Dahua Q2 2023 Financials Analyzed - PRC Sales Recover, Overseas Growth Problems
Dahua's PRC sales recovered, and profits surged after a sharp decline last year, but the firm admitted its overseas growth is slowing substantially due to US sanctions.
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** *** ******** *******, **** ******** Dahua's ****** ********** *** **** **** mean *** *** ****, ********* *** abnormal ****** *****, **** ***** ***** decline, ******** **. ******** ******, *** customer *******, ******** ********** ********, ***.
Sales **** ******** ****** **** *********
***** **** ****** ***** *.*% ** $1.18 ******* *** *** ** **** while *** ******* **** ************* ** 27.2%, *** ***** **** ******:
**** ** ******** ********** *********'* *****, ***** **** ******* ***** *% in ** ****, *** ****** ** at ***** *** *****.
Sales ****** *** *******
***** ***** **** ****** **** ********* in **, ** ** ***** *** compared ** ******** ****** ******** **** it ****** ******-***** *********:
***** **** ** ** ***** "*********" in ****** *** ***** ** ******* double-digit ****** *** **** ****** ** a ******** ****** **** ** *** year, ** **** ** ********* **** ******** ****.
Profit/Gross ****** ***** ********
*****'* ******* **** **% *** ** 2023, * **** ****** *************** *********'* *.*%. ***** **** *** ***** ****** surged ** *.** ********** ******, **** 37.51% ** **.**%, *** *** ***** six ****** ** *** ****, *********** this ** ***** ****** ***** ***** and * ******** ** ***-****** ********* such ** **** ******:
** *** ***** **** ** *** year, *** *******'* ******** **** *********** controlled, *** ***gross ****** ****** ********* ** *.**%, mainly because the proportion of ***-****** ******* *********** [***********] ******** *** hard *****disk ******** *** *******. The proportion of high-quality business has been increased, and at the same time, good progress has been made in reducing ***** ** *** ****** *****.
上半年，公司费用实现了有效管控，毛利率也提升了 *.**%，主要因为降低了低毛利的工程、硬盘类业务占比，提高了高质量的业务占比，同时供应链降本工作取得了较好的进展。[******** *****]
**** ****, *** *** ******* **** drive *********,******* *** **, ******* ******* ** Dahua***** *** ** ******* *** ************* sanctions. ***** *** *** ********* **** portion ** ***** ******* *** **** drives, *** ** *** ******* * distinct ******** ** ***** ********, ***** most ** ***** ***** *** *******, recorders, *** ***** **** ************ *****.
***** **** **** *** ********* ***** declined *% *** ** **** *** to * ********* ** ********* ******** (财务费用) ****** ** * ****** ******* Yuan *** ***** ******** ********. ***** was ** ******** ** *******/*** ****, with *****'* ************** *** *&* ******** increasing **% *** **% ****-**-****, ************.
Net ****** ********
*****'* *** ****** *** ****** ** 13.5% *** ** ****, ********** **** a*** ******* ** **** **** ***** *****:
***** **** ** ******** ***** **** Hikvision's **.*% *** ****** *** ** 2023, **** ****** ***** **** ****** to *********'* (***** ******** *** ******* above **% ***** **** ****** ****.)
********* ** ********* ********** **** **** expenses *** ************* ****** ******. ****** *****, ********* is ******-******* ******* ********* ******** ** ***** ** employment, ****** ******** ********.(****:***** ** ******-******* *** ***** ***** ***** ******.)
Good ******** ******, ********* ********
***** **** ******** ***** ** *.**% in ** ****, * ***** *********** given*********** ******** ******** ************'********* ******** ****** *** *** **** period. *******, ***** ********* ** **** overseas, ********* ** ******** ** **** 1.05%.
** *******, ********************* ** ***** *.**% *** *** same ******. **** **** ******** ****** harms ***** ****, ** ***** ***** almost **** (**%) ** ******** ******, unlike *********, ***** ***** **** * third (**%) ** ***** ********.
