Core Viewpoint - The company is experiencing short-term pressure on performance, with a slight increase in revenue but a significant decline in net profit, indicating potential challenges ahead [2]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 92.486 billion yuan, representing a year-on-year growth of 3.52% [2]. - The net profit attributable to shareholders was 11.959 billion yuan, showing a year-on-year decrease of 15.23%, indicating short-term performance pressure [2]. Group 2: Macro Environment - The manufacturing PMI for February recorded at 50.2%, indicating a return to the expansion zone, with a month-on-month increase of 1.1 percentage points, driven by rapid recovery in demand post-holiday [3]. - The improvement in macro factors that previously suppressed the company's performance and valuation is becoming significant [3]. Group 3: Policy and Security - The Central Political Bureau emphasized the construction of a safer China, which is expected to accelerate security and digital governance projects, potentially benefiting the company's PBG business directly [4]. Group 4: Innovation and Technology - The company is launching a series of products based on multi-modal large models, integrating advanced technology with embedded smart hardware, aiming for broader and more efficient applications across various industries [5]. - The focus on innovative business areas such as edge computing, robotics, and smart connected vehicles is expected to catalyze growth, with overseas business now accounting for over half of total operations [6].

Investment Rating - The report maintains a "Positive" outlook for the electronic industry [4] Core Insights - The Deepseek integrated machine is driving AI acceleration across various industries, with multiple manufacturers launching products that support the Deepseek model, enhancing deployment efficiency [7][8] - The integration of hardware and software in Deepseek machines significantly lowers the technical barriers for AI deployment, creating new opportunities for various sectors [13][14] - Domestic chips are becoming a foundational element for Deepseek machines, with over 80 companies adapting or launching Deepseek models based on domestic chip technology [11][12] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on investment opportunities in companies related to the Deepseek integrated machine supply chain, including: 1. Chips: Haiguang Information, Longxin Zhongke, Lanke Technology, and Cambricon 2. Complete machines: Hikvision, Lenovo Group, and Dahua Technology [2][18] Industry Dynamics - The report highlights the rapid industrialization of AI integrated machines, with significant advancements in the Deepseek model's application across cloud computing, intelligent computing, and data center sectors [8] - Various manufacturers are adopting domestic chips and frameworks to enhance their integrated machine solutions, promoting a more localized AI ecosystem [9][12] Technological Advancements - Deepseek integrated machines are designed for soft and hardware optimization, allowing for dynamic resource allocation and improved performance [11][12] - The machines are equipped with pre-deployed models and industry-specific adaptations, significantly reducing the time required for AI application deployment [13][14]

证券代码：002415 证券简称：海康威视 公告编号：2025-006 号 杭州海康威视数字技术股份有限公司 关于公司回购股份的进展公告 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"） 于 2024 年 12 月 9 日、2024 年 12 月 25 日召开公司第六届董事会第四次会议、 2024 年第二次临时股东大会，审议通过了《关于回购公司股份方案的议案》，同 意公司通过深圳证券交易所交易系统以集中竞价交易方式回购公司部分已在境 内发行的人民币普通股（A 股）股票。回购资金总额不超过人民币 25 亿元（含）， 不低于人民币 20 亿元（含），回购价格不超过人民币 40 元/股（含），回购所 需资金来源于公司自有资金及股票回购专项贷款，回购期限为自公司股东大会审 议通过回购股份方案之日起不超过十二个月。本次回购的股份将用于依法注销减 少注册资本。具体内容详见刊载于巨潮资讯网的《第六届董事会第四次会议决议 公告》《关于回购公司股份方案的公告》《2024 年第二次临时股东大会决议公 告》《回购股份 ...

