HIKVISION(SZ:002415) Western Securities·2025-10-20 07:34Investment Rating - The report maintains a "Buy" rating for Hikvision Technology Co., Ltd. (002415.SZ) [4] Core Insights - Innovation-driven business segments are identified as the core drivers of revenue growth and valuation restructuring for Hikvision, with innovative business revenue reaching 11.766 billion yuan in the first half of 2025, a year-on-year increase of 13.9%, accounting for 28.1% of total revenue [1][4][12] - The report highlights the strong performance of various innovative business units, including Hikvision Robotics, Smart Home, Automotive Electronics, and Thermal Imaging, which collectively contribute to the company's sustainable growth [1][12] Summary by Sections 1. Innovation Business Driving Growth and Valuation Restructuring - Hikvision's innovative business segments include Hikvision Robotics, Smart Home, Automotive Electronics, Thermal Imaging, and Storage, which are essential for the company's long-term sustainable development [11][12] - In the first half of 2025, the revenue from innovative businesses was 11.766 billion yuan, with the largest contributions from Robotics (27%), Smart Home (23%), Automotive Electronics (20%), and Thermal Imaging (17%) [12][15] 1.1 Hikvision Robotics - The Robotics segment focuses on mobile robots and machine vision, achieving a "hand, eye, and foot" collaborative closed-loop system to enhance digital and intelligent upgrades in production and logistics [14][18] - The market demand for machine vision and mobile robots continues to grow, with Hikvision holding a significant market share in China [22][23] 1.2 Smart Home - The Smart Home business, driven by AI and the Hikvision Cloud, has upgraded its product architecture to "2+5+N," covering various AI interaction product lines [26][31] - The global smart home market is expected to exceed 200 billion USD by 2027, providing substantial growth opportunities for Hikvision's Smart Home segment [31][34] 1.3 Automotive Electronics - The Automotive Electronics segment benefits from the increasing penetration of intelligent driving features, with a focus on multi-sensing products [39][40] - The delivery of NOA (Navigation on Autopilot) equipped vehicles in China is projected to grow significantly, driving demand for related sensors [40][41] 1.4 Thermal Imaging - The Thermal Imaging segment, led by Hikvision Weiying, is expanding its applications from niche markets to broader scenarios, supported by advancements in infrared thermal imaging technology [42][44] - The global market for civilian infrared thermal imaging is expected to grow rapidly, with Hikvision poised to benefit from this trend [46][48] 1.5 Storage - Hikvision's storage business is expected to see marginal improvements in performance due to a balanced supply-demand situation in the NAND Flash market [51][54] - The company focuses on various storage solutions, including SSDs and embedded products, catering to multiple application scenarios [53] Investment Recommendations - The report forecasts revenues for Hikvision to reach 95.036 billion yuan, 102.284 billion yuan, and 112.142 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 14.040 billion yuan, 15.557 billion yuan, and 17.344 billion yuan [55]