侧写中国经济基本盘 | 海康威视：安防龙头积极拥抱人工智能物联网，打开将来增长想象新空间（2023三季报）
<img src="https://mmbiz.qpic.cn/mmbiz_gif/OBicD9uRNAZjLdSVmB4V4E5K3DocmN8Z4JtthsKZOePkoEDlBmKrPA861UAgVK1FJqXoWs7zzqlpYtFekleT9hQ/640?wx_fmt=gif&tp=webp&wxfrom=5&wx_lazy=1" style="width: 50%; margin-bottom: 20px;"><p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">点击<span style="color: black;">蓝字</span><span style="color: black;">关注<span style="color: black;">咱们</span></span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://mmbiz.qpic.cn/mmbiz_png/zPw7Lvv9icILeUytuqcPUCaUOLUd9wmsTQJprcJJZD7edD5Fm6bX6VIy4paTwDzAHqGnOVFGllxkANdIABp6IBw/640?wx_fmt=png&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">作者 | 罗盘君 </span></p><strong style="color: blue;"><span style="color: black;">业务对接：17310319665（同<span style="color: black;">微X</span>）</span></strong>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">侧写中国经济基本盘系列</strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;">和恒推出侧写中国经济基本盘系列， <span style="color: black;">经过</span><span style="color: black;">连续</span>对龙头上市<span style="color: black;">机构</span>的产业、发展以及财报进行分析，在微观层面对中国经济进行<span style="color: black;">跟踪</span>，以期<span style="color: black;">能够</span>透过数据侧写中国经济基本盘，供<span style="color: black;">大众</span>参考。</p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;">今天<span style="color: black;">咱们</span>分析的是<span style="color: black;">智能物联网龙头海康威视。</span></p>
<h1 style="color: black; text-align: left; margin-bottom: 10px;"><span style="color: black;">1、</span><strong style="color: blue;"><span style="color: black;"><span style="color: black;">机构</span>概况</span></strong></h1>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;"><span style="color: black;"><span style="color: black;">机构</span>成立于</span>2001<span style="color: black;">年，起初专注于视音频压缩板卡的<span style="color: black;">开发</span>和生产。随着市场<span style="color: black;">需要</span>的变化和技术的进步，<span style="color: black;">机构</span><span style="color: black;">逐步</span>将业务拓展到安防监控<span style="color: black;">行业</span>，并逐步发展<span style="color: black;">作为</span><span style="color: black;">全世界</span>领先的安防<span style="color: black;">制品</span>和<span style="color: black;">处理</span><span style="color: black;">方法</span><span style="color: black;">供给</span>商。于</span>2010<span style="color: black;">年在深交所挂牌上市</span></span><span style="color: black;">，</span><span style="color: black;"><span style="color: black;"><span style="color: black;">实质</span><span style="color: black;">掌控</span>人为中电科集团。</span>2021<span style="color: black;">年，<span style="color: black;">机构</span>将业务<span style="color: black;">行业</span>定位为</span>“<span style="color: black;">智能物联</span>AIoT”<span style="color: black;">（人工智能物联网），专注于物联感知、人工智能和大数据<span style="color: black;">行业</span>的技术创新，<span style="color: black;">供给</span>软硬融合、云边融合、物信融合、数智融合的智能物联系列化软硬件<span style="color: black;">制品</span>。</span>2022<span style="color: black;">年，<span style="color: black;">机构</span><span style="color: black;">已然</span>全面践行智能物联战略。</span></span></span></p>
<h1 style="color: black; text-align: left; margin-bottom: 10px;"><strong style="color: blue;"><span style="color: black;"><span style="color: black;">2</span>、安防行业概况</span></strong></h1>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">AI<span style="color: black;">时代的到来引领传统安防行业向智能化方向发展，市场规模<span style="color: black;">持续</span><span style="color: black;">增多</span>。安防<span style="color: black;">制品</span>在文教卫、金融、能源、司法等多个<span style="color: black;">行业</span>，都有不小的占比，应用范围广泛。竞争格局方面，市场集中度较高，</span></span><span style="color: black;">海康威视</span><span style="color: black;"><span style="color: black;">以<span style="color: black;">显著</span><span style="color: black;">优良</span><span style="color: black;">作为</span>行业龙头。发展趋势上，泛安防时代呈现出</span>“<span style="color: black;">碎片化</span>”<span style="color: black;">特征，<span style="color: black;">区别</span>行业相互交织，人工智能是其重要的发展方向。</span></span></span></p>
