Investment Rating - The report maintains a "Buy" rating for Hikvision Technology Co., Ltd. (002415.SZ) [6][10] Core Views - The company achieved stable revenue growth with significant improvement in net cash flow from operating activities. In the first half of 2025, the company reported revenue of 41.818 billion yuan, a year-on-year increase of 1.48%, and a net profit attributable to shareholders of 5.657 billion yuan, up 11.71% year-on-year [1][4] - The company is shifting its focus from revenue to profit, emphasizing profit-centered operations and embracing AI to enhance operational efficiency. This includes organizational changes and a focus on digital transformation [3][4] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a gross profit margin of 45.19%, with the main business products and services gross margin reaching 48.52%, an increase of 2.19 percentage points year-on-year [1] - The company's cash flow from operating activities was 5.343 billion yuan, a significant improvement from a cash outflow of 190 million yuan in the same period last year [1] Business Segments - Domestic main business revenue totaled 17.821 billion yuan, a year-on-year decrease of 8.33%. The Public Service Business Group (PBG) generated revenue of 5.573 billion yuan, down 2.11%, while the Enterprise Business Group (EBG) reported revenue of 7.462 billion yuan, a slight decline of 0.36%. The Small and Medium Business Group (SMBG) saw a revenue drop of 29.75% to 4.067 billion yuan [2] - International main business revenue reached 12.231 billion yuan, an increase of 6.90%. Innovative business revenue was 11.766 billion yuan, up 13.92%, accounting for 28% of the company's total business, driven by the domestic 3C industry and sectors like new energy vehicles and lithium batteries [2] Profit Forecast and Investment Recommendations - The report adjusts the revenue forecast for 2025-2027 to 95.139 billion, 101.348 billion, and 108.437 billion yuan, respectively. The net profit forecast is adjusted to 13.346 billion, 14.633 billion, and 16.266 billion yuan, respectively, with corresponding EPS of 1.45, 1.58, and 1.76 yuan per share [4][8] - The report highlights the company's comprehensive advantages in technology, products, and solutions, indicating a broad growth space in the future, thus maintaining the "Buy" rating [4]

2025 年 8 月 7 日 公司研究 25Q2 延续高增长，毛利率验证高质量增长 ——海康威视（002415.SZ）跟踪报告之五 要点 25Q2 延续高质量增长：25Q2 营收 232.9 亿元（YoY -0.5%），归母净利润 36.2 亿元（YoY +14.9%），扣非净利润 35.6 亿元（YoY +2.3%）；25H1 营收 418.2 亿元（YoY +1.5%），归母净利润 56.6 亿元（YoY +11.7%），扣非净利润 54.9 亿元（YoY +4.7%）。 25H1 分板块业务情况：1）PBG：收入 55.7 亿元（YoY -2.1%），下滑幅度相 比去年明显缩窄。2）EBG：收入 74.6 亿元（YoY -0.4%），实现了企稳向好的 趋势。3）SMBG：收入 40.7 亿元（YoY -29.8%），是上半年业绩的最大拖累项。 4）海外主业：收入 122.3 亿元（YoY +6.9%）。5）创新业务：收入 117.7 亿元 （YoY +13.9%）。成长性较高的海外主业+创新业务已占收入的 57%。 毛利率稳步提升，主业毛利率表现亮眼。25H1 整体毛利率为 45.19%，同比提 升 0 ...

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监（CFO）群体薪酬规模合计达42.70亿元，平均年薪 为81.48万元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 海康威视财务总监金艳硕士学历，年薪230万。比大华股份CFO徐巧芬高10%。但是海康威视2024总营 收925亿元、归母净利润120亿元、市值2835亿元，而大华股份总营收322亿元、归母净利润29亿元、市 值527亿元。 资料显示，徐巧芬女士，中国国籍，1972年出生，大专学历。2015年1月至2017年1月，任公司财务中心 会计总监；2017年1月至2017年12月，任公司财务中心副总经理，2017年12月至今任公司财务中心总经 理。现任公司财务总监、高级副总裁、财务中心总裁。 声明：本文由AI大模型生成。市场有风险，投资需谨慎。数据来源于choice，截止2024年末，任期不满 1年的不参与统计。 责任编辑：公司观察 资料 ...

