Investment Rating - The investment rating for Hangzhou Hikvision Digital Technology is Neutral, with a target price adjusted to Rmb30 from Rmb33, reflecting a 5.7% expected return [4][21][22]. Core Insights - The company reported 4Q24 results that were in line with preliminary results, with a revenue decrease of 2% YoY to Rmb27.5 billion and a net profit decline of 26% YoY to Rmb3.9 billion [2][10]. - For 1Q25, revenue increased by 4% YoY to Rmb18.5 billion, although it was below expectations [1][11]. - Management plans to focus on higher-margin businesses and maintain strict control over operating expenses [8][21]. - There is an expectation of muted recovery in domestic business for FY25, while overseas and innovative business segments are anticipated to grow stronger [8][21]. Summary by Sections Financial Performance - 4Q24 revenue was Rmb27.5 billion, down 2% YoY, with a gross margin of 41%, down 1.9 percentage points YoY [2][10]. - 1Q25 revenue rose to Rmb18.5 billion, with a gross margin of 43.9%, down 0.8 percentage points [1][11]. - FY24 revenue for the PBG segment decreased by 12% YoY, while the innovation business grew by 21.2% YoY to Rmb22.5 billion [2][10]. Earnings Estimates - FY25-26 earnings estimates have been cut by 11-16% due to lower revenue and margin assumptions [9][13]. - The new revenue estimate for FY25 is Rmb98.986 billion, down 3.2% from the previous estimate [13][14]. Market Position and Strategy - Hikvision is the world's largest supplier of video surveillance products, focusing on innovation and expanding its overseas business [20][21]. - The company has ceased shipments to the US, which previously accounted for about 3-4% of sales, with limited expected impact on overall business [8][21]. Valuation Metrics - The target price of Rmb30 is based on a 20.2x NTM PE, which aligns with the company's 10-year historical average [4][22]. - Current market capitalization is Rmb261.946 billion [4].

Table of Contents Registration No. 333-284717 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to FORM S-1 REGISTRATION STATEMENT Under The Securities Act of 1933 Cloudastructure, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 7370 87-0690564 (I.R.S. Employer Identification Number) 228 Hamilton Avenue, 3rd Floor Palo Alto, Califo ...

Table of Contents Registration No. 333-284717 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT Under The Securities Act of 1933 Cloudastructure, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 7370 87-0690564 (I.R.S. Employer Identification Number) 228 Hamilton Avenue, 3rd Floor Palo Alto, Califo ...

Table of Contents Registration No. 333-[●] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT Under The Securities Act of 1933 Cloudastructure, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 7370 87-0690564 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 228 Hamilton Avenue, 3rd Floor Palo Alto, California 94301 (650) 644-4 ...

Table of Contents Registration No. 333-282038 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 9 to FORM S-1 REGISTRATION STATEMENT Under The Securities Act of 1933 Cloudastructure, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 228 Hamilton Avenue, 3rd Floor Palo Alto, California 94301 (650) 644-4160 (Address, including zip code, and telephone number, incl ...

Table of Contents Registration No. 333-282038 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 8 to FORM S-1 REGISTRATION STATEMENT Under The Securities Act of 1933 Cloudastructure, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 7370 87-0690564 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 228 Hamilton Avenue, 3rd Floor Palo Alto, Califo ...

Cloudastructure, Inc. (Exact name of registrant as specified in its charter) Table of Contents Registration No. 333-282038 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 6 to FORM S-1 REGISTRATION STATEMENT Under The Securities Act of 1933 (Name, address, including zip code, and telephone number, including area code, of agent for service) _________________________________ Copies to: Vanessa Schoenthaler, Esq. Saul Ewing LLP 1270 Avenue of the America, Suite 2800 New Yo ...

Table of Contents Registration No. 333-282038 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 5 to FORM S-1 REGISTRATION STATEMENT Under The Securities Act of 1933 Cloudastructure, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 7370 87-0690564 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 228 Hamilton Avenue, 3rd Floor Palo Alto, Califo ...

Table of Contents Registration No. 333-282038 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 4 to FORM S-1 REGISTRATION STATEMENT Under The Securities Act of 1933 Cloudastructure, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 7370 87-0690564 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 228 Hamilton Avenue, 3rd Floor Palo Alto, Califo ...

Table of Contents Registration No. 333-282038 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 3 to FORM S-1 REGISTRATION STATEMENT Under The Securities Act of 1933 Cloudastructure, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 7370 87-0690564 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 228 Hamilton Avenue, 3rd Floor Palo Alto, Califo ...