Hikvision Q3 2020 Global Revenue Rises, US Revenue Falls
While Hikvision's global revenue rises driven by domestic recovery, its US revenue continues to fall due to "politics and the epidemic."
In this post, we examine Hikvision's Q3 2020 financial disclosures and what this means for Hikvision going forward, including:
- Recovery continues, Q3 2020 revenue grows
- Stagnating profits cause
- US business continues to shrink
- Domestic recovery drives overall revenue growth
- Hikvision cautious to comment on full-year performance
- Fever camera demand slows down and changes to Hikvision's gross profit margins
- Comments on supply chain stability and Huawei Hisilicon
- Stock market reaction bullish
Recovery *********, ** **** ******* ***** **.**% ***
*********'* ** **** ******* **** **.**% YoY ** ~**.* ******* *** (~$*.* billion ***). ******** ********* ******** ***** ** ******* ** ** ******* ** *****-** *******, *** *******, supported ** ******** ***** ****** *****,******** ** ****** ** **. ******** *** ********* *** *********, as *** ******* *** ******* ** Q1-Q3 **** *** *** ****** **** those ******** ** **-** ****.
*** ***** ************ ********* ** ** 2020, **** ********* *********** ** **** strong ** **** ********* **** **** significantly ******** ** *** *****-** ********.
Hikvision ******** ********** ******* ****** ** ******** ************
*********'* *** ****** ****** **** **** 23.9% ** **.*%, **** *** ******* explaining **** *** ****** *** ** foreign ******** ***** *** ****** ** its******** ******** ** ******* **. *** ***** appreciation ** *** *** ** *** third ******* ********* *** ********* ******** caused ** ******** ****** ** ** 2020 ** ***** *** ******* ***, Hikvision ********** ** *** ****. ** comparison, ********* *** ******** ***** ** 400 ******* **** ** ** ****. Hikvision ********* **** ***** ** ***** uses ** ******* *** ********** **** purchasing *** ********* ********, *** *** appreciated ** ******* ** ** ****, affecting ********** ** * ***** ****** Hikvision's *******:
*** ************ ** *** *** ** the ***** ******* *** *** ****, and *** ***** *** ********* ** changes **** ****** *** ******* ** a *******, *** ***** *** *** be *** ******* ***** ********. ***** are ****** ** ********* ******** ** foreign ***** **** *** ***** ****** the ****** ** ******** **** ************.
** ***** ** *****, *** ***** quarter *** **** * ********** ******* exchange ****, ***** *** ******* ****, while *** ******** ***** ** *** same ****** **** **** **** *** million ****, ** ***** ** * difference ** *** ******* **** ******* the ***. **** ****** ******** ** the ****** ** *** ******.
Hikvision's ** ******** ********* ** ******
***** ********* **** * *********** ****** of ***** ******* ** *** ** this ****, ** *** *** ****** to ****** *** ******** ** ***** of *** ******* ********. ********* ********* to **** ********* ** *** **, admitting ** *** ******** ****:
*** *.*. ******** *** **** ********* affected ** ******** *** *** ******** in *** **** *** *****. *** U.S. ****** ********* ** **** ********** and *** ******* ***** ********* ** shrink.
******* ** ***** *** *** ***, as ***************** ******** ****** ** *** ** in ******* ** "***-****** *******". *** ******, though ******* ** *********, ** ******* ***. ** *** ****'* ******* *** and ********* ****** **** **** ****** in ****** ****, *********'* ******** ** the ** *** **** ************* ******** and *** *** **** ***** ****** by *** ******* ** ******* ***** cameras.
No ******** / ******** ********* *** **
********* *** *** ******* * ***** / ******** ** ************* / ******** breakdown *** *** ** ******, ** we ** *** **** **** *** growth ** ***** ****** ** ******** vs ******* *****, ******* ** ********* commenting ** *** ** ********.
************, ~**% ** *********'* ******* ** domestic. *********'* **** ****** *** *** full **** **** ******* * ********* of ******** ** ******** ***********.
