HIKVISION(002415) 中国银河·2024-08-20 09:09Investment Rating - The report maintains a "Recommended" rating for Hikvision (002415.SZ) [3] Core Insights - The company reported a stable overall performance with significant growth in overseas and innovative business segments, achieving a revenue of 41.209 billion yuan in the first half of 2024, a year-on-year increase of 9.68% [1] - The innovative business segment has become a new growth driver, with total revenue reaching 10.328 billion yuan, up 26.13% year-on-year, driven by subsidiaries like Yingzi Network and Hikvision Robotics [1] - The company expects to recover its financial performance in the second half of 2024 after a special expense related to the cancellation of a stock incentive plan impacted net profit in the first half [7] Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit attributable to shareholders of 5.064 billion yuan, down 5.13% year-on-year, while the non-deducted net profit was 5.243 billion yuan, up 4.11% [1] - The gross profit margin for H1 2024 was 45.05%, a slight decrease of 0.29 percentage points year-on-year [1] Business Segments - The Public Service Business Group (PBG) faced challenges with revenue declining to 5.693 billion yuan, down 9.25% year-on-year, due to local government budget constraints [2] - The Enterprise Business Group (EBG) saw steady growth, with revenue of 7.489 billion yuan, up 7.05% year-on-year, driven by demand in various sectors [2] - The Small and Medium Business Group (SMBG) reported revenue of 5.789 billion yuan, a slight increase of 0.64% year-on-year, focusing on channel development [2] Future Projections - The company forecasts revenues of 99.814 billion yuan, 112.992 billion yuan, and 125.360 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11.72%, 13.20%, and 10.95% [8] - Expected net profits for the same years are projected at 16.501 billion yuan, 18.507 billion yuan, and 20.718 billion yuan, with growth rates of 16.97%, 12.16%, and 11.95% respectively [8]