本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会不存在增加、变更或否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 证券代码：002415 证券简称：海康威视 公告编号：2024-022 号 杭州海康威视数字技术股份有限公司 2023 年年度股东大会决议公告 1、本次股东大会的召开时间： （1）现场会议时间：2024 年 5 月 10 日 15:00。 （2）网络投票时间：2024 年 5 月 10 日。其中，通过深圳证券交易所交易 系统进行网络投票的时间为 2024 年 5 月 10 日的交易时间，即 9:15-9:25，9:30- 11:30，13:00-15:00；通过深圳证券交易所互联网投票系统的投票时间为 2024 年 5 月 10 日上午 9:15 至下午 15:00 期间的任意时间。 2、会议召开地点：杭州市滨江区物联网街 518 号海康威视公司会议室。 3、会议召开方式：采用现场表决与网络投票相结合的方式召开。 4、会议召集人：公司董事会。 5、会议主 ...

证券代码：002415 证券简称：海康威视 公告编号：2024-024 号 杭州海康威视数字技术股份有限公司 关于回购注销限制性股票减少注册资本暨通知债权人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 杭州海康威视数字技术股份有限公司（以下简称"海康威视"或"公司"） 于 2024 年 4 月 18 日、5 月 10 日召开第五届董事会第二十次会议、2023 年年度 股东大会，审议通过《关于终止实施 2021 年限制性股票计划并回购注销相关限 制性股票的议案》《关于修订<公司章程>的议案》，公司将终止实施 2021 年限制 性股票计划并回购注销相关限制性股票 97,402,605 股，占目前公司总股本 （9,330,600,931 股）的 1.0439% 。在回购注销完成后，公司总股本将由 9,330,600,931 股减少 97,402,605 股 至 9,233,198,326 股 ， 注 册 资 本 将 由 9,330,600,931 元相应减少 97,402,605 元至 9,233,198,326 元（仅考虑目前情况下 进行本次回购注销的变 ...

国浩律师（杭州）事务所 关于 杭州海康威视数字技术股份有限公司 2023 年年度股东大会之 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二四年五月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 杭州海康威视数字技术股份有限公司 2023 年年度股东大会之 法律意见书 致：杭州海康威视数字技术股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受杭州海康威视数字技术 股份有限公司（以下简称"公司"）的委托，指派律师列席公司 2023 年年度股 东大会（以下简称 ...

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 海康威视(002415)公司点评报告 2024年04月26日 [Table_Invest] [Tab经le_T营itle业] 绩稳健增长，创新业务空间广阔 买入|维持 ——海康威视(002415.SZ)2023年年报及 2024 年一季报点评 [当Ta前b价le_：T argetPr3ic2e.6] 4元 [事Ta件ble：_S ummary] 公司于2024年4月19日收盘后发布《2023年年度报告》、《2024年第一 [基Ta本bl数e_据Ba se] 季度报告》。 52周最高/最低价（元）： 37.90 / 30.35 点评： A股流通股（百万股）： 9108.32  2023年经营绩效逐季改善，创新业务是亮点 A股总股本（百万股）： 9330.60 2023年，公司经营绩效逐季改善，全年实现营业收入893.40亿元，同比增 流通市值（百万元）： 297295.51 长7.42%；实现归母净利润141.08亿元，同比增长9.89%；实现扣非归母 总市值（百万元）： 304550.81 净利润136.66亿元，同比增长10.83 ...

中国国际金融股份有限公司 关于杭州海康威视数字技术股份有限公司所属 杭州萤石网络股份有限公司境内上市 之持续督导意见 （北京市朝阳区建国门外大街1号国贸大厦2座27层及28层） 二零二四年四月 | 一、海康威视及萤石网络基本情况 3 | | --- | | （一）海康威视概况 3 | | （二）萤石网络概况 4 | | 二、独立财务顾问的基本情况 6 | | 三、萤石网络分拆上市基本情况 6 | | 四、独立财务顾问持续督导工作概述 6 | | 五、独立财务顾问持续督导情况 7 | | （一）萤石网络境内上市后海康威视核心资产与业务的独立经营状况、持续 | | 经营能力等情况 7 | | （二）海康威视依法履行信息披露情况 9 | | 六、持续督导总结意见 10 | 联系电话：0571-88075998、0571-89710492 中国国际金融股份有限公司（以下简称"中金公司"或"本独立财务顾问"） 接受杭州海康威视数字技术股份有限公司（以下简称"海康威视"或"公司"） 的委托，担任其将其控股子公司杭州萤石网络股份有限公司（以下简称"萤石网 络"）分拆至上海证券交易所科创板上市的独立财务顾问。中金公司对海康威 ...

