海外的这个项目收入和产品收入之间的这个比例实际上项目收入也是在持续增长的那未来我们对项目的这一块增长还是比较有信心的谢谢谢谢我们没有别的问题了谢谢下面有请国金证券孟灿进行提问 好的 感谢黄总 感谢凤总我这边有几个问题就一一请教第一个就是大家也比较关注包括地产的拖抵和划贷的这些相关的政策往下落进的过程中间不知道咱们上市公司对于存量的这种应收账款的回款包括已经中标但是还之前没怎么往前推进的比如像那些郑州这样的拉价目 大概是什么样的一个定性的判断和那个最新的一个感受另外呢就是说对于这些政策伊朗的政策往下落地的过程中间对我们这个未来的这个尤其国内的总体的这个需求这一块的一些这种增量的变化和展望大概会是什么样的一个定性定量的一个估计谢谢谢谢 现在大家都在看中央财政对华寨这一块的政策落地确实就是现在还等待政策进一步明朗的一个过程但是我个人从这方面得到的消息来说应该说是政策各方面还是比较清晰比较确定的那么从中央项目的经营这个角度来说 其实海康过去因为我们跟政府的业务从我们海康成立到现在一直在做政府的业务总体来说坏账的情况其实还可以我们在半年报的时候当时也曾经跟大家分享过一个小的案例就是在比较偏远的一个地区我们大概在18、1 ...

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company reported a revenue of 64.991 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.06%, while the net profit attributable to shareholders was 8.108 billion yuan, down 8.40% year-on-year [4] - Domestic market demand remains weak, while the overseas market is generally stable. The company is focusing on technological innovation and the development of an open ecosystem to enhance its competitive edge in the industry [6][4] - The company is a global leader in security monitoring products and services, with a comprehensive coverage of all major equipment in video surveillance systems [6] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 23.782 billion yuan, a slight increase of 0.33% year-on-year, with a net profit of 3.044 billion yuan, down 13.37% year-on-year [4] - The company’s revenue projections for 2024-2026 are 96.487 billion yuan, 109.030 billion yuan, and 123.204 billion yuan respectively, with corresponding net profits of 14.467 billion yuan, 16.377 billion yuan, and 18.655 billion yuan [5][6] Cost and Expense Management - The company maintained stable expense ratios, with sales expense ratio at 13.37%, management expense ratio at 3.48%, R&D expense ratio at 13.44%, and financial expense ratio at -0.20% [4] Technological Development - The company is advancing its capabilities in perception technology, image technology, and optical technology, establishing a comprehensive technology platform that covers various fields [4] - The R&D expense ratio has steadily increased from 8.99% in 2018 to 12.75% in 2023, indicating a strong commitment to innovation [6] Market Outlook - The report indicates that the core competitiveness of the industry is shifting towards technological architecture and solution implementation capabilities, with a focus on AI integration in security applications [6] - The company is expected to benefit from its vast data resources and investments in foundational computing and large model development, enhancing its market position in the context of AI-driven industry transformation [6]

Investment Rating - The report maintains a "Buy" rating for Hikvision, with expected revenue growth of 6.9%/11.8%/13.3% for 2024-2026 [1]. Core Views - The company reported a revenue of 649.91 billion RMB for the first three quarters of 2024, a year-on-year increase of 6.06%, while net profit attributable to shareholders decreased by 8.40% to 81.08 billion RMB [1]. - The domestic market demand is relatively weak, while the overseas market remains stable, leading to a slowdown in revenue growth [1]. - The gross margin and expense ratio have remained stable, indicating strong competitive and management capabilities [1]. - There are expectations for demand recovery, with internal cost optimization and a potential increase in business opportunities in emerging overseas markets [1]. Summary by Sections Financial Performance - Revenue for Q3 2024 was 237.82 billion RMB, a slight increase of 0.33% year-on-year, while net profit for the same period was 30.44 billion RMB, down 13.37% [1]. - Gross margins for the first three quarters and Q3 were 44.76% and 44.25%, respectively, showing a minor decline [1]. - R&D, sales, management, and financial expense ratios for the first three quarters were 13.44%, 13.37%, 3.48%, and -0.20%, respectively [1]. Market Outlook - There is an anticipated improvement in domestic market demand, with the acceleration of special bond issuance expected to positively impact the PBG sub-sectors [1]. - The EBG sector is seeing active digitalization demand aimed at cost reduction and efficiency improvement [1]. - The SMBG sector is expected to benefit from reduced overall industry inventory, enhancing business development flexibility [1]. - Emerging overseas markets show good growth potential, with non-video business segments growing faster [1]. Revenue and Profit Forecast - The revenue forecasts for 2024, 2025, and 2026 are adjusted to 954.9 billion RMB, 1,067.5 billion RMB, and 1,209.2 billion RMB, respectively [1]. - The net profit forecasts for the same years are 141.2 billion RMB, 173.2 billion RMB, and 206.8 billion RMB, reflecting growth rates of 0.07%, 22.68%, and 19.41% [1].

