\u3000\u3000 Hangzhou Hikvision Digital Technology Co.Ltd(002415) (002415)
Event: on February 22, 2022, the company released the performance express. In 2021, the company achieved a total operating revenue of 81.301 billion yuan, an increase of 28.03% over the same period of last year; The operating profit was 18.471 billion yuan, an increase of 21.55% over the same period last year; The net profit attributable to shareholders of listed companies was 16.784 billion yuan, an increase of 25.39% over the same period last year.
In 2021q4, the net profit attributable to the parent company increased by about 18% year-on-year, and the revenue increased by about 20% year-on-year. According to the performance express, the net profit attributable to the parent company in 2021q4 was 5.818 billion yuan, a year-on-year increase of 17.61%; The revenue was 25.672 billion yuan, a year-on-year increase of 19.50%. The main reason for the growth of the company's net profit attributable to its parent company is to adhere to the guidance of customer demand and driven by technological innovation.
With the three business groups and overseas business as the core and driven by technological innovation, the company maintained sustained and steady growth in performance. As the leader of video IOT with the largest market share in the world, the company can still maintain steady growth in both revenue and profit in 2021 under adverse conditions such as repeated global epidemics and intensified international pattern. Its core comes from the company's structural reform of the business division. At present, it has formed a system covering public security, transportation, justice, finance, culture, education and health Vertical industry layout of seven major energy and building industries and more than 40 sub industries. The company reformed and reorganized its business structure, reorganized and integrated resources, divided its Chinese business into three business groups: PBG, EBG and SMBG, more targeted to different types of markets and customers, and more effectively coordinated internal and industrial resources.
The AI innovation business dividends of machine vision and Siasun Robot&Automation Co.Ltd(300024) continued to fall. As the leader of machine vision application technology in China, the company has covered professional machine vision components such as light source, lens, camera and vision controller. In terms of industry Siasun Robot&Automation Co.Ltd(300024) , the company arranges Haikang Siasun Robot&Automation Co.Ltd(300024) to provide the industry with Siasun Robot&Automation Co.Ltd(300024) smart factory style all-round customized solutions. At the same time, in terms of service-oriented Siasun Robot&Automation Co.Ltd(300024) , the company announced that the fluorite network to be split and listed has proved its great potential for incubating innovative business. Fluorite network's child escort Siasun Robot&Automation Co.Ltd(300024) , intelligent visual pet feeder and "star ship" Intelligent Cloud vision Siasun Robot&Automation Co.Ltd(300024) cover the corresponding service-oriented Siasun Robot&Automation Co.Ltd(300024) track in different dimensions.
Investment suggestion: among the current global technology giants, the company is the first to adapt to the fragmentation characteristics of alot era through active structural change. It will be the first to enjoy the dividend of innovative business in multiple scenarios in the era of intelligence. It is estimated that the net profit attributable to the parent company from 2022 to 2023 will be 19.201 billion yuan and 23.038 billion yuan, and the corresponding PE will be 23x and 19x respectively. Select the electronic equipment sector corresponding to wind, there are 30 related companies, and the 22-year average PE (consistent expectation of wind) is 30x. The company has certain valuation advantages and maintains the "recommended" rating.
Risk warning: repeated outbreaks may lead to global business risks and supply chain risks; Overseas trade risks; The progress of new product market is less than expected; The spin off listing was less than expected.