China ******** ********, ********** ********** ********, ****** ******* ******
********* ******** ******** ****** ** *** three ******** ****** (**********, ******, ***), with *** ********** ***** (***) ******* the ******* ******. ******** ****** *** all ***** ****** ** ************ *********** **** ** ****, ** ***** *** ******* *** up **% *** *** **** *** PBG ******** **** **** -**.**% *** -5.16% ************.
********* ** **** ********** ***** ***'* ability ** ******** "* ********** **** growth ****" *** *** *** *** SMBG's ************ **** ****** ** *** well *** ******* ************ *** *******. Hikvision **** *** *** **** *********** space *** ******* **************:
******* ************** ** ***** *********** *** the ***** ** *********** ******** *********** is ******** **** ********. ***** ** still ********** ***** ****** ***** ** the ******.
******** ** ***, *** *** ****'* performances **** **** ****** ** *** economy's ********, ********* ****. ***** **** government-sponsored ******** **** ******* ****, ********* admitted "*** ****** **** ** *** is ***** **** ******** ** *** beginning ** *** ****," ***********:
*** ******** ** ******** ** *** epidemic *** *** ******* ************, *** there *** **** ******* **** ****** government ******* *** *** ***** ** the ******* ************** ** ***** ********. We **** **** ******* ***** ** recovery ** **** ******** ** *** PBG ********; **** ****** ******** *** relatively ***** ******** ****** ** *** past, *** *** *** ******** ****** has ********, *** ** **** ** see **** ****** ** ******** ** the ****** *******. ******** *** ******* business ** *** ***** ***** ***** of *** ************ ** *** ********* of *** ****, *** ******* ***** is *********. ******* ******* ** **** year, ** ******** * ********** ********** view.
********* **** **** *** *** **** by *** ********, ********** ** ****** and ***** ********** ************. *******, ********* is ********** ***** ****'* ******* ** the ******* *** ****** *******:
*** **** ******** *** *** ******* market **** **** ************* ******** ** the ******** ** *** ***** ******* of **** ****. ***** *** ******-***** enterprises *** * ********** ********** ******, and *** ****** ** *** ************* of *** ****** ********, ********* **** small **********, ** ***** ********** *****. At *******, *** ****** **** ** SMBG ** *** ***** ******* *** returned ** ********. ** *** ******* macroeconomy *** ******** * ********** ****** and ******** ********, ** ******* **** SMBG ****** **** **** *** * rebound, *** *** ********* **** *** to ** *********** ** *** **** step.
Hikvision ******** ** **** ********** ***** ****-**** ***********
***** ********* ****** *********** ******* *********** in ** **** *** *** ********* its ***** ******* **** **-** ****, it ** ***** ******** ** ******* guidance *** *** *** *******'* ****-**** 2020 *********** **** **** ****:
********* *** ******** *** *** **** year ** ****, *** *********** ******* about ** *** ******** ***** ******, and *** *********** ** ************* *** international ********* ** ***** *********. *** company **** ******** ** ******** * cautious ******** ** *** ******** ******** and ** *** **** ************ *** the ****-**** ***********.
Gross ****** ******* **** ** "********** ****** *****", ********* ***** ****** ****** **** ****
***** ****** ****** ** ******* ****, supported ** * **** ** *********'* gross ****** ******* ************** ****** ****** ******* ** ** 2020. ***** ****** ******* ******** **** to * "********** ****** *****," ********* said ** *** ******** ****. ***** Hikvision *** *** ******** ****** ** investor's ******** ***** ******* *** ******* in ***** ******* ** ******* ******** impacted ******* *******, ********* **** *** "income ********* *** ******** ** * relatively ****** *****" ** *** ******** has ********** ** ** ****. ********* noted *** ***** ******* **** **** in ** **** *** **** ***** slowed ** **, ********* ***** ****** slow **** *** "** ******* ****** on *** *******'* ***********":
******** ** *** ********, ******* ******* products ********* **** ** *** ***** half ** *** ****. *** ***** quarter *** ******* ****** **** ** the ******* ******* ***** ******, ***** has ** ******* ****** ** *** company's ***********.
