China and Taiwan Manufacturer Financials

Author: John Honovich, Published on Jun 24, 2015

China is the #1 threat to video surveillance providers around the world but how well are Chinese and Taiwan surveillance manufacturers actually doing?

This report breaks down the financial performance of notable Chinese and Taiwanese video surveillance manufacturers including Hikvision, Dahua, ACTi, Dynacolor, Everfocus, Geovision, NUUO and Vivotek.

This preview table overviews data gathered (full version and analysis) inside:

We explain:

  • The incredible profitability of the Chinese manufacturers
  • How Hikvision's market valuation is equal to every other surveillance manufacturer combined
  • How the Chinese growth has impacted Taiwan
  • How the Taiwanese manufacturers stock prices have plummeted
  • Which manufacturer is quietly successful as the 'Avigilon of Asia'
  • How the branded manufacturers are doing vs the OEM focused ones
  • The manufacturer facing the most significant problems
  • HD analog and the future

***** ** *** #* ******** ***** ************ ********* ****** *** ***** *** *** **** are ******* *** ****** ************ ************* ******** *****?

**** ****** ****** **** *** ********* *********** ** ******* ******* and ********* ***** ************ ************* ********* *********, *****, ****, *********, Everfocus, *********, **** *** *******.

**** ******* ***** ********* **** ******** (**** ******* *** ********) inside:

** *******:

  • *** ********** ************* ** *** ******* *************
  • *** *********'* ****** ********* ** ***** ** ***** ***** ************ manufacturer ********
  • *** *** ******* ****** *** ******** ******
  • *** *** ********* ************* ***** ****** **** *********
  • ***** ************ ** ******* ********** ** *** '******** ** ****'
  • *** *** ******* ************* *** ***** ** *** *** ******* ones
  • *** ************ ****** *** **** *********** ********
  • ** ****** *** *** ******

[***************]

Key ********* ****

**** ***** ********** *** *** ********* **** ******** ****** **** report (***** *** **** ****):

Incredible ************* ** ********* *** *****

*********'* **** ******* **** ~$*** ******* ***; *****'* **** ~$*** million ***.

** *** **** ** ***********, *********'* ******* *** ******* ***** to ****' ***** *******, *** **** ** * **** ******* for *** ***** ************ ******. *** *****'* ******* *** ******* equal ** ********* *** *******'* ******* ********. **'* **********.

** *** ***** ****, ********* *** ***** *** ******* *** ********** ***** ******* ******* **** ******* *******. *** ************ ******* and ******** *** *** ******* *** ****** **** *** ******** Chinese ******. ** **********, *** ********* ********* **** * **** net ****** ****** ***** ******* ** ******* ** *** ******* government ** **** ** **********, ****** **** *** ******* ********** partially **** *** *******.

****** **** **** ** ****** *********, ***** ** ******* **** can ** **** ***** ** ** **** ** *** ******* government ** ********* ** ******** **** **** *** ****** **** on ***** ************ **** ***** ******** *************. *** **** ***** that ********* *** ***** **** ********** *** ****** ** ****** internationally.

Hikvision ********* ***** ** ******** **** ********

*********'* ****** ********* ** ~$** ******* ***, ****** ******* ******* in *** **** ****. ** ******** **** ** ***** ** every ***** ************'* ************ **********' ********* ********, ********* ****, ********, Bosch, *****, ****, *******, ****, ***., ***.

*** ******* ****** ** **** ** **** ********* ** ****** at *** ***** ****** *******, * ****-******** ****** *** * company ** **** **** / ***. ** **********, **** **** at ~** ***** ******* *** **** ******** ********* **** **** Canon ************* ********. ******** ** ******* ** ~** ***** *******. Most ***** ************ ************* *** ****** ** ** ** **** their *******, ********** *** ***** ****** ***-**** ******* ****.

*** ***** ****** ** *********'* ******* ** *** ** *****. 2014 ******* *** ****** $* *******, ** ******* $* ******* year **** ****. ** ** ** ** ********* **** '** Axis' ** * ****.

