The epidemic situation can not stop the research enthusiasm of institutions.
According to choice data, since April, public offering institutions have conducted research on 133 companies, and among the institutions participating in the research, there are many Shanghai fund companies that have been sealed and controlled.
Hangzhou Hikvision Digital Technology Co.Ltd(002415) , one of the listed companies surveyed, has 71 public funds and 360 institutions have conducted research on it. The research list can be described as a gathering of stars, including not only Chen Guangming, general manager of Ruiyuan fund, Yi Fangda, Zhang Kun and other public offering top stream, but also Deng Xiaofeng of Gaoyi assets, Lin Peng of harmony Huiyi and other private placement bosses.
In addition, Hangzhou Hikvision Digital Technology Co.Ltd(002415) also disclosed the first quarterly report recently. From the perspective of position, Zhang Kun’s management of e-fund blue chip selection has reduced its holdings of the stock, while Gao yilinshan No. 1 Yuanwang fund, which is under the helm of Feng Liu, has increased its holdings.
Chen Guangming and Zhang Kun appeared for investigation
On April 16, Hangzhou Hikvision Digital Technology Co.Ltd(002415) disclosed the recent institutional research. There are many investment leaders in this research list. There are not only Chen Guangming, general manager of Ruiyuan fund, Yi Fangda Zhang Kun, Ren Xiangdong and relocation of Xingzheng Global Fund, and Yu Yang of Wells Fargo fund, but also private equity giants such as Deng Xiaofeng of Gaoyi assets, Lin Peng of harmony Huiyi, Jiang Tong of Jinglin assets and Liu Xiaolong of juming investment. In addition, it also attracted the participation of foreign institutions such as Fidelity Fund, lubemaker and Morgan Stanley.
It is worth noting that according to choice records, this is the first time Chen Guangming has appeared for research this year, but his research on Hangzhou Hikvision Digital Technology Co.Ltd(002415) is not the first time Hangzhou Hikvision Digital Technology Co.Ltd(002415) investor relations record shows that Chen Guangming also led a team to investigate it from November 15 to December 3 last year.
Hangzhou Hikvision Digital Technology Co.Ltd(002415) is the heavy position stock of the public fund. According to the 2021 annual report of the fund, in addition to Zhang Kun, Liu Yanchun, Zhou Yingbo, Xie Zhiyu, Zhang Qinghua, Yuan Fang and other top fund managers have heavy positions Hangzhou Hikvision Digital Technology Co.Ltd(002415) .
According to Hangzhou Hikvision Digital Technology Co.Ltd(002415) introduction, in the first quarter of 2022, the company achieved a revenue of 16.522 billion yuan, a year-on-year increase of 18.11%, and the net profit attributable to the parent company was 2.284 billion yuan, a year-on-year increase of 5.29%. Affected by the epidemic, some provinces and cities in China have static operation and logistics obstacles, which has a certain inhibitory impact on China’s business growth. Overseas markets are gradually reduced by the impact of the epidemic and maintain a good growth momentum. The innovation business as a whole has entered a rapid growth stage.
In terms of gross profit margin, the overall gross profit margin of Hangzhou Hikvision Digital Technology Co.Ltd(002415) 2021 was 44.33%, including 40% in the fourth quarter of 2021. It is reported that Hangzhou Hikvision Digital Technology Co.Ltd(002415) confirmed the income of some engineering projects at the end of last year, with low gross profit, which has a certain downward impact on the gross profit margin in the fourth quarter of 2021. The gross profit margin in the first quarter of 2022 was 43.72%.
Hangzhou Hikvision Digital Technology Co.Ltd(002415) related personages middle note specially pointed out that regarding the freight transportation’s way of account, because the accounting standard has been adjusted in the four quarter of 2021, the freight is adjusted from the selling cost to the cost item, and the seasonal freight transportation is adjusted centrally to 2021. If calculated in the way before adjustment, the gross profit margin in the fourth quarter of 2021 is about 41.74%, and that in the first quarter of 2022 is about 44.38%.
In addition, from the current internal and external situation, the cost of some raw materials may still rise in 2022. If the economic growth continues to be sluggish, the market competition will rise, but the overall situation is controllable. The company hopes to maintain a stable gross profit margin in 2022.
Zhang Kun’s holdings decreased in the first quarter
On April 16, Hangzhou Hikvision Digital Technology Co.Ltd(002415) disclosed the first quarterly report of 2022. Among the top ten circulating shareholders, e fund blue chip selection managed by Zhang Kun ranked the eighth largest circulating shareholder. However, in the first quarter, Zhang Kun reduced his holdings of Hangzhou Hikvision Digital Technology Co.Ltd(002415) by 1 million shares. By the end of the first quarter, e fund blue chip selection managed by Zhang Kun held 126 million shares, accounting for 1.38% of the outstanding shares.
