Core Insights - Hikvision's 2024 financial report reveals weak revenue growth and significant profit decline, with total revenue at 92.496 billion yuan, a year-on-year increase of 3.53%, while net profit attributable to shareholders dropped to 11.977 billion yuan, a decrease of 15.10% [1] - The company's cash flow from operating activities also fell, amounting to 13.264 billion yuan, down 20.2% year-on-year [1] Revenue and Profit Analysis - Revenue growth began to slow from the first quarter of 2024, turning negative in the fourth quarter, where revenue was 27.495 billion yuan, a decrease of 2% year-on-year, and net profit was 3.851 billion yuan, down 27% [1] - Traditional core business revenue (smart IoT products and services) declined by 1.19% to 67.963 billion yuan, while innovative business revenue (including smart home, robotics, automotive electronics) grew by 21.19% to 22.484 billion yuan, accounting for 24.31% of total revenue [2] Segment Performance - The domestic public service business (PBG) saw a significant decline, with revenue dropping over 10% to 13.467 billion yuan, reflecting a continued decrease in government demand [2][4] - Other domestic business segments, including large and medium enterprises (EBG) and small and medium enterprises (SMBG), also experienced revenue declines of 1.09% and 5.58%, respectively [3] Market Trends and Challenges - The company noted a shift in consumer behavior towards cost-effective products, indicating a trend of "consumption downgrade" among both consumers and government entities [4] - The overall market environment remains challenging, with increased competition and weak demand impacting the security and smart IoT sectors [4][8] Historical Context - From 2007 to 2018, Hikvision consistently achieved double-digit growth in both revenue and net profit, but this trend reversed in 2019, with net profit growth slowing to single digits [7] - The company faced a significant crisis in 2022, with revenue growth dropping to 2.14% and net profit declining by 23.59%, marking the first annual net profit decrease since 2006 [7] - Although there was a slight recovery in 2023, with net profit at 14.108 billion yuan (up 9.89%), it still did not reach the 2021 level of 16.8 billion yuan, and the downward trend continued into 2024 [7]

Investment Rating - The report maintains a "Buy" rating for the company, with projected earnings multiples of 18.7X, 15.4X, and 13X for the years 2025 to 2027 respectively [3]. Core Views - The company is expected to see revenue growth of 6.6%, 9.5%, and 10.8% from 2025 to 2027, with projected revenues of 986.0 billion, 1,079.9 billion, and 1,195.9 billion RMB respectively [3]. - The forecasted net profit attributable to the parent company is 139.9 billion, 169.7 billion, and 201.5 billion RMB for the years 2025 to 2027, reflecting year-on-year growth rates of 16.8%, 21.3%, and 18.7% [3]. Revenue and Profit Forecast - The company’s revenue for 2024 is reported at 924.96 billion RMB, a year-on-year increase of 3.53%, while the net profit is 119.7 billion RMB, showing a decline of 15.1% [9]. - For Q1 2025, the company achieved a revenue of 185.32 billion RMB, a growth of 4.01%, and a net profit of 20.39 billion RMB, up 6.41% year-on-year [9]. Business Segmentation - The overseas and innovative business segments are performing well, with revenues of 224.84 billion and 259.89 billion RMB in 2024, representing growth rates of 21.19% and 8.39% respectively [9]. - Domestic business segments, including PBG, EBG, and SMBG, reported revenues of 134.67 billion, 176.51 billion, and 119.71 billion RMB, showing declines of 12.29%, 1.09%, and 5.58% respectively [9]. Cost Management and Profitability - The gross margin for 2024 and Q1 2025 was 43.83% and 44.92%, indicating stability despite a challenging demand environment [10]. - The company has begun to see the effects of cost control measures, with a focus on improving efficiency and profitability [10]. Research and Development Investment - Over the past five years, the company has invested a total of 477.02 billion RMB in R&D, enhancing its competitive edge in AI, big data, and software [11]. Dividend Policy - The company has maintained a high dividend payout, with a cash dividend rate exceeding 48% since 2015, reaching 53.73% in 2024 [12].