<h1 style="color: black; text-align: left; margin-bottom: 10px;"><strong style="color: blue;"><span style="color: black;"><span style="color: black;">3</span>、业务创新有效</span></strong></h1>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;"><span style="color: black;">机构</span>创新业务<span style="color: black;">日前</span>已孵化出八大方向，</span>2022<span style="color: black;">年营收超过</span>10<span style="color: black;">亿的创新业务达到</span>5<span style="color: black;">个，分别为萤石网络、海康机器人、海康汽车电子、海康微影和海康存储。其中，萤石网络已成功上市，海康<span style="color: black;">设备</span>人分拆上市申请已<span style="color: black;">得到</span>深交所受理，创新业务子<span style="color: black;">机构</span>分拆上市工作稳步有序推进。<span style="color: black;">机构</span>海外业务实行</span>“<span style="color: black;">一国一策</span>”<span style="color: black;">的本地化战略，推进有序。</span></span></p>
<h1 style="color: black; text-align: left; margin-bottom: 10px;"><strong style="color: blue;"><span style="color: black;"><span style="color: black;">4</span>、</span></strong><strong style="color: blue;"><span style="color: black;"><span style="color: black;">业绩表现（</span>2023<span style="color: black;">）三季报</span></span></strong></h1>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;"><strong style="color: blue;"><span style="color: black;"><span style="color: black;">· </span></span></strong>综合毛利率稳定在</span>45%<span style="color: black;">，营收以及净利润基本稳定。</span></span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;"><strong style="color: blue;"><span style="color: black;"><span style="color: black;">· </span></span></strong>经营资产质量稳定，总资产<span style="color: black;">报答</span>水平有所降低，但股东权益撬动资产的能力基本稳定，</span>ROE<span style="color: black;">基本稳定在</span>12.6%<span style="color: black;"><span style="color: black;">上下</span>。</span></span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;"><strong style="color: blue;"><span style="color: black;"><span style="color: black;">· </span></span></strong>经营活动的造血能力<span style="color: black;">能够</span>覆盖投资所需，现金流较为健康。</span></span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;"><strong style="color: blue;"><span style="color: black;"><span style="color: black;">· </span></span></strong><span style="color: black;">机构</span><span style="color: black;">重点</span><span style="color: black;">经过</span>债券进行非必要融资，金融资产负债率<span style="color: black;">提高</span>至</span>14%<span style="color: black;">，偿债压力增大。</span></span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;"><strong style="color: blue;"><span style="color: black;"><span style="color: black;">· </span></span></strong>资产规模稳定在</span>1275<span style="color: black;">亿<span style="color: black;">上下</span>，结构上看，货币资金占比较高，水平在</span>31%<span style="color: black;">。</span>“<span style="color: black;">造血</span>”“<span style="color: black;">输血</span>”<span style="color: black;"><span style="color: black;">一起</span>支撑资本增长。</span></span></p>
<h1 style="color: black; text-align: left; margin-bottom: 10px;"><strong style="color: blue;"><span style="color: black;"><span style="color: black;">5</span>、</span></strong><strong style="color: blue;"><span style="color: black;">资本市场表现</span></strong></h1>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;"><span style="color: black;">· </span></span></strong><span style="color: black;"><span style="color: black;">基本面向好，市值</span>3000<span style="color: black;">多亿，安防设备行业排名第</span>1<span style="color: black;">，市盈率</span>21<span style="color: black;">倍，属于行业平均水平。