HIKVISION(002415) 国金证券·2024-12-09 02:18Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1]. Core Views - The demand for digital scenarios is emerging, significantly expanding the business boundaries. The company's core positioning is in AIoT, with the first growth curve being the security business and the second growth curve being scenario digitization. The average annual investment in digital transformation across various industries is 2-10 times that of security investments [1][6]. - The company is enhancing its supply capacity through technological layout, flexible production methods, and deep market channels to respond to the digital transformation needs of various industries. A recent example is the launch of a rapid coal quality analysis instrument, which is expected to generate significant revenue and has a market potential of several billion yuan in the coming years [1][6]. - The demand side is expected to show cyclical recovery, with cost reduction and efficiency improvement leading to performance elasticity. The company anticipates revenue growth in the coming years, with projected revenues of 938.7 billion, 1,048.0 billion, and 1,185.7 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 5.1%, 11.6%, and 13.1% [1][6]. Summary by Sections Business Overview - The company focuses on AIoT, with significant investments in digital transformation across various sectors, indicating a strong market demand [1][6]. - The company has developed various digital transformation products leveraging its expertise in AI and big data, including a coal quality analysis instrument that is expected to generate over 100 million yuan in revenue this year [1][6]. Financial Projections - The company has adjusted its revenue forecasts for 2024-2026 to 938.7 billion, 1,048.0 billion, and 1,185.7 billion yuan, with corresponding net profits of 132.1 billion, 161.4 billion, and 192.9 billion yuan, reflecting growth rates of -6.40%, 22.24%, and 19.53% respectively [1][6]. - The projected price-to-earnings ratios for the next three years are 21.4X, 17.5X, and 14.7X [1][6].