Ge Long Hui A P P·2025-10-15 06:21Core Viewpoint - Recent policies are expected to boost market demand for Hikvision's products, despite concerns about the company's reliance on government security business, which may have limited growth potential [1] Group 1: Policy Impact - Government initiatives such as the resilient city construction opinions, central urban work conference, and AI+ action opinions are likely to enhance demand for Hikvision's video surveillance products [1] - The company's self-developed "Guanlan" large model significantly expands its AI application capabilities [1] Group 2: Business Growth - Hikvision has cultivated leading industry application capabilities and an efficient AI engineering implementation system over the years, allowing for rapid response to industry demands [1] - Innovative business revenue has grown from 650 million yuan in 2016 to 22.5 billion yuan in 2024, with a compound annual growth rate of 56%, and is projected to reach nearly 11.8 billion yuan in the first half of 2025, accounting for 28% of total revenue [1] Group 3: Valuation - Based on comparable companies' 26x to 27x PE valuation levels, the target price is set at 46.98 yuan, maintaining a "buy" rating [1]