民生证券：给予海康威视买入评级

Core Viewpoint - Hikvision's 2025 semi-annual report shows steady revenue growth and improved profit quality, with a buy rating from Minsheng Securities [1][2]. Financial Performance - In the first half of 2025, Hikvision achieved revenue of 41.818 billion yuan, a year-on-year increase of 1.48% [2]. - The net profit attributable to shareholders was 5.657 billion yuan, reflecting a year-on-year growth of 11.71% [2]. - The overseas main business and innovative business both showed positive growth, contributing to a sustainable development strategy [2]. Business Segments - PBG business revenue was 5.573 billion yuan, down 2.11% year-on-year [2]. - EBG business revenue was 7.462 billion yuan, down 0.36% year-on-year [2]. - SMBG business revenue was also 7.462 billion yuan, down 0.36% year-on-year [2]. - Overseas main business revenue reached 12.231 billion yuan, up 6.90% year-on-year, accounting for 29.25% of total revenue [2]. - Innovative business revenue was 11.766 billion yuan, up 13.92% year-on-year, making up 28.14% of total revenue [2]. Strategic Developments - The company is focusing on AIoT multi-modal large model technology, enhancing its technological foundation [3]. - A new "integrated large model platform" was launched, improving industry application intelligence [3]. - Strategic adjustments have led to significant cash flow improvements, with net cash flow from operating activities at 5.343 billion yuan [3]. Investment Outlook - Despite global economic uncertainties, Hikvision demonstrates resilience through prudent management strategies [4]. - Future revenue projections for 2025, 2026, and 2027 are 105.6 billion yuan, 121.5 billion yuan, and 141.0 billion yuan respectively [4]. - Expected EPS for the same years are 1.58 yuan, 1.95 yuan, and 2.44 yuan respectively [4].