Core Viewpoint - The company is experiencing short-term pressure on performance, with a slight increase in revenue but a significant decline in net profit, indicating potential challenges ahead [2]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 92.486 billion yuan, representing a year-on-year growth of 3.52% [2]. - The net profit attributable to shareholders was 11.959 billion yuan, showing a year-on-year decrease of 15.23%, indicating short-term performance pressure [2]. Group 2: Macro Environment - The manufacturing PMI for February recorded at 50.2%, indicating a return to the expansion zone, with a month-on-month increase of 1.1 percentage points, driven by rapid recovery in demand post-holiday [3]. - The improvement in macro factors that previously suppressed the company's performance and valuation is becoming significant [3]. Group 3: Policy and Security - The Central Political Bureau emphasized the construction of a safer China, which is expected to accelerate security and digital governance projects, potentially benefiting the company's PBG business directly [4]. Group 4: Innovation and Technology - The company is launching a series of products based on multi-modal large models, integrating advanced technology with embedded smart hardware, aiming for broader and more efficient applications across various industries [5]. - The focus on innovative business areas such as edge computing, robotics, and smart connected vehicles is expected to catalyze growth, with overseas business now accounting for over half of total operations [6].

Investment Rating - The report maintains a "Strong Buy" rating for Hikvision, with a target price of 38.75 CNY [2][10]. Core Views - The company achieved a revenue of 92.49 billion CNY in 2024, representing a year-on-year growth of 3.52%. However, the net profit attributable to shareholders decreased by 15.23% to 11.96 billion CNY [2][9]. - The company is focusing on integrating AI and perception technologies to enhance product competitiveness and facilitate digital transformation across various industries [9][10]. - Hikvision's major shareholder plans to increase their stake by 300 to 500 million CNY, and the company has announced a share buyback plan of 2 to 2.5 billion CNY, reflecting confidence in future growth [9][10]. - The revenue forecast for 2024-2026 is adjusted to 92.49 billion CNY, 100.39 billion CNY, and 109.69 billion CNY, with corresponding growth rates of 3.5%, 8.5%, and 9.3% respectively. The net profit forecast is set at 11.96 billion CNY, 14.27 billion CNY, and 16.13 billion CNY, with growth rates of -15.2%, 19.3%, and 13.1% respectively [9][10]. Financial Summary - Total revenue for 2023 was 89.34 billion CNY, with a projected increase to 92.49 billion CNY in 2024, and further growth to 100.39 billion CNY in 2025 [4][10]. - The net profit for 2023 was 14.11 billion CNY, expected to decline to 11.96 billion CNY in 2024, before recovering to 14.27 billion CNY in 2025 [4][10]. - The earnings per share (EPS) are projected to be 1.30 CNY for 2024, increasing to 1.55 CNY in 2025 and 1.75 CNY in 2026 [4][10].

关于北京汉邦高科数字技术股份有限公司 申请向特定对象发行股票 发行注册环节反馈意见落实函的回复(二次修订稿) 中兴财光华审专字(2023)第 224018号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://aconof.eos.co）" 上行业 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acmof.eosen）" 上行业 the country 关于北京汉邦高科数字技术股份有限公司 申请向特定对象发行股票 发行注册环节反馈意见落实函的回复(二次修订稿) 中兴财光华审专字(2023)第 224018号 中国证券监督管理委员会、深圳证券交易所: 深圳证券交易所转发的中国证券监督管理委员会关于对北京汉邦高科数学技术 股份有限公司（以下简称"汉邦高科"、"发行人"、"公司"、"上市公司"） 申请向特定对象发行股票《发行注册环节反馈意见落实函》(审核函〔2022〕020283 号)(以下简称"落实函")已收悉,中兴财光华会计师事务所(特殊普通合伙)(以 下简称"会计师")对落实函所涉及的问题进行了认真核查,现就落实函提出的有关问 题回复如下,请予审核。 问题二 最近 ...