Hangzhou Hikvision Digital Technology Co., Ltd. (002415)

Individual Stock Analysis Report | Industry: Intelligent IoT, Video Perception and Security | Report Date: September 13, 2026 | Market and technical indicators原则上 as of the close on September 11, 2026; September 13, 2026 is a Sunday, and markets are closed from September 12 to 13. Some moving averages and Bollinger Bands are calculated independently based on publicly available daily data; some indicators come from third-party market terminals. Different adjustment methods, calculation periods, and after-hours update times may lead to discrepancies in values.

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

1. Core Summary

Hikvision achieved operating revenue of RMB 46.823 billion in H1 2026, up 11.97% year-over-year; net profit attributable to parent was RMB 7.896 billion, up 39.57% year-over-year; non-GAAP net profit attributable to parent grew 40.50% year-over-year; and the comprehensive gross margin rose to 49.97%. The improvement in performance mainly came from high growth in innovation businesses, product mix optimization, contraction of low-margin businesses, AI large model applications, and improvements in supply chain and operational efficiency. As of the close on September 11, 2026, the share price was RMB 33.25, corresponding to a TTM P/E of approximately 18.54x. However, the share price has fallen below MA5, MA10, and MA20, and MACD is in negative territory, indicating a relatively weak short-term technical picture.

The company's 2025 revenue was essentially flat at RMB 92.508 billion, up 0.01% year-over-year, with net profit attributable to parent of RMB 14.195 billion, up 18.52% year-over-year. Among this, 2025 innovation business revenue was RMB 25.446 billion, up 13.17% year-over-year, with automotive electronics, robotics, and smart home growing 34.95%, 8.82%, and 9.51%, respectively; overseas revenue was RMB 34.286 billion, up 7.50% year-over-year, while domestic revenue declined 3.93% year-over-year, indicating that growth momentum is extending from the traditional domestic security main business to innovation businesses and overseas markets.

In H1 2026, innovation business revenue was RMB 15.170 billion, up 28.93% year-over-year, with its share of revenue rising to 32.40%; storage, thermal imaging, and robotics businesses grew 88.18%, 47.61%, and 28.34%, respectively, while automotive electronics grew 17.50%. In comparison, main business products and services revenue grew 4.59% year-over-year. The recovery of traditional businesses and the expansion of innovation businesses together drove profitability improvement. The company has set an operating target of breaking RMB 100 billion in revenue and achieving a record-high profit in 2026.

The company's customer and supplier concentration is generally not high. In 2025, the top five customers accounted for 2.00% of sales, and the top five suppliers accounted for 14.50% of procurement. However, as of the end of 2025, consolidated accounts receivable were approximately RMB 29.812 billion, equivalent to about 32.2% of full-year revenue. Collections from government and large projects, SMB channel operations, and overseas trade and localized operations remain important items to watch for operating quality. Technically, the share price is close to the lower Bollinger Band. After a volume-heavy decline on September 8, turnover fell back. Main force funds and margin balances have both been weak recently, and whether a short-term rebound can continue still requires confirmation from volume and capital flows.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Main business products and services: 2025 revenue was RMB 65.012 billion, accounting for 70.28% of operating revenue, down 4.34% year-over-year, mainly including video products, storage, displays, access control, alarms, transportation, industry solutions, and related services; among these, domestic Public Business Group (PBG) revenue was RMB 12.912 billion, down 4.12% year-over-year; domestic Enterprise Business Group (EBG) revenue was RMB 17.063 billion, down 3.33% year-over-year; domestic Small and Medium Business Group (SMBG) revenue was RMB 8.817 billion, down 26.35% year-over-year; other domestic main business products and services revenue was RMB 1.053 billion, up 12.86% year-over-year; overseas main business products and services revenue was RMB 27.217 billion, up 4.73% year-over-year.
• Main business construction engineering: 2025 revenue was RMB 2.049 billion, accounting for 2.22% of operating revenue, up 0.05% year-over-year, mainly related to large project construction, system integration, and engineering implementation.
• Innovation businesses: 2025 revenue was RMB 25.446 billion, accounting for 27.51% of operating revenue, up 13.17% year-over-year, including robotics, smart home, automotive electronics, thermal imaging, storage, and other innovation businesses.
• Robotics business: 2025 revenue was RMB 6.452 billion, accounting for 6.97% of operating revenue, up 8.82% year-over-year.
• Smart home business: 2025 revenue was RMB 5.684 billion, accounting for 6.14% of operating revenue, up 9.51% year-over-year.
• Automotive electronics business: 2025 revenue was RMB 5.289 billion, accounting for 5.72% of operating revenue, up 34.95% year-over-year, the fastest-growing among the main innovation businesses.
• Thermal imaging business: 2025 revenue was RMB 4.443 billion, accounting for 4.80% of operating revenue, up 6.01% year-over-year.
• Storage business: 2025 revenue was RMB 2.380 billion, accounting for 2.57% of operating revenue, up 2.85% year-over-year.
• Other innovation businesses: 2025 revenue was RMB 1.198 billion, accounting for 1.30% of operating revenue, up 27.47% year-over-year.
• Domestic and overseas revenue: 2025 domestic revenue was RMB 58.222 billion, accounting for 62.94%, down 3.93% year-over-year; overseas revenue was RMB 34.286 billion, accounting for 37.06%, up 7.50% year-over-year.
• Capability extension: Business covers front-end perception devices, video and image processing, storage devices, AI algorithms and large model applications, intelligent IoT platforms, industry software, project delivery and services, and extends to home, automotive, robotics, and industrial scenarios.

