报告名称：Hikvision Digital Alert(002415)Access China Conference Highlights 2016
报告类型：点评报告
报告日期：2016-01-13
研究机构：德意志银行
股票名称：海康威视
股票代码：002415
页数：1
简介：2016 outlook: solid overseas expansion but weaker China demand
The sales growth of the video surveillance market in China may decline from20% YoY in 2015 to 10-15% in 2016, and management believed Hikvision’sChina revenue growth in 2016 may maintain at a double of the industry, or 20-30% YoY (vs. ~40% in 2015). With its new business expansion and marketshare gains from peers, Hikvision’s overseas sales growth will reach at 50%YoY in 2016 (vs. 50-60% in 2015). While risks for government or policebusiness in China are still high, company expected the less price competition,depreciation of RMB against the US dollar, and its new product launch to helpreduce the negative impacts for China market.
New drivers of business growth for long-term
Hikvision increased numbers of its engineers by 15% from 5,400 in 2Q15 to6,200 currently to support its new business development. Its newly-focus fieldsinclude (a) smart visual intelligent technology (camera alert system, facialrecognition, and robot vision), (b) unmanned aerial vehicle (UAV) and (c) smartcar solutions. The opportunity for One Belt One Road policy by Chinagovernment will also accelerate its overseas business growth.
Comparative advantages vs. peers
Company believed its several strengths would easily help its ongoing marketshare increase and leading position in the sector in the future. These caninclude its (i) better R&D capability and sufficient resource for new technologydevelopment, (ii) tight relationship with system integrators, (iii) solid balancesheet and (iv) competitive costs. Its new manufacturing campus (Phase one tothree projects for 2016 to 2018) will help lift its in-house assembly capacityfrom 20-40% currently to 50% and support its margins hike by 1-2% at least.
Lower order visibility for China in the short-term
In the meeting, management turned cautious for the video surveillancedemand in China for 2016, especially for the police (20% of total sales) andpublic (10% of total sales) businesses, due to the worsening visibility forbudget control policies by governments. To support its top system integratorpartners on working capital, Hikvision’s account receivable increased quicklyfrom 2Q15, but company said we would see the improvement from 4Q15.

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