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Hangzhou Hik-Vision Digital Technology Co Ltd 002415

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Morningstar’s Analysis

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Hikvision 1H Results on Track to Our Full-Year Forecasts; Short-Term Headwinds May Pressure Stock

Phelix Lee Equity Analyst

Analyst Note

| Phelix Lee |

We retain our fair value estimate of CNY 51 per share with no change to revenue and margin assumptions. The stock still appears overvalued, with the market overoptimistic on Hikvision’s transformation to AI analytics and valuation of the to-be-spun-off smart home segment. Management’s warnings on China government spending to slow in coming months, coupled with new waves of COVID-19 disruptions both domestically and abroad, will pose significant headwinds to the stock, in our view.

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Company Profile

Business Description

Hangzhou Hikvision Digital Technology is the world’s largest manufacturer of video surveillance equipment. Just under half of its revenue is derived from surveillance cameras, though the firm also participates across the value chain, supplying video recorders, data storage equipment, and video management systems software. The company’s faster-growing segment is its software business, as customers are increasingly seeking customized total solutions. Hikvision is also developing its innovative and smart-home businesses, which make AI-based products and account for 9% of overall 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 and infrared sensors.

No.555 Qianmo Road, Binjiang District, Zhejiang Province
Hangzhou, 310051, China, People's Republic of
T +86 57188075998
Sector Technology
Industry Computer Hardware
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 42,685