民生证券给予海康威视推荐评级，2025年半年报点评：业务多元化进展顺利，盈利质量持续提升

Group 1 - The core viewpoint of the report is that Minsheng Securities recommends Hikvision (002415.SZ, latest price: 28.77 yuan) based on several positive factors [2] - The overseas main business and innovative business are expected to achieve positive growth by 2025, with their proportion of total revenue continuously increasing [2] - The company is deeply engaged in AIoT multimodal large model technology, which strengthens its technological foundation through innovative research and development [2] - Strategic adjustments are showing initial results, leading to a significant improvement in cash flow [2]