Investment Rating - The investment rating for Hikvision is "Buy" (maintained) [7] Core Views - Short-term growth is under pressure due to slow recovery in downstream demand, but long-term outlook is positive due to favorable debt resolution policies and digital transformation business layout [2][3] - The company reported a revenue of 64.991 billion yuan for the first three quarters of 2024, a year-on-year increase of 6.06%, while net profit attributable to shareholders decreased by 8.4% to 8.108 billion yuan [2] - In Q3 2024, revenue was 23.782 billion yuan, a slight increase of 0.33% year-on-year, but net profit fell by 13.37% to 3.044 billion yuan [2] Summary by Sections Business Performance - The PBG (Public Business Group) and EBG (Enterprise Business Group) both achieved positive growth in Q3, with PBG benefiting from government support in sectors like water management and disaster relief [3] - SMBG (Small and Medium Business Group) faced significant declines due to inventory destocking, but future improvements are expected as industry inventory levels decrease [3] Technological Advancements - The company launched a new rapid coal quality detection technology in collaboration with the National Energy Group, significantly reducing the detection time from 8 hours to just 2 minutes [4] Financial Forecast and Valuation - Revenue forecasts for 2024-2026 are adjusted to 95.158 billion, 106.960 billion, and 121.029 billion yuan respectively, with net profit forecasts of 14.142 billion, 16.755 billion, and 20.462 billion yuan [5][9] - The company maintains an optimistic outlook for medium to long-term performance recovery driven by fiscal policies [5]

海康威视(002415) / 计算机设备 / 公司点评 / 2024.10.26 3Q2024 收入总体平稳，大额回购彰显长期价值 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 30.95 | | 流通股本 ( 亿股 ) | 91.06 | | 每股净资产 ( 元 ) | 8.32 | | 总股本 ( 亿股 ) | 92.33 | | 最近 12 月市场表现 | | -27% -17% -8% 2% 11% 21% 海康威视 沪深300 上证指数 计算机设备 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 联系人 郑元昊 zhengyh03@ctsec.com 证券研究报告 ❖ 事件：2024 ...

Financial Performance - In the first three quarters of 2024, the company achieved a revenue of CNY 649.91 billion, a year-on-year increase of 6.06% [4] - The net profit attributable to shareholders was CNY 81.08 billion, a decrease of 8.40% compared to the previous year [4] - In Q3 alone, the revenue was CNY 237.82 billion, reflecting a slight increase of 0.33% year-on-year, while net profit dropped by 13.37% to CNY 30.44 billion [4] Market Conditions - Domestic market demand remains weak, with insufficient investment confidence, while the overseas market is stable despite ongoing conflicts in certain regions [4] - The issuance of special bonds has accelerated, with CNY 2.3 trillion issued in the first half of 2023 and CNY 1.1 trillion in Q3, indicating a gradual improvement in funding conditions [6] Business Segments - The PBG (Public Business Group) segment showed positive revenue growth, particularly in government-related projects supported by special bonds [4] - The EBG (Enterprise Business Group) maintained slight growth, driven by ongoing digitalization demands despite a general slowdown in investment across various industries [4] Innovations and Technology - The company has developed a significant technological breakthrough in coal quality detection, marking a new era in AI-driven quality control in the coal industry [5] - Continuous investment in R&D is emphasized as a core strategy, with a focus on multi-dimensional perception and AI technologies to enhance operational efficiency [5][8] Cost Management - The gross profit margin for Q3 was stable at 44.51%, with effective cost control measures leading to a slowdown in expense growth [5] - The company reported a foreign exchange loss of approximately CNY 1.3 billion for the quarter, totaling CNY 2.1 billion for the first three quarters [5] Future Outlook - The company anticipates that the gradual improvement in funding conditions will positively impact business stability and growth [6] - There is a focus on optimizing internal resources and enhancing operational efficiency in response to current market challenges [8]

