - The report maintains a "Buy" rating for Hikvision (002415) [3][5] Core Views - Hikvision demonstrated resilient performance in 2023 with revenue reaching 89340 billion yuan, up 7.42% YoY, and net profit attributable to parent company reaching 14108 billion yuan, up 9.89% YoY [2] - The company's gross margin improved to 44.44% in 2023, up 2.15 percentage points, driven by supply chain scale advantages and cost reduction through technological innovation [2] - In Q4 2023, revenue grew 19.71% YoY to 28065 billion yuan, with net profit attributable to parent company surging 31.51% YoY to 5256 billion yuan [2] - For Q1 2024, revenue increased 9.98% YoY to 17818 billion yuan, while net profit attributable to parent company rose 5.78% YoY to 1916 billion yuan [2] Business Segment Analysis - EBG (Enterprise Business Group) revenue grew 8.12% YoY to 17845 billion yuan in 2023, driven by growth in industries like industrial and commercial enterprises, energy and metallurgy, education, and financial services [3] - Overseas business revenue increased 8.83% YoY to 23977 billion yuan in 2023, showing strong resilience with accelerating growth [3] - Innovation business revenue surged 23.11% YoY to 18553 billion yuan in 2023, with competitive advantages emerging across various scenarios [3] - PBG (Public Business Group) revenue declined 4.84% YoY to 15354 billion yuan in 2023 due to reduced government investment, though transportation and traffic police sectors still achieved growth [3] Strategic Development - Hikvision is deepening its AIoT (Artificial Intelligence of Things) layout, leveraging AI to enhance perception technology and build a comprehensive AIoT technology system [3] - The company is transitioning towards becoming an OT (Operational Technology) provider, benefiting from enterprise digital transformation trends [5] - Scenario-based digital business is emerging as the company's second growth curve [3] Financial Projections - Revenue is projected to grow to 99291 billion yuan in 2024, 112524 billion yuan in 2025, and 128139 billion yuan in 2026 [5][6] - Net profit attributable to parent company is expected to reach 16549 billion yuan in 2024, 19378 billion yuan in 2025, and 22391 billion yuan in 2026 [5][6] - EPS is forecasted to be 1.77 yuan in 2024, 2.08 yuan in 2025, and 2.40 yuan in 2026 [5][6] Valuation Metrics - The company's P/E ratio is projected at 18.5x for 2024, 15.8x for 2025, and 13.7x for 2026 [5][6] - P/B ratio is expected to be 3.29x in 2024, 2.91x in 2025, and 2.57x in 2026 [6] - EV/EBITDA is forecasted at 12.52x in 2024, 10.66x in 2025, and 8.95x in 2026 [6]

Investment Rating - The report maintains a "Buy" rating for the company [1][7]. Core Insights - The company achieved an annual revenue of 89.34 billion yuan in 2023, representing a year-on-year growth of 7.42%, with a net profit attributable to shareholders of 14.11 billion yuan, up 9.89% year-on-year [5][8]. - In Q4 2023, the company reported a revenue of 28.07 billion yuan, a year-on-year increase of 19.71%, and a net profit of 5.26 billion yuan, growing 31.51% year-on-year [5]. - For Q1 2024, the company recorded a revenue of 17.82 billion yuan, a 9.98% increase year-on-year, and a net profit of 1.92 billion yuan, up 5.78% year-on-year [5]. Financial Performance - The company's revenue growth is supported by its EBG, overseas business, and innovative sectors, with EBG revenue growing by 8.12% year-on-year [5][6]. - The gross margin for 2023 was 44.44%, an increase of 2.15 percentage points compared to the previous year, indicating a recovery to pre-2022 levels [6]. - The company expects to maintain a personnel growth rate of under 5% in 2024, with overall expense ratios remaining stable [6]. Future Projections - The company has adjusted its net profit forecasts for 2024-2026 to 16.74 billion, 20.55 billion, and 23.71 billion yuan, respectively, with corresponding PE ratios of 18.3, 14.9, and 12.9 times based on the current stock price [7][8]. - Revenue projections for 2024, 2025, and 2026 are 99.43 billion, 113.32 billion, and 129.68 billion yuan, with expected year-on-year growth rates of 11.3%, 14.0%, and 14.4% respectively [8].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index over the next 6 to 12 months [8]. Core Views - The company demonstrated steady revenue growth in 2023, achieving operating income of 89.34 billion yuan, a year-on-year increase of 7.42%, and a net profit of 14.11 billion yuan, up 9.89% year-on-year [6]. - In Q1 2024, the company reported operating income of 17.82 billion yuan, a year-on-year increase of 9.98%, although it experienced a quarter-on-quarter decline of 36.5% [6]. - The company is expected to see a trend of improving performance throughout 2024, with anticipated net profits of 16.3 billion yuan, 19 billion yuan, and 22.1 billion yuan for 2024, 2025, and 2026 respectively [6]. Summary by Sections Financial Performance - In 2023, the company achieved a gross margin of 44.4%, up 2.15 percentage points year-on-year, and a net margin of 16.96%, up 0.66 percentage points year-on-year [6]. - The company’s revenue in Q4 2023 reached a record high of 28.06 billion yuan, with a year-on-year growth of 19.71% and a quarter-on-quarter growth of 18.4% [6]. - The company’s revenue forecast for 2024 is 102.6 billion yuan, with a growth rate of 15% year-on-year [5]. Business Segments - The company’s EBG (Enterprise Business Group) and innovative business segments performed well, with EBG revenue reaching 17.84 billion yuan, a year-on-year increase of 8.12% [6]. - The overseas revenue for the company was 23.98 billion yuan, showing a year-on-year growth of 8.83% [6]. - The innovative business segment generated revenue of 18.55 billion yuan, a year-on-year increase of 23.11%, indicating a strong competitive position in digital transformation [6]. Economic Outlook - The report suggests that the domestic economy is gradually stabilizing, which may lead to improved performance in the latter half of 2024 [6]. - The company is focusing on AI capabilities and digital transformation across various industries, which is expected to enhance its growth potential [6].

