海康威视：营收平稳增长，利润受非经常性损益影响

Investment Rating - The investment rating for Hikvision (002415) is "Buy" (maintained) [4] Core Views - Hikvision reported a stable revenue growth with a revenue of 41.209 billion yuan in the first half of 2024, representing a year-on-year increase of 9.68%. However, the net profit attributable to shareholders decreased by 5.13% to 5.064 billion yuan, influenced by non-recurring gains and losses [2][6] - The company's gross profit margin was 45.05%, a slight decline of 0.13 percentage points year-on-year. In Q2 2024, revenue reached 23.392 billion yuan, with a year-on-year growth of 9.46%, but net profit fell by 10.73% to 3.148 billion yuan [2][6] - The stable revenue growth was supported by overseas and innovative businesses, with significant growth in automotive electronics and storage businesses [6] Summary by Sections Financial Performance - In H1 2024, Hikvision achieved a revenue of 41.209 billion yuan, up 9.68% year-on-year, and a net profit of 5.064 billion yuan, down 5.13%. The non-recurring net profit was 5.243 billion yuan, up 4.11% [2][6] - The gross profit margin for H1 2024 was 45.05%, down 0.13 percentage points year-on-year. In Q2 2024, revenue was 23.392 billion yuan, with a net profit of 3.148 billion yuan, down 10.73% [2][6] Business Segments - The Public Service Business Group (PBG) revenue was 5.693 billion yuan, down 9.25% year-on-year. The Enterprise Business Group (EBG) revenue was 7.489 billion yuan, up 7.05%. The Overseas Business revenue was 11.441 billion yuan, up 15.46%, and the Innovative Business revenue was 10.328 billion yuan, up 26.13% [6] - Notably, the automotive electronics business revenue grew by 60.35% to 1.606 billion yuan, and the storage business revenue increased by 65.51% to 1.312 billion yuan [6] Profitability and Valuation - The forecast for 2024-2026 includes projected revenues of 97.866 billion yuan, 109.311 billion yuan, and 122.878 billion yuan, with year-on-year growth rates of 9.54%, 11.69%, and 12.41% respectively. The net profit for the same period is expected to be 15.119 billion yuan, 17.102 billion yuan, and 19.458 billion yuan, with growth rates of 7.17%, 13.12%, and 13.77% respectively [6][7] - The earnings per share (EPS) are projected to be 1.64 yuan, 1.85 yuan, and 2.11 yuan for 2024, 2025, and 2026 respectively, with a three-year compound annual growth rate (CAGR) of 11.31% [6][7]