2.3 Position in the Industry Chain Upstream and Downstream and Cost-Profit Structure

Hikvision is mainly positioned in the upper-middle reaches of the security and intelligent IoT industry chain, extending upstream to algorithms, software-hardware collaboration, and smart manufacturing, and downstream to industry solutions, project services, and scenario operations. The company earns profits through products, algorithms, software platforms, brands, channels, and system delivery capabilities, but it still needs to use upstream chips, image sensors, memory, lenses, and electronic components, and cannot completely escape the impact of supply chain prices and supply cycles.

• Major inputs include SoC and video processing chips, CMOS/CIS image sensors, optical lenses and components, memory and hard drives, flash memory, PCBs, power supplies, connectors, communication devices, structural parts, and other electronic manufacturing materials.
• Robotics, automotive electronics, and thermal imaging businesses also require corresponding specialized components; business inputs also include software, algorithms, cloud services, and R&D manpower.
• According to public bond fundraising materials of CETC Hik Group, the upstream of security video surveillance products includes audio-video basic algorithm providers, integrated circuit design and manufacturers, as well as supply links such as lenses, core circuit components, sensors, control devices, communication devices, and graphics processing chips.
• The 2025 annual report disclosed that purchases from the top five suppliers amounted to RMB 6.942 billion, accounting for 14.50% of total annual procurement; related-party procurement accounted for 6.80% of total annual procurement. The corresponding proportions in 2024 were 12.79% and 6.32%, respectively.
• The top five suppliers accounted for less than 15% of procurement. From the disclosed scope, supplier concentration is not particularly high; however, the annual report did not disclose the names of specific suppliers or procurement amounts for core materials such as chips, sensors, lenses, and memory, so it is impossible to judge whether any single core material link is highly concentrated.
• The company conducts digital collaboration with more than 2,000 suppliers. This figure reflects the scale of supply chain collaboration and is not equal to the number of core material suppliers or supplier concentration.
• The company does not have resource-monopoly control over upstream core components. The prices, supply capacity, and technological iteration of some core components can affect costs and delivery.
• Downstream customers include government and public service departments, transportation, education, energy, finance, and other industry customers, large and medium-sized enterprises and parks, small and medium-sized enterprises and distribution channels, overseas customers, home users, automakers and the automotive aftermarket, and robotics, industrial manufacturing, and intelligent logistics customers.
• The 2025 annual report disclosed that sales to the top five customers amounted to RMB 1.851 billion, accounting for 2.00% of total annual sales; related-party sales among the top five customers accounted for 0%. The 2024 sales proportion was 2.53%. The above data are annual data disclosed in the annual report and cannot fully reflect the latest customer structure and collection quality.
• The top five customers accounted for a relatively low proportion, and the customer structure is relatively dispersed. The company does not rely on any single large customer; its business model is closer to a diversified structure of "product matrix + channel network + industry projects + overseas localization."
• Government and large industry projects are usually affected by bidding, customer bargaining power, and collection cycles; SMB channel business is more susceptible to price competition, inventory, and dealer financial conditions.
• Overseas business prices and gross margins are affected by country, channel model, product mix, and exchange rates, and face trade restrictions, geopolitics, and localized operating risks.
• The automotive electronics business faces automotive industry chain certification, customer introduction cycles, and continuous price reduction pressure; the smart home business focuses more on product cost-performance, ecosystem, and channel efficiency.
• The company still faces industry competition and channel price pressure in standardized hardware products. Its bargaining power is more reflected in brands, algorithms, platform compatibility, system integration, and overall solutions.
• As of December 31, 2025, consolidated accounts receivable were approximately RMB 29.812 billion, equivalent to about 32.2% of 2025 operating revenue of RMB 92.508 billion; accounts payable were approximately RMB 20.185 billion, lower than the scale of consolidated accounts receivable, but the two are not completely consistent in business scope, credit terms, and structure, so no absolute bargaining power can be judged based on this. The company's 2026 investor relations activity record stated that total accounts receivable and notes receivable declined quarter by quarter in 2025, and operating cash flow performance was better than net profit, but the minutes did not provide a complete calculation of accounts receivable turnover days. The parent company's accounts receivable data and the consolidated scope cannot be directly mixed.
• As of the 2025 annual report scope, the top five suppliers accounted for 14.50% of procurement and the top five customers accounted for 2.00% of sales. Neither customer nor supplier concentration shows a high dependence on any single counterparty; however, the annual report did not disclose specific supplier names, single-item concentration of core materials, credit ratings of all customers, or collection quality. Low concentration does not mean there is no periodic collection pressure from government projects, distributors, or overseas customers.

