Investment Rating - The report assigns a "Buy" rating for Hikvision Technology Co., Ltd. (002415) for the first time [1]. Core Views - Hikvision is a global leader in visual IoT solutions and big data services, positioning itself in the "Smart IoT AIoT" sector to capitalize on the digitalization and intelligence trends in the video surveillance industry [3][12]. - The company has shown steady growth in its main business, driven by AI empowerment in the security industry, with a projected compound annual growth rate (CAGR) of 26% for the smart security market in China from 2021 to 2026 [3][25]. - Innovation in business segments has become a strong growth engine, with revenues from innovative businesses increasing significantly, contributing to 20.77% of total revenue in 2023 [3][18]. Summary by Sections 1. Global Security Leader and Smart IoT Strategy - Hikvision has transformed from a product supplier to a comprehensive solution provider, focusing on smart IoT technologies to enhance its market position [12][14]. - The company has maintained a stable shareholding structure, backed by state-owned enterprises, which supports its long-term strategic execution [15] 2. AI Empowerment in the Security Industry - The shift from traditional security to intelligent security is driven by AI technologies, enhancing real-time monitoring and preventive measures [21][23]. - The global smart security market is expected to reach $45 billion in 2023, with a CAGR of 30.26% from 2018 to 2023, indicating significant growth potential [25][26]. 3. Innovation Business Development - The company has successfully incubated eight innovative business platforms, with revenues from these segments growing from 2.697 billion to 18.553 billion yuan from 2018 to 2023, achieving a CAGR of 61.97% [3][18]. - The innovative business segments are expected to continue driving growth, with a focus on areas such as smart home, mobile robotics, and smart medical solutions [3][18]. 4. Earnings Forecast and Investment Recommendations - The report forecasts net profits of 16.3 billion, 19.2 billion, and 21.7 billion yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 19, 16, and 14 times [4].

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 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 4 月 18 日召开第五届董事会第二十次会议，审议通过了《关于为子公 司提供担保的议案》，同意公司及控股子公司为其下属全资或控股子公司提供不 超过 166.75 亿元人民币的担保额度。上述事项于 2024 年 5 月 10 日经公司 2023 年年度股东大会审议通过。具体内容详见公司 2024 年 4 月 20 日刊载于《证券时 报》《中国证券报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）的《关于 为子公司提供担保的公告》（公告编号：2024-016 号）。 二、担保进展情况 2024 年 5 月 10 日，公司与渣打银行（中国）有限公司（以下简称"渣打银 行"）签订了《连带责任保证函》，约定公司为全资子公司杭州海康威视科技有限 公司在渣打银行办理额度不超过 595 万美元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。本合同 ...

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。 特别提示： 1、本次股东大会不存在增加、变更或否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 证券代码：002415 证券简称：海康威视 公告编号：2024-022 号 杭州海康威视数字技术股份有限公司 2023 年年度股东大会决议公告 1、本次股东大会的召开时间： （1）现场会议时间：2024 年 5 月 10 日 15:00。 （2）网络投票时间：2024 年 5 月 10 日。其中，通过深圳证券交易所交易 系统进行网络投票的时间为 2024 年 5 月 10 日的交易时间，即 9:15-9:25，9:30- 11:30，13:00-15:00；通过深圳证券交易所互联网投票系统的投票时间为 2024 年 5 月 10 日上午 9:15 至下午 15:00 期间的任意时间。 2、会议召开地点：杭州市滨江区物联网街 518 号海康威视公司会议室。 3、会议召开方式：采用现场表决与网络投票相结合的方式召开。 4、会议召集人：公司董事会。 5、会议主 ...

国浩律师（杭州）事务所 关于 杭州海康威视数字技术股份有限公司 2023 年年度股东大会之 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二四年五月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 杭州海康威视数字技术股份有限公司 2023 年年度股东大会之 法律意见书 致：杭州海康威视数字技术股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受杭州海康威视数字技术 股份有限公司（以下简称"公司"）的委托，指派律师列席公司 2023 年年度股 东大会（以下简称 ...