Investment Rating - The investment rating for Hikvision (002415) is "Buy" (maintained) with a current price of 32.85 CNY and a target price of 44.96 CNY [2]. Core Views - Hikvision reported a steady growth in performance, achieving a revenue of 89.34 billion CNY in 2023, a year-on-year increase of 7.42%, and a net profit attributable to shareholders of 14.11 billion CNY, up 9.89% year-on-year [3]. - The company is transitioning towards becoming an OT manufacturer, establishing a second growth curve through digital product innovation and strategic transformation [5]. - The performance showed a quarterly improvement in 2023, with expectations for 2024 to exhibit a trend of lower performance in the first half followed by higher performance in the second half [6]. Financial Performance Summary - In 2023, the revenue from the PBG segment was 15.35 billion CNY, down 4.84% year-on-year, while the EBG segment grew by 8.12% to 17.84 billion CNY, and the SMBG segment saw a slight increase of 1.46% to 12.68 billion CNY [4]. - The overseas revenue reached 23.98 billion CNY, marking an 8.83% increase, with innovation business revenue growing by 23.11% to 18.55 billion CNY [4][5]. - The company forecasts revenues of 99.53 billion CNY, 112.96 billion CNY, and 128.94 billion CNY for 2024, 2025, and 2026 respectively, with net profits projected at 16.78 billion CNY, 19.23 billion CNY, and 22.04 billion CNY [7][8]. Valuation and Earnings Forecast - The estimated EPS for 2024, 2025, and 2026 are 1.80 CNY, 2.06 CNY, and 2.36 CNY respectively, with a three-year CAGR of 16.03% [7]. - The company is valued at a PE ratio of 25 for 2024, reflecting its leading position in the global security industry and growth drivers from innovation and overseas markets [7].

证券研究报告 | 2024年04月22日 海康威视（002415.SZ） 买入 1Q24 扣非归母净利润同比增长 13%，智能物联转型初步完成 核心观点 公司研究·财报点评 公司24年一季度扣非归母净利润同比增长13%。23年公司实现营收893.4 电子·其他电子Ⅱ 亿元(YoY+7.42%)，归母净利润 141.1 亿元(YoY+9.89%)，毛利率 证券分析师：胡剑 证券分析师：胡慧 44.4%(YoY+2.15pct)；1Q24实现营收178.2亿元(YoY+9.98%)，扣非归母净 021-60893306 021-60871321 hujian1@guosen.com.cn huhui2@guosen.com.cn 利润17.6亿元(YoY +13.3%)，毛利率45.8%(YoY+0.59pct,QoQ+2.22pct)， S0980521080001 S0980521080002 通过供应链规模优势，技术降本增效，公司毛利率稳中有增。 证券分析师：叶子 证券分析师：周靖翔 0755-81982153 021-60375402 23年下半年国内业务同比增速修复，EBG收入占比超PBG达20%。23 ...