**** *** ***** ******** *** * ***** / ****** ************* visually:

***** ** *** ****** ************* *** ****** ** ~$*** ******* each (*********, ********* *** *******), *** **** *** ********** ******* by ****** ********* ** *****.

** **, *** ******* ************'* ******** ***** *************, **** *** valuation *** ******* ******. ** ******, **** ** **** ******* on *** ******* ********** *********** ** ***** **** **** ** video ************, ****** ** ******* ********* *** ***** **** ** generate **** ******* ** **.

Chinese ****** ******** ******

*** ************, ********* *** ***** **** **** *** ********* *************. Not **** *** *** ********* ********* ** ** ******* ********* disadvantage ****** ** *** ******* ******** ********, ********* *** ***** are ************ *** ********* ************* ** *** ************* ****** ****** which ** ** ******** ** ****.

*/**** ** *** ****** ************ ************* ******** ******* ******** ** 2014, **** **** *********, ** ***, ****** ****** **** *%.

**** ***** ***** *** ******** ******* ******* *** ********* ************ growth:

Taiwan ***** ***** ********

*** ********* ************* **** ******** ****** *** ***** ***** ******** in ***** ***** ***** **** *** **** ** ******.

** *** ******** ****, **** ** *** ********* ***** ****** has **** ****** ******* ** *** ******** *** ***** ****** this. *******, *** ******** ** *** **** **** **** **** quite *****, **** **% ******** *******.

The '******** ** ****' - *********

********** ********, *** ********* ******* ***** *** **** ** *********, who **** *** **** *** *** * *** ** *****. Unlike *** ***** ********* ************* *** ***** ******** ** *** side ** *** ***** (*.*., ******* ** *********), ********* *** **** focused ** ******** *****.

********* *** ************ **** ******* *** *****, ** *** **** range ** ********* *** *****, ********** ********** ***** ***** **** of * ********* *********. *** **** ******* *** ********* ** revenue ****** - ***** *** **** ******* **** *** **** three *****.

*******, ********* ** ********* ******* ******* ** * ******** ******** doing *********** **** *** ******, **** ** ** ** *** as ****** **** ** ***********.

Challenges *** ******* ************* **** **** *** *******

*** *** **** ***** ****** ****** ** *** **** *** ACTi *** *******. ******* *** ***** **** **** ***********, ******* the **** **** **** ** ******** ** ****** ************ ******* new ********.

**** *** **** ***** ** *** $** ******* ******* ***** for *****, ********** ****** ** ** *** *******.

******* *** ****** ****** * ***** ** ***** ** ****, to *** ~$*** ******* ******* *****, **** ***** *** ******* in *** **% ***** **** *** **** *** *****. *******, Vivotek's ******* ******* ~**% ** *** **** ****.

**********, ** ** * **** **** **** *** *** *** of **** ** ******* **** ********* *** ***** *** *** selling **** ******* ******* *** *** ******* ** ***** **** at *********** ********* ** **** *** *** ***** **** *** Vivotek **** ************* *******.

Manufacturer **** *** **** ******** - *********

*******, ***** ** ******* *** ************ *** ****** *** *** having *** **** ******** - *********.

** *** **** **** *****, ******* *** ******* **% ** ~$53 ******* ***. ***** * ***** ***, ********* ******* *** in *** ~$*** ******* *** *****. ******* ********* ** **** net ******* *** *********** ***.

********* *** ****** ** *** ******. ****** **** *** *******, they ***** ****** ********* ** **, ** **** ****** *** on **** ****** / *********** **** *** **** * - 10 *****. *******, *** *************, ************ ******/ **-*** *****, ******* **** ***** *** *** *******.

HD ****** *** *** ******

****** *** **** ********* *** ******* ************* **** ************, ** are ****** ****** ****** ** ** ******, ****** ** **** *** ******** ******* *** **** ** quality. **** **** ******* **** *** ******* ************* *** ********* the *********, *** **** ******* *** **** ** **, ***** is ***** *********** ** *** ***** *** ** *** ****** they **** ************* **** **** **.

