研报掘金丨国元证券：维持海康威视“买入”评级，利润增长逐季加速

Core Viewpoint - Hikvision's total revenue is expected to remain stable in 2025, while net profit attributable to shareholders is projected to accelerate growth quarter by quarter [1] Group 1: Business Performance - Innovative business and international operations continue to grow, while domestic operations show a decline [1] - The company maintains a strong commitment to R&D investment and is advancing the application of large models, with smart factories gaining recognition [1] Group 2: Market Outlook - The prospects for smart perception and AI are broad, with related products gradually entering a growth phase [1] - The company offers video-centric smart IoT solutions and big data services to global users, possessing comprehensive advantages in technology, products, and solutions [1] Group 3: Investment Rating - Given the industry's growth potential and the company's sustained business growth, a "buy" rating is maintained [1]