HIKVISION(002415) 长城证券·2024-11-04 11:12Investment Rating - The report maintains a "Buy" rating for Hikvision, expecting the stock price to outperform the industry index by over 15% in the next six months [10]. Core Views - The report highlights that the PBG revenue growth has turned positive, supported by government funding in sectors such as water conservancy and disaster management. This improvement in funding is expected to enhance business flexibility [2][3]. - Despite a challenging domestic and international environment impacting revenue growth, the company has managed to stabilize its cost structure, with a gross margin of 44.51% in Q3 2024 [2][3]. - The report projects revenue and net profit growth for the years 2024 to 2026, estimating revenues of 98 billion, 107.9 billion, and 119.3 billion respectively, with net profits of 14.5 billion, 16.8 billion, and 19.7 billion [3]. Financial Summary - For 2024, the expected operating revenue is 98,024 million, with a year-over-year growth rate of 9.7%. The net profit attributable to the parent company is projected at 14,503 million, reflecting a 2.8% increase year-over-year [1]. - The report indicates a stable cost structure, with operating expenses growing at a slower pace and personnel size remaining stable [2]. - The company's financial metrics show a projected EPS of 1.57 for 2024, with a P/E ratio of 18.4 and a P/B ratio of 3.2 [1][3].