证券代码：002415 证券简称：海康威视 公告编号：2024-024 号 杭州海康威视数字技术股份有限公司 关于回购注销限制性股票减少注册资本暨通知债权人的公告 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"） 于 2024 年 4 月 18 日、5 月 10 日召开第五届董事会第二十次会议、2023 年年度 股东大会，审议通过《关于终止实施 2021 年限制性股票计划并回购注销相关限 制性股票的议案》《关于修订<公司章程>的议案》，公司将终止实施 2021 年限制 性股票计划并回购注销相关限制性股票 97,402,605 股，占目前公司总股本 （9,330,600,931 股）的 1.0439% 。在回购注销完成后，公司总股本将由 9,330,600,931 股减少 97,402,605 股 至 9,233,198,326 股 ， 注 册 资 本 将 由 9,330,600,931 元相应减少 97,402,605 元至 9,233,198,326 元（仅考虑目前情况下 进行本次回购注销的变 ...

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 海康威视(002415)公司点评报告 2024年04月26日 [Table_Invest] [Tab经le_T营itle业] 绩稳健增长，创新业务空间广阔 买入|维持 ——海康威视(002415.SZ)2023年年报及 2024 年一季报点评 [当Ta前b价le_：T argetPr3ic2e.6] 4元 [事Ta件ble：_S ummary] 公司于2024年4月19日收盘后发布《2023年年度报告》、《2024年第一 [基Ta本bl数e_据Ba se] 季度报告》。 52周最高/最低价（元）： 37.90 / 30.35 点评： A股流通股（百万股）： 9108.32  2023年经营绩效逐季改善，创新业务是亮点 A股总股本（百万股）： 9330.60 2023年，公司经营绩效逐季改善，全年实现营业收入893.40亿元，同比增 流通市值（百万元）： 297295.51 长7.42%；实现归母净利润141.08亿元，同比增长9.89%；实现扣非归母 总市值（百万元）： 304550.81 净利润136.66亿元，同比增长10.83 ...

中国国际金融股份有限公司 关于杭州海康威视数字技术股份有限公司所属 杭州萤石网络股份有限公司境内上市 之持续督导意见 （北京市朝阳区建国门外大街1号国贸大厦2座27层及28层） 二零二四年四月 | 一、海康威视及萤石网络基本情况 3 | | --- | | （一）海康威视概况 3 | | （二）萤石网络概况 4 | | 二、独立财务顾问的基本情况 6 | | 三、萤石网络分拆上市基本情况 6 | | 四、独立财务顾问持续督导工作概述 6 | | 五、独立财务顾问持续督导情况 7 | | （一）萤石网络境内上市后海康威视核心资产与业务的独立经营状况、持续 | | 经营能力等情况 7 | | （二）海康威视依法履行信息披露情况 9 | | 六、持续督导总结意见 10 | 联系电话：0571-88075998、0571-89710492 中国国际金融股份有限公司（以下简称"中金公司"或"本独立财务顾问"） 接受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"） 的委托，担任其将其控股子公司杭州萤石网络股份有限公司（以下简称"萤石网 络"）分拆至上海证券交易所科创板上市的独立财务顾问。中金公司对海康威 ...

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 Insights - Hikvision's revenue for 2023 reached 89.34 billion yuan, a year-on-year increase of 7.42%, while the net profit attributable to shareholders was 14.11 billion yuan, up 9.89% year-on-year [1][2]. - The company has seen improvements across its business segments, with the PBG segment's revenue declining at a slower rate of 4.84% compared to a 15.79% decline in the previous year, while EBG and SMBG segments reported growth of 8.12% and 1.46%, respectively [1]. - The gross margin for 2023 was 44.44%, with the main products and services gross margin increasing by 2.60 percentage points to 46.34% [2]. - Hikvision has increased its R&D investment to 11.39 billion yuan in 2023, a 16.08% increase year-on-year, which is higher than the revenue growth rate [2]. - The company has completed its initial transformation towards smart IoT, leveraging AI investments to enhance product and algorithm development [2]. Financial Summary - Revenue projections for 2024-2026 are 98.64 billion yuan, 110.97 billion yuan, and 125.62 billion yuan, respectively, with net profits expected to be 16.74 billion yuan, 18.52 billion yuan, and 20.47 billion yuan [2]. - The report forecasts EPS of 1.79 yuan, 1.98 yuan, and 2.19 yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 18X, 16X, and 15X [2]. - The company's return on equity (ROE) is projected to be 19.2% in 2024, slightly decreasing to 18.5% by 2026 [4].

