基本数据 收盘价 ￥30.95 总市值(百万元) 285,767.49 总股本(百万股) 9,233.20 证券研究报告 | 公司点评 | 计算机设备 海康威视(002415) 报告日期：2024 年 10 月 27 日 增长短期承压，长期看好化债政策利好及数字化转型业务布局 ——海康威视 2024 三季报点评 投资要点： ❑ 下游需求恢复缓慢，三季度业绩短期承压 公司发布 2024 年三季报，2024 年前三季度实现营业收入 649.91 亿元，同比增长 6.06%；归母净利润 81.08 亿元，同比下降 8.4%，扣非后归母净利润 81.51 亿元， 同比下降 3.67%。 单 Q3 而言，2024Q3 实现营业收入 237.82 亿元，同比增长 0.33%；归母净利润 30.44 亿元，同比下降 13.37%，扣非后归母净利润 29.08 亿元，同比下降 15.11%。 ❑ PBG 单季度收入增速转正，未来有望随财政政策落地持续改善 分业务而言，Q3 单季度公司 PBG/EBG 第三季度均实现正增长，其中 PBG 收入 结构持续优化，水利水务、防灾救灾、应急管理等业务继续得到国债的支撑，相 关业务持续增 ...

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：2024-057 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 ...

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。 《 ...

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"） 第六届董事会第三次会议，于 2024 年 10 月 17 日以电子邮件方式向全体董事发 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。 会议由董事长胡扬忠先生召集并主持。会议应出席董事9名，实际出席董事9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。 经全体与会董事审议并表决，通过如下决议： 一、以 9 票赞成、0 票反对、0 票弃权，审议通过《2024 年第三季度报告》； 公司 2024 年第三季度财务报表已经董事会审计委员会审议通过。 证券代码：002415 证券简称：海康威视 公告编号：2024-053 号 杭州海康威视数字技术股份有限公司 第六届董事会第三次会议决议公告 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。 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 程的规定。奉玮先生不存在违法违规情况，与公司不存在利益 ...

Investment Rating - The report maintains a "Buy" rating for Hikvision, expecting the stock price to outperform the industry index by over 15% in the next six months [8]. Core Views - The report highlights that the recent share buybacks and the increase in holdings by major shareholders reflect strong confidence in the company's long-term investment value [1][2]. - The company plans to repurchase shares worth 2-3 billion yuan from the controlling shareholder and 1-2 billion yuan from a related party, with a repurchase price not exceeding 40 yuan per share [2]. - The expected revenue growth for 2024-2026 is projected at 98 billion yuan, 107.9 billion yuan, and 119.3 billion yuan, respectively, with net profit estimates of 14.5 billion yuan, 16.8 billion yuan, and 19.7 billion yuan [2]. Financial Performance Summary - Revenue for 2022 was 83.166 billion yuan, with a year-on-year growth rate of 2.1%. For 2023, revenue is expected to reach 89.34 billion yuan, growing by 7.4% [1]. - The net profit attributable to shareholders for 2022 was 12.838 billion yuan, with a significant decline of 23.6%. The forecast for 2023 is a net profit of 14.108 billion yuan, reflecting a recovery with a growth rate of 9.9% [1]. - The report indicates a stable gross margin, with projections showing a slight increase from 44.4% in 2023 to 45.9% in 2026 [4]. Future Projections - The report anticipates that the company's performance in the PBG business will rebound due to government fiscal improvements, supporting overall revenue growth [2]. - Earnings per share (EPS) are projected to be 1.55 yuan, 1.80 yuan, and 2.11 yuan for the years 2024, 2025, and 2026, respectively [2]. - The price-to-earnings (P/E) ratio is expected to decrease from 18.4 in 2024 to 13.5 by 2026, indicating a potentially more attractive valuation over time [1][2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [8][9]. Core Insights - The company has announced a significant share buyback and increase plan, reflecting confidence in long-term development. The controlling shareholder plans to increase holdings by 200-300 million RMB, while the chairman proposed a buyback of 2-2.5 billion RMB of company stock, intended for capital reduction [2][3]. - The management and major shareholders have repeatedly increased their stakes in the company throughout 2024, totaling approximately 614 million RMB, showcasing their long-term confidence [3]. - The company has maintained a high cash dividend payout rate, with a dividend payout ratio of 59.5% in 2023, positioning it among the leading technology firms in the A+H market [4]. Financial Performance Summary - Revenue and profit forecasts for 2024-2026 are as follows: - Revenue: 97.49 billion RMB (2024E), 109.51 billion RMB (2025E), 124.56 billion RMB (2026E) [6]. - Net profit: 14.36 billion RMB (2024E), 17.88 billion RMB (2025E), 21.58 billion RMB (2026E) [6]. - Earnings per share (EPS): 1.56 RMB (2024E), 1.94 RMB (2025E), 2.34 RMB (2026E) [6]. - The company has shown resilience in profit growth, with net profit maintaining positive growth, excluding the exceptional year of 2022 [4][6]. Growth and Dividend Logic - The company is expected to benefit from domestic demand recovery and digital transformation trends, with revenue growth driven by innovative business segments and overseas markets [4]. - The company has consistently returned value to shareholders through high dividend payouts, with a historical cash dividend rate above 48% since 2015 [4].