Dahua H1 2021 Results Examined
Dahua posted strong ~37% H1 2021 revenue growth, rebounding from 2020, when sales declined slightly as the pandemic progressed .
In this report, we examine Dahua's H1 2021 financials, including:
- H1 2021 revenue
- Domestic v. Overseas revenue
- Gross margins change
- Domestic growth
- Dahua's "innovative business"
- Software development updates
- Stock performance
********'* ** **** ********* ****** (******* only).
Executive *******
******** ****** *** ******, **** ***** approaching ******* ******* ****** *** ******* of *****. *** ******* ********* **% sales ****** *** ** **** ** ~$2 ******* ***, ********** **** *** pandemic-hobbled ****. ******** ******** *** ******** significantly **** *** **** *** *****, accounting *** **% ** ***** *******, in ********** ** **** **** **% for ***** *********.
***** *** *** ******* **** ******** regions **** **** ******* ****** *** did *** ******* ** ** ********** actions.
********, ***** ******* ******* ************ (~** percentage ******) ** *** ***** ****** rush *****.
Revenue *********, ******** ******-****
*****'* ** **** ******* *** ~$* billion ***, ** ~**% ***. *******, profits **** ***, ** ~**% ***.
**** ********* **** ********* **** * bounce-back ** ** **** ********* * dip ** ******** *** ** *** pandemic * **** ***. *** *******,*********'* ** **** ******* **** **%.
Continuous ******** *********
*****'* ******** ******** *** ******** ************* over *** **** * ***** *** into ** ****, **** ~**% ** revenue, ** ~$*** ******* ***, ********** to ******** *****. ******* **** ******** grew **% ***, ****** **** *****'* domestic ********, ***** **** **% ***.
** ** ****, ******** ******* **** accounted *** ~*/* ** *****'* ******* revenue. *******, ** ** ****, *** same ****** ****** ** ~**% ** overall *******.
***** ****** ***** ******** *********** ** this **** ******* ** **** *** 2019. *******, ***** *** ********* ** grow *** ******** ******** **** ***** fever ****** ***** **** ****.
***** ** ***** ** ******* ********* its ******* ****** *** ******* ** China. ** *** ***** ****, ********** Hikvision ** ***** **** *****-*******, **** ~3/4 ** ******* ****** **** ***** and **** ~*/* ********.
Specific ******** ******** ****** *******, ** ******** ***** **
***** *** *** ******* ***** ** was ****** *** ********* ******** ******, nor *** ** ***** ** *** about ********** ** *** **, ************ *** ****** ******* ***** *** Hikvision. ** ************* ***** ****** ************ ** ******** how **** ** ******** ******** *** overall, ****** ******* **** "***** *** been ******* *** **** **** * years." ***** *********:
*** ******* *** **** ****** ******* overseas *** **** *****, ******** ****** 180 ********* *** *******, *** *** built * ****** ********* *** ******* network. *** ******** ****** ** *********, and *** ********** ** * ****** country ** ***. ** *** **** time, *** ******* ** ***** ******** exploring ******** *******, *** ******* ******* and ******** ********* ************ *** ***** methods, ****** ** ******** *** ********* and ********** ** *** ********.
**** ********* *****'* ** ******* ** a ******-***** ********** ** ******* *******.
Gross ******* **** *************, ********** ********
***** ******* **** *.**% ******** ** last ****, ***** *********:
******** ***** ******* **** **** **** more (-**.*%) ******** ** ************ (*.**%):
********* ** *** ** ******** *** **** ***** ******* **** "disturbed" ** ***** *******:
** ****, *** *******'* ***** ****** was ********* ** ******** ******* ******* products. *** *******'* ***** ****** ** the ***** **** ** ****, **, and ** ******** **** ****, ** up. **** ****'* ***** ****** ***** has ******** ******* ********* **, ********* product ***, *********, *** ******* ********.
** **** ******* **** ****,*********(********) ***** *** ***** ******* ****** margins ************* ****** *** ********'* ******, particularly ********.
