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Actively penetrating into new segments
​As the largest surveillance company globally, we believe its current valuation of a 2017F P/E of 15.4x is cheap vs. global & domestic peers despite slightly lower than expected 2Q16 results. Hikvision enjoys great growth potential overseas while it actively develops new businesses. We expect it to see >30%/~30% YoY sales/ earnings growth in coming years, far outperforming peers. We raise our TP to RMB31, derived from 19x (unchanged) 2017F EPS of RMB1.6, implying 25.9% upside.
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