Investment Rating - The report maintains a "Buy" rating for the company, with projected earnings multiples of 18.7X, 15.4X, and 13X for the years 2025 to 2027 respectively [3] Core Views - The company is expected to see revenue growth of 6.6%, 9.5%, and 10.8% for the years 2025, 2026, and 2027, respectively, with projected revenues of 986.0 billion, 1,079.9 billion, and 1,195.9 billion RMB [3] - The forecasted net profit attributable to the parent company is 139.9 billion, 169.7 billion, and 201.5 billion RMB for the years 2025, 2026, and 2027, reflecting year-on-year growth rates of 16.8%, 21.3%, and 18.7% [3] Revenue and Profit Forecast - The company achieved a revenue of 924.96 billion RMB in 2024, representing a year-on-year increase of 3.53%, while the net profit attributable to the parent company was 119.7 billion RMB, a decline of 15.1% [9] - For Q1 2025, the company reported a revenue of 185.32 billion RMB, up 4.01% year-on-year, and a net profit of 20.39 billion RMB, an increase of 6.41% [9] Business Segmentation - The overseas and innovative business segments showed strong growth, with revenues of 224.84 billion and 259.89 billion RMB in 2024, marking increases of 21.19% and 8.39% respectively [9] - Domestic business segments, including PBG, EBG, and SMBG, reported revenues of 134.67 billion, 176.51 billion, and 119.71 billion RMB, with year-on-year declines of 12.29%, 1.09%, and 5.58% [9] Cost Control and Profitability - The company maintained a gross margin of 43.83% for 2024 and 44.92% for Q1 2025, indicating stability in a challenging demand environment [10] - The company has begun to see the effects of cost control measures, with a reduction in various expense ratios in Q1 2025 compared to the previous year [10] Research and Development Investment - Over the past five years, the company has invested a total of 477.02 billion RMB in R&D, focusing on AI, multi-dimensional perception, big data, and software [11] Dividend Policy - The company has consistently maintained a high dividend payout ratio, with cash dividends exceeding 48% since 2015, reaching 53.73% in 2024 [12]

Investment Rating - The report maintains a "Buy" rating for Hikvision (002415) [1] Core Views - The company reported a total revenue of 92.496 billion yuan in 2024, a year-on-year increase of 3.53%, while the net profit attributable to shareholders decreased by 15.10% to 11.977 billion yuan [6] - In Q1 2025, the company achieved a revenue of 18.532 billion yuan, reflecting a year-on-year growth of 4.01%, and a net profit of 2.039 billion yuan, up 6.41% year-on-year [6] - The growth in Q1 2025 was slightly above expectations, driven by strong performance in overseas and innovative businesses [6] - The revenue from innovative businesses reached 22.5 billion yuan in 2024, growing by 21.2%, while overseas revenue was 26 billion yuan, up 8.39% [6] - Traditional domestic security business is under short-term pressure, with declines in various segments, but new demand points are emerging from EBG+AI projects [6] Financial Data and Profit Forecast - The total revenue forecast for 2025 is adjusted to 97.923 billion yuan, with a net profit forecast of 13.615 billion yuan [5][9] - The projected revenue for 2026 and 2027 is 107.949 billion yuan and 120.215 billion yuan, respectively, with net profits of 15.146 billion yuan and 16.192 billion yuan [5][9] - The gross margin for 2024 was 43.83%, showing resilience despite a slight decline [6] - The report anticipates a gradual improvement in performance due to macroeconomic support policies and inventory adjustments [6]

Core Viewpoint - Hikvision's 2024 annual report and Q1 2025 report indicate steady revenue growth, with total revenue reaching 92.496 billion yuan in 2024, a year-on-year increase of 3.53% [1]. Financial Performance - In Q1 2025, revenue was 18.532 billion yuan, up 4.01% year-on-year, and net profit attributable to shareholders was 2.039 billion yuan, an increase of 6.41% [1]. - The company's operating expenses grew at a slower rate than revenue, indicating improved efficiency [1]. Business Strategy - Hikvision aims to maintain its leading position in the domestic security market while seeking growth from overseas markets and innovative businesses [3]. - In 2024, revenue from overseas and innovative businesses combined accounted for over 50% of total revenue for the first time [3]. Market Segmentation - Domestic revenue was 44.022 billion yuan, accounting for 47.59% of total revenue, while overseas revenue was 25.989 billion yuan, making up 28.10% [4]. - Innovative business revenue reached 22.484 billion yuan, representing 24.31% of total revenue [4]. Growth Areas - The company is focusing on digital transformation in various industries, with significant growth in sectors such as industrial enterprises, petrochemicals, and smart commerce [4]. - The overseas business has shown steady growth, with revenue increasing by 8.39% year-on-year to 25.989 billion yuan in 2024 [7]. Innovation and R&D - Hikvision is increasing its R&D investment, with 11.864 billion yuan allocated in 2024, representing 12.83% of total revenue [9]. - The company is actively developing multi-modal large model technology to enhance its product offerings and operational efficiency [9]. Product Development - Recent product launches include various hardware and software solutions aimed at improving operational efficiency and market competitiveness [10]. - The company reported significant revenue growth in its innovative business segments, including robotics, smart home, thermal imaging, and automotive electronics [8]. Shareholder Returns - Hikvision plans to distribute a cash dividend of 7.00 yuan per 10 shares, totaling approximately 6.435 billion yuan, which is 53.73% of net profit [12]. - The company is also conducting a share buyback program with a planned amount of 2-2.5 billion yuan, further enhancing shareholder returns [12].