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 49.62 [1][10]. Core Insights - The company has preliminarily completed its AIoT strategic transformation, targeting a net profit attributable to shareholders of RMB 16-17 billion for 2024. In 2023, total revenue reached RMB 89.34 billion, a year-on-year increase of 7.42%, with a net profit of RMB 14.11 billion, up 9.89% year-on-year [2][10]. - The company expects a "low and then high" performance trend in 2024, driven by digital transformation products and solutions for various enterprises. The EBG business outlook is optimistic, while PBG has opportunities despite potential revenue declines [3][10]. Financial Summary - In 2023, the company achieved total revenue of RMB 89.34 billion, with a net profit of RMB 14.11 billion. The gross profit margin was 44.44%, and the net profit margin was 16.96% [2][4]. - For Q1 2024, revenue was RMB 17.82 billion, a 9.98% year-on-year increase, with a net profit of RMB 1.92 billion, up 5.78% year-on-year [2][10]. - The forecast for 2024-2026 includes revenues of RMB 100.03 billion, RMB 113.26 billion, and RMB 131.36 billion, with net profits of RMB 16.53 billion, RMB 19.36 billion, and RMB 22.84 billion respectively [7][10]. Business Segments - The report highlights that the EBG business is expected to grow as the company helps enterprises improve quality, reduce costs, and increase efficiency. The PBG business remains optimistic despite potential revenue declines, while the SMBG segment has stabilized [3][10]. - The company is focusing on enhancing its innovation business, which has shown significant growth and is expected to contribute to overall revenue stability [5][10]. AI and Digital Transformation - The company has invested heavily in AI development, launching the "Guanlan" large model, which is expected to enhance its capabilities in various industry applications. This model has shown promising results in recent evaluations [6][10]. - The AI open platform has generated over 100,000 models across various projects, indicating strong growth in AI applications tailored to different industry needs [6][10].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Insights - The company has initially completed its AIoT strategic transformation, targeting a net profit of 16-17 billion for 2024. In 2023, the company achieved total revenue of 89.34 billion, a year-on-year increase of 7.42%, and a net profit of 14.11 billion, up 9.89% year-on-year [4][8] - The company expects domestic economic stabilization, with performance likely to show a trend of lower results in the first half and higher results in the second half of 2024 [4] - The company is optimistic about the EBG business opportunities, while the PBG business may see some revenue decline but will not disappear due to ongoing government needs [5][8] Financial Performance Summary - In 2023, the company reported total revenue of 89.34 billion, with a net profit of 14.11 billion and a gross margin of 44.44% [4][6] - For Q1 2024, the company achieved revenue of 17.82 billion, a year-on-year increase of 9.98%, and a net profit of 1.92 billion, up 5.78% year-on-year [4] - The company forecasts revenue growth of 12.0% in 2024, reaching 100.03 billion, and a net profit of 16.53 billion, reflecting a growth rate of 17.2% [6][11] Business Segment Analysis - The Public Service Business Group (PBG) generated revenue of 15.35 billion in 2023, down 4.84%, while the Enterprise Business Group (EBG) saw revenue of 17.84 billion, up 8.12% [4][5] - The company is focusing on enhancing its innovation business, which achieved revenue of 18.55 billion, a year-on-year increase of 23.11% [4][7] Strategic Initiatives - The company is increasing its investment in overseas markets, establishing 80 branches in over 150 countries and regions to provide localized services [7][8] - The company has launched the "Guanlan" large model, which is expected to enhance its capabilities in artificial intelligence and digital transformation [8][9] Earnings Forecast and Valuation - The company is projected to achieve revenues of 1000.29 billion, 1132.56 billion, and 1313.62 billion from 2024 to 2026, with corresponding net profits of 165.34 billion, 193.57 billion, and 228.40 billion [8][11] - The report suggests a dynamic PE of 24-28 times for 2024, with a reasonable value range of 42.53-49.62 yuan over the next six months [8][10]