Domestic ****** ****** ** ** * (********) ******
~**% ** *****'* ******** ******* ***** from *** "** * (********)" *****, ~$553 ******* ***. *****'* "** * (government)" ***** *** ********* ** * proportion ** ******* *****:
***** ********* *** "** *" ******** has **** ****** ******* *********** ****** digital **************:
** *** **** *** *****, ********** since **** ****'* ********** **** *******, we *** **** ** *** *-**** segment, **** ********** **** ********** **** growth *** **** **** * *******. This ***** *** ********** ** ***********' demand *** ******* **************. ** ******* deeper **** *** ***** ** ********* in ********** *** **********, *** ******* has *** ******** ****** ** ******** solutions *** *** ***** ********** ******.
“Innovative ********" ***** **%, ******** **** ****** ****
*****'* "********** ********" **** **** **% last **** ** ~$*** ******* ***. This *********** * **** ***** ** products, ********* ******* ****** (*******), ***** ************, ********/*** ******** (****), ******, *** ********** ***********.
******** "********** ********" ****** ******* ** revenue, ** ** ***** * ********** small ******* ** *****'* ******* *******, just ~*%, ******** ** *** ********* (e.g. *******) **** **** ** **** 85% ** *****'* *******. *****, "********** business" ** ******* ******* *** ***** signaled ** ** ** ******** **** the ******* ***** *********:
** **** *** **** ********* ** the **** ********, ***** ********** ******** growth ******** ** **** ****. *** innovative ******** ** * ***** ** closely ******* ** *** ***** ******** field ** *** ***** *** *** make **** *** ** *** ****** company's ****** ******** ** **** ***** areas *** ********** *********** ** **** tracks.The ******** ** *** ******* **** ******** ***** ********** ** *** *********** ** ********** ******** ************, and every 2 weeks will comb through all subsidiary businesses to observe the situation in the technical field and market resources. We believe that in the future, our innovation business will continue to grow at a high rate in these highly prosperous tracks. [emphasis added]
Software *********** *******
***** ******* ** ****, ** **** make ~$*** ******* *** ******** **** "pure ********" ******* *****. ** **** was *** ***** **** ***** ***** out *** ******** ******** (~$** ******* USD *** *** ****-****).
********* **** ******* ***** *****'* ******** development, **** ***** ********* **** ** has **** * "*** *******" ** what *** ******* *** **** ***** in *** ** *** ******** *****:
** ****** *****, *** ** **** external *******, *** ******* *** **** a *** ******* ** *** *********** of ** *** ******** ************. *******, not ****** ** **** *** **** that ** ** *** *** ********* to **, *** ** **** *** mean **** ** ** *** **** action.
*******, ** *** ** ****, ***** gave ********* * "******** ****" *** the *******'* ******** ************ ** ********** a ****** ******** **** ***** *** a ******** ****, ********* ***,***+ ***** channels:
***** ****** * ***** ******** ****, for *******, ** ******* ******** ***** networking, ************ *** ****** **** ***** integrated *********** ********. *** ******** ******** of ***,*** ***** ********, ***,*** ***** equipment ********, ****** **,*** ******** ** other ***** ** *********, ********** ** millions ** ******** ** **** ******* hardware ********* ********* ** * ****** platform. **** ******** ***** **** *** company *** *********** * ***** ******** application ******, ***** ******** ****** ********* architecture, ********* *****, *** ******** ********* support ** *** **** ***. ******* the *********** ** **** ****, ***** has ************ *** ****** **** ******** in *** ******* ********.
*** ******* **** ** ***** **** more ****** ******* ** *** ******** developments ****** *******:
** *** ******** *********** *******, ** will *********** **** ******** *** *******'* development ** ********** ************, ********, *** data, *** ***** ********* ************.
Stock ***** ******
*****'* ***** ***** *** **** ****** over *** **** *** ****, *********** within *%:
******* ***********,***** ****** ******** **** *** ** 2021 ****** ******** **** ** ***%**** ** ****.