Dahua Revenue Drops, Overseas Sales Hit High (Q2 2022)
Dahua's revenues declined in Q2 2022 on the back of strict lockdowns inside its traditional PRC home market. However, Dahua's overseas sales did well, likely surpassing domestic revenue for the first time.
Like Hikvision in its latest financial results, Dahua showed a similar pattern of poor growth at home with record overseas sales. This indicates the two PRC video surveillance giants are becoming more dependent on foreign markets, despite growing geopolitical risks.
In this report, IPVM examines Dahua's latest financial disclosures and what the numbers mean for the firm and for the industry. Dahua declined to comment.
Q2 **** ******* *** ******* *******
*****'* ** ******* **** *.**% ****-**-**** to $*.*** *******, *** ********* ********* ******.****** ** ***** ******* ****** ** Q1, ***** *** ***** **** ** grow *.**% *** ** (****-****) ** 2022 ** $*.** *******:
*****'* ** *** ******* **** ******** 10.14% ** $**** *** ** *** profits ******** *.**% ** $****. ***** did *** ******* ******* **** *** behind *** *******,******* ********* ** *** ****** ******** call, "** *** ***** **** ** 2022, *** ******** ******** *** **** back, *** *** **** ** ****** and ********* *** **** ********** ** a ******* ******."
Overseas ***** ****** **** ** ******* ** **
*****'* ******* ******* *** ****** ** poor *** *****, ***** **** *.**% year-on-year (*** ** ****) ** $*.** billion ***** ******** ******* **** **.**% to $****:
**** *****, ** ** ****, *****'* revenue ** *** **.**% ******** *.*. almost ****. *** ** ****, **** China ********-*** ** *********, * ******** ** *****'* ******* likely **** **** ******** (*** ***** percentage ** *** ***** ***** ***** does *** ********* ***** ** ****** on * ********* *****).
**** ***** *** ** **** ******, 48.21% ******** ** * ****** **** rate *** *****, ***** *** ********* had * ****** **** **** ** 60-65% ** *****:
** **********, ************** ****** ****** ******** ** *** ***** in *** *** (**% ** ** 2022) ******** ** ** **** ****** stronger ******** ***** *** ** *** lockdowns.
Touts ************* ** ****, ******, *****
** *********** ****, ***** *** ***** ***** *** overseas ****** *** ********** **** ** its "************ ********" ** ****** ** least **% ***** ***** *** *********** with ***** ******* ** ***********:
*** ******* *** **** *********** ******** for **** *****, ************ ********* *** business ************ ******** [...] **** ** the ********* *** ***** *********, *** the ************** ** ********* ********* *** basically **** ********* [...] ************ ** a **** ********* *****. *** **** thing ** ** ********* **** * large ****** ** ***********. *** *******'* previous ************ ***** *** ****** ***** projects.
***** ***** **** "******** ************* ** Asia-Pacific, ******, ***** *******, *** *** Middle **** *** ********** *****" *** experienced "******** *******" ** ****** (*** to *** ******* ********) *** *** US.
Dahua ***** **
** ******** ** *** ******** *******, Dahua's ***** *** ** **** *% on ****** *** ******* **** **** slightly *** ** *** ** ***** 4%:
**** ********* **** **** ****** ***** did *** **** **** *******, ** beat ************, **** ********* ********* *****.
** ********,********* ****** ****** *********** ***** (*.**% ******** ** ****** vs *****'* -*.**%) *** *** ***** fell ****** *%, ********** ********* **** a ****** ******* *** *********'* ****** than *****'*.
*******, *****'* ***** ** **** ****** 40% **** *** **** * *****:
** ********, *********'* ***** ** **** over *** **** *-**** **** *****.
Impact ********
*** ***, ***** ** ** **** of *** *** ******* ** *** Zero ***** ********. *****'* ****** ******** presence *** ***** ******** ****** ********* times ** ****. *** ** *** worst ** *** ********* ** ****, Dahua's ******** ******** **** ****** ******* and ***** ** **** ** *****'* historical **/** *****.
*******, **** ******** ** ******* ******* also ***** **** *****. ***************** ** *** ******** ******** *** "************ ********* ** *****" but *** *** ******* ****** ****, aside **** ****** *** "***** **** incident ** *** ********* ***".
* ***** **** *** ***** ** further ********* **** *** ** *** other ********* ********* ***** ******** ******** and/or ***** ******. ** ***** ** hit ** **** ************ ********, ** will **** **** ** * ******* than ********* ***** *** * ******** domestic ********.