Hikvision is positioned in the upper-middle reaches of the intelligent IoT industry chain. It earns profits through cameras, storage, algorithms, software platforms, brands, channels, and scenario solutions. It is not an upstream enterprise controlling chip or sensor resources, nor is it a pure low-margin hardware assembler. In 2025, the gross margin of main business products and services was approximately 49.07%, and the gross margin of main business construction engineering was approximately 28.68%; the overall gross margin of innovation businesses was lower than the traditional main business, publicly available information indicating approximately 39%, but this figure is an estimate or compiled by research institutions and cannot be equated with uniformly and directly disclosed annual report data. Future profit margin improvement will mainly depend on higher added value from software and algorithms, contraction of low-margin products, increased penetration of AI large model products, improved SMBG channel inventory and receivables management, optimization of overseas business structure, and the formation of scale effects in innovation businesses such as robotics and automotive electronics.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The 2026 semi-annual report was announced on 2026-07-25. 2026H1 non-GAAP net profit attributable to parent was RMB 7.712 billion, +40.50% year-over-year; basic earnings per share was RMB 0.862, +40.16% year-over-year; comprehensive gross margin was 49.97% (+4.78pct year-over-year); weighted average ROE was 9.17% (+2.32pct); asset-liability ratio was 32.36%; interim dividend was RMB 5.50 per 10 shares (tax inclusive). 2026Q2 single quarter: revenue RMB 26.107 billion (+12.11%), net profit attributable to parent RMB 5.115 billion (+41.34%), non-GAAP RMB 5.064 billion (+42.15%), Q2 gross margin 50.67% (+5.26pct). 2026H1 revenue structure: main business products and services RMB 30.616 billion (+4.59%, accounting for 65.39%); innovation businesses overall RMB 15.170 billion (+28.93%, accounting for 32.40%), including robotics RMB 4.028 billion (+28.34%), thermal imaging RMB 2.964 billion (+47.61%), smart home RMB 2.817 billion (+2.35%), automotive electronics RMB 2.764 billion (+17.50%), storage RMB 1.944 billion (+88.18%). Domestic RMB 29.759 billion / overseas RMB 17.064 billion (overseas accounting for 36.44%). TTM (as of 2026-06-30): revenue approximately RMB 97.513 billion (+4.7%), net profit attributable to parent approximately RMB 16.434 billion (+30.7%). Data sources: East Money performance report, Stockstar, Sina research report (Guotai Haitong), cross-checked and consistent across three parties.

2026H1 performance grew strongly, with net profit attributable to parent +39.57% year-over-year, non-GAAP +40.50% year-over-year, and comprehensive gross margin up 4.78pct year-over-year to 49.97%, a significant improvement in profitability. Innovation businesses overall grew 28.93% year-over-year, with their share rising to 32.40%, among which storage (+88.18%), thermal imaging (+47.61%), and robotics (+28.34%) showed impressive growth. On a single-quarter basis, 2026Q2 revenue was RMB 26.107 billion (+12.11%), and net profit attributable to parent was RMB 5.115 billion (+41.34%), clearly accelerating from Q1. TTM revenue was approximately RMB 97.513 billion, and TTM net profit attributable to parent was approximately RMB 16.434 billion. The company's 2026 guidance is "revenue breaking RMB 100 billion, profit reaching a record high" and "ROE likely to return above 20%." The high growth partly benefited from the "profit-centered" strategy, a low base, and the ramp-up of AI large model products. Institutions generally expect growth to fall back to 10-15% in 2027-2028, and the sustainability of forward forecasts is uncertain.

3.2 Profit Forecast

The table above is East Money F10 profit forecast (type=web, a relatively new version as of August 2026, including 20 institutions). Another version on the same site (type=soft, data as of April-May 2026, 18 institutions): 2026E EPS 1.7911, net profit RMB 16.42 billion; 2027E EPS 2.0233, net profit RMB 18.53 billion; 2028E EPS 2.2938, net profit RMB 21.03 billion. The difference between the two versions reflects that institutions generally raised forecasts after the July semi-annual report, and the scope and snapshot date must be noted when using them. Details of major brokerages: Guotai Haitong 2026-07-27 (Overweight, target price RMB 52.44, 2026-2028E EPS RMB 2.10/2.68/3.12); Huatai Securities 2026-07-27 (Buy, target price RMB 54.45, 2026E net profit RMB 18.373 billion); CICC 2026-08-20 (Buy, target price RMB 45.49, 2026E EPS RMB 1.98); Guosen Securities 2026-07-29 (Overweight, 2026-2028E EPS RMB 2.05/2.32/2.61); Guolian Minsheng 2026-08-02 (Buy, 2026-2028E EPS RMB 2.05/2.29/2.57); Orient Securities 2026-07-27 (Buy, target price RMB 44.09, EPS RMB 1.86/2.22/2.52); Qunyi Securities 2026-07-27 (Overweight, target price RMB 43.00, net profit RMB 18.98/21.46/23.95 billion, EPS RMB 2.07/2.34/2.61); Caitong Securities 2026-07-27 (Overweight, revenue RMB 100.833/109.909/119.8 billion, net profit RMB 16.85/18.674/20.752 billion, PE 19.3/17.4/15.7x); Great Wall Securities 2026-07-31 (Buy, no target price, revenue RMB 100.7/112.8/127.9 billion, net profit RMB 16.4/18.3/20.4 billion, EPS RMB 1.79/2.00/2.23, PE 20/18/16x); Sinolink Securities 2026-07-26 (Buy, EPS RMB 2.005/2.375, PE 16.52/13.95x); CITIC Securities 2026-05-28 (Buy, revenue RMB 100.497/109.968/119.741 billion, net profit RMB 16.076/18.104/20.198 billion, PE 18/16/14x). There are significant differences in target price aggregation scopes: Hithink RoyalFlush (2026-07-31, 13 institutions over the past six months) 2026 target price high RMB 55.00, low RMB 44.64, average RMB 48.55; S&P Global (stockanalysis.com, as of 2026-09-07, 9 analysts) consensus Buy, average target price RMB 41.99, range RMB 34.10-55.00; valueinvesting.io (as of early September 2026, 18 analysts) consensus STRONG BUY, average target price RMB 42.83, range RMB 34.44-57.75, 2026E EPS RMB 1.83, 2027E RMB 2.10. Hithink RoyalFlush's average of RMB 48.55 is significantly higher than the third-party figure of about RMB 42-43, and its minimum value of RMB 44.64 is inconsistent with the minimum values of the other two (RMB 34.10/34.44). It is recommended to use the third-party aggregate of about RMB 42-43 as a neutral anchor, while also listing the higher Hithink RoyalFlush value and noting the scope difference.

