Dahua Revenue And Profits Fall (Q3 2022)

By Charles Rollet, Published Nov 01, 2022, 08:17am EDT (Research)

*****'* ** **** ******* **** **** worse**** **** *********** ******* **** *.**%. *** *****'* revenue **** ******* ( **** **%) with ******* ******** **%, ************* ***** than **************'* ** *******.

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*** ******* **** ********* **** **** PRC *********, **** ***** ******, *.*., that *** ******* ******* *** *****'* most ******** **** ** ******** *** plummeted **-**% **** ****.

*****,**** **** *********,********* **** ** ** ******** ********* on ******** ******* ** ****, ***** America, *** ****** **** ******** ** the **/****** *******.

**** ********** * ***** ***** *** Dahua **** *** ******** ** *** revenue *** ****** **** ********. ****** the ******** *******, **** ******** *****'* latest ********** *** ***** ******.

Q3 **** *******

*****'*** *********** *** ****'* ******** **** **% year-on-year ** $***.* *******, **** ******* plummeting **% ** $**.* *******:

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** ********, ********* *** **** ** grow ******* ******* ******** ** *.*% to $* ******* ** ******** ****** ******* **** **.*%.

Net ****** ********

** *** ******* **** **** *.*% (i.e., *** ******* *** *** ****** / * ******* *******). **** ************ ******-**** ************ **** *****'* *** ******* **** 15%, ******** ********* ** ~**% **** the ***** *** *** ********.

Back-on-Back ******** ***** **** ****

**** ************'* ****** *** ******* **** *.**% ****-**-**** to $*.* *******. ***** *** *** first ******** ** *********** ******** ******* growth *** ***** ****, ********* ** an **** ****** ** *****'* ********* disclosures***** ****.

Revenue "******* * ***" *** ** *********

** *********** ****, ***** ********** *** **** *********** to *** ********, ****** **** *** Shanghai ***** **** **** "**** ******* a ***" **** ****, ********* ******** $180 ******* *** ******* **-**% ** $55-68m *** ****:

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** **********, *** ******** [*******] *** is ********** *****. ****** ******** ** an *******, *** *******'* **** ***** in ******** ** **** *** ** can ***** *.* ******* [****]. *******, due ** *** ****** ** *** epidemic **** ****, * ****-******* ****** like ******** *** **** ***** * to * *******.It *** ******* * ***. [emphasis added]

尤其是 国内差距较大,以上海为例,公司 ** 年、** 年在上海的销售高峰情况可以达到 ** 个亿, 但今年由于受疫情影响,上海这样一个优质市场大概只有四五个亿下降很多。

**** *** ** *********, *****'* ************ business *********** ** "********* ****" ***** PRC ********** ******** "******** ** ** under ********":

*** ************ ******** ** ***** ******** by *** ******** *** *** *******, and *** ***********is ********* **** 分销业务依旧受疫情与经济影响,表现极度疲软

** *** *********** *****, ** ******, government ********continued ** ** ***** ********. 经营层面,分板块看,政府业务持续承压 [******** *****]

***** *** **** ** *** ***** has ******* ******* ***** ************, *** PRC ********** ********* ** ****** ****** lockdowns ** ***** *********.

More ********* ** ********** *********

***** ***** ** *********** ******** ***** ** ********* ********* (***** with ******/******* *** ** ******'* ********) "declined" *** ** "************ *********" *** inflation; ******* ***** *******, ******, *** Southeast **** "*** ***** ******* ********":

** ***** ** ******** *******, *** growth **** ****** **** *** ** geopolitical ********* *** ******** ********* ************.[…]**** * ******** ***********, ** ******** to *** ***** *** ** *** Russian-speaking ******, ****** ****developed ********* and regions such as Western Europe, the United Kingdom, and North Americahas ********, and regions **** ** ***** *******, ******, *** ********* **** *** ***** ******* ********. [emphasis added]

海外市场方面,受地缘政治冲突、经济衰退预期影响,增速放缓。[...]从区域上看,除俄语区缺口较大外,西欧、英国、北美等发达国家与地区收入出现下滑,拉美、非洲、东南亚等地区仍有稳健增长。

Overseas **** **** **** ** *******

***** *** *** ***** **** *** specific ******** ** ******** ******* ********** for **. *******,*** *** ***** **** ** ****, ** ********* ********** **% ** its ******** ******** *** ** ***** lockdowns ** **. *************** *** **** **** ***** *** already ****** **** ***** ******** **** at ****. ***** ********* ********* ** Q3, **** ********** *** *****, ****** it ****-******* ***** ** ********** **** sales ******. **** ** ******* ***** that ***** ************ *** * ****** home **** ** **-**% ** *** revenue ****** **** ******** *****:

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PRC *******

*** ****** ** *****'* *** ***** depends ******* ** *** ******* ******* and ******* *** *** ********** ***** its **** ***** ******. ** ***, there **** **** ** **** ****** ****, e.g.** ******* *******"********** ** *** ********** ** ****-*****" at *** **** ********* ***** ******** last *****.

** *** ****** **** ** **** point *** *** ******* ******* ** able ** **** ******** *****, ***** will ******* *** ***** ** **** to ****** *** ******** ** *** sales ************. *****, *******, ** ** a ************ ** ********* ** ** is *** * *****-***** ******* **** can **** ****** *** ********** ***** and *********. *** **** *** *** state-owned ****************** ******* ***** ****** ** buy **% ** ***** **** ***** 2021 ** ***** "******* ********* ********** approvals",*** *****.

**/** *******

*** **** **** ********* *** ***** in ********* ********* *** ****. *****, like *********, *** ***** *********** ********** in *** ** ***** ** ******-******,***** ** ** ***-******, ****** *** **** ************* ******************** * ******* ******** *********** **** *****.

***** *** ** ***** ************ ** Europe *** *** ***** *** ***** less ******** ***** **** *********. *******, the **'* ******** ************** *** * ***** *** **** month*** *** ****-**** *****, ** ***** itself ******, ** ********.

Developing ********* *******

*****'* ********* ****** ***** ** ********** countries ***** ****** *** ***-**** ******* is ******* *** *********/***** ****** ******** are *******. ***** *** ***** ** these *******, ***** ******* ** *****-***** competition ******* *** **** **** ****** in *** ****-**-****** **** ******.

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