The reporter noted that Zhang Kun became the top ten circulating shareholders of Hangzhou Hikvision Digital Technology Co.Ltd(002415) through the selection of e-fund blue chip in the fourth quarter of 2020. Since then, he has increased his holdings of the stock for many times and never reduced his holdings. It increased its holdings by 20 million shares in the first quarter of 2021, 34 million shares in the third quarter of 2021 and 3 million shares in the fourth quarter of 2021.
Since July 2021, Hangzhou Hikvision Digital Technology Co.Ltd(002415) ‘s share price has been falling for a long time. As of April 15, the daily closed at 39.93 yuan, more than 43% higher than 70.44 yuan, the phased high in July 2021.
However, Feng Liu of Gaoyi asset chose the opposite of Zhang Kun in the first quarter. Feng Liu increased 6.2 million shares of Hangzhou Hikvision Digital Technology Co.Ltd(002415) in the first quarter of 2022.
Feng Liu became the top ten shareholders of Hangzhou Hikvision Digital Technology Co.Ltd(002415) tradable shares for the first time in the third quarter of 2020 through Gao yilinshan No. 1 Yuanwang fund. Feng Liu increased his holdings of 19 million shares in the fourth quarter of 2020 and reduced his holdings of 35 million shares in the first quarter of 2021. After two quarters of inaction, it reduced its holdings of 11.2 million shares again in the fourth quarter of 2021.
By the end of the first quarter of 2022, Gao yilinshan No. 1 Yuanwang fund under Feng Liu’s helm held Hangzhou Hikvision Digital Technology Co.Ltd(002415) 21000 shares, accounting for 2.23% of the total share capital, making it the fifth largest circulating shareholder of the company.
What are the concerns of investors
In the survey, investors mentioned that the positioning of Hangzhou Hikvision Digital Technology Co.Ltd(002415) has been upgraded from intelligent Internet of things solution and big data service provider with video as the core to intelligent Internet of things Hangzhou Hikvision Digital Technology Co.Ltd(002415) relevant people said that Haikang used to be the Internet of things with video as the core. Now it no longer emphasizes or strengthens video, but emphasizes other sensing devices. The investment in non video will increase to expand Haikang’s product line, and further invest in perceptual intelligence and cognitive intelligence in intelligent technology.
Some investors asked how the company would deal with the supply chain problems with the possible decline of chip prices and the impact of China’s logistics problems, Hangzhou Hikvision Digital Technology Co.Ltd(002415) relevant people said that the rise or fall of chips has a relatively small impact on Haikang as a whole, because most of the raw materials of embedded equipment mainly made by Haikang are futures, and these materials may directly lock in the price of one year. Even if the chip price is loose, Haikang has little pressure. Materials are purchased by futures. When the price is transferred later, the fluctuation of the finished product price will lag behind the fluctuation of the chip price. There is a buffer zone, so don’t worry too much.
The challenge of current logistics problems is indeed great, but Haikang used to have large inventory, and the inventory of raw materials and finished products are relatively sufficient, so the problems encountered by Haikang will be smaller.
Even if there is a temporary problem of poor supply, it will be adjusted in time, and many new suppliers will be found to solve the problem.
The traditional security field is a strong business of Hangzhou Hikvision Digital Technology Co.Ltd(002415) and some investors mentioned how Hangzhou Hikvision Digital Technology Co.Ltd(002415) should maintain its competitive advantage in the face of new enterprises entering the industry Hangzhou Hikvision Digital Technology Co.Ltd(002415) relevant person in charge said that the traditional security business is not that big in fact. In the past, we saw that Haikang Dahua did very well, which may have some temptations for some people outside the door. This industry has a prominent feature. Its orders are very fragmented and the market is extremely fragmented. So how to adapt to the characteristics of this industry and meet the needs of various customers in various specific environments is a great challenge. For Haikang, the main concern is how to more effectively meet the needs of the fragmented market.
This time, Hangzhou Hikvision Digital Technology Co.Ltd(002415) also disclosed two new businesses – thermal imaging and automotive electronics, which were also questioned by investors Hangzhou Hikvision Digital Technology Co.Ltd(002415) said that the thermal imaging business was mainly focused on the civilian market, but did not enter the military market. It will start from security and expand to other directions, including human body temperature measurement, industrial temperature measurement and some other markets that have made great contributions to the performance in the past two years. At present, the automotive electronics market is hot. This part of business was established around 2017, mainly producing automobile supporting equipment. Haikang mainly focuses on two aspects, namely, the traditional visible camera and millimeter wave radar. At present, there is no further expansion in other aspects
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