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Hangzhou Hikvision Digital Technology Co (002415) Fair Value & Analysis

Technology · CN · Market cap 313B CNY

HH Hangzhou Hikvision Digital Technology Co 002415 · SHE
Price¥34.88
Fair Value¥40.44
Upside+15.9%
Quality81/100
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Healthy Growth
Solidly profitable · 15.8% net margin
Low debt · generates free cash flow
3.37% dividend yield
Ranks above peers (11/15)
Wide moat 65/100
Evidence: Medium Range ¥31.14 – ¥49.73 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from ¥30.11 to ¥40.44 (+34.3%) since Jul 17, 2026. Share price +2.3% over the past month.

A strong business, screening 16% undervalued on our models.

What matters now

  • Our model range runs from ¥31.14 (bear) to ¥49.73 (bull), base ¥40.44. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 81/100 (high quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

¥59.05 ¥23.64 Fair Value ¥40.44 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ¥23.64 – ¥59.05 · fair‑value band ¥31.14 – ¥49.73 · the ¥34.88 price screens below the ¥40.44 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Hangzhou Hikvision Digital Technology Co (002415) currently trades at ¥34.88, while our model-based Fair Value estimate is ¥40.44, implying the stock looks roughly 15.9% undervalued today. The Quality Score stands at 81/100 (high quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Hangzhou Hikvision Digital Technology Co generated revenue of 94.7B CNY at a net margin of 15.8%. Revenue grew 11.8% year over year. It earns a return on equity of 18.0%. The balance sheet holds a net cash position of 29.7B CNY. Fundamentals as of Aug 13, 2026

Our scenario range runs from ¥31.14 (bear case) to ¥49.73 (bull case); at ¥34.88, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 34% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -61% fair-value upside, at 16%, 002415 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ¥41.87 ¥82.11 ¥160.69 80
Residual Income ¥10.46 ¥12.92 ¥30.70 76
Rev-Margin DCF ¥28.28 ¥47.52 ¥75.63 74
All 26 models by family
DCF Models
FCF DCF ¥43.34 ¥73.18 ¥157.91 38
Owner Earnings ¥27.09 ¥55.29 ¥115.69 31
5Y Revenue Exit ¥28.28 ¥46.21 ¥77.03 39
5Y EBITDA Exit ¥35.25 ¥61.58 ¥104.36 41
5Y P/E Exit ¥38.53 ¥72.15 ¥114.54 38
10Y Revenue Exit ¥31.87 ¥54.28 ¥83.35 36
10Y EBITDA Exit ¥37.56 ¥67.36 ¥119.49 37
10Y P/E Exit ¥39.90 ¥73.51 ¥129.34 35
Earnings-Based
Graham-Dodd ¥10.53 ¥70.18 ¥98.29 54
Lynch FV ¥20.51 ¥29.31 ¥38.10 50
PEG = 1.0 ¥20.51 ¥29.31 ¥38.10 46
EPV ¥20.37 ¥23.09 ¥25.51 59
Dividend Discount
Gordon GGM ¥10.77 ¥23.52 ¥39.58 70
DDM Multi-Stage ¥10.77 ¥19.27 ¥24.51 61
Multiples
P/E Multiple ¥32.51 ¥43.35 ¥54.18 63
P/S Multiple ¥19.74 ¥26.32 ¥32.90 58
P/B Multiple ¥19.74 ¥26.32 ¥32.90 55
EV/EBIT ¥38.29 ¥49.40 ¥60.52 53
EV/EBITDA ¥32.84 ¥42.13 ¥51.43 54
EV/Revenue ¥21.80 ¥29.03 ¥36.25 43
Asset-Based
NCAV (Graham) ¥4.69 ¥6.28 ¥9.38 50
Growth DCF
Growth DCF ¥41.87 ¥82.11 ¥160.69 80
Rev-Margin DCF ¥28.28 ¥47.52 ¥75.63 74
Economic Profit
Residual Income ¥10.46 ¥12.92 ¥30.70 76
ROIC Compounder ¥23.59 ¥31.34 ¥41.98 72
Growth Earnings
Growth-Adj P/E ¥32.73 ¥46.76 ¥60.79 68

Widest divergence: DCF Models (¥61.58) versus Asset-Based (¥6.28). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 94.7B CNY
Revenue growth (YoY) +11.8%
Net margin 15.8%
Return on equity 18.0%
Free cash flow 21.7B CNY FY2025
P/E ratio 21.4
More key figures
Operating margin 19.8%
EPS (TTM) ¥1.63
Dividend yield 3.4%
EPS growth (YoY) +37.1%
Net cash 29.7B CNY FY2024

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 81/100

Of which business quality 81 · Market factors (momentum, volatility) 70

Profitability 68
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 89
Earnings quality: real cash, not paper profit
Fin. Strength 98
Balance sheet, leverage, solvency risk
Investment 75
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 58
Price trend over the last 3–12 months (market factor)
52W Momentum 74
Distance to the 52-week high (market factor)
Net Issuance 88
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Hangzhou Hikvision Digital Technology Co., Ltd. provides machine perception and artificial intelligence technologies worldwide. The company offers cameras, including network, Turbo HD, and PTZ cameras; explosion-proof and anti-corrosion series; and CCTV accessories.

