HIKVISION(002415) 国元证券·2025-02-26 03:16Investment Rating - The report maintains a "Buy" rating for Hikvision, indicating an expectation of stock price appreciation exceeding 15% relative to the benchmark index [4][6]. Core Insights - Hikvision achieved a stable revenue growth of 3.52% year-on-year, with total revenue reaching 92.486 billion yuan in 2024. However, the net profit attributable to shareholders decreased by 15.23% to 11.959 billion yuan [1][4]. - The company is focusing on AI technology and has launched a series of products based on its proprietary multimodal large model technology, enhancing its offerings in intelligent computing and storage [2]. - A partnership with China Telecom aims to drive digital transformation across various industries, leveraging Hikvision's technological strengths in smart IoT and AI applications [3]. Financial Summary - Revenue projections for 2024-2026 are adjusted to 92.486 billion, 100.315 billion, and 107.582 billion yuan, respectively. The net profit forecasts are set at 11.959 billion, 13.658 billion, and 14.833 billion yuan for the same period [4][8]. - The earnings per share (EPS) are projected to be 1.30, 1.48, and 1.61 yuan, with corresponding price-to-earnings (P/E) ratios of 24.59, 21.53, and 19.82 [4][8].