Hikvision (002415) 2019 Semi-annual Report Comment: Super Market Pessimistic Expected Growth Inflection Point Upward Confirmation

Hikvision (002415) 2019 Semi-annual Report Comment: Super Market Pessimistic Expected Growth Inflection Point Upward Confirmation

Event: The company released the 2019 semi-annual report on July 19, and realized revenue of 239 in 2019H1.

2.3 billion, an annual increase of 14.

6%; net profit attributable to shareholders of listed companies 42.

1.7 billion, an annual increase of 1.


Comments: 1, 19H1 revenue and net profit exceeded market pessimistic expectations, Q1 bottomed steadily and rebounded.

Consistent with the judgment of our Air Force report, net revenues have steadily picked up after bottoming out in Q1.

19H1 revenue growth rate 14.

6%,无锡桑拿网 corresponding to 139 in Q2 single quarter.

800 million, a growth rate of 21.

5% was in line with expectations.

19H1 net profit increased by 1.

67%, in the outlook range -10%?
The 10% median is slightly higher, of which Q2 is 26 in a single season.

800 million, an increase of 15.

0%, a significant increase of 30 from the previous quarter.

4pct, in line with expectations, exceeded market pessimistic expectations.

2. EBG and innovative business are the highlights, and PBG and SMBG are starting to improve.

The growth rate in the second quarter was mainly due to: 1) the policy that started in the fourth quarter of 2018, the gradual easing of funds and the lagging of infrastructure reconstruction 2 quarters gradually extended to the revenue side, PBG and SMBG began to improve; 2) EBG increasedReduced demand and rapid growth of innovative business have become major growth drivers.

3) Destocking in the 18Q2 channel affects about 1 billion in revenue, with a small base.

3. Gross profit is maintained at a high level, and inventory is enhanced to thicken safety pads.

19H1 gross profit margin 46.

33%, increase by 1 every year.

83pct, of which domestic promotion 2.

02pct, overseas promotion 1.

31 points.

This year, we will continue to reduce costs and increase efficiency, and at the same time reduce the increase rate, driving the Q2 gross profit margin to increase.

In order to deal with the uncertainty of Sino-US trade, the company Q2 began to actively prepare key components and stocks increased by 27 compared with Q1.

5 trillion thickened safety pads.

3, the growth rate in the third quarter is expected to continue to increase, continue to maintain the previous low and high judgment!

The company’s outlook for the first three quarters of 2019 is 0?
In the 15% range, the median corresponds to Q3 net profit of 37.

4 billion, an annual increase of 15.

1%, we think that the company is expected to achieve a slightly higher median, mainly based on: 1) PBG and SMBG are expected to maintain a good trend in Q3; 2) EBG and innovative business increasing demand continues to land, video application scenarios continue to develop.

3) Destocking in the 18Q3 channel affected about 1 billion revenue.

Initial revenue growth is expected to reach 20% +.

4. Investment suggestion: We estimate that the company’s net profit attributable to its parent in the years 19-21 will be 127.


90,000 yuan, the current sustainable corresponding PE is 19 respectively.

4 times, maintaining “strongly recommended” 四川耍耍网level.

5. Risk warning: domestic economy is down; overseas is less than expected; companies are included in the list of US entities; exchange rate changes