Hangzhou Hikvision Digital Technology Co.Ltd(002415) (002415)
Event: on the evening of December 30, 2021, the company announced that it planned to start the preparatory company for the domestic listing of the spin off subsidiary Hangzhou Haikang Siasun Robot&Automation Co.Ltd(300024) Technology Co., Ltd. after the spin off, the company will still maintain the controlling interest in Haikang Siasun Robot&Automation Co.Ltd(300024) . At the same time, the company also made non substantive amendments to the terms of the previous 2021 restricted stock plan.
Haikang Siasun Robot&Automation Co.Ltd(300024) has developed rapidly and further verified the incubation capacity of the parent company’s platform. Haikang Siasun Robot&Automation Co.Ltd(300024) was established in April 2016. At present, the listed company Hangzhou Hikvision Digital Technology Co.Ltd(002415) holds 60% and the employee stock ownership platform Hangzhou Qianmo Qinghe equity investment partnership (limited partnership) holds 40%. With visual perception, AI, navigation control and other technologies as the core, Haikang Siasun Robot&Automation Co.Ltd(300024) focuses on Intelligent Manufacturing by virtue of profound algorithm accumulation, strong software and hardware development ability and complete marketing system, and continues to invest deeply in the field of mobile Siasun Robot&Automation Co.Ltd(300024) and machine vision to promote the digitization and intellectualization of production and material flow. In 2020 and the first half of 2021, Haikang Siasun Robot&Automation Co.Ltd(300024) achieved revenue of about 1.359 billion yuan and 1.220 billion yuan respectively, with a year-on-year growth rate of 66.91% and 124.83%, accounting for 2.14% and 3.60% of the company’s revenue respectively, and the gross profit margin in the same period was 48.21% and 47.37% respectively. Whether it is the split of Haikang fluorite announced by the company in the early stage, the split of Haikang Siasun Robot&Automation Co.Ltd(300024) announced in this announcement, or the rapid development of other six innovative businesses, all continue to verify the strong incubation ability of the parent company’s platform.
Equity incentive maintains the income requirements of 15% CAGR and 20% roe, escorts the long-term steady growth, “decoupling” security, and the valuation system is expected to rise steadily. On October 7, 2021, the company issued a new phase of equity incentive, covering 23.32% of the number of employees. The core talents are bound through a complete unlocking cycle of up to five years. The conditions of this restricted stock incentive plan are basically consistent with the company’s 2018 restricted stock incentive plan (CAGR is adjusted from 20% to 15%), It also shows the consistent steady style of the company’s management in the long-term development. As the company expands its product portfolio through multi-dimensional sensing technology along the wavelength of the spectrum, we believe that the innovative business is expected to rebuild a Haikang. At the same time, the continuous deepening of EBG business will continue to bring the market stereotype of the company and the traditional security hardware company and the comprehensive “decoupling” of the valuation system.
Maintain the “buy” rating. We expect the company to achieve revenue of 80.467 billion yuan, 96.631 billion yuan and 116.828 billion yuan from 2021 to 2023, and the net profit attributable to the parent company will be 17.723 billion yuan, 20.841 billion yuan and 24.934 billion yuan, maintaining the “buy” rating.
Risk tip: China’s demand uncertainty; Trade relationship disturbance risk; Risk of price rise of raw materials; Risk that AI promotion is not as expected; The incubation of innovative business is less than expected.