Investment Rating - The report maintains a "Buy" rating for Hikvision, expecting the stock price to outperform the industry index by over 15% in the next six months [8]. Core Insights - Hikvision's revenue for 2023 reached 89.34 billion yuan, a year-on-year increase of 7.42%, while the net profit attributable to shareholders was 14.11 billion yuan, up 9.89% year-on-year [1][2]. - The company has seen improvements across its business segments, with the PBG segment's revenue declining at a slower rate of 4.84% compared to a 15.79% decline in the previous year, while EBG and SMBG segments reported growth of 8.12% and 1.46%, respectively [1]. - The gross margin for 2023 was 44.44%, with the main products and services gross margin increasing by 2.60 percentage points to 46.34% [2]. - Hikvision has increased its R&D investment to 11.39 billion yuan in 2023, a 16.08% increase year-on-year, which is higher than the revenue growth rate [2]. - The company has completed its initial transformation towards smart IoT, leveraging AI investments to enhance product and algorithm development [2]. Financial Summary - Revenue projections for 2024-2026 are 98.64 billion yuan, 110.97 billion yuan, and 125.62 billion yuan, respectively, with net profits expected to be 16.74 billion yuan, 18.52 billion yuan, and 20.47 billion yuan [2]. - The report forecasts EPS of 1.79 yuan, 1.98 yuan, and 2.19 yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 18X, 16X, and 15X [2]. - The company's return on equity (ROE) is projected to be 19.2% in 2024, slightly decreasing to 18.5% by 2026 [4].

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 49.62 [1][10]. Core Insights - The company has preliminarily completed its AIoT strategic transformation, targeting a net profit attributable to shareholders of RMB 16-17 billion for 2024. In 2023, total revenue reached RMB 89.34 billion, a year-on-year increase of 7.42%, with a net profit of RMB 14.11 billion, up 9.89% year-on-year [2][10]. - The company expects a "low and then high" performance trend in 2024, driven by digital transformation products and solutions for various enterprises. The EBG business outlook is optimistic, while PBG has opportunities despite potential revenue declines [3][10]. Financial Summary - In 2023, the company achieved total revenue of RMB 89.34 billion, with a net profit of RMB 14.11 billion. The gross profit margin was 44.44%, and the net profit margin was 16.96% [2][4]. - For Q1 2024, revenue was RMB 17.82 billion, a 9.98% year-on-year increase, with a net profit of RMB 1.92 billion, up 5.78% year-on-year [2][10]. - The forecast for 2024-2026 includes revenues of RMB 100.03 billion, RMB 113.26 billion, and RMB 131.36 billion, with net profits of RMB 16.53 billion, RMB 19.36 billion, and RMB 22.84 billion respectively [7][10]. Business Segments - The report highlights that the EBG business is expected to grow as the company helps enterprises improve quality, reduce costs, and increase efficiency. The PBG business remains optimistic despite potential revenue declines, while the SMBG segment has stabilized [3][10]. - The company is focusing on enhancing its innovation business, which has shown significant growth and is expected to contribute to overall revenue stability [5][10]. AI and Digital Transformation - The company has invested heavily in AI development, launching the "Guanlan" large model, which is expected to enhance its capabilities in various industry applications. This model has shown promising results in recent evaluations [6][10]. - The AI open platform has generated over 100,000 models across various projects, indicating strong growth in AI applications tailored to different industry needs [6][10].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Insights - The company has initially completed its AIoT strategic transformation, targeting a net profit of 16-17 billion for 2024. In 2023, the company achieved total revenue of 89.34 billion, a year-on-year increase of 7.42%, and a net profit of 14.11 billion, up 9.89% year-on-year [4][8] - The company expects domestic economic stabilization, with performance likely to show a trend of lower results in the first half and higher results in the second half of 2024 [4] - The company is optimistic about the EBG business opportunities, while the PBG business may see some revenue decline but will not disappear due to ongoing government needs [5][8] Financial Performance Summary - In 2023, the company reported total revenue of 89.34 billion, with a net profit of 14.11 billion and a gross margin of 44.44% [4][6] - For Q1 2024, the company achieved revenue of 17.82 billion, a year-on-year increase of 9.98%, and a net profit of 1.92 billion, up 5.78% year-on-year [4] - The company forecasts revenue growth of 12.0% in 2024, reaching 100.03 billion, and a net profit of 16.53 billion, reflecting a growth rate of 17.2% [6][11] Business Segment Analysis - The Public Service Business Group (PBG) generated revenue of 15.35 billion in 2023, down 4.84%, while the Enterprise Business Group (EBG) saw revenue of 17.84 billion, up 8.12% [4][5] - The company is focusing on enhancing its innovation business, which achieved revenue of 18.55 billion, a year-on-year increase of 23.11% [4][7] Strategic Initiatives - The company is increasing its investment in overseas markets, establishing 80 branches in over 150 countries and regions to provide localized services [7][8] - The company has launched the "Guanlan" large model, which is expected to enhance its capabilities in artificial intelligence and digital transformation [8][9] Earnings Forecast and Valuation - The company is projected to achieve revenues of 1000.29 billion, 1132.56 billion, and 1313.62 billion from 2024 to 2026, with corresponding net profits of 165.34 billion, 193.57 billion, and 228.40 billion [8][11] - The report suggests a dynamic PE of 24-28 times for 2024, with a reasonable value range of 42.53-49.62 yuan over the next six months [8][10]