****** *** ******* ******** ****** ***** / *****, ** ******* far **** ****** / ****** **** *** ******* ***** ** Hikvision *** *****.

Comments (26)

*** *********** ************ *** ** ** *********. ** ** ***** pretty **** * ***** ***** **** *** **** ** ******* with ******* ************* ** **** *** ***** ** ** *** for ******** *** ******** *********.

** *'* *** ** ***** **** ******* *** ***** ******* are ********* *** *** **** *** ******** ** **** ***** a "*********" ******* **** *** ** ********.

***************** ****?

**** *** ******** *** ***** **** *** * ******* ******* there *** ** ******* ****** ********** *** ****. ** ***** do **** *** *** *** ****, ****** **** **** ** truthful, ******** **** *** **'* * ****** ***** ********.

** ****** ** ********** ******, **** * **** ** ** investments. *** **** *****, ** **** ***** **********, ******* ********, etc. *********’ *********** ** ****** ** ***** * & * investments.

***** ** * **** ******, **** ******* ** ****** ***** the *******, *** ***** ******** ******* **************. *** **** ***** using ****** ******* ******* ******. ***** ** * ****** ************* power *****; **** *** *** ****** ****** ***, ****’* ****.

*****’* ***** ** **********; **’* * **** ******. ********* *** Dahua *** ****** ***** *********; **** ****** ***** ***** ********* in *** ******. **** ***** *** ** ********* ********, ** the ***** *** *** **** ** ***** ******, *** *** government *****’* ******* ** ***** ********** ** **********.

"** ****** ** ********** ******, **** * **** ** ** investments. *** **** *****, ** **** ***** **********, ******* ********, etc. *********’ *********** ** ****** ** ***** * & * investments."

**** ****** ** ********** ** *** **** **** ********* *** Dahua's ** ******* *** *** ****** **** ****, ********, **. al. ********* *** ***** *** ****** ****** ** ********* *********** features ** ***** ******, *** ******* *** ******* ************* ** pure **********.

...********** ** *** **** **** *********'* ** ******* *** *** better **** ****...

**.

* ********* *** ******* ****** ******** **. ************ **** *********, ** ** *** ***** ******* *** * new *****?

** *** ******* *** *** ****** *** ******** **** ***.

*** *** **** ***** ******* - ********* **** *** **** any '**********' **** **** **** *** ****. *****'* ** ****** invention ** *&* **** ********* ** ***** ** ******** ****** $3 ******* ** ******* *** $*** *** ** *******.

********* **** *** **** *** '**********' **** **** **** *** have. *****'* ** ****** ********* ** *&* **** ********* ** using...

********. *** *** ******* ** *&* *** *************. *** *** considering ****** **** ********* ** * ******** ***, ** *****.

*** **'* **** *&* ** ****** *** *** ** **** technology *** ****** * ******** *** ********* ** ** ** economically ******** ***** *****.

*** ****** *** ********** *********** **** ** **** ***** ******* must ** *******.

**** ********** **, **** *** ** ******, ********* *** ***! So *** *** *** **** ****, **** *** *** '**********', cause **** **. *** ********* ******* ** ***** ******** *** engineering ******* ******** *** *** ***** ** ** *** ******, *** *** ** **** ** * ******* ***-**.

** *****, ********* *** *** ************ ******** ********** ****** *** *******.And **** ** *** *&*. And that most defintely is part of of their revenue story.

"*** ********* ******* ** ***** ******** *** *********** ******* ******** out *** ***** ** ** *** ******, *** *** ** **** ** * ******* ***-**."

***'** *******, *****? ****** *** *** *** *******.

***, **** ***** ****** ** ******* **** ********** **. **** '*****' *** ** *** ** ** *** ******.

***, *** ***** **** ******* ************* *** '******* *** *** to *** **' ** *** $** ******. **'* *** * technology ***** ** ***.