3.3 Valuation Level and Institutional Ratings

Share price (as of the close on 2026-09-06/09-07): approximately RMB 33.5-34.9 range. Sohu Securities close on 2026-09-06 was RMB 33.51; Nanfang Caifu close on 2026-09-09 was RMB 33.51 (+0.39% that day); stockanalysis on 2026-09-07 was RMB 34.94; valueinvesting was RMB 34.78. This is dispersed across multiple sources, and the specific trading day must be noted. Total market capitalization was approximately RMB 304.7-309.3 billion (Stockstar RMB 304.732 billion; Nanfang Caifu RMB 309.314 billion). PE(TTM): based on total market capitalization of RMB 307.1 billion ÷ TTM net profit attributable to parent of RMB 16.434 billion ≈ 18.7x (Sohu Securities disclosed enterprise value/non-GAAP net profit of 19.7x, which is an EV scope). PB: net assets per share RMB 9.20 (2026H1), static PB approximately 3.6-3.8x. Forward PE (by various scopes): 2026E approximately 17-20x (Caitong 19.3x, Qunyi 17x, Great Wall 20x, CITIC 18x, Sinolink 16.52x); based on consensus EPS of RMB 1.89 × share price of approximately RMB 33.5-34.9, static forward PE is approximately 17.7-18.5x. Valuation reference: Guotai Haitong assigned a target price of RMB 52.44 based on 2026E 25x PE, which is a relatively aggressive assumption; Huatai, Qunyi, and others used lower PE multiples. Target price aggregation differs significantly: Hithink scope average RMB 48.55 (range RMB 44.64-55.00), S&P Global scope average RMB 41.99 (range RMB 34.10-55.00), valueinvesting.io scope average RMB 42.83 (range RMB 34.44-57.75). It is recommended to use the foreign/third-party aggregate of about RMB 42-43 (corresponding to about 20% upside) as a neutral anchor, while also listing the higher Hithink figure of RMB 48.55 and noting the scope difference. Note: Market and valuation data come from multiple third-party pages, and closing prices are dispersed between RMB 33.25-35.97 due to different retrieval dates, so it is essential to lock in a specific trading day before use; stockanalysis.com's FY2026 EPS of RMB 1.48 contradicts its own disclosed net profit of RMB 1.853 billion and share capital of 9.165 billion shares (implying approximately RMB 2.02), judged to be a scope/data error and not adopted; Reuters/LSEG balance sheet details have not been item-by-item checked against the financial data in this article and are for reference only, not included in core conclusions.

4. Recent News and Announcements

4.1 2025 Annual Performance Express

The company disclosed the 2025 annual performance express (announcement no. 2026-001, disclosure time approximately the evening of 2026-01-20/2026-01-21): total operating revenue RMB 92,517,540,779.05 (approximately RMB 92.518 billion), +0.02% year-over-year; operating profit RMB 16.978 billion, +18.63% year-over-year; total profit RMB 17.029 billion, +18.72% year-over-year; net profit attributable to parent RMB 14.188 billion (14,188,269,426.14), +18.46% year-over-year; non-GAAP net profit attributable to parent RMB 13.696 billion, +15.92% year-over-year; basic EPS RMB 1.545 (prior year RMB 1.297); weighted ROE 17.29%. Note: Some aggregation pages incorrectly wrote the year-over-year change as 117.46%, which should be 18.46%, and is not adopted.

4.2 2025 Annual Report

The company disclosed the 2025 annual report on 2026-04-17/18: total operating revenue RMB 92.508 billion, +0.01% year-over-year; net profit attributable to parent RMB 14.195 billion, +18.52% year-over-year; net operating cash flow RMB 25.339 billion, a substantial increase; proposed dividend of RMB 7.5 per 10 shares. There are minor differences from the performance express (revenue RMB 92.518 vs 92.508 billion, net profit RMB 14.188 vs 14.195 billion), which are normal minor adjustments from express to annual report.

4.3 2026 Semi-Annual Report

The company disclosed the 2026 semi-annual report on 2026-07-24 (English version 2026-07-31): operating revenue RMB 46.823 billion, +11.97% year-over-year; net profit attributable to parent RMB 7.896 billion, +39.57% year-over-year. Based on interval calculation: Q1 net profit attributable to parent RMB 2.781 billion (+36.42%), Q2 net profit attributable to parent approximately RMB 5.115 billion, +83% quarter-over-quarter.

4.4 2025 Performance Guidance (Performance Briefing)

At the performance briefing on 2025-08-03, the company expected full-year 2025 net profit attributable to parent to grow more than 10%, second-half non-GAAP growth to be higher than first-half, and full-year operating expenses to be roughly flat year-over-year, and emphasized a "profit-centered" approach and strict control of receivables. Looking back, this has been achieved (actual year-over-year +18.46%).