External *********** "******"
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** *** ***** **** ** ****, China's ******** ********* *** **** ********, but ** ** ***** ***** ********, and ***external *********** ** ***** ******* *** ******. In this context, the company actively formulates adaptive strategies and plans, operates steadily, and demonstrates resilience.
一、公司经营情况简介****年上半年，我国经济运行有所修复，但依然承压，外部环境仍然复杂严峻。在此背景下，公司积极制定适应性的策略和计划，稳健经营、彰显韧性，上半年实现营收***.**亿元，同比增长*.**%；实现归母净利润**.**亿元，同比增长**.**%
*********,***** ****** ***** **** **** *** ******** sales "*** **** *****" **** ** the *** ***.
Admits ** ********* *******
***** ****** *** **** ******** ******* on ** ********* ********** *** ******* ******'*********:
** *** ***** **** ** *** year, ***growth **** ** ******** ******** ******* ****** ****. Among them, the company disposed ** ******* ****** ** ***** last year, which had a certain impact on the company's overseas revenue. In addition, the overseas ******** ** ******** ** *** ** ********* and the revenue of some major *** ********* *** ********, which needs to be supplemented by the further growth of business in other regions.
上半年海外业务营收增速放 缓，其中，去年公司处置了 ***** 相关股权，对公司海外收入造成了一定的影响。另外，海 外业务受到美国制裁、部分 *** 大客户收入有所下降的影响，需要靠其他地区业务的进一 步增长来补充 [******** *****]
****,*****'* ****** ******* *** **** ~$*** million** ****** *****, ************* ****** **** Dahua's ***** ******** *****, ********** ********* **** $** ******* ** 2020** ***** ****** ***** ******.
OEM ********* *******
***** ********* * ******* ** ***** OEM ********* *** **** *** ********* which ********* ************.*** ***** *** ********* ********* ** ********* *** **** ******* OEMing *****, **** ******* *********.
PRC ****** ********
***** ********* ****** ************ ****** ** 9% ****** ** *** *** ***** for ** ****. *****'* *** ********** sales **** **** ******** (*.**%), ** sharp ********** *********'*, ***** **** ** ****** **%. Dahua ********** *** ****** *** ********** sales ** ****** ** ***-******-******* ********* (***** *** *********), **** ** ***** '*****' ************** projects.
Accounts ********** ********
***** ** *************** ** *** **** ******* *** ********** ********, **** *** debts ******* **% ****-**-**** ** $**** USD ** ** ** ****, ********* at ***** **% ** *** ** Dahua's ******** **********, ************* ****** **** Hikvision's ***** ** ~*%.
Touts ***** ****** ************
** *********** ****, ***** ********** ****** ****.**% *****-***** ***** ****** ***********, *.*., ********** * ****** ***** working ***** ** "********** ***********" ******* the *** *******.
**** ******* * *********** *********** *** Dahua ***** ***** ******'* ****** ** a ***** ********** *** *** ********** video ************ ********. *******, ***** *** not ******* *** **** ******* ** will ****** **** ***** ******.
Stock ** **%
*****'* ***** ** ** **% ****** two **** ** ******* ***** ********* its **********, ******* ****** *% ** Tuesday (****** **) *****:
*******, *****'* ***** ** ***** **** 2.5% ******** ** * ***** *******. PRC ********* **** ************ **** ****** ** *** *** government ********** * *** *** ** trading.
Outlook ********
***** ***** ********* ****** **************** *********, *** *** ****** *** ******** struggles *** ** ** **** ** long-term **********. *****'* ***** ********* ** trade **** ***** ***** ******* ** 2017:
***** ********* *** ******* *** ****** overseas, ***** ** **** ********** ** it ********* ****** **** *** ***** outside *** ***. ***** **** ***** strong ********** ** ******** ********* *** to *** '*** **** ** *****'********* *****.
** *** ******** ****, ***** ********* to **** ************* ** ********** ********* and ****** ** ******* ** *** PRC ******* ***** ******** ******.