</span></span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;"><strong style="color: blue;"><span style="color: black;"><span style="color: black;">· </span></span></strong>近一年内，<span style="color: black;">机构</span>收盘价跌幅在</span>3%<span style="color: black;">，大于行业平均</span>1%<span style="color: black;">的跌幅。</span></span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;"><strong style="color: blue;"><span style="color: black;"><span style="color: black;">· </span></span></strong><span style="color: black;">公司</span>持股比例</span>54%<span style="color: black;">，北上资金持股比例</span>08%<span style="color: black;">，均高于行业平均，<span style="color: black;">表示</span>出<span style="color: black;">公司</span>以及北上资金对<span style="color: black;">机构</span>的关注。</span></span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;"><strong style="color: blue;"><span style="color: black;"><span style="color: black;">· </span></span></strong>近半年内，</span> <span style="color: black;"><span style="color: black;">机构</span>共收获<span style="color: black;">科研</span>报告</span>34<span style="color: black;">篇，远高于行业平均，券商关注度高。</span></span></p>
<h1 style="color: black; text-align: left; margin-bottom: 10px;"><strong style="color: blue;"><span style="color: black;"><span style="color: black;">6</span>、总结</span></strong></h1>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;"><span style="color: black;">机构</span>为安防行业龙头企业，积极进行架构变革和<span style="color: black;">全世界</span>战略布局</span><span style="color: black;">，</span><span style="color: black;"><span style="color: black;">连续</span>开拓人工智能物联网新市场</span><span style="color: black;">，业绩稳健。资本市场表现方面，<span style="color: black;">公司</span>、北上资金以及券商均表现出较高的关注度。期待<span style="color: black;">机构</span>后续<span style="color: black;">更加多</span>产融互动表现。</span></span></p><a style="color: black;"><span style="color: black;"><img src="https://mmbiz.qpic.cn/mmbiz_png/OBicD9uRNAZiaCt1eXT2H7y4ms638YD604401MrRBkASvI8FTCr1FfXrIhBnwDvgIcwwZu5eFILeUjq6RzdJ7NibQ/640?wx_fmt=png&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></span></a><span style="color: black;">以下是<span style="color: black;">仔细</span>数据分析，供<span style="color: black;">大众</span>参考。</span>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">一</strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">基本面变化</strong></p><span style="color: black;">海康威视2023三季报A股排名198，较上季度排名<span style="color: black;">加强</span>280名，较去年同期排名<span style="color: black;">加强</span>377名。海康威视2023三季报行业排名2，较上季度排名<span style="color: black;">加强</span>2名，较去年同期排名<span style="color: black;">加强</span>3名。</span><span style="color: black;">说明：这个排名是基于营业收入、核心利润增速、ROE、分红、现金流等15个指标综合分析得出的。15个指标<span style="color: black;">触及</span><span style="color: black;">机构</span>的规模、成长性、盈利性、经营贡献度、现金流健康、分红、商誉<span style="color: black;">危害</span>、北上资金等维度的基本面和资金面分析。反映上市<span style="color: black;">机构</span>基本面在<span style="color: black;">每一个</span>财务报告期的变化趋势。</span>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://mmbiz.qpic.cn/mmbiz_png/OBicD9uRNAZg3o1hwMTnd2snsmfNqYFTrmbQMCeGlX0WUjUKerlN29w4dLnspjTuibraOSno8zMUp2iceib80ZOp3A/640?wx_fmt=png&from=appmsg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">二</strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">价值表现</strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">海康威视2024年03月27日市值为3,027.78亿元，在25家<span style="color: black;">机构</span>中排名第1，属于市值<span style="color: black;">很强</span>企业，在对标<span style="color: black;">机构</span>中最大。市盈率为21.45，在25家<span style="color: black;">机构</span>中排名第15，属于市盈率平均水平企业，在对标<span style="color: black;">机构</span>中最大。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">2023年01月03日到2024年03月27日，<span style="color: black;">机构</span>收盘价涨跌幅-3.46%，沪深300指数涨跌幅-9.90%，安防设备涨跌幅-1.07%，<span style="color: black;">机构</span>涨跌幅<span style="color: black;">显著</span><span style="color: black;">小于</span>行业水平。