HIKVISION(002415) 东吴证券·2024-08-21 17:00Investment Rating - The investment rating for Hikvision is "Buy" (maintained) [1] Core Views - The company's overall performance shows steady growth, with revenue for the first half of 2024 reaching 41.21 billion yuan, a year-on-year increase of 10%. However, net profit attributable to shareholders decreased by 5% to 5.06 billion yuan [3] - Traditional business faces short-term pressure, while AI-enabled digital transformation is expected to provide long-term growth momentum [4] - Innovative businesses, particularly in automotive electronics, robotics, and thermal imaging, are leading the way, contributing to a new growth engine with a revenue increase of 26.13% year-on-year [4] - The company is adjusting its profit forecasts for 2024-2026, expecting net profits of 14.9 billion, 17.3 billion, and 19.2 billion yuan respectively, with corresponding P/E ratios of 16, 14, and 13 times [4] Financial Performance Summary - Total revenue (in million yuan) for 2022A was 83,166, 2023A was 89,340, and projections for 2024E, 2025E, and 2026E are 98,238, 110,794, and 123,794 respectively, showing a growth rate of 9.96%, 12.78%, and 11.73% [2] - Net profit attributable to shareholders (in million yuan) for 2022A was 12,838, 2023A was 14,108, and projections for 2024E, 2025E, and 2026E are 14,893, 17,288, and 19,163 respectively, with growth rates of 5.56%, 16.08%, and 10.85% [2] - The latest diluted EPS for 2023A is 1.53 yuan per share, with projections for 2024E, 2025E, and 2026E being 1.61, 1.87, and 2.08 yuan respectively [2] Market Data - The closing price of the stock is 26.44 yuan, with a one-year low of 26.20 yuan and a high of 37.75 yuan [5] - The market capitalization is approximately 244.13 billion yuan [5] Basic Data - The book value per share is 7.90 yuan, with a debt-to-asset ratio of 37.44% [6] - The total share capital is 9,233.20 million shares, with 9,106.00 million shares in circulation [6]