民生证券8月8日发布研报称，给予海康威视（002415.SZ，最新价：28.77元）推荐评级。评级理由主要 包括：1）分业务来看，境外主业和创新业务2025年均实现正增长，占总营收比例持续提升；2）深耕 AIoT多模态大模型技术，创新研发夯实技术底座；3）战略调整成效初显，现金流大幅改善。风险提 示：技术发展不确定，行业竞争加剧。 （文章来源：每日经济新闻） ...

Core Viewpoint - Hikvision's 2025 semi-annual report shows steady revenue growth and improved profit quality, with a buy rating from Minsheng Securities [1][2]. Financial Performance - In the first half of 2025, Hikvision achieved revenue of 41.818 billion yuan, a year-on-year increase of 1.48% [2]. - The net profit attributable to shareholders was 5.657 billion yuan, reflecting a year-on-year growth of 11.71% [2]. - The overseas main business and innovative business both showed positive growth, contributing to a sustainable development strategy [2]. Business Segments - PBG business revenue was 5.573 billion yuan, down 2.11% year-on-year [2]. - EBG business revenue was 7.462 billion yuan, down 0.36% year-on-year [2]. - SMBG business revenue was also 7.462 billion yuan, down 0.36% year-on-year [2]. - Overseas main business revenue reached 12.231 billion yuan, up 6.90% year-on-year, accounting for 29.25% of total revenue [2]. - Innovative business revenue was 11.766 billion yuan, up 13.92% year-on-year, making up 28.14% of total revenue [2]. Strategic Developments - The company is focusing on AIoT multi-modal large model technology, enhancing its technological foundation [3]. - A new "integrated large model platform" was launched, improving industry application intelligence [3]. - Strategic adjustments have led to significant cash flow improvements, with net cash flow from operating activities at 5.343 billion yuan [3]. Investment Outlook - Despite global economic uncertainties, Hikvision demonstrates resilience through prudent management strategies [4]. - Future revenue projections for 2025, 2026, and 2027 are 105.6 billion yuan, 121.5 billion yuan, and 141.0 billion yuan respectively [4]. - Expected EPS for the same years are 1.58 yuan, 1.95 yuan, and 2.44 yuan respectively [4].

Investment 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]