研報掘金丨海通證券:維持海康威視“優於大市”評級,價值區間39.20-46.33元
海通證券研報指出,過去數年來,海康威視(002415.SZ)不斷將安防領域的技術和應用像場景數字化領域拓展,目前已經擁有了深厚的經驗並形成了完整的體系,這使得公司除安防業務外,擁有了同樣強勁的增長動力。而公司對AI 的重視,也使得公司在AI領域擁有了強大的技術積累,AI技術的應用,使得公司傳統業務的天花板持續提升的同時,也能夠不斷髮展新興業務,進一步打開公司的市場空間。此外,公司軟件資源轉型已經基本完成,未來能夠更多聚焦場景數字化業務,進一步推動公司在場景數字化領域的發展。可以説,公司目前已經在數字化領域已經站穩腳跟,未來的長期發展更是值得期待。參考可比公司,給予2025 年動態PE 22-26倍,合理價值區間為39.20-46.33元,維持“優於大市”評級。
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