Hikvision (002415) 2018 Annual Report and 2019 First Quarterly Report Review: Steady Growth in Operating Performance Continues to Increase R & D Investment
Event: The company released its 2018 annual 杭州夜网 report on April 20, and the company completely realized revenue of 498.
3.7 billion (18 a year).
93%), and achieved net profit of 113.
5.3 billion yuan (20 per year.
In addition, the company also released the first quarter report of 2019, and the company achieved revenue of 99 in the first quarter of 2019.
4.2 billion, an annual increase of 6.
17%, net profit attributable to mother 15.
3.6 billion, down 15 every year.
41%, the company expects to achieve net profit attributable to mothers in the first half of 201937.
3.3 billion to 45.
62 trillion U.S. dollars, with annual fluctuations ranging from -10% to 10%.
Actively respond to external challenges and internal integration to improve operating efficiency.
The company has faced the least external challenges since last year. The decline in 深圳桑拿网 domestic macroeconomic growth has led to a reduction in purchase demand from major customers, and non-market factors such as international Sino-US trade disputes have affected the speed of external expansion.
As a global security monitoring leader, the company has adopted a proportionate annual more stable and conservative sales strategy, simplified the short-term risk management measures, and actively promoted the internal structural transformation, reorganizing the traditional security business into a public service business group, and an enterprise.Business group and SME business group to better meet customer needs and improve operating efficiency.
Although the company’s revenue growth rate has improved in 2018, operating efficiency has improved, expenses have been properly controlled, and overall operations have remained stable, and its profits have been in line with expectations.
The company’s gross profit margin for sales in 2018 was 44.
85%, net sales margin is 22.
84%, increasing by 0 each year.
85 and 0.
46 foreign countries with solid profitability.
Continue to advance the AI Cloud architecture and build a smart IoT platform.
The company once proposed a three-level architecture of AICloud edge nodes, edge domains, and cloud centers in 2017 to promote the development and application of AI in the field of Internet of Things.In 2018, it further deepened the existing product line on the cloud-edge integration infrastructure.Integration, and focus on solving AI application scenarios, fragmentation, and difficulty in landing user needs. The internal unified software architecture, external integration and open integration strategies, and conforming to the trend of AI and IoT integration, actively build a smart IoT platform.
Fluorite Internet focuses on smart home business and maintains high-speed growth on the basis of “fluorite hardware + cloud + AI + open interface”, and gradually has a revenue of more than 16 billion yuan. At present, the fluorite cloud platform has 40 million orders of magnitude.Device access and 30 million users can provide stable and continuous video-based comprehensive services for global users.
Continue to increase R & D investment, and grasp the pulse of AI development in advance.
Maintaining technological leadership is the core driving force for the company to maintain its competitive advantage. The company is highly innovative and innovative, and is reporting increasing R & D efforts to achieve R & D investment44.
8.3 billion, an annual increase of 40.
36%, R & D investment accounted for 9 of the revenue.
00%, ranking increased by 1 last year.
At present, the company has formed a layered research and development system consisting of a technology platform, a product platform and a solution platform, and has made advance arrangements in terms of artificial intelligence algorithms, software and hardware.
In the future, the breakthrough in security and intelligent penetration will continue to increase, and the company is expected to deeply benefit from the wave of artificial intelligence development.
Investment advice: The first coverage is given a “cautious recommendation” rating.
The company’s EPS for 2019-2020 is expected to be 1.
43 yuan, 1.
65 yuan, corresponding to PE and 24 times and 21 times respectively, risk reminders: domestic macroeconomic fluctuations, Sino-US trade friction, etc.