证券代码：002415 证券简称：海康威视 公告编号：2025-005 号 杭州海康威视数字技术股份有限公司 关于为子公司提供担保的进展公告 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。 一、担保情况概述 2025 年 2 月 28 日，公司与工行西湖签订了《最高额保证合同》，约定公司 为全资子公司杭州海康威视系统技术有限公司在工行西湖办理额度不超过 5,000 万元人民币的授信业务提供连带责任保证，保证期间为担保合同项下业务履行期 限届满之日起三年。相关合同所担保的业务范围、期限、费用等内容以相关法律 文书或凭证为准。 2025 年 2 月 28 日，公司控股子公司杭州海康机器人股份有限公司（以下简 称"海康机器人"）与杭银保俶签订了《最高额保证合同》，约定海康机器人为其 全资子公司杭州海康智能科技有限公司在杭银保俶办理额度不超过 5,500 万元人 民币的授信业务提供连带责任保证，保证期间为担保合同项下业务履行期限届满 之日起三年。相关合同所担保的业务范围、期限、费用等内容以相关法律文书或 凭证为准。 上述担保在公司股东大会审议通过的担保额度范围内。 三 ...

Investment Rating - The report maintains a "Strong Buy" rating for Hikvision, with a target price of 38.75 CNY [2][10]. Core Views - The company achieved a revenue of 92.49 billion CNY in 2024, representing a year-on-year growth of 3.52%. However, the net profit attributable to shareholders decreased by 15.23% to 11.96 billion CNY [2][9]. - The company is focusing on integrating AI and perception technologies to enhance product competitiveness and facilitate digital transformation across various industries [9][10]. - Hikvision's major shareholder plans to increase their stake by 300 to 500 million CNY, and the company has announced a share buyback plan of 2 to 2.5 billion CNY, reflecting confidence in future growth [9][10]. - The revenue forecast for 2024-2026 is adjusted to 92.49 billion CNY, 100.39 billion CNY, and 109.69 billion CNY, with corresponding growth rates of 3.5%, 8.5%, and 9.3% respectively. The net profit forecast is set at 11.96 billion CNY, 14.27 billion CNY, and 16.13 billion CNY, with growth rates of -15.2%, 19.3%, and 13.1% respectively [9][10]. Financial Summary - Total revenue for 2023 was 89.34 billion CNY, with a projected increase to 92.49 billion CNY in 2024, and further growth to 100.39 billion CNY in 2025 [4][10]. - The net profit for 2023 was 14.11 billion CNY, expected to decline to 11.96 billion CNY in 2024, before recovering to 14.27 billion CNY in 2025 [4][10]. - The earnings per share (EPS) are projected to be 1.30 CNY for 2024, increasing to 1.55 CNY in 2025 and 1.75 CNY in 2026 [4][10].

Investment Rating - The report maintains a "Buy" rating for Hikvision, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Views - Hikvision achieved stable revenue growth in 2024, with total revenue reaching 92.486 billion yuan, a year-on-year increase of 3.52%. However, the net profit attributable to shareholders decreased by 15.23% to 11.959 billion yuan [1][4]. - The company is focusing on technological innovation and operational efficiency to drive steady business development, despite a decline in domestic business growth and steady growth in overseas markets [1][4]. Summary by Sections Revenue and Profitability - In 2024, Hikvision's revenue was 92.486 billion yuan, up 3.52% year-on-year. The net profit attributable to shareholders was 11.959 billion yuan, down 15.23% year-on-year. The non-recurring net profit was 11.798 billion yuan, a decrease of 13.68% year-on-year [1][4]. - The company forecasts revenue for 2025 and 2026 to be 100.315 billion yuan and 107.582 billion yuan, respectively, with net profits projected at 13.658 billion yuan and 14.834 billion yuan [4][8]. Technological Advancements - Hikvision is leveraging its long-term experience in the security field to integrate self-developed multimodal large models with intelligent computing hardware, enhancing product capabilities in intelligent computing, storage, and search applications [2]. - The company has launched a series of products based on its GuoLan large model technology, which significantly improves the efficiency of security management across various industries [2]. Strategic Partnerships - Hikvision has partnered with China Telecom to promote digital transformation across various sectors, focusing on smart products and AI applications [3]. - The collaboration aims to leverage Hikvision's core technology in smart IoT to enhance resource sharing and mutual development in the digitalization of industries [3].

