HIKVISION(002415) 平安证券·2024-08-18 11:41Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company reported a revenue of 41.209 billion yuan in the first half of 2024, representing a year-on-year increase of 9.68%, while the net profit attributable to shareholders was 5.064 billion yuan, down 5.13% year-on-year [3][5] - The overall gross margin and net margin for the first half of 2024 were 45.05% and 13.69%, respectively, showing slight declines compared to the previous year [3] - Domestic market demand is weak, while overseas markets remain stable, with overseas revenue increasing by 15.46% year-on-year [3][5] - The company is focusing on technological innovation and has developed a comprehensive open capability that includes equipment, platforms, data, and applications [5] Financial Summary - The company achieved a revenue of 89.34 billion yuan in 2023, with projected revenues of 98.453 billion yuan in 2024, 113.220 billion yuan in 2025, and 130.203 billion yuan in 2026, reflecting a compound annual growth rate of 15.0% from 2024 to 2026 [2][7] - The net profit for 2023 was 14.108 billion yuan, with projections of 15.567 billion yuan in 2024, 17.866 billion yuan in 2025, and 20.649 billion yuan in 2026 [2][7] - The company's P/E ratio is projected to decrease from 18.0 in 2023 to 12.3 in 2026, indicating an attractive valuation [2][5] Business Segmentation - The domestic business segment showed mixed results, with the Public Service Business Group (PBG) revenue declining by 9.25% to 5.693 billion yuan, while the Enterprise Business Group (EBG) revenue increased by 7.05% to 7.489 billion yuan [3] - The innovative business segment reported a revenue increase of 26.13% year-on-year, reaching 10.328 billion yuan [3] - The company has over 30,000 product models available, providing a significant advantage in meeting fragmented user demands [3][5]