杭州海康威视数字技术股份有限公司 截至本公告披露日，毕会娟女士直接持有公司股份236,100股。毕会娟女士辞 去公司高级副总经理职务后将严格按照《公司法》《上市公司董事、监事和高级 管理人员所持本公司股份及其变动管理规则》《深圳证券交易所上市公司自律监 管指引第18号——股东及董事、监事、高级管理人员减持股份》等法律、法规和 规范性文件的规定进行股份管理。 根据《公司法》及公司章程相关规定，毕会娟女士的辞职报告自送达公司董 事会之日起生效。毕会娟女士在担任公司高级副总经理期间恪尽职守、勤勉尽责， 公司及董事会对毕会娟女士在任职期间所作出的贡献表示衷心感谢！ 证券代码：002415 证券简称：海康威视 公告编号：2024-056 号 关于公司高级管理人员辞职的公告 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。 杭州海康威视数字技术股份有限公司（以下简称"海康威视"或"公司"） 董事会于2024年10月25日收到公司高级副总经理毕会娟女士的书面辞职报告：因 个人原因申请辞去公司高级副总经理职务。辞去上述职务后，毕会娟女士仍将继 续在公司任职。 杭州海康威视数字技 ...

Revenue and Profit Performance - Revenue for Q3 2024 was RMB 23.78 billion, a slight increase of 0.33% compared to the same period last year[2] - Year-to-date revenue reached RMB 64.99 billion, up 6.06% compared to the same period last year[2] - Total revenue for the first nine months of 2024 reached 64,991,467,788.45 yuan, a 6.1% increase compared to the same period in 2023[18] - Net profit attributable to shareholders decreased by 13.37% to RMB 3.04 billion in Q3 2024[2] - Year-to-date net profit attributable to shareholders decreased by 8.40% to RMB 8.11 billion[2] - Net profit attributable to the parent company's owners was 8,107,748,494.46 yuan, a decrease of 8.4% year-over-year[18] - Comprehensive income for the period totaled 8,667,827,463.71 RMB, a decrease from 9,630,533,420.06 RMB in the previous period[19] - Basic earnings per share for Q3 2024 were RMB 0.339, down 11.02% compared to the same period last year[3] - Basic earnings per share were 0.878 RMB, down from 0.949 RMB in the prior period[19] Cash Flow and Financial Position - Operating cash flow for the first nine months of 2024 was RMB 2.60 billion, a significant decrease of 55.97% year-over-year[3] - Net cash flow from operating activities was 2,603,725,074.80 RMB, down from 5,913,026,202.08 RMB in the prior period[20] - Net cash flow from investing activities was (3,315,766,077.08) RMB, slightly improved from (3,439,635,132.46) RMB in the previous period[21] - Net cash flow from financing activities was (20,592,681,412.08) RMB, a significant decrease from (2,567,545,248.18) RMB in the prior period[21] - Cash and cash equivalents decreased by 21,348,369,988.13 RMB, compared to a decrease of 2,625,004.67 RMB in the previous period[21] - The company's monetary funds decreased by 43.07% to RMB 28.26 billion due to dividend payments and loan repayments[7] - Cash and cash equivalents decreased by 43.1% to 28,260,909,688.58 yuan compared to the end of 2023[16] - The company's cash and cash equivalents at the end of the period were 28,079,597,367.65 RMB, down from 39,822,499,102.85 RMB in the prior period[21] Assets and Liabilities - Total assets decreased by 10.63% to RMB 138.85 billion compared to the end of the previous year[3] - Total assets as of September 30, 2024, were 124,094,298,497.09 yuan, a 10.6% decrease from the end of 2023[16] - Total liabilities decreased by 27.9% to 40,900,297,780.89 yuan compared to the end of 2023[17] - Short-term borrowings decreased by 57.3% to 905,243,323.50 yuan compared to the end of 2023[17] - Long-term borrowings decreased by 36.6% to 5,667,258,530.03 yuan compared to the end of 2023[17] - Accounts receivable increased by 9.3% to 39,164,920,133.42 yuan compared to the end of 2023[16] - Inventory increased by 4.3% to 20,035,881,949.03 yuan compared to the end of 2023[16] Shareholder Information and Share Capital - The company's total share capital as of the disclosure date was 9.23 billion shares[4] - The total number of ordinary shareholders at the end of the reporting period is 384,154[10] - China Electronics Technology Group Corporation holds 36.93% of the shares, totaling 3,410,150,909 shares[10] - Gong Hongjia, an overseas natural person, holds 10.42% of the shares, totaling 962,504,814 shares[10] - Hangzhou Weixun Equity Investment Partnership holds 4.88% of the shares, totaling 450,795,176 shares[10] - Shanghai Gaoyi Asset Management Partnership holds 4.46% of the shares, totaling 412,000,000 shares[10] - China Electronics Technology Group Investment Co., Ltd. holds 2.66% of the shares, totaling 245,161,568 shares[10] - Hangzhou Pukang Equity Investment Partnership holds 1.98% of the shares, totaling 182,510,174 shares[10] - The 52nd Research Institute of China Electronics Technology Group Corporation holds 1.96% of the shares, totaling 180,775,044 shares[10] - Hu Yangzhong, a domestic natural person, holds 1.69% of the shares, totaling 155,996,477 shares[10] - The company terminated the 2021 restricted stock plan and repurchased and canceled 97,402,605 shares, accounting for 1.0439% of the total share capital before the repurchase[15] Government Subsidies and Non-Recurring Gains - Government subsidies contributed RMB 112.57 million to non-recurring gains in Q3 2024[5] R&D Expenses - R&D expenses increased by 6.9% to 8,736,220,937.73 yuan compared to the same period in 2023[18] Sales and Payments - Sales revenue from goods and services was 67,372,383,421.35 RMB, an increase from 64,047,725,763.17 RMB in the previous period[20] - Payments for goods and services were 43,319,394,936.84 RMB, up from 39,429,134,297.75 RMB in the prior period[20] - Payments to employees were 15,514,458,996.41 RMB, an increase from 13,870,585,455.27 RMB in the previous period[20]