Full company description

Hangzhou Hikvision Digital Technology Co., Ltd. provides machine perception and artificial intelligence technologies worldwide. The company offers cameras, including network, Turbo HD, and PTZ cameras; explosion-proof and anti-corrosion series; and CCTV accessories. It also provides video recorders and serves comprising network recorders, DVRs, DeepinMind intelligence, storage, servers, and kits; access control systems that include face recognition terminals, card terminals, readers, controllers, payment terminals, visitor terminals, electrical locks, and one-door access control system kits; speed gates and turnstiles; and video intercom products. In addition, the company offers interactive flat panel displays; LED displays; LCD video walls, monitors, and controllers; alarm systems, such as wired and wireless intrusion alarms, and intrusion accessories; networking products, including switches, wireless bridges, routers, wireless access points, and accessories; security and thermography thermal cameras; parking management products comprising vehicle access control management, parking guidance, and on-street parking cameras; traffic cameras, traffic servers, radars, mobile enforcement systems, supplement lights, signal control series, and traffic accessories; and portable products and enterprise PDAs. Further, it provides onboard security; security inspections products, such as x-ray inspection systems, detectors, millimeter wave security inspection, and intelligent security analyzers; audio products, including public address systems, security audio products, and audio accessories; acoustic and laser sensing products; auxiliary care and security radars; fire alarm systems, fusion detection cameras, and standalone detectors; and Hik-Connect, Hik-Partner Pro, HikCentral Professional, HikCentral Access Control, and HikCentral Focsign software. The company was founded in 2001 and is headquartered in Hangzhou, the People's Republic of China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Hangzhou Hikvision Digital Technology Co reported revenue of ¥92.5B in FY2025 versus ¥81.4B in FY2021, a compound +3.2%/yr. Reported net income was ¥14.2B in FY2025, compounding −4.1%/yr from FY2021.

Growth Quality 86/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
92.5B CNY
Latest YoY
+0.0%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.6%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.8%
Avg. growth/yr (19Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+29.3%
Revenue +3.2%/yr
FY21 ¥81.4B
FY22 ¥83.2B
FY23 ¥89.3B
FY24 ¥92.5B
FY25 ¥92.5B
Net income −4.1%/yr
FY21 ¥16.8B
FY22 ¥12.8B
FY23 ¥14.1B
FY24 ¥12.0B
FY25 ¥14.2B
Character of growth · EPS growth decomposed (2014-2025) +9.2 % p.a.
Revenue per share +15.4 pp

of which total revenue +15.6 pp · buybacks/dilution −0.2 pp

EBIT margin −2.9 pp
Tax rate +0.0 pp
Residual (interest, one-offs) −3.3 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Hangzhou Hikvision Digital Technology Co Fair Value". https://www.fairvalue-calculator.com/stock/002415

Peer Group

Computer Hardware · 223 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 81 · Top 25%
Fair Value upside +16% · Above median
Return on equity (TTM) 18% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 20% · Top 25%
Revenue growth 12% · Above median
Dividend yield (TTM) 3.4% · Above median
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Computer Hardware median · lower = cheaper

P/E (TTM) 21.4× · Cheaper than median
P/B 3.64× · Pricier than 75% of peers
P/S (TTM) 3.30× · Pricier than 75% of peers
P/FCF 2.1× · Pricier than median
EV/EBITDA 14.1× · Pricier than median
PEG 0.60× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 55 · sector 0
FUTURE 59 · sector 59
PAST 72 · sector 23
HEALTH 99 · sector 97
DIVIDEND 67 · sector 42

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

Is Hangzhou Hikvision Digital Technology Co (002415) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ¥40.44 versus a price of ¥34.88, about +16% (undervalued).
What is the fair value of 002415?
Our model-based fair value for Hangzhou Hikvision Digital Technology Co is ¥40.44 (as of Aug 13, 2026), built from audited fundamentals. The current price is ¥34.88.
What is the quality score of 002415?
Hangzhou Hikvision Digital Technology Co has a Quality Score of 81/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Hangzhou Hikvision Digital Technology Co (002415)?
Hangzhou Hikvision Digital Technology Co reported trailing-twelve-month revenue of about 94.7B CNY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 002415?
The net profit margin of Hangzhou Hikvision Digital Technology Co is about 15.8%, meaning it keeps roughly 15.8% of revenue as net income. Based on the latest reported figures.
Does Hangzhou Hikvision Digital Technology Co pay a dividend?
Hangzhou Hikvision Digital Technology Co currently shows a dividend yield of about 3.75% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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