Dahua 2020 Financials Examined
Dahua's revenue grew slightly but profits modestly declined obscured by Dahua divesting its chip business.
In this post, IPVM examines Dahua's 2020 Annual Report, including:
- Revenue slightly up, profit decline obscured by chip divestment
- Relatively stable revenue/profits due to fever camera sales
- Historical revenue/profits growth pattern
- Q2 and Q3 profits surge, Q4 profits sink
- Overseas growth due to fever cameras
- Comments on 2020 US growth
- 2021 domestic and overseas market position
Dahua **** ****** ******* ** *.**%, ****** ******* ******** ** **** **********
*****'* ****** ******* *** **** *** up ******** (*.**%) ** ~$* ******* USD, *** ** ******** *** ******* increased **.**% ** ~$*** ******* ***. However, *** ****** ******* ****** ********* ************* ** *****'* **** ** Huatu *********, *** **** **********, *** ~*** million *** (~$*** ******* ***) ** Q3 ****. ********* *** ******** **** the **********, *****'* ****** ******* **** actually **** ~*% *** *** ****.
Revenue / ******* ********** ****** ******* ********
******** ***** **** *** ***** *** what ******* ** ******* ** **** came **** ***** ** "******** ******* products" (*.*. ***** *******), ***** ********* metrics **** ***** **** ***** ******** boosted *****'* **** ********* *******.
Historical *******/******* ****-**-**** ******
*****'* ***** ****** *** **** ******* over *** *****, ***** *** ******* growth *** ********** ** *** **-**% range. *********, **** *** ** *******. It ** ******* **** *****'* ****** will ** ** ****.
Q2 *** ** **** ***** ** *******, ** ******* ****
*****'* ******* ****** ** ** *** Q3 ****, ***** *** ** ***** camera *****, **** ******** **** * major ***********. ***** ** ****'* ****** surge (***% ***) ** ********** **********, this ***** ******** ** ******** *** to *****'* ******** (~$*** ******* ***) from *** **** ** *** **** subsidiary, ***** *********. ** *******, ** Q3 ****, ***** ****** ***** **** already *******. **** ******** ** ************ clear ******* ** ****'* *******. ** Q4 ****, ******* **** *** ******** fell ****-****-**** ******** ** ** ****, down **.*%.
*** *** ***** ******** ********* ******* for **** *. **** ** *** bottom ***** (***):
High ****** ******** ******** ****** ****** ******
*****'* ******** ***** ****** ******* ********* 3.6 ********** ****** *** **** ~**.*% to ~**.*%. *******, ******** ******* *** much ***** ** ~**% *** ********* slightly. ******** ******* ********* ~*% ** ~$1.6 ******* ***, ***** ******** ******* fell *%.
*****'* ******** ** *** ~**% ******** and ~**% ********. ** ****, **% of ******** *** ******** *** **% overseas.
Overseas ****** *** ** ******** *************
***** ****** ********** ****** ***** **, **** *** **** the ******* "****** *************" ** ******** markets ****** *** ********:
*** ******* *** ****** *** ************* in ******** *******.First, *** ******* *** ********* *** ** ****-******** ******** **** ****** ******** *******. The company also fully grasped the overseas supply window period. [emphasis added]
*******, ***** **** ******** *********** ** directly ******* ** ******** *******:
Overseas *********** ** ****** ******* ** *** ********* ** ******** *******. On the whole, the business development of various overseas districts shows a certain degree of unbalance. Regions with poor epidemic prevention and control have slower or even no growth. Where epidemic prevention and control are better, regions have better growth trends and show strong continuity, which fully validates and shows the advantages of the company’s overseas deployment in recent years. [emphasis added]
USA "********** ********** **** ******"
***** **** "******** *********** ** ****** related ** *** ********* ** ******** control," ************ **** ****** *** *** US **** "********** ********** **** ******" this ****:
************, ***** ***** **** ********* ********* and **** ********** ****** (**** ** Europe *** *** ****** ******) **** maintained ********** **** ******, *** **** emerging ****** ********* **** **** **** severely ******** ** *** ******** (**** as ***** ******* *** *****) **** seen *******.
*** ***'* "**** ******" ** *** to *** ******** ** ***** *******, rather **** ****** ** ******* ************ products, ** ***** *** **** ******** by *** **** ***. ** **** be *********** ** **** ******** ***** USA ****** ** *** **** **** as ****** ** *** ** *** fever ******* *** **.