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://mmbiz.qpic.cn/mmbiz_png/OBicD9uRNAZia9FQtwsIHykicNSPuRWG7KSdicuN85icKBGy3hHibI2FkgjHDVYSOauSRMx7d4oju4vvbk5vYs7HFNfQ/640?wx_fmt=png&from=appmsg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">三</strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">资本市场信号</strong></p><span style="color: black;">截止<span style="color: black;">日前</span></span><span style="color: black;">，<span style="color: black;">机构</span><span style="color: black;">无</span><span style="color: black;">显现</span>资金信号。</span><img src="https://mmbiz.qpic.cn/mmbiz_png/OBicD9uRNAZia9FQtwsIHykicNSPuRWG7KSOhJKZ3j8k8Cx5fnD8eb0gGq80OjECn2ibP4Q2UFB6Aov4SYrHA0AJEg/640?wx_fmt=png&from=appmsg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"><span style="color: black;">海康威视2023年09月30日<span style="color: black;">公司</span>持股比例54.12%，远高于行业平均，在对标<span style="color: black;">机构</span>中最高。<span style="color: black;">截止</span>2024年03月27日行业中11家<span style="color: black;">机构</span>有北上资金持股，海康威视北上资金持股比例0.78%，高于行业中<span style="color: black;">得到</span>北上资金投资的<span style="color: black;">机构</span>平均，在对标<span style="color: black;">机构</span>中最低。</span><span style="color: black;"><span style="color: black;">截止</span>2024年03月27日180天内行业中15家<span style="color: black;">机构</span><span style="color: black;">得到</span>券商<span style="color: black;">科研</span>报告，海康威视<span style="color: black;">得到</span>34篇券商<span style="color: black;">科研</span>报告，远高于行业中<span style="color: black;">得到</span>券商<span style="color: black;">科研</span>报告的<span style="color: black;">机构</span>平均，在对标<span style="color: black;">机构</span>中最少。<span style="color: black;">得到</span>25家券商评级，综合评级为买入-。</span><span style="color: black;">2024年03月27日行业中15家<span style="color: black;">机构</span><span style="color: black;">得到</span>券<span style="color: black;">商场</span>绩预测，对海康威视<span style="color: black;">将来</span>三年归属于母<span style="color: black;">机构</span>的净利润复合增长率的预测为15.39%。8家<span style="color: black;">机构</span><span style="color: black;">得到</span>券商股价预测，海康威视的<span style="color: black;">目的</span>价为43.19元/股，<span style="color: black;">目的</span>价涨跌幅为33.09%。</span>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">四</strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">核心财务特征</strong></p><img src="https://mmbiz.qpic.cn/mmbiz_png/OBicD9uRNAZg3o1hwMTnd2snsmfNqYFTr1Y4Poq1pOialgMia2H1qytvWFd0SJUPfOYk0wsW8ic9yUCo7dXULsnZUg/640?wx_fmt=png&from=appmsg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;">
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">2023三季报海康威视净利润94.98亿元，与2022三</span><span style="color: black;">季报相⽐，净利润基本稳定。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://mmbiz.qpic.cn/mmbiz_png/OBicD9uRNAZg3o1hwMTnd2snsmfNqYFTro4mKVx2sbnBxXWhKAKl4eoV2M4FrCbquWKJVykBacNQ1GP3UdPE86Q/640?wx_fmt=png&from=appmsg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">海康威视<span style="color: black;">制品</span>盈利增⻓的<span style="color: black;">同期</span>，费⽤增⻓可控，</span><span style="color: black;"><span style="color: black;">最后</span>实现经营活动的盈利增⻓。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://mmbiz.qpic.cn/mmbiz_png/OBicD9uRNAZg3o1hwMTnd2snsmfNqYFTrsSI5m2W1pAFkmr5MV2dBdmYbDFM6Jia8yVxPSgxTNjyvAkJaJslu1aA/640?wx_fmt=png&from=appmsg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">海康威视2023三季报⽑利率44.85%，与2022三季</span><span style="color: black;">报相⽐，⽑利率<span style="color: black;">提升</span>2.50个百分点，⽑利率基本稳</span><span style="color: black;">定。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://mmbiz.qpic.cn/mmbiz_png/OBicD9uRNAZg3o1hwMTnd2snsmfNqYFTruV0ynQIibPibmtqJAGA8DYOn1DkN0y6loCjGVXHMOUYE1IWXxnxmeicVQ/640?wx_fmt=png&from=appmsg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">2023三季报海康威视ROE12.65%，较2022三季报</span><span style="color: black;">减少1.08个百分点，股东<span style="color: black;">报答</span>⽔平基本稳定。