Once again, the United States has banned the US federal government from procuring video surveillance equipment supplied by Chinese manufacturers on the grounds of national security. The two listed companies in Zhejiang, Hikvision and Dahua, unfortunately "lie down." Let's take a look at the related content with the security electronic editor.
Hikvision, who has been acting low-key, can't bear it. On May 26, Hikvision issued an official statement that there is no factual basis and evidence for a proposal to ban the US federal government from purchasing video surveillance equipment from Chinese companies such as Hikvision. The sponsor’s allegations have significant subjective speculation and prejudice. The company will keep a close eye on the progress of the resolution and firmly defend the company's reputation and legitimate interests.
The United States has repeatedly said "national security"
Essentially trade protectionist measures
On May 24, the US House of Representatives passed a bill that included an additional proposal. The supplementary proposal proposes to prohibit the US federal government from purchasing video surveillance equipment supplied by certain Chinese manufacturers on the grounds of national security. In addition to Hikvision and Dahua shares, ZTE and Hainengda were also included in the list of prohibited transactions. At present, the bill is in the legislative process of the US Congress and has not yet passed and become a law.
According to the data, in 2017, Hikvision’s overseas revenue was 12.2 billion yuan, accounting for 29.22%; domestic revenue was 29.7 billion yuan, accounting for 70.78%. Overseas income is an important part of its business income.
Dahua shares accounted for a higher proportion of overseas income. In 2017, its overseas income was 6.8 billion yuan, accounting for 36.12%. Hainengda’s overseas revenue in 2017 was 3.2 billion yuan, accounting for 60.34%.
As the country with the highest level of technology in the world today, the US market is the most valued market for Hikvision. The company's first overseas branch was opened in the United States, and after years of hard work, it has achieved quite good results, and its share in the US market ranked second in 2016. Hikvision has not only become the leader of the global video surveillance industry for many years, but also become the leader of the global security industry.
Li Qing, an investment adviser of Shenwan Hongyuan Securities, believes that the United States has repeatedly banned the procurement of Chinese companies' goods, including the previous ban on the purchase of Huawei products, which is essentially a trade protectionist measure. "The adoption of the proposal does not rule out the result of the promotion of relevant interest groups behind it. It is likely that Hikvision and Dahua’s competitors in the United States will be stalked."
Once the proposal is approved and effective
How big is the impact on Hikvision
Hikvision and Dahua shares are listed on the banned transaction list. How much influence does the company have on the company? Li Qing believes that once the proposal is finally passed and effective, its symbolic significance is greater than the actual meaning.
Taking Hikvision as an example, on the one hand, the company's revenue is more than twice that of the overseas market, and the domestic market is still the company's main market; on the other hand, Hikvision's products are exported more than 100 worldwide. Countries and regions, the US market only accounts for a small part of its overseas market. Moreover, the bill passed by the US House of Representatives refers to the federal government's inability to purchase equipment for Hikvision and Dahua shares, and does not prohibit private procurement.
Hikvision has been recognized in the US market and has become the leader in global video surveillance and the entire security industry, and has proven its capabilities and level. By the end of last year, Hikvision had reached 37 overseas branches and 106 overseas service points. Moreover, Hikvision's main business has also evolved from a single security monitoring to a video Internet of Things, forming a diversified and intelligent video service system, providing video visualization and video structured big data solutions for more industries. .
In addition, the company has made good progress in innovative services such as Internet video (fluorite), robotics, automotive electronics, infrared sensing, and smart storage, further expanding the space for enterprise development. Among them, fluorite has exceeded 1 billion yuan in revenue last year and achieved profitability, becoming the first profitable innovative business of Hikvision.
In fact, the trade protectionist measures adopted by the United States, although capable of creating certain problems for the growth of Chinese enterprises, cannot prevent the pace of Chinese enterprises from advancing. Although Huawei has been banned from the US market repeatedly, its revenue last year exceeded 600 billion yuan.
In the stock market, Li Qing believes that Hikvision and Dahua shares have been listed on the banned transaction list by the US House of Representatives, and the short-term will affect the stock price of Hikvision and Dahua. However, the decline in the share price of Hikvision and Dahua shares last week has already released the risk of this bearishness to some extent. "After the market opened on Monday, the stock price is estimated to fall by inertia. However, in the medium and long term, the impact will not be large, and its stock price will still follow its own operating rules."
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