2024 年 04 月 22 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 全年收入利润保持增长，持续赋能数字化转型 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 联系人 ： 林臻 S0350123040004 ——海康威视（ ） 年报及 年一 002415 2023 2024 linz@ghzq.com.cn 季报点评 最近一年走势 事件 : 海康威视发布2023年年报及2024年一季报：2024年4月19日，海康 威视发布2023 年年报及 2024 年一季报，2023 年公司实现收入 893.4 亿元，同比增长7.4%；实现归母净利润141.1亿元，同比增长9.9%； 2024年一季度，公司实现收入178.2亿元，同比增长10.0%；实现归母 净利润19.2亿元，同比增长5.8%。 我们的观点 : 相对沪深300表现 2024/04/19  PBG持续承压，EBG带动增长 分类来看，2023年公共服务事业群 表现 1M 3M 12M PBG实现营收153.5亿元，同比下滑4.8%，主要是由于在政府投资总体 海康威视 -3.7% ...

公司研究 | 年报点评 海康威视 002415.SZ 买入 （维持） 业务整体向好，创新业务增速亮眼 股价（2024年04月19日） 32.1元 目标价格 36.75元 52周最高价/最低价 41.22/29.82元 总股本/流通A股（万股） 933,060/910,843 A股市值（百万元） 299,512 核心观点 国家/地区 中国 行业 电子 ⚫ 海康威视发布23年年报和24年一季报。公司23年营收增长7%至893亿元，归母 报告发布日期 2024年04月22日 净利润同比增长10%至141亿元；1Q24公司实现营收178亿元，同比增长10%， 归母净利润19.2亿元，同比增长6%。公司长期维护行业生态，坚定做有效益的增 1周 1月 3月 12月 长，2023 年整体毛利率为 44.4%，1Q24毛利率为45.8%，2024 年公司会继续重 绝对表现 3.82 -3.66 1.33 -24.13 视降本工作，持续保持毛利率稳定。 相对表现 1.93 -2.65 -6.99 -10 ⚫ 第一大境内主业EBG持续增长.境内主业方面，2023年公共服务事业群 PBG实现 沪深300 1.89 -1.01 8. ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 22 日 海 康威视(002415.SZ) 证券研究报告 业绩稳健增长，AI 助力智能物联持续 安防 投资评级 买入-A 发展 维持评级 6个月目标价 44元 事件： 股价 (2024-04-19) 32.10元 公司发布 2023年年报，2023年营收为 893.40 亿元，同比增长 7.42%； 归母净利润 141.08 亿元，同比增长 9.89%；扣非归母净利润 136.66 交易数据 亿元，同比增长 10.83%。2024年一季度营收 178.17亿元，同比增长 总市值(百万元) 299,512.29 9.98%；归母净利润 19.16 亿元，同比增长 5.78%；扣非归母净利润 流通市值(百万元) 292,377.02 17.60亿元，同比增长 13.27%。 总股本(百万股) 9,330.60 流通股本(百万股) 9,108.32 公司收入利润逐季度改善，业绩持续向好： 12个月价格区间 30.35/43.16元 公司经营稳健，业绩逐季增长。根据年报数据，公司单四季度营收 280.65亿元，同比增长19.71% ...

分季度来看23年公司一季度业绩同比负增长逐季改善四季度单季同比大约20%的增长整体情况还是不错的我们在严惨销各方面进行持续投入希望通过公司业务布局的前瞻性来降低外部环境带来的不确定性影响过去八年时间我们构建了电磁波机械波和物理传感的感知技术平台 通过融合AI技术逐步构建和完善了智能物联AIoT的技术体系2021年我们正式将公司业务定位为智能物联同时我们在产品数字化尤其是企业的产品数字化业务持续加大投入开发了很多创新的数字化产品2023年海康威视数字化业务的技术和产品基础更加夯实初步完成了智能物联战略的转型 尽管全球的政治经济环境都不尽如人意但战略调整给海康威视的业务发展带来了新的动力产品数字化业务将会成为海康威视第二条业务增长曲线2023年海康威视整体业务向好但五个板块业务五个业务板块发展不尽相同首先 公共服务事业群PBG实现营收153.54亿元同比下降4.84%在政府投资总体下行的背景下公安行业的业务收入出现明显的下滑而交通交警等行业则实现了全年营收增长其事业事业群EBG实现营收178.45亿元同比增长8.12% 其中工商企业、能源冶金、教育教学、金融服务等行业均实现了较好的增长EBG与各个产业发展紧密相关 ...