HIKVISION(SZ:002415) Minsheng Securities·2025-08-08 10:22Investment Rating - The report maintains a "Recommended" rating for Hikvision [5] Core Views - In the first half of 2025, Hikvision achieved operating revenue of 41.818 billion yuan, a year-on-year increase of 1.48%, and a net profit attributable to shareholders of 5.657 billion yuan, up 11.71% year-on-year [1] - The company's overseas main business and innovative business both achieved positive growth in 2025, with overseas revenue accounting for 29.25% of total revenue [1] - The innovative business generated revenue of 11.766 billion yuan, a year-on-year increase of 13.92%, representing 28.14% of total revenue [2] - The company is focusing on AIoT multi-modal large model technology, enhancing its technological foundation through continuous innovation and product development [2] - Strategic adjustments have led to significant improvements in cash flow, with net cash flow from operating activities reaching 5.343 billion yuan in the first half of 2025 [2] - The report forecasts revenues of 105.6 billion yuan, 121.5 billion yuan, and 141 billion yuan for 2025, 2026, and 2027 respectively, with EPS of 1.58 yuan, 1.95 yuan, and 2.44 yuan for the same years [3][4] Summary by Sections Business Performance - The PBG business reported revenue of 5.573 billion yuan, down 2.11% year-on-year [1] - The EBG and SMBG businesses both reported revenue of 7.462 billion yuan, down 0.36% year-on-year [1] - The overseas main business achieved revenue of 12.231 billion yuan, a year-on-year increase of 6.90% [1] Innovation and Technology - The company is advancing AIoT multi-modal large model technology and has launched a "large model integrated platform" to enhance industry application intelligence [2] Financial Forecast - The projected operating revenues for 2025, 2026, and 2027 are 105.584 billion yuan, 121.453 billion yuan, and 141.019 billion yuan respectively, with corresponding net profits of 14.546 billion yuan, 17.962 billion yuan, and 22.543 billion yuan [4][9]