4.5 Share Repurchase Plan and Completion of Implementation

The current repurchase plan was approved by the board of directors on 2024-12-09 and the extraordinary general meeting on 2024-12-25: repurchase amount RMB 2-2.5 billion, price cap RMB 40/share, used for cancellation to reduce registered capital, with a term of no more than 12 months from approval by the general meeting. The first repurchase on 2024-12-26 was 4,003,019 shares (average price approximately RMB 31.4), and progress was disclosed monthly thereafter. As of the close on 2025-08-28, cumulative repurchases were 68,326,776 shares, accounting for 0.74% of total share capital, with an average transaction price of RMB 29.69/share, high RMB 32.70, low RMB 27.06, and total transaction amount RMB 2.028 billion (2,028,349,444.12, excluding fees). The repurchase plan has been fully implemented. Due to the 2024 equity distribution, the repurchase price cap was adjusted from RMB 40 to RMB 39.30/share starting from 2025-05-20. Uncertainty: No new repurchase plan launched in 2026 was found in this search. Whether there is a new repurchase plan needs further confirmation from the latest CNINFO announcements (this search was not completed).

4.6 Completion of Repurchased Share Cancellation and Share Changes

The company completed cancellation of repurchased shares on 2025-09-04, and total share capital changed from 9,233,198,326 shares to 9,164,871,550 shares.

4.7 Completion of Increase in Holdings by Controlling Shareholder and Concerted Parties

Controlling shareholder CETC Hik Group Co., Ltd. and concerted party CETC Investment Holding Co., Ltd. increased their holdings within 6 months from 2024-10-19. As of the close on 2025-04-08: CETC Hik Group had cumulatively increased holdings by 6,845,600 shares (0.0741% of total share capital at the time of increase), amounting to RMB 200,182,737.28; CETC Investment had cumulatively increased holdings by 3,204,700 shares (0.0347%), amounting to RMB 100,016,373.80. The increase plan has been implemented. The pledge ratio of major shareholders is approximately 4.1% (Sohu Securities data, based on the 2026-03-31 quarterly report scope), and the enterprise background is state-owned (actual controller under China Electronics Technology Group system). Uncertainty: No new shareholder reduction or increase announcements in 2026 were found in this search, nor were 2026 main force capital flow data obtained; this cannot be used to conclude that there is no reduction, only that this round of search did not find any.

4.8 Dividends/Profit Distribution

2024 equity distribution: RMB 7.5 per 10 shares (implemented in 2025, affecting the repurchase price cap). 2025 equity distribution: based on total share capital of 9,164,871,550 shares, cash dividend of RMB 7.5 per 10 shares (tax inclusive); record date 2026-05-19, ex-rights/ex-dividend date 2026-05-20 (announcement 2026-05-13). 2026 interim profit distribution: proposed by Chairman Hu Yangzhong on 2026-07-19, proposed cash dividend of RMB 5.50 per 10 shares (tax inclusive), no bonus shares, no conversion; disclosure of indicative announcement on 2026-07-20, formal distribution plan announcement disclosed with the semi-annual report on 2026-07-24. The 2025 annual general meeting was held on 2026-05-08 and approved the 2025 annual report and other matters; shares attending were 5,946,751,991, accounting for 64.8864% of voting shares.

4.9 Governance/Regulatory/Policy Announcements

On 2025-09-23, the company's first extraordinary general meeting of 2025 approved the "Proposal on Amending the <Articles of Association>," and the company no longer established a supervisory board; supervisors Lu Jianzhong, Huang Xing, and Pan Jia left office. On the same day, the employee representative assembly elected Ms. Wang Dan as employee representative director of the sixth board of directors. In September 2025, a batch of governance system revisions was disclosed intensively, including the Articles of Association, independent director working system, board meeting rules of procedure, board audit committee working rules, controlling shareholder/actual controller conduct norms, and management shareholding change management system. Regarding board operations: the eighth meeting of the sixth board of directors (2025-10-17, by written vote, all 10 directors attended) approved the 2025 third-quarter report; the tenth meeting of the sixth board of directors (2026-07-24) approved the semi-annual report and interim distribution, among other matters. Routine related-party transaction/guarantee announcements: 2026-07-11 "Progress Announcement on Providing Guarantees to Subsidiaries"; 2026-07-24 "Ongoing Risk Assessment Report on Financial Services Business with China Electronics Technology Finance Co., Ltd." No announcements from regulatory penalties, investigations, or major mergers and acquisitions in 2026 were found (not found within the scope of this search, does not mean they absolutely do not exist).

4.10 Other Time-Specific Matters and Uncertainty Notes

Investor relations activity records: one on 2026-07-25; one covering 2026-07-26 to 2026-08-21, indicating recent institutional research activities. The 2025 annual general meeting resolutions passed with high approval ratios (e.g., the annual report proposal had an approval ratio of 99.98%). Uncertainty notes: 1) The "recent" in this section is based on late August 2026. Price/capital flow data are technical aspects and were not the focus of this section. Some pages in search results simultaneously show 2026-03-31 quarterly report and 2026-06-30 semi-annual report data, so scopes should be distinguished; 2) The 2024-2025 round of RMB 2-2.5 billion repurchase has been fully completed and cancelled, and no conclusive announcement of a new round of repurchase in 2026 was found. It needs to be reviewed against the latest CNINFO announcements, and this search marks it as "unconfirmed"; 3) No new reduction/increase announcements in 2026 were found, which is a search gap rather than a negative conclusion. Further verification is recommended in the CNINFO "Shareholder Reduction/Equity Changes" section; 4) Some aggregation pages have obvious erroneous fields (such as writing year-over-year 18.46% as 117.46%), which have been removed. The board secretary's name is inconsistent across sources (the latest annual report lists Feng Wei, while another source lists Huang Fanghong); it is recommended to use the latest annual report as the authoritative scope; 5) There are small differences between the performance express and the final annual report data, which are normal and not contradictory.

