Dahua Posts Slowing But Strong Revenue Growth 2018

Solid ******* ******

** ****, ***** ********* ~$3.5 ******* (**.* ******* RMB) ***** (** ******* exchange *****).  **** *********** an ****** ******** ** 25.6% - ****** ******* for *** ********. *****, that ****** *** ***** than ** ****** *****, though ************ **** ****** compared ** *********:

• **** [**** ** ****** available]: **.*%
• ****: **.*%
• ****: **.*%
• ****: **.*%

******** ***** *** *** provide *** *******/*********** ** the ***** ******, ** is ****** *** ** a **** ******* ** factors, **** ********* ********** **** **********, *** ************** ******** ********,**-***** ***** *** *******, ****** **** ***. 

Profit ****** ***** *** ******

*****’* *** ******* **** much ****** **** *******, at *.**% ** **** to $*** ******* (*.* billion ***). *** ****** growth *** ************* ***** than ** *** ****, however, ****** *** ****:

• **** **: **.*%
• **** ****: **.*%
• ****: **.*%
• ****: **.*%
• ****: **.*%
• ****: *%

Net ****** ******* **********

*** ****** ****** **** sudden ******** ** *** profits ****** ** *******. Dahua's **** *** ****** margin *** **.*%, ********** a ******** ***** **** the **** * *****:

• ****: **.*%
• ****: **.*%
• ****: **.*%
• ****: **.*%

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

********* ******* *** ******** video ************ ************, *********** ******* $* *********** **** ******** ** Dahua’s $*.* *******.

*******, ***** ******** ********* in ***** ** ******* growth, ************* ******* **.*%******** ** *****'* **.*%. Dahua's ****** **** ******** Axis', ***** *** ***** *** **.*% ** 2018,******* ** ** ****' growth (**%) ******** *****'* significantly (**.*%).

Job **** ********

***** ***** **** *********** job ************. *** ** ** highly ******** *** * company **** **% ******, almost **** * ******* dollars' ******** ******, *** solid ******* ** ******* what *** ******* ******** user******'******* *******' *** **** many ******* ******* ** IPVM ********. ********, ***** nor *** ********* **** never ****** *** **** were ****, ******** ** publicly ** *******.

**** **** *** **** any ****** *********** ** explain **** **********. ******* media *** *** ******* the *******, ******** **** noted "********" ** "******** markets" ************ *****'* **** ******. This ********** *** ******* further ******** *** *****, potentially ********** *** ****'* impressive ******** **** ******* weaknesses **** *** ******** undisclosed.

**'* **** ***** ****** that**** ******* **** ********* **** ******* ** recent ******. *** *******, e-commerce ********** ***** ********** ** **%************** **.*% ********** ****. **** *** indicate ******* ********** ********** in ***** **** (**** market **********) **** ***** is **** **********.

2019 *******

*** ** ***, **** though *****'* ******* ****** was ***********/****** **** ***** competitors, ** ***** *********** uncertainties ** ****:

• *** ****** ** ********** ******** ********
• ******* ** **** ************ ** *** ** government**** ******* ******** ***********
• *** **** ** *** massive $*** ******* ********** surveillance ******* ** ********, which ******* ** **** (** ***** ********* ** Q3 ****) *** ** ****** ********** **** *********
• ******* ***** **** **** business ** ******, ********** ** ****** * 'top *' ***** ************ provider ** ********* ***** ******, a ******** ****'* **** similar ** *****'* ******** ** ****' ********
• ******* *** *** **** will ******** *** **** impact **** **** ** quality/support

** *** ******** ****, though *****'* ***** ** still **** ****** **% over *** **** ****, in *** **** *****, the ***** *** ********* from *** ****** ***** by ****** **% ****** increasing ******* ********** ** a ********* ***** **** and ********* ******* ******* from *** ******* **********: