While studying Hikang , I found a company that hugged Hikang's thighs tightly and was still living a prosperous life when Hikang encountered setbacks. It felt quite interesting. This article briefly collected some information about Fukang to show everyone.
His business is very simple, which is security chips. In the 2021 annual report, the security chip business accounts for 72.84% of the total revenue, and the 2021 annual report also disclosed that the actual sales revenue to Hikvision was 1.036 billion, accounting for 60.34% of the total revenue. Only when the thighs are strong enough can you achieve performance, which is a bit similar to Luxshare Precision's meaning to Apple.
Hikvision's support for Fuhanwei began a few years ago. The following table shows Fuhanwei's annual sales and total revenue share of Hikvision.
Let me briefly mention a key figure here, that is, , which invested in Hikvision in 2001, with a return of more than 10,000 times. He is also the independent director of Fuhanwei, but he stepped down last year. Previously, because of his reasons, the two belonged to each other and the amount of related transactions needed to be disclosed in the financial report. However, there are generally turnover of the top five customers in the annual report. It is estimated that the largest customer should be Hikvision for a considerable period of time, which is also a point of focusing on Hikvision indirectly.
The reason for the increase in the semi-annual report of this year's semi-annual report is actually relatively simple. , because Hikvision has been included in the list of export control entities by the U.S. Department of Commerce in 2019 and was included in the list of "military-related enterprises" in 2021. The U.S. government prohibits Americans from investing in companies on the list, including the rumored in the first half of this year, which was included in the so-called "SDN" list. As a result, there is no follow-up now. In short, Hikvision has to support its own domestic suppliers for the sake of its supply chain security. has repeatedly mentioned supply chain security and manufacturing power in the past few days, and Fuhanwei definitely benefits from this logic.
In fact, it is still OK to return to Fuhanwei. Let me talk about my relatively initial impression. In addition to security chips, smart hardware and automotive electronics are also expanding rapidly. Why did the previous article say that it is now booming:
- Professional security product revenue was 780 million yuan, +70.38% year-on-year
- Smart hardware product revenue was 225 million yuan, +47.44% year-on-year
- Automotive electronic product revenue 1.33 100 million yuan, + 39.50% year-on-year
However, the main contradiction at present is that the thighs should be mixed well. A-share is not only the security chip companies listed on A-share , but the performance is also uneven. on the importance of holding the thighs tightly, Many domestic companies like Hikvision, such as Dahua , must also support their suppliers and hold the thighs tightly. I feel that the relationship between Hikvision and Fuhanwei should be relatively close, after all, it was trained by one hand.
(Data source: Aijiwei)
However, the risk of holding a thigh is also obvious, that is, Hikvision had a demand for replenishing inventory before, so we should pay more attention to Hikvision's business situation. Hikvision was sanctioned before, and it was said that it would maintain high inventory to maintain normal production and operation during exchange meetings, so it may be a one-time sales increase. After all, it is difficult for the boss to live a good life, and I cannot always live a good life. In short, the two can be put together to observe and study.
Let me talk about the gadget here. It is Xu Tao, who publishes , the security industry , who publishes , the monthly report every month. In the performance forecast of Fuhanwei, Xu Tao's performance forecast accuracy in the gadget is 90.91% , but the performance forecast accuracy of other brokerage analysts is only 7 characters later. The figure below is Xu Tao's recent performance forecast for Fuhanwei, for reference only.
