HIKVISION(SZ:002415) Orient Securities·2026-01-21 02:24Investment Rating - The investment rating for Hikvision is "Buy" (maintained) [1] Core Views - Hikvision is recognized as a leading AI application company in China, with rapid growth in innovative business segments [5] - The company has implemented a mid-term dividend policy, demonstrating significant effects of high-quality development [5] - Cash flow has improved significantly, with net profit accelerating growth [5] - The company is focusing on profit-centered strategies, enhancing operational quality, and accelerating digital transformation for sustainable growth [11] - Hikvision's self-developed AI model has expanded its application capabilities, significantly improving recognition accuracy and reducing deployment costs [11] - Recent policies are expected to boost market demand for Hikvision's products, particularly in video surveillance [11] Financial Summary - The projected earnings per share for 2025-2027 are 1.55, 1.76, and 2.03 yuan respectively, with adjustments made to revenue, gross margin, and expense ratios [7][12] - The target price is set at 47.52 yuan based on a 26-27 times PE valuation level [7][12] - The company's revenue for 2023 is projected at 89.34 billion yuan, with a year-on-year growth of 7% [9] - Operating profit for 2023 is estimated at 16.04 billion yuan, with a year-on-year growth of 9% [9] - The net profit attributable to the parent company for 2023 is projected at 14.11 billion yuan, with a year-on-year growth of 10% [9] - The gross margin is expected to be 44.3% in 2023, with a slight increase in subsequent years [9]