HIKVISION(002415) 兴业证券·2024-11-10 05:34Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 649.91 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.06%. However, the net profit attributable to shareholders decreased by 8.40% to 81.08 billion yuan [3] - The gross margin remained stable at 44.76% for the first three quarters of 2024, with a slight decrease to 44.25% in Q3 2024. The profit was impacted by foreign exchange losses amounting to approximately 210 million yuan for the first three quarters [3][4] - The company is focusing on the synergy between security business and scenario digitalization, leveraging multi-dimensional perception, artificial intelligence, and big data to enhance efficiency and reduce costs for enterprises and government [5] Financial Forecasts - The company’s projected net profit for 2024-2026 is 141.09 billion, 164.60 billion, and 196.11 billion yuan respectively, with corresponding PE ratios of 20.3, 17.4, and 14.6 times based on the closing price on November 4, 2024 [1][7] - The expected revenue growth rates for 2024, 2025, and 2026 are 7.5%, 12.1%, and 13.9% respectively, while the net profit growth rates are projected at 0.0%, 16.7%, and 19.1% [7][8]