5. Share Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Hikvision's closing price was RMB 33.25, having fallen below independently calculated MA5, MA10, and MA20. MACD is in negative territory, RSI(14) is neutral-to-weak, and RSI6 at approximately 21 indicates relatively heavy short-term selling pressure. The share price is close to the lower Bollinger Band at approximately RMB 33.17. It probed RMB 32.10 intraday on September 8 and then recovered, so there is potential for a short-term technical repair, but this is not sufficient to confirm a trend reversal. In terms of trading, turnover on September 8 expanded to approximately RMB 6.184 billion, then fell back to RMB 1.252-2.170 billion, and was RMB 1.442 billion on September 11; third-party capital flow data show that main force funds are still continuously flowing out, and margin financing balances have also declined. The current price repair still requires further confirmation from trading volume and capital flows.

5.3 Short-Term Trend Outlook (Next Week, Scenario Deduction, For Reference Only)

⚠️ Risk Warning: The following content is only a subjective scenario deduction based on closing data as of September 11, 2026, does not constitute investment advice, and does not constitute a buy or sell instruction.

① Key Technical Levels

② Next Week Scenarios (Subjective Weighting, Not Statistical Probability)

• Consolidation (relatively high weight, approximately 60%; this weight is a subjective heuristic judgment based on current technical indicators, volume, and capital flows, not a statistical probability): price range approximately RMB 32.9~34.6. Trigger conditions include holding support near RMB 32.9, turnover remaining in the recent normal range of approximately RMB 1.2-2.2 billion, narrowing main force net outflow, and no new major negative news or overall weakness in the industry sector. Under this scenario, the share price may repeatedly repair around the RMB 33 to RMB 34 range, but may not immediately return to prior highs.
• Weaker downside (moderate weight; this weight is a subjective heuristic judgment, not a statistical probability): price range approximately RMB 32.1~32.9. Trigger conditions include an effective daily close below RMB 32.9, turnover significantly higher than recent normal levels, continued relatively large main force net outflow, and synchronized weakness in computer equipment or artificial intelligence-related sectors. If support near RMB 32.1 is also broken on heavy volume, the short-term correction scale may expand.
• Rebound strengthening (low-to-moderate weight; this weight is a subjective heuristic judgment, not a statistical probability): price range approximately RMB 34.6~35.8. Trigger conditions include regaining RMB 34.6, continuous expansion of turnover to above RMB 2 billion, main force funds shifting from continuous net outflow to net inflow, and synchronized strength in computer equipment, security, or artificial intelligence sectors. If it further breaks above RMB 35.0 and holds, the observation zone can move up to RMB 35.5~35.8; near RMB 35.8 corresponds to the dense recent high area, and selling pressure may still exist.

③ Capital and Liquidity Background

As of September 11, 2026, the turnover rate was 0.48% and turnover was RMB 1.442 billion; over the past 10 trading days, turnover was approximately RMB 1.252-6.184 billion. Excluding the abnormal volume expansion on September 8, daily turnover was mainly concentrated at approximately RMB 1.2-2.2 billion. The volume ratio was approximately 0.71, and amplitude was approximately 1.73%, lower than the 20-day average amplitude of approximately 2.40%, indicating that active capital participation on ordinary trading days is not high, but overall order book liquidity is still acceptable. When large orders suddenly concentrate, the price may deviate quickly from the daily trading range. Regarding shareholder structure, as of June 30, 2026, the top ten free float shareholders held a total of approximately 5.838 billion shares, accounting for approximately 64.54% of free float share capital; Hithink disclosed total institutional holdings of approximately 5.105 billion shares, accounting for approximately 56.43% of free float share capital, including 271 funds with approximately 229 million shares, 1 insurance institution with approximately 170 million shares, 3 sunshine private funds with approximately 226 million shares, and other institutions with approximately 4.479 billion shares. The above institutional data are about two and a half months from the latest market quotation, and position adjustments may have occurred during this period; moreover, "other institutions" account for a very large proportion and cannot be simply equated with active heavy positions by public funds or continuous recent bullishness. Combined with the relatively low turnover rate and relatively high concentration of top ten free float shareholders, the shareholding may be relatively stable and daily trading activity may not be high, but the volume expansion on September 8 shows that concentrated turnover can still occur on major volatility days.

Checkable volume confirmation signals: If turnover reaches or exceeds approximately RMB 2 billion for two consecutive trading days in the coming week and the share price simultaneously regains RMB 34.6, this can be regarded as a confirmation signal of improved short-term capital support; if volume expansion occurs after breaking below RMB 32.9, it should be interpreted primarily as release of downside pressure rather than simple capital entry.

④ Points to Watch (Observation Ideas Only, Not Operational Instructions)

• Observe whether RMB 32.9~33.2 can form effective support; this is an observation idea, not an operational instruction.
• Observe whether the RMB 34.0~34.6 resistance zone can be broken with volume support; this is an observation idea, not an operational instruction.
• Observe whether the continuous main force net outflow narrows or turns positive; this is an observation idea, not an operational instruction.
• Observe whether turnover can continue to expand from the normal range of approximately RMB 1.4-2.0 billion and align with price direction, while also watching whether strong support near RMB 32.1 is lost on heavy volume; this is an observation idea, not an operational instruction.

The above scenario deduction is based on closing data as of September 11, 2026, historical prices, and technical indicator calculations. Short-term share prices will also be disturbed by multiple factors such as news, capital flows, and the broader market environment. Technical indicators themselves have lag and limitations, do not guarantee actual future trends, and do not constitute buy or sell advice. Please make independent judgments in light of the latest market information and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

The upstream of the security and intelligent IoT industry chain includes chips, image sensors, lenses, optical components, memory, PCBs, power supplies, structural parts, communication devices, algorithms, and basic software; the midstream includes cameras, video recorders, storage devices, access control, alarms, thermal imaging equipment, robots, smart home devices, automotive electronics products, and platform software and solution providers; the downstream includes government public safety, transportation, education, energy, finance, manufacturing, parks, retail, home users, automakers, and overseas channel customers.