2021 ******** ******: ******** ***, ********** ** "***** ***"
** ****, ***** **** **** ** find **** ** **** *** ******** business, ***** ********* ** ****, ************ since ***** ******* **** *** ** popular ****** ***** ** **** **** overseas. ***** *********** ******** ******** ** the *** **** ** *** **** as *** ******** *** **** ********** within ***** ******** ** ***** *********, according ** *** **** ****** ******** call. ***** *** ** * (********) line **** ~**%, *** ** * (government) *** "*****" (****** ******** *** SMB) ***** ******.
***** ** ********** ***** ********** ******** and ******* "****** *******" **** ******* government ********, **** ** ***** ****:
*** ******* ** *** *********** ** we ****** *** *-*** **** **** moderate ****** *******. ** ***** ** public ********, ***"Xueliang *******" [***** ****] ***** *** ****** *******- **********, *********** *** ************* ***** ***** *****. Outside the public security line, based on the concept of "safety, smoothness, and convenience", many new opportunities have emerged in scenarios such as public livelihood, water power, transportation systems, traffic management systems, and environmental protection. [emphasis added]
***** ********* **** "***-*********** ****** ******** sectors" *** ******** ************ *** ****** in *** ********** *******:
** ***** ** ******** ******** ********: To * ******** *** ********* ***** the ***** ******* *** ******* **********. The ****** **** **non-traditional ****** ******** ******** ******* such as public and people's livelihood, traffic management and social governance led *** ****** ****. [emphasis added]
*** ****, *****'* ****** ***** *** to ******** *** ********* ** * "solutions ********" *** ******* ***-**** "***** IoT *********" ****** **** **** ******* hardware *** ********:
**** ** * ******* **** *** the *******to ********* **** ***** *** ** ***** ***, and it is also the start of the 14th Five-Year Plan and the implementation of a long-term outline towards 2035, with the development of important directions such as "Strengthening the National Strategic Science and Technology Force" and "Digital China". [emphasis added]
****** *** *********** ***** ** *** industry, *** ******* *** **** *** relevant *** ********** *********** **move **** ******** *** ******** ** ********* ** ** ***********. [emphasis added]
2021 ******** ******: ***** ****** ****** ***, ********** ** *********?
** ****, ***** **** **** ** return **** ** ****** ******** ******** as ****** *** ***** ******* *** out. **** ** *** ******** ****** that ***** *** ** **** *** attributed ** *** ********** ** **** margin ***** ******* ** "******** ******* products", ** ***** **** ** *** earnings ****. *******, ***** **** **** to **** * *********** *** ** continue ** ******** ******** ****** *** that ******** ********** **** ********.
*******, ***** ***** ** ******** ********* as * ********** ** ******** *******, but ** ** ******* *** **** strategy **** *** ***:
** *** ******, *** ******* ****replicate **** ******** ********** ******** *** ********** ******** *********** ****** ********, relying on the company’s strong technology, technical strength and active overseas expansion strategy to gradually ******** *** ********** ** ********* ** ******** ****** *******. [emphasis added]
** ***** ** ******, ***** *** issue ****** ******** ***** *** ******** ** **** sold *** ** ******* (~**$*.** *******) in "********* **** **** ** *** combat ******* ***********." ***** ******* ** the **** ***** ******* **** ***** of **** ******** **** ******** ** BRL ***,*** ** ****, * *,***% YoY ********.
***********. * "** *" ***-**** ** Argentina **** ** **** * ***** reason *** ***** ***** ******* *** in ******* ********* ******** ** **** Dahua *** ***** **-*******, **** **** interested ** **** *** **** ******'* get ******** ** ********* *** ** least *** *****.
*** ***** ***** ** **** *** as ******* ** ***** ******* ** is *********, *'** **** ** *** region ***** ***. * *** * heretofore **** *** **** * *****-******* camera "** *** ****," **** ********* OEM ** ******.
***** ******* ** *** ********** ***** substantial ********* ******* ***** ** ****.
*'** ** ******* ** *** *** for **** ***** ****** ***** ** Latin ******* *** **** *** ** they **** ** *********/******* *** ******* (e.g.*********).