Hikvision ****** ** ****** ***** *********
********* ******* *** ******** ***** ****** chain *********, ************ ***** ******* ** an ******** ***** ****** **** ***** ************ **** ******* * shortage ** ********* *****. ********* *** ********** ***** ******'* ability ** **** **** *** ***** restrictions' *******, ******:
** **** **** ****** *** **** over *** ************, *** ** **** believe **** **** *** **** **** the ************.
********* ********* ********* **** **** **** made ***** ** ******* ******* ****** chain ****** *** **** ******** ************* offer ************ ** *********:
** ****** ****, **** ********** **** produce *** ******* *** *** ********. At *******, *** ******** **** ****** is ** * ***** ** ********** and ***** *** "* ******* ******* blooming". **** ** * ******* **** manufacturer **** *** **** *** ** a ***** ****, ***** *** ***** made ***** **** **** ************* **** can ** ****. *********, ** *** not ******* ***** *** ********* ** the ****** ***** ***, *** ** have ******* ***** * ***** **** solution.
Hikvision ***** ** **.*% ***** ** ******* ********
*** ****** ** ******** **** ********** to *********'* ** **** ********* *******, even ** ********* ** ********* ** state ************ *** *** ****-****. *********'* stock ** *** ******** ***** ******** was ** **.*% ** *******, ******* 27, *** **** ***** ** **** financials **** ********. ********* ***** *** jumped *.*% ** ******, ******* **, the ***** **** *** ** ******* after ********* ******** *** ** **** numbers.
********* ***** ** *** *********** *** all-time **** *** ** ***** ****. This ** * ******* **** *** the *******.
**********
*********'* ****** ** **** *********** ***** significant ******** **** *** ********* ** early **** ** *****-** ******* *** spread ********. ********* *** **** ********* in *********'* ***********. *******, **** ****** fever ****** *****, ***** ***** *********'* profits ** ** ** ****, **** short-lived. ****** *** ***** ******** ******** in *** ***** **** ** ****, but *** ****** ************* ***** ** some ********* (*.*. *****) ******* **** controlled *****-** *** ****** **** ****** fatigued ** ***** *******. *********'* ****** performance **** ****** ** ** **** as *** *** ** **** **********.
****** *** **** *******, ******! * think **** **** *** **** ** general ***** *** ***** ******* ** a *** ****** **** *** **** few ******, *** ** ** ******* to ***** **** ****** **** ** ending **** ***** ** ****.
*************, ***** *** *** ******* *** information ***** ***** ***** ****** ***** when **** ********* ***** ** *******, but ******* ** ***** ****** ******* this ******* *** ******** **** **** Hikvision ** ******, **** **** **** does **** ****. * **** ** interested ** ******* ***** **** ****** report, ***.
**** **** **** ******** ******* ** as ** ********* *** * *** mistake **** ** ***. ******* *** and ** *** **** *** *** the ***.
*** *** **** ********** ****** ** ADI *** *** ************ ******* ******* for *** ****** **** **** ******* a ****** ** *****'* ****.
******** ** ********, ***** ** ***** 22 *** ******* ******* *** **** ago *** ** *** *** ****** out ******* *****'* ***** ** ***, back *** ***** ******** *****. ***** Hik *** **** ***** ***** *** ADI ****** ****** **** ** **** it ********.
******* *** **** *********. ** ******** manager *** ****** ** ********* ****** but ***'* ***** ****, ** ******* me ** ***** *** ***** **** I **** ********* ** *** ** it's *********. *** ***'* **** ****** at ******* ***** ** ****** ******.
******* * ***** **** **** ***** said ** ******* *** ***** ****** boon ** ** ******** ** *** end ** **** *****. **** ** interesting ** *** **** ** ***** camera ******* **** ****.