6.2 Competitive Landscape

• Hardware products such as traditional cameras, video recorders, and storage have gradually matured in technology and supply chains. The focus of competition has shifted to algorithm recognition, software platforms, product stability, project delivery, channel networks, ecosystem compatibility, after-sales service, and the effectiveness of large model and AI applications.
• Domestic market competition is relatively intense, and gross margins in some businesses are under pressure; competition in some overseas markets is relatively milder, but developed country markets face trade restrictions and policy reviews, while developing country markets focus more on product prices, channel delivery, and localized services.
• The industry is developing from single-point devices to scenario digitalization, and competitors have expanded to ICT companies, chip and algorithm companies, machine vision companies, consumer electronics companies, automotive electronics companies, system integrators, and cloud platform companies.
• Publicly available industry ranking materials show that among global electronic security-related companies in 2023, Hikvision ranked first, Dahua Technology ranked second, followed by ASSA ABLOY, Axis, Motorola Solutions, Allegion, Tiandy, Hanwha Vision, and Uniview. This ranking comes from CETC Hik Group bond fundraising materials. Different institutions may use different statistical scopes for electronic security, video surveillance, and intelligent IoT, and it should not be directly regarded as strictly comparable market share data.
• The industry shows a structure of head concentration coexisting with diversified market segments. Hikvision's competitive advantages are mainly reflected in overall scale, brand, channels, product completeness, R&D investment, and system delivery capabilities.

6.3 Major Competitors

Hikvision and Dahua Technology have the closest business boundaries and customer structures and are suitable for direct peer comparison; Uniview is an important domestic competitive reference but is not an independent listed entity and has lower financial transparency. Axis and Hanwha Vision lean more toward the international high-end professional security market, while Motorola Solutions leans more toward public safety communications, software platforms, and integrated security projects. The three are suitable as references for the competitive landscape and should not be used for simple horizontal comparison of revenue, profit, or valuation with Hikvision. Hikvision's relative advantages lie in scaled manufacturing, brand, channels, product matrix, R&D, and system delivery; its main constraints lie in domestic traditional security demand and competitive pressure, dependence on upstream core electronic components, and overseas trade, regulatory, exchange rate, and localized operating risks.

7. Risk Warnings

• Risk of pressure on the traditional domestic security main business: In 2025, main business products and services revenue declined 4.34% year-over-year, among which domestic SMB business group revenue declined 26.35% year-over-year, and PBG and EBG revenue also declined 4.12% and 3.33%, respectively; if domestic public service, enterprise, and SME demand recovery falls short of expectations, innovation business growth may not be enough to fully offset pressure on traditional businesses.
• Risk that innovation business scaling and profitability fall short of expectations: In H1 2026, innovation business revenue grew 28.93% year-over-year, but the overall gross margin of innovation businesses is lower than the traditional main business. Robotics, smart home, automotive electronics, thermal imaging, and storage businesses are all at different stages of market competition and introduction; if automotive electronics customer certification cycles are long, smart home channel efficiency is insufficient, or scale effects in robotics and other businesses fail to form, high revenue growth may not continue to translate into profit growth.
• Risk of accounts receivable and project collections: As of December 31, 2025, consolidated accounts receivable were approximately RMB 29.812 billion, about 32.2% of 2025 operating revenue; government and large industry projects are affected by bidding, customer bargaining, and collection cycles, and SMB channels are also affected by dealer inventory and financial conditions. If collections slow, it may put pressure on operating cash flow and asset quality.
• Risk of overseas operations and trade restrictions: In 2025, overseas revenue was RMB 34.286 billion, accounting for 37.06%, up 7.50% year-over-year; overseas business is affected by trade restrictions, geopolitics, policy reviews, exchange rates, local channels, and localized service capabilities. Changes in the regulatory or trade environment in some developed country markets may affect orders, delivery, and profitability.
• Risk of upstream core component supply: The company still depends on SoC and video processing chips, CMOS/CIS image sensors, lenses, memory, PCBs, and other electronic components. In 2025, the top five suppliers accounted for 14.50% of procurement, but the annual report did not disclose single-item concentration of core materials; if prices rise, supply is insufficient, or technology iterates in chips, sensors, memory, and other areas, the company's costs and delivery may be affected.
• Risk of industry competition and price pressure: Hikvision has relatively high business overlap with Dahua Technology, Uniview, and others in cameras, storage, intelligent transportation, and industry solutions, and also faces brand competition overseas from Axis, Hanwha Vision, and others; bargaining power in standardized hardware products may be affected by price competition, channel pressure, and product homogenization.
• Risk that performance forecasts are not realized: The company proposed in 2026 to break RMB 100 billion in revenue and achieve a record-high profit. Market forecasts for 2026 net profit range from approximately RMB 16.42 billion to RMB 18.373 billion, with large differences among institutions; if main business recovery, AI product ramp-up, or innovation business growth fall short of expectations, actual performance and valuation performance may fall below market expectations.
• Risk of share price and capital flow volatility: As of September 11, 2026, the share price was below MA5, MA10, and MA20, MACD was negative, main force funds had cumulative net outflow of approximately RMB 2.183 billion over the past 10 trading days, and the margin financing balance had also declined from approximately RMB 4.757 billion to approximately RMB 4.166 billion; if support near RMB 32.9 is lost with volume expansion, short-term volatility may further expand, and technical indicators themselves cannot rule out the possibility of a rapid rebound or continued decline.

