Dahua Breaks $5 Billion USD in Revenue in 2021 on Strong Overseas Growth
Dahua broke $5 billion USD in revenue in 2021, with the PRC manufacturer's overseas growth outpacing domestic growth by nearly 8 percentage points.
In this report, IPVM examines:
- 2021 revenue and profits
- H1 2021 v. H2 2021 revenue
- PRC government spending
- Q1 2022 revenue and profits
- PRC COVID resurgence
- Overseas margins change
- Overseas v. domestic growth
- Non-video business
- Comparison to Hikvision / Uniview / Axis
- Stock performance
**********:*****'* **** **** **** *************** **** **********
Executive *******
***** ***** $* ******* *** ** annual ******* *** **** *** ** now ~** *** **** ** *********** Axis *** ~** ******* *** ~**% the **** ** ****** *** **** Hikvision ** ***** ** *******. ******** growth (~**%) ******** ******** ****** (~**%) in ****. *******, ******** ***** ******* decreased ** ~* ********** ******. ******** to *********** ********* *** *******, ***** attributes * ****** ********** ** *** revenue ** ******** ***** (~**% ** total ******* ******** ** ********* *** Uniview's ~**%). ***** *** *** ******* on *** ****** ** ** ********** actions, *** *** *** ******* ***** down ******** ***** ** ******.
*** *** **********'* ******** *** ****** down **** *** **** * *****, Dahua ****. *****'* "** *" (**********) business **** **** *% **** ****. However, *** ******* ** ********** ***** increased ******** ** ****, ****** *** urban ********** ************* (*.*. ***** **************, rural **************, ***.) ** ** **** of ********* ******.
2021 ******* ** ~**%, ****** ******* **********
*****'* ****** ******* *** **** *** up **.**% ** ~$* ******* ***, from ~$* ******* *** ** ****.
***** **** ******** **** ******* **** down -**.**% ** ~$*** ******* ***. However, **** ******** ** **********, ******* Dahua's******* ** **** **** ********** *****'* **** ** ***** *********, its **** **********, ** ** ****. Dahua's **** ******* ******** **** ~**%, excluding *** ******** **** *** **********'* sale ** **** (~$*** ******* ***).
***** ************ *** ******** ** ****** at*** ******** **** ** ***** **, 2022, *******:
[*** ******** ** ******] ** ****** due ** * ****** **** **** year, ********* * *** ******* *** gain **** ******* *** **** ********** generated ** **'**.
***** *******, ********* ****** **********, ******* exchange, *** ********** ******, ******** ******* in ****, ***** ****:
*******, ***** **** **** ********** ******* on *** ****** **** ** ****, including:********* (*****'* ** *******)********** **** ** *** *** *******, credit ********** **** ** *** *** million *******, *** ******* ******** **** of *** ******* ****.
*******, ********* ********** ** *** ** **** ****.
H1 **** *. ** **** ******* ******
******* **** ~**% ** ** **** compared **~**% ******* ****** ** ** ****.
**** ** *** **** ******* ******************* ******** ** *** **** ****** report, **** ***** ******* **** ************ in *** ****** **** ** **** due ** * *** ***** **********.
PRC ********** ******** ********
** * ****** ** *** ********, the *** ********** *** **** ******** in ****** *********** **** *** **** 2 *****, ***** **** ** *** investor ****:
********** ******** *** **** ************* ********** in *** **** *** ***** ** terms ** ****** *** ****** **** due ** ******** ****** ******** ** a ****** ** *** ********.
******, *****'* "** *" (*.*. **********) business **** **** ~*% ** **** compared ** *** "** *" (*.*. business) ******* ***** **** ~**%, ***** is ******* ** **** **** ******* revenue ******.
* ****-**** ********** ******** ***** ** negative *** ********* **** *** ******* in ***** *** ******** **** ********** significantly ** *******, **** ** ***** and *********. *******, ***** **** ****, in ****, *** ******* "**** *** expect *** * **** ** ** worse **** **** ****," ****** *** urban ********** ************* ** ** **** of ********** ********** *** ******** ******:
** **** *** **** *** ******* prevention *** ******* ** *** ******** requires * ****** ***** ** ******* urban **********, *** *** ******* ******* of ***** ********** ** ** ******.
