Uniview H1 2020 Financials Examined

By Isabella Cheng, Published Sep 08, 2020, 10:01am EDT (Info+)

While Dahua and Hikvision, helped by fever camera sales, are recovering from COVID-19 shocks, Uniview is still experiencing a sales and profit slow down.

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Uniview, the self-proclaimed "#3" in China video surveillance behind Dahua and Hikvision, was sold to China Transinfo, a smart traffic company, in 2017. While growth in recent years has been positive, sales and profit growth have both slowed due to the pandemic. This brings trouble for Uniview as it has an agreement with Transinfo to deliver a certain level of financial performance between 2017-2020.

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

  • Declining revenue and profits
  • Comparisons to leaders Dahua and Hikvision
  • Overseas sales growth led by fever cameras
  • Uncertainty in hitting 2020 profit goal

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

** **** ******* ***** **** **** 1.88% *** ** $*** ******* *** (figures ***** *** ** ******* ***):

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******** *******'********** ****** ** *******.

** **** *** ******* **** **** 13.19% ** $**.* ******* ***. ** H1 ****, ******* **** ****** $** million *** ** *******, *** **** in ** ****, ** ****** ******* $30 ******* *** ** *******.

Uniview *******

*******, ******* ******* ** *** ********* of ******** ******* ** ***** ********* results, ******* ***** ******* *** ******** and **** ******* ******** ***-******* *******.

** *** ***** ****,******* *** ******** ***** **** ********* results(*.** ******* *** *******) *** **** matched ****** ******* **** ******* ******* ** ******** *******(*.*** ******* ***). ** ****, **** signals **** *******'* ******* *** *** same ** ********* *********** ** *******.

Uniview's ******* ********* ******** ** ****** ***** *** *********

***** ******* / ******* *** ** operating ****** ****, ***** *** ********* had ****** *****. ***** ***** *** Hikvision ********* ** ** ****, **** have **** ********* ** ** ****** by ***** ****** *****. ** ** 2020, **** ********* ******** ** ******** in ****** ****** ** ****** **%. Dahua's ** ******* ****** **.**% *** ** $*** ******* USD. *********'* ** ******* ****** *.**% *** ** $*** ******* USD. ******* *** -**.**% ******** ** profits *** **** ** $**.* ******* USD.

*******'* -*.**% ******* ****** ************ *****'* but *** *********'*. *****'* ******* ************** *% ** $*.* ******* ***, ***** *********'********** ******** (*.**%) ** $*.** ******* USD. *******'* ***** ********* ********, *** its ***** *** ***** ** *** hundreds ** ******** *****, ***** ** significantly ******* **** *** ******** ** sales #* ********* *** #* ***** are *****.

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

*******'* ******** ***** *** **** ******, similar ** ********* *** *****'* ***********.

***** *** ***** ***** ***** ******* by ******** ********* (******** *** ********) for *** ******** ** *********. ****** all ** *********'* ******** ******* ***** from *******'* ******** **********. ********* ******* on********* ***** ************** ********* ** **** China*** *** ******, ** ***, *********, outside ** *****.

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** *** ****, ******* **** ******** sales ***~*/* ** ***** *******. ** ** ****, ****** ** 1/3 ** *******'* ***** ******* *** be ********** ** ******** *****, **** research *********. *********'* ** **** ****** shows * *********** ****** ********, ****** 27% ***. *****, *********'* ******** ***** can ****** *** ********** ** *******, so **** ** **** ****** ****** came **** *******'* ******* ***** ****** sales.

***** *******'* ******** ****** ******** **** of ********* *** *****, ** ******* from * ***** ******** *** *** more **** ** **** ****** *** pandemic. *******, *******'* ******** ***** ****** growth ** *** ** ***** ** the ****** ** ********** ***** ******** that ********* *** ***** **** ***. Uniview ** **** ******* */** *** of ********* *** */* *** **** of ***** **** ********* **** ****** revenue.

