Hikvision (002415): the pioneer of global security leader AI landing
Core viewpoint Global security leader, stable team, strong R & D strength, and expanded channel advantages: Haikang has implemented 5 distribution incentives since 2007, covering several employees and ensuring the stability of the team.
The senior management team with an engineer background recognizes the technology, with R & D expenses of nearly $ 4.5 billion in 2018 and 1.
The R & D team of 60,000 people is far larger than other companies in the same industry.
The company has strong independent innovation and technology research and development capabilities, and has repeatedly led the wave of security product technology upgrades.
In response to the fragmented nature of the video surveillance industry, the company has formed a comprehensive sales network and channels. The number of domestic provincial business centers / first-level branches has reached 32, and the number of overseas branch structures has reached 38.
The security market is still worth looking forward to, and the company’s market share will continue to increase: Driven by the Xueliang project, the size of the domestic video surveillance industry will continue to grow, reaching 1410 trillion in 19, an increase of 18%.
Haikang has formed a full range of competitive advantages: 1) hardware: rich product lines, comprehensive and comprehensive leadership; 2) solutions: strong customization capabilities; 3) ecology: building an AI Cloud ecosystem, forming a cloud-side integrated computing architecture and physical architectureWith the data architecture of letter fusion, dozens of partners have successively realized the landing of AI in various scenarios.
As the project size grows, the moat of Haikang will continue to widen, and the division will continue to increase.
In overseas markets, the company mainly focuses on hardware products in Europe and the United States, and will focus on developing solutions in markets such as Southeast Asia. The overseas market share is also expected to continue to increase.
The rapid and steady development of innovative business, fluorite’s contribution to the main volume: around the core technology of visual processing, the company’s “horizontal + vertical” expansion layout of innovative business, has formed six major companies including fluorite, robotics, automotive electronics, medical electronics, storage and infrared sensorsdirection.
The innovation business developed rapidly, with a CAGR of 104% in 16-18, and realized revenue of US $ 2.7 billion in 18 years, of which fluorite contributed 1.6 billion revenue, accounting for 59% of the overall innovation business revenue.
Financial Forecast and Investment Suggestions We predict that the company’s EPS in 19/20/21 will be 1.
45/1.
75/2.
14 yuan, choose the leading company in the domestic security industry chain as a comparable company, give the company a 25-year PE estimate for 19 years, and the corresponding target price is 36.
25 yuan, the first buy 杭州夜网论坛 rating.
Risks indicate that the macroeconomic development is less than expected, the implementation of the Xueliang project is less than expected, overseas business, innovative business, parts supply may be at risk, and competition may be intensified
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