Infinova, March Networks and Swann H1 2020 Financials Examined

By Isabella Cheng, Published on Sep 02, 2020

While Dahua and Hikvision, helped by fever camera sales, are recovering from COVID-19 shocks, Infinova, is still experiencing significant decreases in sales and profits.

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However, Infinova's results are mixed. The US/China video surveillance manufacturer who, in addition to its own Infinova branded sales, also owns March Networks and Swann. Of these 3 businesses, one modestly grew, one modestly fell and the other fell sharply.

In this post, we examine Infinova's H1 2020 financial disclosures and what this means for Infinova going forward, including:

  • Infinova management feedback to IPVM on overall strategy
  • Breakdown in revenue growth / decline
  • Declining sales in video surveillance
  • March Networks management feedback to IPVM on March's positioning
  • H2 performance potential

Background ********

********** * **/***** ***** surveillance ************ ************* ** New ******, ***. ***** relatively *******, ** **** **** $*.* ******* USD *** ** **** and ****** $*** ******* USD ** ****, ***** ** ********* large *** *** ***** surveillance ********. ******** *** since *************, * ***** ****** to ***-**** ************, ********, ****-**** *** ********. IPVM *** ********** ******** on ********'************ ** *********** ****** *********** ***********, ******** ********** ********, which ** ***** ** the *** **********.

Strategy *** ******** ******** - ******** ***

********'* ********** ********* ** IPVM *** **** *** evolving ***** ******** ** be **** ** * complete *** ********* ********:

********’* ******* ******* **** video ************ ** ***** has ********* **** *** years, ** ** ***** our ***** ** ******* marketing *** *********** ******* integration.

[** ******* ***********] ** see * ***** *********** in *********** ********** ******* building *** ********* * complete ******** **** ********** Internet ** ****** ********. Smart **** ******** *** the **** *********** *** this ********, ** ***** Infinova ******** ********, ********, systems ***********, *** *****-***** services ***** *** ****** is ************.

Revenue **** **% ***, *** **** ********* ***

** **** ***** **** down **.**% *** ** $246 ******* *** (******* below *** ** ******* RMB):

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******** ******** * *** loss ** **.* ******* RMB (~$** ******* ***), which ** ****** **-**** its *** **** ** H1 ****. ********* ** Infinova's ******* ******, *** net **** ** ****** caused ** *** ********, which ******** ******* ***** and ******* ******** ** projects.

Video ************ ******** *********

** *** ***** ***** shows, ********-******* ***** ****, while ********-******* ***** ****** moderately *** *****-******* ******** video ************ **** *******:

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Profitability ********* ********

************* ********* *** *** new *** ********. ** IPVM ******** **********, ***** Infinova's ******* *** ***** significantly,*********** **** ***** $** million ** **** ** about $*** ******* ** 2018, **** ****** ***** from *** ************ ** already ******** ***** ****** than ********'* ****** ** its *** ***** ************ sales. ****** ********** ***** manufacturers ********* *** *****, Infinova *** ********* ** turn * ****** ** recent *****, **** ****** its ******** **** *****.

** ** ****, *** but * ** ********'* 6 ************ *** *** losses.****************, * ******* ********* company, **** *** **** ones ** **** **** a ******** ******, ******** both ********* ***** ******** to **** ****.

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* **** ***, ********'* subsidiaries **** ********** ******. In ** ****, ***** and ******** ************ **** the **** * ************ who *** *** ******. While ***** ** ***** losing ***** ** ****, likely ******* *** ******** industry ** ***********, *** net ****** **** ******** decreased. ** ********, ******** Intelligence *** ****** ******* its ****** ** *** last ****.

March ******** ********

***** ******** ********** ** IPVM **** *** *** laid ****** *** *** that **** **** **** investing ******* ********* **** NDAA ********* ********:

*** ***** ********, **** most ****** ** *** industry, *** ** *** line ******* *** ******** impacted ** *****-**. ******* the ******* ******, ***** Networks *** ********** *** the ** ****. ************, we **** *** ********** or **** *** *** employees ** * ****** of ***** *** **** continued ** ****** ******* in *&* *** *** product ********. *** ****** launch ** *** **** compliant *-****** **** ** a ***** ***** ** these *******.

Majority ** ******* ***** **** ******* *********, *** ***** ************

***** ******** ************ *** video ************ *******, *** majority ** *** ******* now ***** **** ******* marketing, ** ***** *****:

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***** ******** ** ******** in **** **% ** all ********'* *******, ** brings ** ****** ******. Infinova's ***** ************ ******** had **% ***** ******* while *** ******* ********* business *** **** *% gross *******.

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Domestic ***** **** **% *******, ******** ***** **** *%

********'* ******** *** ******** sales **** **** **% and *%, ************. ***** shrinking ******** ******** *** also ******** ** ******** giants ********* *** *****,*****************'* ******** ********** *** a *% ****** ** H1 ****. ***** ****** sales ***** **** ******** growth, ******* ******** ******* to ****** *******.

***** ******** ** **** offering ***** *******, **** have *** *** *** same ***** ******* ** their ******** ******. ********, at ****** **** ******** ****, **** ********* **** the ******* *** **** offering * ***** ****** solution, *** *** *********** ******* ** ** its *** "**-***** **** temperature ***** ******* *******"** *****. *******, ********'* International ********* *** ******* structure ** ******* **** the ***** ** ***** and *********.

Current ******** *** ***** *********** ** **

***, * ***** ******** industry ***********, ********* ***** ********'* *********** in **, ****** ********'* ******** of ******** **** ** the **** ****** ** revenue *** *** ******* later **** ****.

*** *******, ** ****, Infinova *** * *** for *** "**** ***** Cloud ***** ** *********" project, ***** *** ******* RMB (~$** ******* ***). Peng ***** **********'* **** is ** "***** * national-level ***** ****-****** ******** for ********** ************", *** Infinova **** **** ********** ***** **********'* ******* ************** ** better ******* ** ********. CPS ****** *** **** this ** * ********** short-term ******* ******* **** 60 **** *** ******** will ****** ********* ******* at *** *** ** the ** ****. $** million *** **** **** one ******* ** ******* 1/5 ** ********'* ** 2020 *******.

*** **** ******* ******** has *** **** ** help ***** *** ****** ***** ***'* *** campuses*** ***** "***** ****" *** ******** ******* ****** in *******, ****** ********. ********, these **** *** ***** another *** ******* *** (~$20 ******* ***).

Infinova ***** ****** **** *** *** **** ****

********'* ******* ***** *****, 4.88 **** *** *****, is ************* ***** *** peak ***** ** ****, when *** ***** *** 15.19 **** *** *****. While ****** ** $*.* billion *** ** *** 2011 ***, ********'* ******* market ************** ** ~$*** million ***. ******* *** explosion ** *** *** video ************ ******, *** company's ********* *** ********* in *** **** ******.

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*******

******** *** ** ********** in ******** ***** **** projects ** * ****** and ***** ****** ****** China *** ******* ***** growth. *******, ** **** be *********** ** *** what, ** ********, **** do **** *****, * global ********-******* ********, *** March ********, * ***** American ******* / ****** focused ********.

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