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Capital Securities: Hikvision Q3 Net Profit Up 37% YoY, Gross Margin Holds at 49%
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Capital Securities released a research report on Hikvision, stating that the company's revenue for the first three quarters of 2026 reached RMB 74.04 billion, up 12.6% year-on-year, with net profit attributable to shareholders of RMB 12.91 billion, up 38.6% year-on-year. In the third quarter alone, revenue was RMB 27.22 billion and net profit attributable to shareholders was RMB 5.02 billion, up 37.0% year-on-year. The report attributes the performance to a recovery in domestic traditional security, rising AI demand, and rapid growth in innovative businesses, while gross margin remained at a high level of 49%. Capital Securities forecasts net profit of RMB 18.98 billion, RMB 21.46 billion, and RMB 23.95 billion for 2026 to 2028, and maintains a "Buy" rating.
Source report
Source: Capital Securities Research Report | Date: October 21, 2026
Capital Securities has released a research report on Hikvision, noting the following highlights:
Financial Performance
- First Three Quarters of 2026: Revenue reached RMB 74.04 billion, up 12.6% year-on-year; net profit attributable to shareholders totaled RMB 12.91 billion, up 38.6% year-on-year.
- Q3 2026: Revenue reached RMB 27.22 billion; net profit attributable to shareholders was RMB 5.02 billion, up 37.0% year-on-year.
Key Drivers
The report attributes the strong performance to:
- Recovery in the domestic traditional security market
- Growing demand for AI
- Rapid growth in innovation businesses
- Gross margin maintained at a high level of 49%
Forecast and Rating
Capital Securities forecasts net profit of RMB 18.98 billion, RMB 21.46 billion, and RMB 23.95 billion for 2026, 2027, and 2028, respectively. The report maintains a "Buy" rating on Hikvision.
Source
research_reportNeutral / independent
Part of this Story
Hikvision Q1-Q3 2026 Net Profit Rises 38.55% to 12.91 Billion Yuan