HIKVISION(002415) 兴业证券·2024-04-23 05:32Investment Rating - The report maintains a "Buy" rating for the company [1][7]. Core Insights - The company achieved an annual revenue of 89.34 billion yuan in 2023, representing a year-on-year growth of 7.42%, with a net profit attributable to shareholders of 14.11 billion yuan, up 9.89% year-on-year [5][8]. - In Q4 2023, the company reported a revenue of 28.07 billion yuan, a year-on-year increase of 19.71%, and a net profit of 5.26 billion yuan, growing 31.51% year-on-year [5]. - For Q1 2024, the company recorded a revenue of 17.82 billion yuan, a 9.98% increase year-on-year, and a net profit of 1.92 billion yuan, up 5.78% year-on-year [5]. Financial Performance - The company's revenue growth is supported by its EBG, overseas business, and innovative sectors, with EBG revenue growing by 8.12% year-on-year [5][6]. - The gross margin for 2023 was 44.44%, an increase of 2.15 percentage points compared to the previous year, indicating a recovery to pre-2022 levels [6]. - The company expects to maintain a personnel growth rate of under 5% in 2024, with overall expense ratios remaining stable [6]. Future Projections - The company has adjusted its net profit forecasts for 2024-2026 to 16.74 billion, 20.55 billion, and 23.71 billion yuan, respectively, with corresponding PE ratios of 18.3, 14.9, and 12.9 times based on the current stock price [7][8]. - Revenue projections for 2024, 2025, and 2026 are 99.43 billion, 113.32 billion, and 129.68 billion yuan, with expected year-on-year growth rates of 11.3%, 14.0%, and 14.4% respectively [8].