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监（CFO）群体薪酬规模合计达42.70亿元，平均年薪 为81.48万元。 在杭州大华股份的全球财务指挥中心，53岁的徐巧芬正演绎着安防巨头的资本防守学。2024年，这位大 专学历的财务总监斩获207.4万元年薪，超出A股CFO平均薪酬（81.48万元）154%，在专科CFO群体中 高居第8。也就是说，海康威视公司规模显著高于大华股份，CFO金艳学历也高于徐巧芬，但是二者薪 酬差距并不显著。此外， 大华股份2024归母净利润暴跌60%的寒冬中，CFO徐巧芬年薪逆势增长16.22 万元（+8.48%），日薪飙至8296元，引发争议。 资料显示，徐巧芬女士，中国国籍，1972年出生，大专学历。2015年1月至2017年1月，任公司财务中心 会计总监；2017年1月至2017年12月，任公司财务中心副总经理， ...

银河观点集萃 责任编辑 周颖 每日晨报 2025 年 8 月 7 日 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 印度总理莫迪将于 8 月 31 日至 9 月 1 日访问 中国并出席上海合作组织天津峰会 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 策略:七部门剑指新型工业化,金融活水锚定新质生产力。央行等七部门印发 ● 《关于金融支持新型工业化的指导意见》：到 2027 年,支持制造业高端化智 能化绿色化发展的金融体系基本成熟,产品更加丰富,贷款、债券、股权、保 险等各类金融工具在有效防范交叉性金融风险前提下联动衔接更加紧密,服务 适配性有效增强。制造业企业有效信贷需求得到充分满足,制造业企业发行债 券的户数和规模持续增长,股权融资水平显著提升。 0 固收:权益市场震荡上涨,中波策略重新占优--转债量化类策略更新。策略 绩效及策略推荐:上一周期(7.22-8.4) 低价增强策略、改良双低策略、高价 高弹性策略分别录得 0%、1.2%、0.5% ...

Summary of Key Points Core Viewpoint - The A-share market has seen over 100 companies disclose their 2025 semi-annual reports, with a majority showing positive year-on-year net profit growth, particularly among industry leaders [1][2]. Group 1: Company Performance - Over 60 companies reported a year-on-year increase in net profit attributable to shareholders, with more than 10 companies seeing their net profit double [2]. - Notable companies include: - **Zhimin Da**: Achieved total revenue of 295 million yuan, up 84.83%, and net profit of 38.3 million yuan, up 2147.93%, with a backlog of orders totaling 608 million yuan, a 73.71% increase [2]. - **Shijia Guangzi**: Reported total revenue of 993 million yuan, a 121.12% increase, and net profit of 217 million yuan, a 1712% increase, with overseas revenue reaching 452 million yuan, a 323.59% increase [3]. - Other companies like Da Dao Quan, Wo Hua Pharmaceutical, and Ding Tong Technology also reported net profit doubling [3]. Group 2: Industry Leaders - **CATL (Contemporary Amperex Technology Co., Limited)**: Reported total revenue of 178.9 billion yuan, a 7.27% increase, and net profit of 30.5 billion yuan, a 33.33% increase, with new innovative products launched during the reporting period [4]. - **Hikvision**: Achieved total revenue of 41.8 billion yuan, a 1.48% increase, and net profit of 5.66 billion yuan, an 11.71% increase, with innovative business revenue contributing significantly [5]. - **WuXi AppTec**: Reported total revenue of 20.8 billion yuan, a 20.64% increase, and net profit of 8.56 billion yuan, a 101.92% increase, with substantial revenue from international clients [6].

Group 1 - Over 100 A-share listed companies have disclosed their 2025 semi-annual reports, with more than 60% showing a year-on-year increase in net profit attributable to shareholders [2][3] - Notably, over 10 companies have reported a net profit growth of more than 100%, including companies like Zhimingda and Shijia Guangzi, which saw net profit increases of over 10 times [2][3] - Zhimingda reported a total revenue of 295 million yuan for the first half of 2025, an increase of 84.83% year-on-year, with a net profit of 38.298 million yuan, up 2147.93% [2] Group 2 - Shijia Guangzi achieved a total revenue of 993 million yuan, a year-on-year growth of 121.12%, with a net profit of 217 million yuan, up 1712% [3] - The company reported significant growth in its optical chip and device products, with revenue reaching approximately 700 million yuan, a 190.92% increase [3] - Other companies such as Daodaquan, Wohua Pharmaceutical, and Dingtong Technology also reported net profit doubling in the first half of 2025 [3] Group 3 - Leading companies in their respective industries have shown stable performance in the first half of 2025, such as CATL, which reported a revenue of 178.886 billion yuan, a 7.27% increase, and a net profit of 30.485 billion yuan, up 33.33% [5] - Hikvision reported a total revenue of 41.818 billion yuan, a 1.48% increase, with a net profit of 5.657 billion yuan, up 11.71% [6] - WuXi AppTec achieved a revenue of 20.799 billion yuan, a year-on-year growth of 20.64%, with a net profit of 8.561 billion yuan, up 101.92% [6]

