Uniview H1 2020 Financials Examined

Published Sep 08, 2020 14:01 PM

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.

IPVM Image

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 ***** *** ** ******* ***):

IPVM Image

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

** **** *** ******* **** **** 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 *****.

IPVM Image

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

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

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

IPVM Image

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

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

IPVM Image

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

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

IPVM Image

******* *************** ** ** ******** ***** ******* 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)
Avatar
Brian Karas
Sep 08, 2020
Pelican Zero

******* ***** *** ***** ** ** #3 ** **. ***** ** * huge ******* *** ******* **** *** Dahua. *** **** **** **** *** using *** *** ***** ** ********** (eg: ***** **** **** ******* ******* instead ** ***** *******). ** *** feel ***** ** **** * ******** kind ** *******, ******* ****** ** an *** ** ***** ******, ***** be **** ** ** **** **** $500M ** ******** ** *** *** of ***** ** **** ******* *** the #* ****.

JH
John Honovich
Sep 08, 2020
IPVM

******* ***** *** ***** ** ** #3 ** **. ***** ** * huge ******* *** ******* **** *** Dahua.

** *****? ***'* #* ****? ***? Longse? ******? *******? ******? * ** think ******* ** #* ** ***** though **'* *********** *** ********* *** China ****** *** ****** **** ********* and *****.

Avatar
Brian Karas
Sep 09, 2020
Pelican Zero

**** * ****, * ***'* **** for ****, **** **** ***** **** a ****** *** ******* ***. ** Uniview ****** ** #*, **** **** means *** ***** ***** ********* *** doing **** **** **** **** ***, where * ***** **** ******** **** of *** ****** ***/***'* ** ** above $****.

JH
John Honovich
Sep 09, 2020
IPVM

***** * ***** **** ******** **** of *** ****** ***/***'* ** ** above $****.

**** **** ** **** **** **** those '*****' ***** *********, *** *** revenue ** ********* ** *** $*** to $*** ******* *****. **'* ********* a ******** *** ******* ***** *** the **** ** *****.

Avatar
Rich Moore
Sep 09, 2020

*** **** * ** ****** **** for * *** ***********, *** ***** in *** ** **** ****** ***'** a *** ***** ******* ** *** US ********. ****** **** *** *** are *** ****'** ***** ****** **** 1 ** *.

(1)
(2)
UI
Undisclosed Integrator #1
Sep 08, 2020

* ******* **** *** ******* *****/************* to *** ********* *****, *'* **** they **** ******* ****.

(1)
JH
John Honovich
Sep 08, 2020
IPVM

***** *** * ****** **** - non-Hisilicon *** ****, ***** ******* ** doing, *** **** ** ** ***** Hisilicon ** *******.** ******** *** ********, ** ************ ******* *********** ******'* ******* ** make ***** ** *******, **** ** not. ********* ** *** **** **********, Uniview ***** **** ** **** * general *********** ** ******, *** **** for ****.

(1)
UM
Undisclosed Manufacturer #2
Sep 09, 2020

IPVM Image

**** ** * ******* **** ** NVRs ****, ***** **** **** *** going **** ******* *** ****. ******* there ** ****** ***** *** ****** to **** *****, ** **** *** blacklisted **********.

(3)
JH
John Honovich
Sep 10, 2020
IPVM

***********, ******* *** * ******* **** ESA, **** ***** **** ******* ******* NDAA ******** *** ***** ***** ************ sales:

******* ***** *** *** ********* ** the ** ** ******** *** *** sure ** **** ** * **** / ***** ********.