总资产<span style="color: black;">报答</span>率7.70%，较202</span><span style="color: black;">2三季报减少1.05个百分点，总资产<span style="color: black;">报答</span>⽔平降低。权益乘数1.66倍，较2022三季报提⾼0.04倍，股东权益撬动资产的能⼒基本稳</span><span style="color: black;">定。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://mmbiz.qpic.cn/mmbiz_png/OBicD9uRNAZg3o1hwMTnd2snsmfNqYFTroS9qcEzDWXTKm7fpbhAjT8bGeKEPcwWtnLArO8icaFVqVjbJeRn3oeg/640?wx_fmt=png&from=appmsg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">2023三季报海康威视经营资产<span style="color: black;">报答</span>率11.07%。较</span><span style="color: black;">2022三季报，经营资产<span style="color: black;">报答</span>率基本稳定。核⼼利润率14.21%。与2022</span><span style="color: black;">三季报相⽐，核⼼利润率<span style="color: black;">提升</span>0.36个百分点，增幅</span><span style="color: black;">达2.61%，经营活动盈利性基本稳定。经营资产周转率0.78次，较2</span><span style="color: black;">022三季报减少0.07次，降幅为8.12%，经营资产</span><span style="color: black;">周转效率基本稳定。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://mmbiz.qpic.cn/mmbiz_png/OBicD9uRNAZg3o1hwMTnd2snsmfNqYFTrAW7pz9zlUoKuzakV2f5t1xMVib36aEUXu7ThqIcROtSeEY2Sicb1081w/640?wx_fmt=png&from=appmsg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">从海康威视2021年报到本期的现⾦流结构来看，</span><span style="color: black;">期初现⾦350.25亿元，经营活动净流⼊287.87亿元，投资活动净流出103.21亿元，筹资活动净流出138.15亿元，其他现⾦净流⼊1.39亿元，三年累计净流⼊47.89亿元，期末现⾦398.14亿元。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">从海康威视2023三季报的现⾦流结构来看，期初</span><span style="color: black;">现⾦398.15亿元，经营活动净流⼊59.14亿元，投</span><span style="color: black;">资活动净流出34.40亿元，筹资活动净流出25.68亿元，累计净流出179.77万元，期末现⾦398.14亿</span><span style="color: black;">元。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://mmbiz.qpic.cn/mmbiz_png/OBicD9uRNAZg3o1hwMTnd2snsmfNqYFTrX6KxvDejH9tCsNQAaHn0T5lgbJ7laNd1a9NkPtLaX4dywdYUy0IRrg/640?wx_fmt=png&from=appmsg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">海康威视2021年报到本期经营与投资活动不存在累计资⾦缺⼝，存在资⾦富余184.65亿元，经营活动的造</span><span style="color: black;">⾎能⼒能够覆盖战略投资的资⾦流出。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://mmbiz.qpic.cn/mmbiz_png/OBicD9uRNAZg3o1hwMTnd2snsmfNqYFTrp7hGn6MtODwfztlnYK9TymicibxibVFu31oApLrHkJKv3C8dNjEqsdib7A/640?wx_fmt=png&from=appmsg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">海康威视2023三季报经营活动现⾦净流⼊59.14亿</span><span style="color: black;">元，较2023三季报<span style="color: black;">增多</span>57.54亿元，2021年报到本</span><span style="color: black;">期经营活动累计产⽣净流⼊287.87亿元。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://mmbiz.qpic.cn/mmbiz_png/OBicD9uRNAZg3o1hwMTnd2snsmfNqYFTryzsuqvsmoPK80BCej4tL7BgDHKYjcIZviczfDBSVYsoxeVHlo2nKPuQ/640?wx_fmt=png&from=appmsg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">2023三季报海康威视经营活动与投资活动资⾦净</span><span style="color: black;">流⼊24.74亿元，较2022三季报资⾦缺⼝消失。2021年报到本期经营活动与投资活动累计资⾦净</span><span style="color: black;">流⼊184.65亿元，⽆资⾦缺⼝。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://mmbiz.qpic.cn/mmbiz_png/OBicD9uRNAZg3o1hwMTnd2snsmfNqYFTrB3rdWMbsiba6qJ3sxRiaW7zIib41MaDm15uCMXmea5ZwwBAp5oiaibXmItw/640?wx_fmt=png&from=appmsg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">海康威视2023三季报筹资活动现⾦流⼊84.27亿</span><span style="color: black;">元，较2022三季报减少20.19亿元，增速-19.3</span><span style="color: black;">3%，筹资活动现⾦流⼊有所减少。</span><span style="color: black;">海康威视2023三季报绝⼤部分筹资流⼊<span style="color: black;">源自</span>于债</span><span style="color: black;">权流⼊（99.81%）。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">海康威视2023三季报债务净流⼊52.18亿元，较20</span><span style="color: black;">22三季报<span style="color: black;">增多</span>15.81亿元，<span style="color: black;">机构</span><span style="color: black;">连续</span>有新增贷款，</span><span style="color: black;">且新增贷款规模快速<span style="color: black;">增多</span>。