HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO., LTD.

Financials Hangzhou Hikvision Digital Technology Co., Ltd.

Equities

002415

CNE100000PM8

Communications & Networking

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
32.87 ^CNY	+0.70%		+2.40%	-5.33%

Apr. 19	Hangzhou Hikvision Digital Technology Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 04	Hikvision Showcases Innovative Display Technologies and Products At ISE 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	305,956	453,249	488,449	327,064	323,958	306,697	-	-
Enterprise Value (EV) ¹	286,214	427,258	461,684	298,786	291,203	248,966	270,643	234,348
P/E ratio	24.4 x	33.6 x	29 x	25.3 x	22.8 x	18.4 x	15.4 x	13.8 x
Yield	2.14%	1.65%	1.72%	2.02%	2.59%	2.87%	3.23%	3.44%
Capitalization / Revenue	5.31 x	7.14 x	6 x	3.93 x	3.63 x	3.07 x	2.66 x	2.44 x
EV / Revenue	4.96 x	6.73 x	5.67 x	3.59 x	3.26 x	2.5 x	2.34 x	1.86 x
EV / EBITDA	19.9 x	26.6 x	23.8 x	18.8 x	16.6 x	12.1 x	11.5 x	8.41 x
EV / FCF	48.3 x	30.3 x	47.7 x	46.5 x	23.1 x	20.9 x	17.5 x	13.2 x
FCF Yield	2.07%	3.3%	2.1%	2.15%	4.33%	4.78%	5.71%	7.58%
Price to Book	6.81 x	8.42 x	7.69 x	4.78 x	4.24 x	3.56 x	3.15 x	2.79 x
Nbr of stocks (in thousands)	9,345,011	9,343,417	9,335,806	9,430,921	9,330,601	9,330,601	-	-
Reference price ²	32.74	48.51	52.32	34.68	34.72	32.87	32.87	32.87
Announcement Date	2/28/20	2/26/21	2/22/22	2/17/23	1/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	57,658	63,503	81,420	83,166	89,340	99,749	115,419	125,902
EBITDA ¹	14,406	16,042	19,366	15,872	17,525	20,565	23,627	27,860
EBIT ¹	13,708	15,197	18,474	14,783	16,039	19,213	22,249	25,593
Operating Margin	23.77%	23.93%	22.69%	17.77%	17.95%	19.26%	19.28%	20.33%
Earnings before Tax (EBT) ¹	13,755	15,273	18,468	14,855	16,099	19,238	22,900	25,585
Net income ¹	12,415	13,386	16,800	12,837	14,108	16,700	19,958	22,226
Net margin	21.53%	21.08%	20.63%	15.44%	15.79%	16.74%	17.29%	17.65%
EPS ²	1.340	1.444	1.806	1.370	1.520	1.785	2.137	2.380
Free Cash Flow ¹	5,926	14,085	9,675	6,421	12,606	11,894	15,444	17,761
FCF margin	10.28%	22.18%	11.88%	7.72%	14.11%	11.92%	13.38%	14.11%
FCF Conversion (EBITDA)	41.13%	87.8%	49.96%	40.46%	71.93%	57.83%	65.36%	63.75%
FCF Conversion (Net income)	47.73%	105.22%	57.59%	50.02%	89.36%	71.22%	77.38%	79.91%
Dividend per Share ²	0.7000	0.8000	0.9000	0.7000	0.9000	0.9431	1.060	1.129
Announcement Date	2/28/20	2/26/21	2/22/22	2/17/23	1/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	33,735	25,791	47,518	16,522	20,736	22,464	23,445	45,909	16,201	21,370	23,704	28,065	51,769	17,818	24,162	26,782	31,853	-	-
EBITDA	-	6,039	-	-	-	4,084	4,558	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	5,747	-	2,847	3,892	3,708	4,335	8,043	2,260	3,938	-	5,568	-	2,566	-	-	-	-	-
Operating Margin	-	22.28%	-	17.23%	18.77%	16.51%	18.49%	17.52%	13.95%	18.43%	-	19.84%	-	14.4%	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	5,756	-	-	3,901	3,745	4,344	8,088	2,290	3,957	4,287	5,565	-	2,577	4,638	5,190	6,321	-	-
Net income ¹	-	5,835	-	2,284	3,475	3,081	3,997	7,078	1,811	3,527	3,513	5,256	-	1,916	4,180	4,713	5,735	-	-
Net margin	-	22.62%	-	13.83%	16.76%	13.72%	17.05%	15.42%	11.18%	16.5%	14.82%	18.73%	-	10.75%	17.3%	17.6%	18.01%	-	-
EPS ²	0.9000	0.6300	-	0.2460	0.3600	0.3310	0.4320	0.7630	0.1960	0.3720	0.3800	0.5720	-	0.2080	0.4540	0.5126	0.5923	0.2500	0.5300
Dividend per Share	-	0.9000	-	-	-	-	0.7000	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/28/20	2/22/22	2/22/22	4/15/22	8/12/22	10/28/22	2/17/23	2/17/23	4/14/23	8/18/23	10/20/23	1/29/24	1/29/24	4/19/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	19,742	25,992	26,766	28,278	32,756	57,731	36,054	72,349
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,926	14,085	9,675	6,421	12,606	11,894	15,444	17,761
ROE (net income / shareholders' equity)	30.5%	27.7%	29%	19.6%	19.6%	19.8%	21.3%	20.5%
ROA (Net income/ Total Assets)	17.9%	16.3%	17.4%	11.5%	-	11.5%	12.7%	12.6%
Assets ¹	69,425	82,029	96,689	111,639	-	145,641	157,176	176,396
Book Value Per Share ²	4.810	5.760	6.800	7.250	8.180	9.230	10.40	11.80
Cash Flow per Share ²	0.8300	1.720	1.360	1.080	1.780	1.730	2.060	2.260
Capex ¹	1,842	1,989	3,034	3,743	4,017	4,398	4,100	4,329
Capex / Sales	3.19%	3.13%	3.73%	4.5%	4.5%	4.41%	3.55%	3.44%
Announcement Date	2/28/20	2/26/21	2/22/22	2/17/23	1/29/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hangzhou Hikvision Digital Technology Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

32.87 CNY

Average target price

42.65 CNY

Spread / Average Target

+29.76%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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