研报掘金丨西部证券：维持海康威视“买入”评级，境外主业与创新业务展现较好韧性

Core Viewpoint - Hikvision achieved operating 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, a year-on-year increase of 11.71% [1] Group 1: Financial Performance - The domestic main business of the company continues to face pressure, while the overseas main business and innovative sectors show good resilience [1] - Innovative business generated revenue of 11.766 billion yuan, a year-on-year increase of 13.92%, accounting for approximately 28% of total revenue [1] Group 2: Growth Drivers - The growth in revenue and net profit for Hikvision's robotics and automotive electronics segments is driven by the domestic 3C industry, new energy vehicles, and lithium battery sectors [1] - The company is actively pursuing organizational changes and refined management, leading to significant improvements in overall operational quality [1] Group 3: Future Outlook - The company is making proactive investments in AI, which is expected to benefit its main business in the future [1] - There is optimism regarding the recovery of domestic market demand and opportunities in digital construction, maintaining a "buy" rating [1]