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://mmbiz.qpic.cn/mmbiz_png/OBicD9uRNAZg3o1hwMTnd2snsmfNqYFTrK2IePgaqdYgG5ibEb1t3ibjHNF6ib4xiav4Px3Hltm8ln5hEOhrAuwt7xg/640?wx_fmt=png&from=appmsg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">2023年09⽉30⽇海康威视⾦融负债率13.72%，较</span><span style="color: black;">2022年09⽉30⽇提⾼2.92个百分点。海康威视⾦融负债⽔平较⾼，但<span style="color: black;">重点</span>为⾮必要融资，其产⽣的财务费⽤将对<span style="color: black;">机构</span>效益产⽣不必要</span><span style="color: black;">的冲击。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://mmbiz.qpic.cn/mmbiz_png/OBicD9uRNAZg3o1hwMTnd2snsmfNqYFTrK9AusTVp1I9ZMhyPL3ibwWZwgVYiclnib2NbrQBZibnhVbpoIZpjL90IaQ/640?wx_fmt=png&from=appmsg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">2023年09⽉30⽇海康威视总资产1,274.57亿元，与</span><span style="color: black;">2023年06⽉30⽇相⽐，海康威视资产<span style="color: black;">增多</span>85.40亿元，资产规模有所增⻓，资产增速7.18%。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">从合并报表的资产结构来看，经营资产占⽐</span><span style="color: black;">不⾼，货币资⾦占⽐较⾼，资⾦的使⽤效率可能存在问题，需要进⾏有效的现⾦管理，在<span style="color: black;">保准</span>流动性的<span style="color: black;">基本</span>上，如对现⾦进⾏稳健</span><span style="color: black;">理财等，提⾼资⾦的使⽤效率。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://mmbiz.qpic.cn/mmbiz_png/OBicD9uRNAZg3o1hwMTnd2snsmfNqYFTrkXw7Ytq6BhT2w53f9BPrBbj2rXcqBx5QVGfichxXbtib136etEs19icBw/640?wx_fmt=png&from=appmsg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">从2023年09⽉30⽇海康威视的负债及所有者权益</span><span style="color: black;">结构来看，<span style="color: black;">机构</span>的资本引⼊战略为<span style="color: black;">平衡</span>利⽤利润<span style="color: black;">累积</span>、经营负债的并重驱动型。其中，资产的增</span><span style="color: black;">⻓<span style="color: black;">源自</span>于多种资⾦<span style="color: black;">源自</span>的联合推动。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://mmbiz.qpic.cn/mmbiz_png/OBicD9uRNAZg3o1hwMTnd2snsmfNqYFTrO8oCYd1IyTicT4Sk21HbeJJS0PEsRkVnNYia4LIuunqDBQpw0oU5B8JQ/640?wx_fmt=png&from=appmsg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></p><span style="color: black;"><strong style="color: blue;"><span style="color: black;"><span style="color: black;">软件</span>“市值参谋”申请试用</span></strong><strong style="color: blue;"><span style="color: black;">：</span></strong></span><span style="color: black;"><strong style="color: blue;"><span style="color: black;">17310319665</span></strong></span><a style="color: black;"><span style="color: black;"><img src="https://mmbiz.qpic.cn/mmbiz_png/OBicD9uRNAZiaCt1eXT2H7y4ms638YD604401MrRBkASvI8FTCr1FfXrIhBnwDvgIcwwZu5eFILeUjq6RzdJ7NibQ/640?wx_fmt=png&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></span></a>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://mmbiz.qpic.cn/mmbiz_jpg/zPw7Lvv9icIIS09n9vdypiaicSoYqOAV36MofLLnyVeM4ibBxTGcl3ia4VbibibFM7ALmlVan2bMAwuBIf4O5jRAV8JZA/640?wx_fmt=jpeg&from=appmsg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://mmbiz.qpic.cn/mmbiz_jpg/zPw7Lvv9icIIS09n9vdypiaicSoYqOAV36MhVhebQVfoNPQVDibY0DiaFfgCCmc1eyeibzCwkB3uecXEGoLXxo7icBXSA/640?wx_fmt=jpeg&from=appmsg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="data:image/svg+xml,%3C%3Fxml version=1.0 encoding=UTF-8%3F%3E%3Csvg width=1px height=1px viewBox=0 0 1 1 version=1.1 xmlns=http://www.w3.org/2000/svg xmlns:xlink=http://www.w3.org/1999/xlink%3E%3Ctitle%3E%3C/title%3E%3Cg stroke=none stroke-width=1 fill=none fill-rule=evenodd fill-opacity=0%3E%3Cg transform=translate(-249.000000, -126.000000) fill=%23FFFFFF%3E%3Crect x=249 y=126 width=1 height=1%3E%3C/rect%3E%3C/g%3E%3C/g%3E%3C/svg%3E" style="width: 50%; margin-bottom: 20px;"></p>
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