***** ***** ****** ***** ** *** CCP's**** ****-**** ****** ************* *** *** *******:
** ********, ** ****, *** ** the **** ****-**** ****, ************* **************, digital **********, ***** *******, ***** ***********, and ***** ************** *** *** ********** areas. ** *** ********** ***** *** opportunities ******* ** *** *********** ** a ************* ************** ***** ***, ****** land ***** **********, ***** **************, *** other ******.
Q1 **** ******* ** ~**%, **** ** ******
** **** ******* *** ** ~**% to ~$*** ******* *** ******** ** ~$788 ******* *** ** ** ****. However, ****** ****** *************. ** ** 2021, ************* ~**% ** * ****** ** COVID ********.******* **** ~*% ** ~$** ******* USD ** ** ****:
***** *** *** ***** **** ** 2022 ***** **** ******** *. ********.
2022 *** ***** ********** ******
*** ******* **** ***** *** ********* of **** *** "******** ********* *** become **** *********** *** ******, *** the ********** *** ********* ** *** enterprise *** ***** ******* ********." *******, despite *** ***********, ***** *** "******* captured ******** *************," ** **** ** the ******** ****:
** ** *********** **** ** *************, the ******* **** * ********** ******* to ******* ******* ******** *************, ********* developing ************ ** ***** *********, ****** code ************ ***********, *********/********** ******* ********, and ***** ******* ******** *** *********.
Overseas ******* **** *************
*****'* ***** ******* **** *.** ********** points ******** ** ****, ** *********:
*******, ***** ******* **** **** **** more ******** (-*.** ********** ******) **** domestically:
***** *** *** ******* *** ******** gross ******* **** ** ****. *******, this ** ****** *** ** ********* demand *** ***** *******. ****** ******** ** ****,***** ************ ***** *** ************ ****** ******* ************* ****** *** pandemic's ******, ************ ********.
Overseas ****** ******** **** ********
*****'* ******** ****** ******** ******** ******, with ******** ******* ******* ~**% ** ~$2 ******* ***.
***** *** *** ******* ** **** specific ******* *** ******* ******** ******, but **** **** *** ******** ******** "will ******** ** ** *** ** the *******'* *********** ********** **** ****":
*** ******* ** ***** ******* ******* to *** *********** ** ******** ******** this ****. ***** *** *** ** last **** ** *** ********* ** this ****, ******** ******* **** ****** up *** *** ******** *** ********* entered **** * ****** *****. *** company **** ******** ** ****** *** localization ******** ********, ******** ** ****** the ***** *******, *** ************ *** more *** ***-***** **********.
No ******** ** ***
***** *** *** ******* ** *** USA ***** *** *** ** ** dealing **** ******* ************ ********* **************.
Non-Video ******** ********
***** ******* ****** **** *** ***-***** business (*.*. "********** ********", ********* ********, drone, *******, ***** ****, **, ***. ) ** ****. ***** ************ **** this **** ****** ** *** ** the ********'* ********* ***** *****:
*** ********** ******** *** ******** * high ****** **** ******* *** ***** is ***** *****.
*****'* ********** ******** **** **.*% ** 2021 ** ~$*** ******* *** ** revenue ** ****. *******, *** ********** business **** ******** *** ~*% ** Dahua's ***** *******. *** **** ******** of *****'* ******* (~**%) ***** ***** from ******* "***** *** ******** *** solutions" ********* ************ *******.
Comparison ** *********** *********, ****, *******
***** ** *** ************* **% *** size ** *********, ** *** **** of *******, *** ** **** ** terms ** *******.
******** ** **** ********* *** *******, Dahua ********** * ****** ********** ** its ******* ******* ** ******** *****:
Dahua ***** ****
*****'* ***** ** **** ~**% ** the **** ****, ********** ******** ********* have ******** ******* *****'******* ********** ** ** ****.
********** *********'* ***** *********** **** ~**% ** *** **** year, ******* *** *** **** ******** $12 ******* *** ** ******* ** 2021.
Online ******** *&* - ***** **
***** ********* **** ** **** ** hosting ******** ******** *&* ** ***** **, 2022. **** **** ***** *** ****** accordingly ** *** *******'* ********, ********* those ** ******** ****** *** ** impact/outlook.