HIKVISION(SZ:002415) Guoxin Securities·2024-08-19 13:00Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][5] Core Views - The company's performance in Q2 2024 shows overall stability, with revenue and net profit attributable to shareholders increasing year-on-year. Q2 2024 revenue reached 23.39 billion yuan (YoY +9.46%, QoQ +31.28%), while net profit attributable to shareholders was 3.148 billion yuan (YoY -10.73%, QoQ +64.32%) [3] - The company's EBG segment continues to grow, driven by demand for quality improvement and efficiency enhancement, with revenue of 7.49 billion yuan in the first half of the year, a YoY increase of 7.05% [3] - The share of revenue from developing countries continues to rise, with innovative business growing by 26% year-on-year, supported by overseas business expansion and upward cycles [3] - The digitalization of enterprise scenarios is expected to provide long-term growth momentum, with the company expanding its product offerings from visible light to various sensing technologies [3] - The company maintains a resilient operational performance and anticipates long-term growth driven by industry intelligence, while adjusting revenue and gross margin forecasts for the PBG segment due to macroeconomic recovery [3] Financial Forecasts and Key Metrics - Revenue forecasts for 2024E, 2025E, and 2026E are 98.03 billion yuan, 105.80 billion yuan, and 113.77 billion yuan respectively, with corresponding growth rates of 9.7%, 7.9%, and 7.5% [3] - Net profit forecasts for the same periods are 14.58 billion yuan, 16.50 billion yuan, and 18.51 billion yuan, with growth rates of 3.3%, 13.2%, and 12.1% respectively [3] - The company's PE ratios for 2024E, 2025E, and 2026E are projected to be 17.4, 15.4, and 13.7 respectively [3]