高盛：海康威视_ 海外业务与创新业务在第二季度逐步复苏；多模态人工智能模型提升业绩表现；评级为 “中性”

13 June 2025 | 9:16PM HKT Hikvision (002415.SZ): 2Q gradual recovery on overseas and innovative business; Multi-modal AI models to enhance performance; Neutral 2Q25 outlook: We expect Hikvision 2Q25 revenues to grow 5% YoY (vs. 1Q25 at 4% YoY), or 33% QoQ to Rmb24.7bn on better seasonality, and on overseas and innovative business expansion. We model 2Q25 GM at 43.9%, improving from 4Q24 GM at 41.6% as the company is focusing on business with higher margin. We expect it will still take time to see improving ...