HIKVISION(002415) 国盛证券·2024-04-21 02:02Investment Rating - The report maintains a "Buy" rating for Hikvision [2][3] Core Views - Hikvision's 2023 annual report and Q1 2024 results show strong performance, with total revenue reaching 89.34 billion yuan, a year-on-year increase of 7.42%, and net profit attributable to shareholders at 14.11 billion yuan, up 9.89% year-on-year [1] - The company's EBG (Enterprise Business Group) is the fastest-growing segment, with an 8.12% year-on-year increase in 2023, compensating for declines in PBG (Public Business Group) and stable growth in SMBG (Small and Micro Business Group) [1] - Innovative business revenue exceeded 20% of total revenue, growing by 23.11% year-on-year to 18.55 billion yuan, highlighting its importance for sustainable growth [1] - The gross margin improved significantly to 44.44% in 2023, up 2.15 percentage points from the previous year, with Q1 2024 gross margin reaching 45.76%, indicating a positive trend for 2024 [1] Financial Performance Summary - In Q1 2024, the company reported a revenue growth of 9.98% year-on-year and a net profit growth of 5.78%, with a non-recurring net profit growth of 13.27% [2] - Forecasted net profits for 2024E, 2025E, and 2026E are 17.02 billion yuan, 19.73 billion yuan, and 22.63 billion yuan respectively, indicating a robust growth trajectory [2] - The company’s revenue is projected to grow from 97.75 billion yuan in 2024E to 124.56 billion yuan in 2026E, with corresponding growth rates of 9.4%, 12.6%, and 13.1% [4]