Hangzhou Hikvision Digital Technology Co.

002415.SZ

Computer Hardware · Technology

Price

¥34.40

+0.33 (+0.97%)

Market Cap

¥315.27B

Exchange

Shenzhen Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Strong

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

Dividends

Mixed

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Share count falling — buybacks

−1.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 9.30B (2021) → 9.18B (2025)

Winston Score History

The full picture

Hangzhou Hikvision Digital Technology makes security cameras and video surveillance systems. Its products include cameras, video recorders, and software that help businesses, governments, and homeowners monitor and protect their properties. Hikvision is the largest video surveillance company in the world by revenue, selling to customers across dozens of industries including retail, transportation, and public safety.

Hikvision earns money by selling hardware like cameras and recorders, along with software and cloud-based services. The company is headquartered in China and generates most of its revenue there, but also sells in over 150 countries worldwide. Its scale and deep manufacturing expertise give it a strong cost advantage over competitors. However, Hikvision faces significant risk from ongoing trade restrictions — the US government has placed the company on an export blacklist over human rights concerns, which limits its access to American technology and customers and could weigh on its international growth.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+43.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

¥11.3B/ year

↓ Declining (-5% vs prior year)

12.2% of revenue

In line with sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

61.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

¥42.8B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Hangzhou Hikvision Digital Technology Co. is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

50.7%

Healthy — 50.7% gross margin

Profit after running costs

Operating Margin

20.5%

Excellent — 20.5% operating margin

Return on the money invested

ROCE

19.7%

Strong — 19.7% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+4.7%

Slow sales growth (+4.7% YoY)

Profit growth

EPS YoY

+30.7%

Earnings growing fast (+30.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

142%

Turns 142% of profit into real cash

Spare cash per sale

FCF Margin

20.7%

Converts sales into free cash efficiently (20.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.08

Conservative — low debt load (0.08)

Covers its interest

Interest Cover

100.47x

Comfortably covers interest (100.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.2x

Fair value — P/E 19.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+4.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.2 → 14.4)

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Dividends

Dividend

Dividend Yield

3.28%

Moderate income — 3.28% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

-11.3%

Dividend cut (-11.3% YoY) — warning sign

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