Summary of Hikvision Conference Call Company Overview - **Company**: Hikvision - **Market Capitalization**: Approximately 310 billion CNY as of the last closing [8] Key Points and Arguments Valuation and Market Sentiment - Hikvision is recommended as a "gold stock" due to its low overall market valuation, with a price-to-earnings (PE) ratio of 21-22 times prior to recent stock price increases [2][4] - The market has previously undervalued Hikvision's innovative business segments, which now account for nearly one-third of the company's revenue and are growing rapidly [2][5] - The expected net profit growth for 2025 and 2026 is projected at 10%-15%, with corresponding PE ratios of 23 and 20, indicating a still low valuation level [2][5] Revenue Growth and Structure - Total revenue is expected to increase by 11 billion CNY from 2021 to 2024, with 60% of this growth coming from overseas and innovative business segments [2][6] - The traditional business segments (TBG, EBG, SNB-SNBG) are experiencing stable growth, but the main growth drivers will be the emerging sectors [6][12] - International business, excluding the U.S., is expected to see revenue growth of 5%-10% and profit growth of over 10% in the coming years [6] Innovative Business Segments - Hikvision's innovative businesses include areas such as smart home (萤石), robotics, micro-imaging, and automotive electronics, with expected annual revenue and profit growth of over 20% [2][6] - Robotics revenue for the first half of the year reached 3.1 billion CNY, reflecting a year-on-year growth of 14%-15% [6] - The projected market value of the innovative business could reach 280 billion CNY if a net profit margin of 25% is achieved and a PE ratio of 40 is applied [7][9] Future Growth Potential - If the market begins to recognize the value of Hikvision's innovative segments, the total market capitalization could rise to approximately 450 billion CNY, with a PE ratio of 33 for 2025 and 29 for 2026 [4][8] - The company is transitioning from a traditional security firm to an AI-driven visual empowerment company, which is expected to drive significant growth [12] Market Trends and Comparisons - The recent stock price increase is attributed to a market shift towards valuing innovative business segments, similar to trends seen with other tech companies like Baidu and Kuaishou [3][11] - The innovative business revenue for last year was 22.9 billion CNY, with expectations of maintaining over 20% growth this year [11] Additional Important Insights - The traditional business segments are not expected to return to previous high growth rates, indicating a strategic shift towards innovation and international markets [6][12] - The overall sentiment in the market is shifting towards recognizing the potential of undervalued tech assets, which could benefit Hikvision significantly [11]

Group 1 - The unmanned delivery vehicle industry is expected to experience explosive growth in 2025, with a development speed reaching ten times that of the previous year [1] - The company, New Stone, is currently delivering over 1,000 unmanned vehicles per month, with expectations to exceed 2,000 units per month between Q2 and Q3, and April's delivery surpassing the total for the entire year of 2024 [1][3] - The application scenarios for unmanned delivery vehicles have expanded from densely populated urban areas to rural regions, with operational ranges extending from non-motor vehicle lanes to motor vehicle lanes [3] Group 2 - New Stone has developed various vehicle models, including 3 cubic meter small vehicles and 6 cubic meter medium vehicles, with larger capacity models currently in development [3] - The delivery distance has significantly increased, with routes of 70 to 80 kilometers now common, breaking the previous limitation of around 3 kilometers [3] - The core mission of the logistics industry is cost reduction and efficiency improvement, which New Stone aims to achieve through visual technology and algorithms [3] Group 3 - The company plans to implement a no-map technology based on visual algorithms in the second half of this year, expanding application scenarios from planned logistics in the express delivery sector to real-time logistics similar to ride-hailing services [3] - By the end of this year, New Stone expects to deploy 4,000 to 5,000 unmanned vehicles in scenarios outside of express delivery, primarily for real-time logistics scheduling [3] - The competition in the industry is just beginning, with major players like Meituan, JD.com, and Alibaba entering the market, emphasizing the need for competition to build an efficient ecosystem [3] Group 4 - The logistics industry inherently seeks cost optimization, and unmanned delivery vehicles must prioritize cost reduction as their core mission [3] - New Stone aims to release value in more scenarios, including express delivery, industrial clusters, and rural areas, ultimately achieving global scale operations [3]