8. Conclusion and Outlook

Hikvision's current core growth logic lies in "traditional main business recovery + innovation business expansion + improved profit quality." In H1 2026, innovation business revenue growth was significantly higher than the main business, with automotive electronics, robotics, thermal imaging, and storage forming multi-point support; at the same time, gross margin improved significantly, indicating that the company increased profitability per unit of revenue through contraction of low-margin products, product mix optimization, and AI large model applications. If innovation businesses continue to ramp up, overseas business maintains growth, and scale effects are achieved, the company's targets of breaking RMB 100 billion in revenue and achieving a record-high profit have a business foundation.

However, the sustainability of growth still depends on whether innovation businesses can gradually form stable scale effects from a high-growth stage, and whether domestic traditional security demand, SMB channels, government projects, and overseas markets can improve. Market forecasts show that performance growth in 2027-2028 may fall back from 2026, and institutional profit forecasts and target valuations differ significantly. The current 2026 forward P/E of approximately 17-20x already includes some earnings recovery expectations, and subsequent valuation performance needs support from performance realization and continuous improvement in profit quality.

At the short-term trading level, the share price has fallen from the early August high of RMB 38.57 to RMB 33.25, below multiple short-term moving averages, and main force funds have had cumulative net outflow over the past 10 trading days while margin financing balances have declined. No clear reversal signal has appeared in the technical state. The RMB 32.9-33.2 zone and the RMB 34.0-34.6 zone correspond to current important support and resistance observation zones, respectively; however, these technical levels only reflect price and trading characteristics as of September 11, 2026, and will still be affected by company performance, industry sectors, market capital, and the external policy environment.

Data Sources

• Hikvision (002415)_Stock Overview_Stock Price_Real-Time Quotes_Chart_News_Stock Reviews_Earnings_FinScope-AI Makes Investing Simpler
• Hikvision (002415) What the Company Does - Shanghai and Shenzhen Market Stock Details
• Hikvision (002415) What the Company Does - Clear
• Hikvision (002415.SZ) In-Depth F9-PC_HSF9 Materials
• Hikvision (002415) What the Company Does - Shanghai and Shenzhen Market Stock Details
• [Hikvision [002415] - A stock mainly engaged in the R&D and production of electronic products](https://baike.baidu.com/item/%E6%B5%B7%E5%BA%B7%E5%A8%81%E8%A7%86%5B002415%5D/19151390#1)
• Hikvision: 33.51 -0.71% -0.24 002415 Sohu Securities
• Hikvision: 35.97 -0.19% -0.07 002415 Sohu Securities - - Recently Viewed
• 002415 Stock Price | Hangzhou Hikvision Digital Technology Co. Ltd. A Stock Quote (China: Shenzhen) | MarketWatch
• Hikvision (002415) Main Business_Stockstar
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• Hikvision (002415) September 10 Main Force Net Sell of RMB 125 million - Stockstar
• Hikvision (002415) Performance Overview_Data Center_East Money
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• Hikvision: Executive Feng Wei Increases Holdings by 10,000 Shares
• Hikvision: 33.25 -0.78% -0.26 002415 Sohu Securities
• Hikvision | Shanghai Securities News · China Securities Network - Hikvision (002415)
• Hikvision: Securities Affairs Representative Cai Chao Resigns - Caizhongshe
• SME Board Optical Concept Stock Rankings (Market Cap Rankings) (2026/9/10)
• 002415.SZ - | Stock Price & Latest News - Get real-time market data from LSEG
• Hikvision (002415) 2026 Semi-Annual Report Review: Innovation Businesses Grow Rapidly, Profitability Reaches a New High in Recent Years
• Institutional Investment Ratings-Stocks-Sina Finance
• Hikvision (002415): Operating Quality Continues to Improve, Bullish on AI Commercialization
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• Hikvision (002415): Profit as the Core, Innovation Businesses Drive High-Quality Development
• Institutional Ratings | Great Wall Securities Gives Hikvision a "Buy" Rating, No Target Price Given - Institutional Ratings | Great Wall Securities Gives Hikvision a "Buy" Rating, No Target Price Given
• Hangzhou Hikvision Digital Technology (SHE:002415) Stock Forecast & Price Targets
• Hikvision (002415) Profit as the Core, Innovation Businesses Drive High-Quality Development - Hikvision (002415) Profit as the Core, Innovation Businesses Drive High-Quality Development
• 4 Stocks Receive Institutional Buy Ratings Today
• Individual Stock Research Reports - Panorama
• Research Report Indicator Quick Reference-Research Reports-Stock Channel-Stockstar - No. | Stock Code | Stock Abbreviation | Research Institution | Latest Rating | Target Price | Closing Price on Report Date | Expected Upside | Profit Forecast | Report Date | Report Summary
• Research Report Indicator Quick Reference-Research Reports-Stock Channel-Stockstar
• Hikvision (002415): Profitability Continues to Strengthen, AI Helps Boost Valuation
• Hikvision (002415) Tracking Report: Innovation Businesses Drive Performance Growth and Valuation Reshaping
• 002415.SZ Stock Forecast & Price Target | Hangzhou Hikvision Digital Technology Co Ltd (002415.SZ)
• Hikvision (002415): Repurchase + Increase in Holdings, Firm Long-Term Confidence
• Hikvision (002415): Main Business Steadily Recovers, Innovation Businesses Continue High Growth