HIKVISION(002415) 浙商证券·2024-10-20 01:03Investment Rating - The investment rating for Hikvision (002415) is maintained as "Buy" [4][7]. Core Views - The company's management and shareholders demonstrate strong confidence in its future development and long-term profitability through a simultaneous announcement of stock buybacks and shareholder increases [3]. - The chairman proposed a stock buyback plan of 2-5 billion RMB, with a buyback price not exceeding 40 RMB per share, representing a buyback ratio of 0.54%-0.68% [2]. - Shareholders plan to collectively increase their holdings by 300-500 million RMB, with the controlling shareholder planning to buy 200-300 million RMB and another entity planning to buy 100-200 million RMB [1]. Financial Summary - The projected revenue for Hikvision from 2024 to 2026 is 97.48 billion RMB, 109.48 billion RMB, and 123.81 billion RMB, respectively, with corresponding net profits of 14.75 billion RMB, 18.04 billion RMB, and 22.26 billion RMB [4][6]. - The earnings per share (EPS) are forecasted to be 1.60 RMB, 1.95 RMB, and 2.41 RMB for the years 2024, 2025, and 2026, respectively [6]. - The price-to-earnings (P/E) ratios are projected to be 18, 15, and 12 for the years 2024, 2025, and 2026, respectively [4][6].