002415.SZ · A-shares
002415.SZ Hikvision: vision sensing + AI deployment
Hikvision Security leader extending into AIoT/robotics; overseas sanctions and demand mix are constraints—domestic digitization and AI vision are supports.
Cite a section with a deep link, e.g. /en/r/hikvision-002415-research#thesis
Snapshot
- Price
- CNY 35
- Mkt cap
- CNY 370.0B
- Revenue
- CNY 90.0B
- Innovation mix momentum
- 1.1
Thesis
Hikvision Security leader extending into AIoT/robotics; overseas sanctions and demand mix are constraints—domestic digitization and AI vision are supports.
Business
Model: cameras/storage/software/solutions. Flagships: video surveillance; AIoT innovation. Edge: breadth, channel, algorithms. Strategy: steady core + innovation expansion.
Value chain
Vision hardware midstream; upstream chips/optics; downstream gov/enterprise. Risks: entity lists/export limits; gov budgets; privacy rules.
Valuation
Quality hardware+software multiple; sensitive to overseas mix and innovation growth.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Operations
Volume: devices/projects; price: ASP; cost: R&D and channel.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| 主业 | 安防视频 | 稳健 | 份额龙头 |
| 创新 | 智能物联等 | 成长 | 估值看点 |
| 毛利率 | 四十区间（示意） | 相对制造偏高 | 软件/方案 |
| 海外 | 受限市场 | 压力 | 区域再平衡 |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| 海康 | 安防龙头 | 中高 | 产品广度 | 制裁 |
| 大华 | 同行 | 中 | 性价比 | 品牌 |
| 宇视等 | 跟随 | 中 | 灵活 | 规模 |
| 海外安防科技 | 对照 | 高 | 软件 | 品类差异 |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长/总经理 | 核心管理层 | 长期 | 产业稳定 |
| CFO | 财务负责人 | 在任 | 连续 |
| 创新业务 | 事业群负责人 | 扩张 | 关键执行 |
Stability: Stable leadership; coherent shift from security to AIoT.
Outlook
Track innovation mix, domestic tenders, overseas compliance, GM.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
References
Issuer / key sources:
- https://www.hikvision.com/
- https://www.szse.cn/ {#references}
- Latest company filings / IR (see issuer website)
- Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
- Related on-site notes via wiki-links in the body
Not investment advice; defer to latest company filings.