Investment Rating - The report maintains a "Recommended" investment rating for Hikvision (002415.SZ) [1] Core Insights - The company reported a total revenue of 89.34 billion yuan for 2023, representing a year-over-year increase of 7.4%. The net profit attributable to shareholders was 14.11 billion yuan, up 9.9% year-over-year [1] - In Q1 2024, the company achieved revenue of 17.82 billion yuan, a 10.0% increase year-over-year, with a net profit of 1.92 billion yuan, reflecting a 5.8% growth [1] - The company has seen a strong quarterly performance in 2023, with innovative business segments growing significantly, contributing to a total revenue of 18.55 billion yuan, which is a substantial year-over-year increase of 23.11% [1] - The gross profit margin improved by 2.15 percentage points to 44.44% in 2023, with product and service gross margins at 46.34% [1] Financial Performance Summary - The company’s operating cash flow increased by 63.55% year-over-year, driven by improved sales collections [1] - For Q1 2024, the gross margin continued to rise, reaching 45.76% [1] - The company’s expenses for sales, management, and R&D were 9.77 billion, 2.64 billion, and 9.81 billion yuan respectively in 2023, with year-over-year changes of +3.27%, -2.41%, and +8.06% [1] Business Strategy and Innovation - The company is advancing six digital product lines centered around operational technology (OT), integrating IT and data technology (DT) to create comprehensive smart IoT solutions [1] - The company has launched the "Guanlan" large model, which includes a three-tier architecture of foundational, industry, and task models, enhancing its capabilities in cloud computing, big data, and artificial intelligence [1] - The large model has expanded its coverage to over 10 major industries and nearly 90 sub-industries, addressing over 500 specific scenarios to meet customized digital transformation needs [1] Future Projections - The company is projected to achieve revenues of 99.81 billion, 112.99 billion, and 125.36 billion yuan for 2024, 2025, and 2026 respectively, with year-over-year growth rates of 11.7%, 13.2%, and 11.0% [4] - The net profit attributable to shareholders is expected to reach 16.99 billion, 19.66 billion, and 22.69 billion yuan for the same years, with growth rates of 20.5%, 15.7%, and 15.4% [4] - The report forecasts an EPS of 1.82, 2.11, and 2.43 yuan for 2024, 2025, and 2026, with corresponding P/E ratios of 18, 15, and 13 [4]

Investment Rating - The report maintains a "Buy" rating for Hikvision (002415) [3][5] Core Views - Hikvision demonstrated resilient performance in 2023 with revenue reaching 89340 billion yuan, up 7.42% YoY, and net profit attributable to parent company reaching 14108 billion yuan, up 9.89% YoY [2] - The company's gross margin improved to 44.44% in 2023, up 2.15 percentage points, driven by supply chain scale advantages and cost reduction through technological innovation [2] - In Q4 2023, revenue grew 19.71% YoY to 28065 billion yuan, with net profit attributable to parent company surging 31.51% YoY to 5256 billion yuan [2] - For Q1 2024, revenue increased 9.98% YoY to 17818 billion yuan, while net profit attributable to parent company rose 5.78% YoY to 1916 billion yuan [2] Business Segment Analysis - EBG (Enterprise Business Group) revenue grew 8.12% YoY to 17845 billion yuan in 2023, driven by growth in industries like industrial and commercial enterprises, energy and metallurgy, education, and financial services [3] - Overseas business revenue increased 8.83% YoY to 23977 billion yuan in 2023, showing strong resilience with accelerating growth [3] - Innovation business revenue surged 23.11% YoY to 18553 billion yuan in 2023, with competitive advantages emerging across various scenarios [3] - PBG (Public Business Group) revenue declined 4.84% YoY to 15354 billion yuan in 2023 due to reduced government investment, though transportation and traffic police sectors still achieved growth [3] Strategic Development - Hikvision is deepening its AIoT (Artificial Intelligence of Things) layout, leveraging AI to enhance perception technology and build a comprehensive AIoT technology system [3] - The company is transitioning towards becoming an OT (Operational Technology) provider, benefiting from enterprise digital transformation trends [5] - Scenario-based digital business is emerging as the company's second growth curve [3] Financial Projections - Revenue is projected to grow to 99291 billion yuan in 2024, 112524 billion yuan in 2025, and 128139 billion yuan in 2026 [5][6] - Net profit attributable to parent company is expected to reach 16549 billion yuan in 2024, 19378 billion yuan in 2025, and 22391 billion yuan in 2026 [5][6] - EPS is forecasted to be 1.77 yuan in 2024, 2.08 yuan in 2025, and 2.40 yuan in 2026 [5][6] Valuation Metrics - The company's P/E ratio is projected at 18.5x for 2024, 15.8x for 2025, and 13.7x for 2026 [5][6] - P/B ratio is expected to be 3.29x in 2024, 2.91x in 2025, and 2.57x in 2026 [6] - EV/EBITDA is forecasted at 12.52x in 2024, 10.66x in 2025, and 8.95x in 2026 [6]