Hikvision (002415) 2019 Third Quarterly Report Review: Third Quarterly Report Meets Expected Entity List Events Have Limited Impact on the Company
The results for the third quarter of the year were in line with expectations, and the performance continued to grow steadily. The company achieved revenue of 398 in the first three quarters of 19 years.
40,000 yuan, an increase of 17 in ten years.
86%; Net profit attributable to the parent company is 80.
3 ppm, a ten-year increase of 8.
54%, net of non-attributed net profit 77.
90,000 yuan, an increase of 8 in ten years.
91%, the performance is at the median of the semi-annual report guidelines, in line with market expectations.
Q3 single quarter revenue was 159.
16 trillion, +23 a year.
12%; gross margin 46.
61%, an increase of 1 per year.
04 foreign countries.
The company’s corporate demand for EBG / SMBG departments has shown a trend of stabilization and recovery, and the government’s demand for PBG departments has been suppressed by government and public security project investment substitution.
The company estimates that the growth rate of net profit for the 19 years will be in the range of 5% -20%, corresponding to a profit of 11.9 billion-13.6 billion.
The improvement in the performance from the previous quarter was confirmed, and the impact of the entity list event on the company’s 19Q1 / Q2 / Q3 single quarter revenue growth multiple times were 6 respectively.
2% / 21.
5% / 23.
1%, confirming the company’s judgment of continuous improvement in quarterly performance.
The third quarter increased the speed of stock preparation to ensure that the company’s business progress will not be affected during the process of switching between some materials and solutions. We believe that the physical inventory incident has limited substantial impact on Haikang, and the company has sufficient technical capabilities and countermeasures.
The company’s inventory turnover has improved. The inventory turnover days in the first three quarters were 98.
51, an increase of 20 per year.
Accounts 成都桑拿网 receivable turnover days were basically stable, which was 131 in the first three quarters.
The internet video industry base, Tonglu Phase II and Chongqing Base have been consolidated for 18 years and their fixed asset turnover rate started from the same period last year.
21 drops to 7.
In the background of basically stable profitability, ROE was 19 in the first three quarters.
85%, down 2.
Expense rate is expected to stabilize gradually, solid foundation to embrace AI + security company’s expense rate has shown an upward trend in the past three years, the core is the company’s business structure changes, personnel and business migration and sinking.
The company continues to increase research and development, and adds supplements in the replacement of materials and solutions, thereby effectively avoiding the impact of the entity list event on the company’s business.
As the expansion period has passed, the future expense rate will promote stability, and future breakthroughs in internal management and efficiency improvements will be made.
Domestic macro causes downstream demand to fall short of expectations.
Risks of uncertainty in overseas policies.
The security leader whose performance has grown steadily, maintains a “Buy” rating and expects to return to its mother net profit of 130 in 19/20/21.
Earnings per share 1.
09 yuan, a year-on-year growth rate of 14.
9% / 22.
6% / 22.
0%, corresponding to PE 21.
The hardware side continues to improve product functions, and the business promotes AI Cloud to optimize the industrial model. The company as an industry leader can grow in the future.
Maintain “Buy” rating.