证券代码：002415 证券简称：海康威视 公告编号：2024-054 号 杭州海康威视数字技术股份有限公司 特此公告。 杭州海康威视数字技术股份有限公司 第六届监事会第三次会议决议公告 本公司及监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。 杭州海康威视数字技术股份有限公司（以下简称"海康威视"或"公司"） 第六届监事会第三次会议，于 2024 年 10 月 17 日以电子邮件方式向全体监事发 出书面通知，于 2024 年 10 月 25 日以现场会议与通讯表决相结合的方式召开。 会议由监事会主席陆建忠先生召集并主持。会议应出席监事 3 名，实际出席监事 3 名。会议召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的 规定。经全体与会监事审议并表决，通过如下决议： 一、以 3 票赞成、0 票反对、0 票弃权，审议通过《2024 年第三季度报告》。 经核查，监事会认为董事会编制和审核公司 2024 年第三季度报告的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了上 市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 《 ...

证券代码：002415 证券简称：海康威视 公告编号：2024-057 号 杭州海康威视数字技术股份有限公司 关于聘任高级管理人员、变更董事会秘书的公告 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。 杭州海康威视数字技术股份有限公司（以下简称"海康威视"或"公司"） 董事会秘书黄方红女士因工作职责调整，申请辞去公司董事会秘书职务，黄方红 女士辞去该职务后仍担任公司高级副总经理。黄方红女士关于董事会秘书职务的 辞任报告自送达董事会之日起生效。 根据《公司法》及公司章程相关规定，经公司董事会提名委员会审核，2024 年10月25日公司第六届董事会第三次会议审议通过《关于聘任高级管理人员及董 事会秘书的议案》，同意聘任奉玮先生为公司高级副总经理兼任董事会秘书，任 期与公司第六届董事会任期一致，简历详见附件。 奉玮先生具备与其行使职权相适应的任职条件，其任职资格符合《公司法》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第1 号——主板上市公司规范运作》等相关法律、法规、规范性文件及公司章程中关 于高级管理人员及董事会秘书的任职要求。 高级管理 ...