据悉，中威电子成立于2000年，是一家以AI（人工智能）视频应用为核心的行业物联网解决方案提供 商。公司主营业务涵盖视频监控系统设备的研发、生产和销售，产品应用领域主要包括智能安防、智慧 交通、智慧城市、智慧能源等。 回顾此前，去年12月中威电子曾发布公告称，济南君川和九岱科技分别受让中威电子控股股东新乡产业 基金壹号55.00%有限合伙财产份额、0.0077%普通合伙财产份额，并取得新乡产业基金壹号的控制权。 同时，九岱科技一致行动人济南萌睿思协议受让石旭刚、新乡产业基金壹号合计持有的上市公司5%股 份。 此外，石旭刚还与新乡产业基金壹号解除双方此前约定的将部分表决权委托至新乡产业基金壹号的安 排，石旭刚承诺放弃其持有的中威电子7.9%股份的表决权。 权益变动完成后，新乡产业基金壹号持有上市公司5147.7万股股份，占总股本的17%，仍为控股股东。 付英波通过九岱科技和济南君川控制新乡产业基金壹号，并通过其控制上市公司。同时，收购方一致行 动人济南萌睿思持有公司5%股份。权益变动完成后，收购方及其一致行动人合计控制上市公司22%股 份， 上市公司实际控制人由新乡市人民政府变更为付英波。 公开资料显示，201 ...

Investment Rating - The report maintains a "Recommended" investment rating for Hikvision (002415.SZ) with a current stock price of 28.37 yuan [1]. Core Views - The company reported a revenue of 92.496 billion yuan for 2024, reflecting a year-over-year growth of 3.53%, while the net profit attributable to shareholders decreased by 15.10% to 11.977 billion yuan [3][6]. - Hikvision's overall gross margin and net margin for 2024 were 43.83% and 14.21%, respectively, showing slight declines compared to the previous year [6]. - The report highlights the company's strong focus on technological innovation and the establishment of a flexible and efficient manufacturing system, with a total R&D investment of 47.702 billion yuan over the past five years [7][8]. Summary by Sections Financial Performance - In 2024, Hikvision achieved a revenue of 92.496 billion yuan, with a year-over-year growth of 3.5% projected for 2025 [5][11]. - The net profit for 2024 was reported at 11.977 billion yuan, with a forecasted increase to 13.247 billion yuan in 2025 [5][11]. - The company’s gross margin is expected to stabilize around 43.5% from 2025 to 2027, while the net margin is projected to gradually improve [11]. Business Segments - Domestic business segments showed a decline, with the Public Service Business Group (PBG) revenue at 13.467 billion yuan, down 12.29%, and the Enterprise Business Group (EBG) revenue at 17.651 billion yuan, down 1.09% [6]. - International business revenue increased by 8.39% to 25.989 billion yuan, while innovative business revenue grew by 21.19% to 22.484 billion yuan, accounting for 24.31% of total revenue [6][8]. R&D and Innovation - The company has established multiple R&D centers both domestically and internationally, focusing on a wide range of technologies including AI and IoT [7][8]. - Hikvision's innovative business, particularly in industrial IoT and smart logistics, is positioned to drive future growth, with a comprehensive service capability in AIoT [8]. Market Outlook - The report anticipates continued growth in net profit for 2025-2027, with projections of 13.247 billion yuan, 14.777 billion yuan, and 16.402 billion yuan, respectively [9]. - The company is recognized as a global leader in security monitoring products, with a strong presence in overseas markets and a growing innovative business segment [9].