Core Viewpoint - The A-share market has seen over 100 companies disclose their 2025 semi-annual reports, with a majority showing positive year-on-year net profit growth, particularly among industry leaders [1][3][6]. Group 1: Company Performance - More than 60% of the companies that disclosed their semi-annual reports have shown a year-on-year increase in net profit attributable to shareholders, with over 10 companies reporting a net profit increase of over 100% [3][4]. - Notable companies such as Zhimin Da and Shijia Guangzi reported net profit increases of over 10 times, with Zhimin Da achieving a revenue of 295 million yuan, up 84.83%, and a net profit of 38.3 million yuan, up 2147.93% [3][4]. - Shijia Guangzi reported a revenue of 993 million yuan, a 121.12% increase, and a net profit of 217 million yuan, a 1712% increase, with significant growth in various product lines [4]. Group 2: Industry Leaders - Leading companies like CATL reported a revenue of 1788.86 billion yuan, a 7.27% increase, and a net profit of 304.85 billion yuan, a 33.33% increase, highlighting their continuous innovation in battery technology [7]. - Hikvision, another industry leader, disclosed a revenue of 418.18 billion yuan, a 1.48% increase, and a net profit of 56.57 billion yuan, an 11.71% increase, with a notable growth in innovative business segments [8]. - WuXi AppTec reported a revenue of 207.99 billion yuan, a 20.64% increase, and a net profit of 85.61 billion yuan, a 101.92% increase, with significant contributions from international clients [8].

证券研究报告 | 公司动态点评 2025 年 08 月 05 日 海康威视（002415.SZ） 现金流向好毛利率提升，基本面边际改善 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 89,341 | 92,496 | 97,962 | 105,770 | 115,839 | | 增长率 yoy（%） | 7.4 | 3.5 | 5.9 | 8.0 | 9.5 | | 归母净利润（百万元） | 14,108 | 11,977 | 13,277 | 14,941 | 16,797 | | 增长率 yoy（%） | 9.9 | -15.1 | 10.9 | 12.5 | 12.4 | | ROE（%） | 18.4 | 15.0 | 15.1 | 15.6 | 15.8 | | EPS 最新摊薄（元） | 1.53 | 1.30 | 1.44 | 1.62 | 1.82 | | P/E（倍） | 19.1 | 22.4 | 20.2 | 18.0 | 16.0 ...

Market Overview - The Shanghai Composite Index closed at 3608.33 points, above the annual line, with an increase of 0.70% [1] - The total trading volume of A-shares reached 1,290.701 billion yuan [1] Stocks Breaking Annual Line - A total of 40 A-shares have surpassed the annual line today, with notable stocks including: - Datang Telecom (4.33% deviation) - Xinquan Co., Ltd. (3.26% deviation) - Galaxy Electronics (3.20% deviation) [1] - Stocks with smaller deviations that just crossed the annual line include: - Huatech (0.00% deviation) - Huaxing Yuanchuang (0.00% deviation) - Guizhou Gas (0.00% deviation) [1] Top Performers - Datang Telecom: Increased by 5.18% with a turnover rate of 4.64% [1] - Xinquan Co., Ltd.: Increased by 10.00% with a turnover rate of 2.69% [1] - Galaxy Electronics: Increased by 7.30% with a turnover rate of 20.12% [1] Additional Notable Stocks - Other stocks with significant performance include: - Huafu Fashion: 3.71% increase, 2.87% turnover [1] - Xingrui Technology: 5.72% increase, 3.77% turnover [1] - China Shipbuilding: 2.79% increase, 1.75% turnover [1]