**** *** **** * **** *** ******** ******* *********** ********** IR ** ****** *** ******. **'* *** * ********** ***** though. **** *** ** ** *** ****** **** *** ************ can ** **.

*** ***'* *** ******* ** *** "****-*****" ****?

Do *** ** ** *** *** ******** *** ****** *** *********** **** **** **** ****** ******** ******* *&* ** ***?

* ********** ******* **** *******. ** *** **** *** ******* to ** ********?

** *** '****** ******** *******', ******** ** ***** ***** '******** cheaply' ** ** ** ****** ** ********* **** ********* ** any ********** ****** ** *** ********** **********.

****** *** ******** ******:

Do *** ** ** *** *** ******** *** ****** *** *********** **** **** **** ****** ******** ******* *&* ** ***?

***/**.

* ** ********** ** *** ** ******* **********.

*** **** ** ******:

** *** '****** ******** *******', ******** ** ***** ***** '******** cheaply' ** ** ** ****** ** ********* **** ********* ** any ********** ****** ** *** ********** **********.

**.

** ****** $** ******* *** **** * ********* *&* ******, I ***** *** *** *** ****** * *** **** *** by ***** ******** ***** ******** ** *** ****.

*****, *'* ****** **** ***** *** ******** *&* ******* ** creating * ******** **** ****** **** **add ****-*** ******** ** **** *** ***** ******.

** *** *** '**********':

***, **** *** ** ****** ** ******* **** ********** **. Axis '*****' *** ** *** ** ** *** ******.

*** **** **** ***** ** ** ***** ***** $*** **** does *** **** ** **** **** *** ** ** ** the **** *****/***********.If **** *** * $*** ******, you ***** **** * *****, but they don't, right?

***, *** ***** **** ******* ************* *** '******* *** *** to *** **' ** *** $** ******.

**** ********* ***** *** *** ******** ******. ***** ** *** $19 ****** **** *** ** ** **** ** * *****?If ***** *** ***, *****, *** ***** **** * *****. But are there any?

*** *** *** **** ** **** ***** *** ********* ******* performing ** *** **** ***** ** **** ** **** *** cost.

"*** **** **** ***** ** ** ***** ***** $*** **** does *** **** ** **** **** *** ** ** ** the **** *****/***********."

***** *** * **** ******* **** ********** ** ***** $***, including *** *** ~$***. **, *****, ********* *****.

********, **** ** ***** **** ** * ****** / ******* segmentation ******** ** *** ***** ******* ********* ** *** ****. There ** ** ********** / *&* ***** *** **** ****** it ***** **** *******.

"***** ** *** $** ****** **** *** ** ** **** as * *****?"

*** *** $*** ***** / ********* ******* ** *** **** any ******* ********** **. **'* *** ***** **, **'* *** long *****. **'* *** **** ***** ** **** *** ** the ***** ***-*** ******* *****.

*****, ******* *** *****. ***** ** *****. **** ** ************* ** *********, ********. ** * ****** **** ****:

*** **** **** ***** ** ** ***** ***** $***$*** **** **** *** **** ** **** **** *** ** it ** *** **** *****/***********.

*** ******* ** ******* ***.

*****, ***** ** **** $** ****** **** *** **** ***** IR? ***** *** **** ** * ***** ****** ******. $**. I'll *** **.

******** ********* **** ***** ***** ** ** ***** $*** *******

*** *** **** ***** ******* - ********* **** *** **** any '**********' **** **** **** *** ****.

***?

*****, *****, ********* *****. *** ** *** *********'* '**********', ** is*********'*.

**** ***** ******* ** **** ********* **** ** **** ** build ***** ***, **** ***** ** *** ***** ****** ******, Nextchip.

**** ** * ********* ******** ** **** ** ***** ***** on ** *** *** ** **** *** ******** / ******* to ***-** ************. * ***** **'* * ***** ****, *** it's *** * ********** ******* ** ******* *** * ******** choice.