海康威视（002415）公告，2024年营业收入924.96亿元，同比增长3.53%。归属于上市公司股东的净利 润119.77亿元，同比下降15.10%。公司经本次董事会审议通过的利润分配预案为：以未来实施2024年度 利润分配方案的股权登记日的总股本减去公司回购专户股数为基数，向全体股东每10股派发现金红利7 元(含税)，不送红股，不以资本公积转增股本。 ...

海康威视：一季度净利润同比增长6.41% 智通财经4月18日电，海康威视(002415.SZ)发布2025年第一季度报告，实现营业收入185.32亿元，同比 增长4.01%。归属于上市公司股东的净利润为20.39亿元，同比增长6.41%。 ...

从区域分布看，海康威视的海外业务主要分为发展中国家和发达国家，占比为7:3，公司提到，发展中 国家近年来增速较快，未来还会保持更快的增长水平。从业务类型看，伴随发展中国家海外基础设施建 设和城市管理需求，项目类业务的销售潜力也在提升。 分拆单季度业绩来看，海康威视只有在一季度实现了净利润的小幅同比增长，二季度、三季度、四季度 的净利润均同比下滑，分别下降10.73%、13.37%、26.74%。 智通财经2月21日讯（记者 陈抗）海康威视（002415.SZ）在2024年继续面临挑战，根据公司今日晚间 的业绩快报，2024年归属于上市公司股东的净利润为119.59亿元，同比下降15.23%。公司在去年8月的 业绩说明会上曾表示将2024年全年归母净利润的预期暂定以140亿元为底线，但公司未能守住这个预期 底线。 公告显示，海康威视去年全年营收924.86亿元，同比增长3.52%；扣非净利润118亿，同比下降13.68%。 海康威视在公告中表示，2024年国内业务增速下降，海外市场稳步增长。 国内外业务"冷热不均"的趋势从公司2024年半年报中可见一斑，国内业务增速放缓，尤其是公共事业群 （PBG）收入同比下降 ...

Core Viewpoint - The China Securities Central Enterprises New Momentum Theme Index has experienced a decline, reflecting the overall performance of selected central enterprise listed companies in manufacturing, technology, and modern services sectors [1][2] Group 1: Index Performance - The index opened lower and fluctuated, closing down 0.23% at 1593.32 points with a trading volume of 17.177 billion yuan [1] - Over the past month, the index has decreased by 0.93%, and it has fallen by 2.38% over the last three months and year-to-date [1] Group 2: Index Composition - The index comprises 45 representative listed companies from central enterprises under the State-owned Assets Supervision and Administration Commission, focusing on R&D investment, profitability, and industry cross-integration [1] - The top ten weighted stocks in the index are Hikvision (10.25%), Guodian NARI (9.28%), Changan Automobile (8.8%), AVIC Optoelectronics (7.12%), China Merchants Highway (3.75%), AVIC On-board (3.65%), Shenzhen South Road (3.58%), China Software (3.51%), Baoxin Software (3.4%), and AVIC High-Tech (2.74%) [1] Group 3: Market Distribution - The index's holdings are primarily listed on the Shenzhen Stock Exchange (58.81%), followed by the Shanghai Stock Exchange (40.91%) and the Beijing Stock Exchange (0.28%) [1] - The industry distribution of the index holdings shows that industrials account for 47.74%, information technology for 34.27%, consumer discretionary for 9.20%, financials for 4.14%, communication services for 3.83%, and materials for 0.83% [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

3月31日晚，杭州海康威视（002415）数字技术股份有限公司(以下简称"海康威视")发布最新回购进展公 告。截至2025年3月31日收盘，公司通过集中竞价交易累计回购股份超4050万股，占总股本的 0.4387%，成交总金额达12.35亿元，最高成交价32.70元/股，最低成交价27.53元/股，资金来源为自有资 金及专项贷款。 海康威视表示，将严格遵循《上市公司股份回购规则》及深交所自律监管指引，确保回购时间、价格及 交易时段合规。未来将持续关注市场动态，在回购期限内灵活调整策略，并严格履行信息披露义务，为 投资者创造长期价值。 海康威视于2024年12月启动股份回购计划，拟以20亿至25亿元资金进行回购，回购价格不超过40元/ 股，所回购股份将全部用于注销以减少注册资本。自方案实施以来，公司已在多个月度披露中持续推进 回购动作。数据显示，2024年12月至2025年2月期间，公司累计回购金额已近半，显示出管理层对市场 价值的积极维护。 据不完全统计，2025年以来，就有180多家上市公司披露回购增持再贷款计划，贷款额度上限超过400亿 元。 值得注意的是，此次回购计划受到了市场的高度关注。在3月18日有 ...