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Hangzhou Hik-Vision Digital Technology Co Ltd Class A 002415

Morningstar Rating
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Stock XSHE Rating as of
CNY 32.64 +0.13 (0.40%)
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As of Delayed Price Closed
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Company Report

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Hikvision Earnings: Unified Smart Products to Fuel Earnings Growth, Boosted by China’s Recovery

Phelix Lee

We nudge our fair value estimate on Hikvision down to CNY 39 from CNY 40.50 per share. First-quarter revenue growth fell slightly below our forecasts, and we have trimmed our revenue and earnings per share estimates for 2024-28 by up to 6%. We no longer forecast a high-growth phase in China until 2026, pushing down our five-year forward revenue compound annual growth rate to 12.5% from 13.4%. Budding economic recovery has not yet translated into more aggressive corporate investments. Regional government spending on municipal and public safety projects may remain restrained as the central government is preoccupied with big-ticket projects and managing the property sector.

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Price vs Fair Value

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002415 is trading at a 16% discount.
Price
CNY 32.60
Fair Value
CNY 21.00
Uncertainty
High
1-Star Price
CNY 14.96
5-Star Price
CNY 49.60
Economic Moat
Jvvnwhv
Capital Allocation
Phcxpmqv

Bulls Say, Bears Say

Bulls

Hikvision’s scale will allow it to grab market share from smaller players in a fragmented domestic video surveillance market, driving above-market growth rates.

Bears

Deceleration in surveillance camera growth in China as penetration rate peaks and government-led initiatives taper off.

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Trading Information

Previous Close Price
CNY 32.51
Day Range
CNY 32.08–32.67
52-Week Range
CNY 29.82–38.44
Bid/Ask
CNY 32.63 / CNY 32.64
Market Cap
CNY 304.55 Bil
Volume/Avg
31.8 Mil / 35.7 Mil

Key Statistics

Price/Earnings (Normalized)
24.34
Price/Sales
3.57
Dividend Yield (Trailing)
2.19%
Dividend Yield (Forward)
2.19%
Total Yield
2.13%

Company Profile

Hangzhou Hikvision Digital Technology is the world’s largest manufacturer of video surveillance equipment. Since then, the company has been growing its software and analytics offerings, as customers are increasingly seeking customized total solutions. Hikvision is also developing its innovative businesses, which accounted for 21% of overall 2023 revenue. The smart-home business is powered by the EZVIZ consumer brand. Innovative business includes the development of industrial robotics, automotive electronics, X-ray sensors, infrared sensors, memory products and medical systems. Hikvision employs more than 58,000 people.
Sector
Technology
Industry
Computer Hardware
Stock Style Box
Large Core
Total Number of Employees
58,544
Website
http://www.hikvision.com

Competitors

Valuation

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Metric
002415
02382
MSI
Price/Earnings (Normalized)
 24.3428.8028.88
Price/Book Value
 4.241.5079.22
Price/Sales
 3.571.075.95
Price/Cash Flow
 18.9911.8625.60
Price/Earnings
002415
02382
MSI

Financial Strength

Metric
002415
02382
MSI
Quick Ratio
 2.101.390.81
Current Ratio
 2.701.651.00
Interest Coverage
 34.072.749.49
Quick Ratio
002415
02382
MSI

Profitability

Metric
002415
02382
MSI
Return on Assets (Normalized)
 10.34%5.08%16.28%
Return on Equity (Normalized)
 17.86%10.03%580.09%
Return on Invested Capital (Normalized)
 13.57%7.84%32.32%
Return on Assets
002415
02382
MSI
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