**** ** ********* ********************* **** **** ******* ***'*.

******.

** ****'* **** ******? **** ***** *** **** **** **** to. *****, **** *** **, **** ****** ** **** **** is ****** *****/*** ******** *********. **** ** ******* ***.

*** ***** **** ******* **** **** ** *** **** *** production **********/********* ** **** ** ** ******* ** ***? ******* they ***** *** ** **** ******** ** *** ************* *******.

*** ***** ****-******* ******** ** *** ******. ***** ************* **** is ***** ********** *******.

**** **** *** "******** ** ***** ***** ***** *******" ********.

**** ******** **** ****-***** **** *******?

**** ******** ********* *** *** *** ** ********** ** *&* that **** *****'*.

*** *** ***** ***** **** **** *****'* ******** *** *&* dollars ** ***** ************* ******* ** ****** **...

******* ******* ** ********* *** '********' ******?

***/***** ***. ******** ****** *** *** **** ******* / ***'*. Difficult ** ******** ****** *** *** ******** ******** *** ****** to ****** ********* ***** ****** ** *** ******** **** *** same ******** ******. **** ****** ******* *** ***** **** *** sensor/ISP's ******* ****** *********. ***** ** *** *** ******* ****** for ****/** ***. ** **** *** ****** ******* **** ******/***** etc. ** ****** ********* ****** ************* ***** *** **** ** not ****** *******. ** ** *** ********* **** *** *** Dahua **** ********** ***** ***** ** ******* **** *** ***/***** in *** ******.

**** ********* *** ***** *** ******* ** * ****** ***********, they *** *** ************, ** **** *** ******* ***** *********. They **** *** ****** **** **********, **** ******** ******, *** deliver ******** ******* ** ***** *****, ****’* ******* ****** **** out *********** **** ****** *******.

*** ***** *** *********** **-****** ** *** ******, **** **** start ********, ***** ******* ************* **** **** ***.

*** ******** ** ******** (***:******) *** ***** *********** ******** *** acquisition ******** (*****, *****)?

*****, **** ********. * **** ** **** **** ******** ******** has. **** ***** *** ***** *** *********** ********* ** ***** own *****, *** **** *** ** ******** **** ** *** industry.

**** ****, **** *** ~$*** ******* *** *******. **** ******** March ***** ** *** **** *** ~$*** *******, **** ** March ******, ** ***** ** * **** **** ** ********'* overall *******. *** ******* **** ~*% *** ******* **** ***** been ***********.

********'* ******* ***** **** *** ******* *** * ***** ** China *** *** ****** **** **** ***** ******** *** *** Swann (***** *** *** **** * *** ** ***** ******). Background:*** ******* ****** ******* ************ *** ****** ***** **** ****** Swann

**** ****, *** **** ** *** ******, ********'* ****** *** is $*.* ******* *** *** ** ******* ** *** *******. Also, *** ***** ***** *** ******* ******* ** *** **** 12 ******.

********'* ***** **** * ******* ****** *** ******* **** **** been ******** **** * ******* ********* ** ** ********. ********.

** *** **** ****, **** **** ****** ** ***** ***** March ******** ***** ******* ** ** ******* ** *****.

********* *** ***** *** **** ****** ** *** ******* ***** exchange ***** ** ** **% *** *** **** (*** *** say ******?) ***** *** ****** ***** ******** ***** ** ** only *% **** *** **** ** ******. **** *** ** be ***** **** ************* **** ********* ***** *********** ******* *** Chinese *** ********* *************. *************, ***** ****** **** ******* ** $47 ** *** *** ** *** *** *** *** ** $32.

***, ****'* * **** *****. *******, ***** *** ****** ***** exchange ** ****, *** ********* ************ ************* *** ****, ** a *****, ** *** -**% *****, ***** ***** ***** ***********.

*** ****** ***** ** ** ** *** *********** ** *******, profits *** ******, ***** *** **** ******** / ******** ** industry *********** **** *** ***** ******.

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