Hikvision’s 2018 Results in Line, but 1Q 2019 Softer Than Expected; FVE Raised to CNY 38.50
Narrow-moat Hangzhou Hikvision released full-year 2018 earnings that were in line with its preliminary announcement. However, its first-quarter 2019 results came in softer than our expectations. We have adjusted our 2019 growth and margin assumptions downward to reflect the spillover effect of the U.S.-China trade war as well as higher operating expenses. We have also slightly lowered our longer-term revenue growth forecast to take into account national security concerns in overseas markets as w...HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO., LTD. is a China-based company, principally engaged in the research and development, manufacture and distribution of video products, as well as the provision of video services. The Company mainly provides front-end products, back-end products and center control products. The Company's products include video encoders, video decoders, video optical transceivers, network optical transceivers, mixed video recorders (XVRs) and network video recorders (NVRs), among others. The Company also provides construction engineering services and innovation business. The Company conducts its businesses within domestic and overseas markets.
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