证券研究报告 | 公司点评 | 计算机设备 利润提质筑基，大模型赋能长期成长性 ——海康威视 2025 半年报点评 事件： 点评： 展望下半年，我们对公司营收的持续修复保持乐观。主要考虑因素为： ❑ 强化"以利润为中心"，毛利率与净利率双升，现金流显著优化 公司 25H1 实现毛利率 45.19%，较 24H1 提升 0.35pct，从具体结构来看： 海康威视(002415) 报告日期：2025 年 08 月 03 日 投资评级: 买入(维持) 分析师：刘雯蜀 执业证书号：S1230523020002 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 liuwenshu03@stocke.com.cn 分析师：刘静一 执业证书号：S1230523070005 liujingyi@stocke.com.cn 基本数据 | 收盘价 | ￥29.11 | | --- | --- | | 总市值(百万元) | 268,778.40 | | 总股本(百万股) | 9,233.20 | 股票走势图 -9% 0% 9% 19% 28% 37% 24/08 24/09 24/10 2 ...

Core Viewpoint - Hikvision reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating a focus on profitability and operational efficiency amidst changing market conditions [2][5]. Financial Performance - The company achieved total revenue of 41.818 billion yuan, a year-on-year increase of 1.48% [2] - Net profit attributable to shareholders was 5.657 billion yuan, reflecting an 11.71% increase compared to the same period last year [2] - The net cash flow from operating activities was 5.343 billion yuan, accounting for 94% of net profit [2] Strategic Adjustments - Starting from the second half of 2024, the company will implement comprehensive adjustments centered on profitability, including organizational changes and refined management practices [2] - The company is shifting its focus from revenue to profit in sales assessments across domestic and international business centers [3] - The SMBG (Small and Medium Business Group) will transition to vertical management, enhancing channel sales efficiency [3] AI and Product Development - AI large models are identified as a new growth driver, with the company having invested in AI technology since 2006 [3][4] - The company has launched hundreds of AI large model products, covering cloud, edge, and domain architectures [4] - Applications of AI products span various sectors, including industrial manufacturing, power, urban governance, and traffic management, significantly improving operational safety and quality control [4] Future Outlook - The company anticipates a net profit growth of over 10% for the full year of 2025, with expectations for sequential improvement in performance [5][6] - Operating expenses are projected to remain stable year-on-year, with a continued focus on high-quality revenue growth and stringent control of receivables [6]