Hangzhou Hikvision Digital Technology Co., Ltd.
002415.SZ · SHZ
Company research
Hangzhou Hikvision Digital Technology Co., Ltd. (002415.SZ) is a Hangzhou, China-based global leader in AI-powered video surveillance and AIoT (Artificial Intelligence of Things) solutions, founded in 2001 and listed on the Shenzhen Stock Exchange since 2010. As one of the world's largest suppliers of video security equipment, the company offers a comprehensive portfolio spanning network cameras, DVRs/NVRs, access control systems, thermal imaging, alarm systems, commercial displays, and integrated software platforms such as HikCentral and Hik-Connect. Partially state-owned through China Electronics Technology Group Corporation (CETC), Hikvision serves a broad range of verticals including public safety, transportation, retail, education, healthcare, and smart cities, with products and services reaching over 180 countries and regions. Under the leadership of CEO Peng Xu, the company employs approximately 59,689 staff globally and reported total revenues of nearly USD 13 billion in 2024, with overseas markets contributing roughly one-third of total revenue.
Research reports
Guosen reviews Hikvision’s 2025 results and 1Q26, highlighting that revenue was essentially flat in 2025 but net profit grew 18.5%, with operating cash flow up sharply as management refocused on profitability, receivables control, and product mix optimization. The report emphasizes 1Q26 revenue growth of about 11.8% year‑on‑year, net profit up 36.4%, gross margin rising to roughly 49%, domestic business returning to growth, overseas and innovation segments expanding, and AI “观澜” large‑model products driving higher‑quality, cash‑rich development, supporting an “优于大市” (outperform) stance.
Capital/KGI Securities (群益证券(香港)有限公司，中国研究部) · April 20, 2026海康威视 (002415.SZ) 创新及海外增长较快，收入结构优化，毛利率逐季提升This company update from KGI/Capital Securities argues that Hikvision’s innovative businesses (robots, smart home, automotive electronics, storage) and overseas markets are growing rapidly, lifting the share of higher‑margin segments and driving a visible quarter‑by‑quarter improvement in gross margin despite domestic traditional business pressures. The analysts forecast strong net profit growth for 2026–2028 with EPS rising from about 1.8 to 2.3, note robust operating cash flow helped by aggressive receivables collection, and raise the rating to “买进（Buy）” with a 12‑month target price of 40 yuan, while flagging risks around government project timing, overseas demand, trade frictions, and raw‑material supply.
Guosen Securities Co., Ltd. (国信证券股份有限公司) · November 5, 2025海康威视（002415.SZ）3Q25 归母净利润同比增长20.31%，经营质量持续提升Guosen’s 3Q25 results note stresses that while year‑to‑date revenue growth was modest (around 1.2%), 3Q25 net profit rose about 20.3% year‑on‑year, with gross margin up over 2 percentage points and operating cash flow hitting a record as Hikvision shifted to profit‑centric management and finely segmented product‑line targets. The report highlights shrinking declines in SMB channel revenue, improving margin and “扣费毛利” (post‑expense gross profit), lower receivables and better cash conversion, plus accelerating deployment of AI large‑model products in perimeter security, behavior analysis, document search, and industrial SOP/safety solutions, leading the team to maintain an “优于大市” (outperform) rating with rising earnings forecasts and continued emphasis on capital discipline and shareholder returns.