Investment Rating - The report maintains a "Buy" rating for Hikvision, indicating an expectation of stock price appreciation exceeding 15% relative to the benchmark index [4][6]. Core Insights - Hikvision achieved a stable revenue growth of 3.52% year-on-year, with total revenue reaching 92.486 billion yuan in 2024. However, the net profit attributable to shareholders decreased by 15.23% to 11.959 billion yuan [1][4]. - The company is focusing on AI technology and has launched a series of products based on its proprietary multimodal large model technology, enhancing its offerings in intelligent computing and storage [2]. - A partnership with China Telecom aims to drive digital transformation across various industries, leveraging Hikvision's technological strengths in smart IoT and AI applications [3]. Financial Summary - Revenue projections for 2024-2026 are adjusted to 92.486 billion, 100.315 billion, and 107.582 billion yuan, respectively. The net profit forecasts are set at 11.959 billion, 13.658 billion, and 14.833 billion yuan for the same period [4][8]. - The earnings per share (EPS) are projected to be 1.30, 1.48, and 1.61 yuan, with corresponding price-to-earnings (P/E) ratios of 24.59, 21.53, and 19.82 [4][8].

Financial Performance - Total revenue for 2024 reached ¥92,485,545,703.86, an increase of 3.52% compared to the previous year[4] - Operating profit decreased by 10.94% to ¥14,284,639,363.55 from ¥16,039,575,528.98 in the previous year[4] - Net profit attributable to shareholders was ¥11,958,811,147.26, down 15.23% from ¥14,107,726,276.26 year-on-year[4] - Basic earnings per share decreased by 14.80% to ¥1.295 from ¥1.520 in the previous year[4] - The weighted average return on net assets fell by 4.32% to 15.32% compared to 19.64% in the previous year[4] Assets and Equity - Total assets at the end of the reporting period were ¥132,058,069,945.84, a decrease of 4.90% from the beginning of the period[4] - Shareholders' equity attributable to the company increased by 5.63% to ¥80,650,145,947.16[4] - The total number of shares decreased from 9,330,600,931 to 9,233,198,326 due to the repurchase and cancellation of restricted stock[4] Business Strategy and Market Trends - The company is focusing on technological innovation and improving operational efficiency to drive steady business development[5] - Domestic business growth has slowed, while overseas markets are experiencing steady growth[5]

Quantitative Models and Construction Methods 1. Model Name: CSI Artificial Intelligence Theme Index (930713.CSI) - **Model Construction Idea**: The index selects 50 stocks from the entire market that are involved in providing foundational resources, technologies, and application support for artificial intelligence, reflecting the overall performance of AI-themed listed companies[31][32] - **Model Construction Process**: - **Sample Space**: Same as the CSI All Share Index sample space - **Selection Method**: 1. Filter securities that meet investability criteria and are involved in AI-related fields such as big data, cloud computing, machine learning, and intelligent chips 2. Rank the securities by daily average total market capitalization over the past year and select the top 50 as index samples - **Weighting Method**: Free-float market capitalization weighting with a tiered adjustment algorithm - **Index Calculation**: $$ \text{Index Value} = \frac{\text{Adjusted Market Value of Samples}}{\text{Divisor}} \times 1000 $$ Where adjusted market value = ∑(stock price × adjusted shares × weight factor) - **Index Adjustment**: - Regular adjustments: Conducted semi-annually in June and December - Temporary adjustments: Made for events like delisting, mergers, or acquisitions[32] - **Model Evaluation**: The index is characterized by high return elasticity and broad coverage of AI-related industries, making it a representative benchmark for the AI sector[30][31] --- Model Backtesting Results 1. CSI Artificial Intelligence Theme Index - **Annualized Return**: 20.59%[49] - **Annualized Volatility**: 35.55%[49] - **Maximum Drawdown**: -44.99%[49] - **Sharpe Ratio**: 0.78[49]