Hikvision Strong Domestically, International Business Struggles

*********'* ** **** ********** ***. ******* ******* growth *** ******* *******, with *** ******* ************* their "****** ************ *********". Hikvision *** **** ** Hikvision ************* (*.*., '********') business *** ****** ** the ********* ******** ******.

** **** ****, ** examine:

• ***** **** ** ***** margins
• ***** **** ** ***** expenses
• ********** *** ********** *** Hikvision ***** *******

[***************]

Financial ********

********* ************* / ******** business ******** * **** 6 ***** **** ** gross *******:

**** ** * ***** drop ** ***** ****** percentage **** ** **** change * *** ******, at ****, *** ****.

*** ******** **** *** Hikvision ** **** ***** domestic ******** (***** ******* competitors *** *********** ******), shot ** * ******.

*** *********** ***** *** very ********* ******* **** historically ***** *** ******** business *** **** ****** gross ******* **** ********, e.g.,**** *** ** **** results:

*** ******** ******** ***** much ****** ***** ******* because *** **** ** doing ******** ** *** US *** *** ** is *** ****** *** the ***** ** ******** they **** ***** ** much *****.

Exhange ***** ******* *** ** *** *******

********* ***** "******** **** fluctuation *** ******** ******* structure ******" ** ****** for *** ***** ****** drop. ***** *** ***'* fall ******* *** *** has ****** *** **** recently, ******* *** **** has ********** ** *** same ***** **** *** past * *****, ******** the ****** **** ***** have, ****** *** ***** *****:

Sales ***** ** *************

******* ******** ********* *** more **** ***** *** rate ** ******* ****** in ** ****:

***** ********* **** ******* a ****** ****** ******* expense, ** ** ***** likely **** ** ***** driven ** ************* ***** as ********* *** ************* expanded ******* ** *** outside ** *****.

**** ****, ******* ******* ratio ** ******* ** sharply. *** *******, **** in ****, ********* ***** less **** *% ** revenue ** ******* ********, now ** ** ****, it ** *********** **% of *******.

Coping **** *************

*********'* #* ****** *** was '******' **** *************. To ** *****, ********* does *** **** *** trade ************* ** *** benefited **** ****** ** China *** ***** *** the ** ***** ** the **** **** ****.

Revenue ****** ***** ***************

******* *** ***** ******* in ***** ****** *** sales ******** ********, ********* emphasized ****** ******* ****** as * ********:

****** ** ******** ****** growth ** ******* ** adopting ******** ******** **********.

通过采取有针对性的区域策略努力保持收入的稳健增长

******** ******* ****** *** 26.7% *** ** ****. Hikvision *** *********, *** unsurprisingly, *********** ******* ****** over ******* / ******** losses. ******* ****, ******** Hikvision ******* *** ***** higher **** ********, ******* and ********** *** *** domestic ********, ***** *** already ********** **** ****** of *****.

Overall ******* ****** ***** ** ** **

******* ******* ****** *** Hikvision *** ****** **% in ** ****, ******** to ~**% ** ** 2018. **** ****** **** a ***** **** ******* the *** ******** *** not ********* *** *** a ********* ******** ******* domestic *** ******** *** the ********.

Construction ******** ********* ***%

** *** ******** **** for *********, ** ***** domestically, ** **** ***** 'construction', *.*., *********** ******** more **** ******* **** over ****.

** ** ***** **** ~5% ** ***** ******* and ** ***** ****** but ***** *********'* ******** inside ** *****.

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

******* ******* ******* ****** falling ******* ** **, increased ******* ******** *** decreased ************* ***** *******, Hikvision's ******* ******** *** profit ****** ********* **** 19.4% ** **.*% **** Q1 ** **. **** points ** * ****** domestic ******.

AI ******* #* ********

****** ****, ********* ********** their ******** ** **:

***** ********* ** *** ethics *** ******** ** Hikvision's ** *** *********, all ***** ***** ** strong ***** ******** ********** sales *** ***** ** products. ******* ** *****, Hikvision's ** ****** ** far **** ************, ****, e.g., ********* **********, ***** not ******* ** *** US, ****** * **** year ***** **** ****** it********* ****'* *******.

Roller ******* ***** *****

**** *** **** ****, Hikvision's *****'* **** *** been * ****** *******, with ****** ******** ** 2017, ******** ** **** turn ** ****:

** **********, *** ***** drop ******* **** ***** coincides **** ********* **** of *** ** ********** taking ******* ******* *********.

Future ** ************* ********* ********?

** *** *** ****, Hikvision *** ****** ** money ** ******** ** fund *** ************* ******** as ***** ******** ******** dominance *******. ** *** other ****, ****** ********* can ******* *** ***** margin ******* *** ****** the **** ** ******* expenses, ** **** **** under ********** ******** ** reduce *** ****** ***************.

******, *********'* ********* ** a *** **** ***** own ****** *** *** been ***************** "****** '******** ** *********' in ******". *** **** **** Hikvision ** **********?