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Uniview's ******* ** ******* ** ******* *** ******* ** **** *********

******* ** ** **** ** ****** Transinfo ** *********** ****, ** **** is *** ***** **** **** *** not ** **** ** ******* *** profit ******* ******** ************* ******* *** ******** ** ****. The ***** ***** ***** **** ** year *** *** **** **** ****:

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******* *************** ** ** ******** ***** ******* is ****** **** ****** *** ******* is ******* ** **** ********* ** opportunities ** ******** ********* ******** *** as *** ******** ******* ********** ********.

***** ******** *********** **** ****** ***** sales **** ** *******'* ********** ********, it ** ******* ******* ********* ******** conditions ******** **** **** ** ****** Uniview's ***********. *******'* ******** ******* ****** in ** ****, *** **** *** largely *** ** ***** ****** *****. As *** ******** ******** *** ***** camera ****** ******** ********, ******* *** see * ******** ** *** ******** markets *** **** ** ****** ** reach *** ****** ****.

US ********* *******

***** ******* *********** ***** *** ********* have **** ********** ** *** **, Uniview *** *** ******** *** ******** significantly ** *** ****** ******. **** has **** ** *********** *** **** Hikua *********** *** *******, *** ******* that *** *** ***** ** **, has *** ************ ***** ********* ** this.

Uniview's ****** *********** *** ***** **********

******* *** **** **** ******** ******* of ******** ** ****** ********* ******** *** ****** ********. ** ********* against ****** **** ***************** ***** *** ****** ** ********* chips. ******* ******* **** ********* **** to ***** *** *******, ** ** may ** ******* ** ***** ** a ********** ********* *********** ** *** long-term ** ********* ** *** **** to **** * ***, ********** ************ for *** *****. ******* **** *** a **** ****** ********** ** ****** as ** *** "******** *** ************ ******** ** ***, a ***** ******* ******* **** *** Huawei." **** ****** ******* ******* ******* and ****** *** ***** ** ** a ************ ** *** ** ******* to ****** **** ************ ** ****** and ***** ***** ********.

Comments (9)

Uniview feels too small to be #3 to me. There is a huge revenue gap between them and Dahua. Not sure what they are using for the basis of comparison (eg: maybe they mean branded cameras instead of total revenue). My gut feel would be that a Xiongmai kind of company, selling mostly as an OEM to other brands, would be able to do more than $500M in business in and out of China to beat Uniview for the #3 spot.

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Uniview feels too small to be #3 to me. There is a huge revenue gap between them and Dahua.

In China? Who's #3 then? TVT? Longse? Sunell? RayShrp? Tiandy? I do think Uniview is #3 in China though it's fascinating how dominated the China market has become with Hikvision and Dahua.

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Like I said, I don't know for sure, that just seems like a really big revenue gap. If Uniview really is #3, then that means all those other companies are doing even less than they are, where I would have expected some of the bigger OEM/ODM's to be above $500M.

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where I would have expected some of the bigger OEM/ODM's to be above $500M.

From what we have seen with those 'other' China companies, the max revenue is typically in the $100 to $200 million range. It's obviously a gigantic gap between Hikua and the rest of China.

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Now that I no longer work for a UNV distributor, UNV being in 3rd is like saying you're a 3rd party running in the US election. People know who you are but they're still buying from 1 or 2.

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I believe they are already using/transitioning to non Hisilicon chips, I'm sure they will comment here.

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There are 2 issues here - non-Hisilicon for NDAA, which Uniview is doing, and what to do about Hisilicon in general. As Isabella has reported, US sanctions are further undermining Huawei's ability to make chips in general, NDAA or not. Depending on how that progresses, Uniview might need to find a general alternative to Huawei, not just for NDAA.

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Here is a Uniview list of NVRs here, looks like they are going guns blazing for NDAA. Perhaps there is little point for HikDau to also offer, as they are blacklisted regardless.

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Interesting, Uniview did a webinar with ESA, link below when Uniview answers NDAA question and talks about distribution sales:

Uniview doing its own marketing in the US is atypical but not sure if this is a sign / trend changing.

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