Dahua 2022 and Q1 2023 Financials Analyzed
*****'* ******* ** ****** ********** **** a *** **** ***** *** *** sales **** **** ***** *** $* billion**** ********* ******* ****** ** * ***** as *** *** ****** **** *** domestic ***** *******.
*** ** *** *** *******, *****'* sales *** ** ******** **** ******* rising *************, * ****** *************** ************ ** *********'* ********** ** *** government ***** *** ********* ** ******* costs.
*** ***** ** *** *** **** dependent ** ******** ***** **** *********, leaving ** ********** ** ****** ************ such ** *** *** ***, ** admitted.
*****'* ***** *** ******** ******, ****** by***** ******* *****-***** ***** ****** $*** Million ***** ****.
** *** ******** *******, **** ******** Dahua's ****** ********** *** **** **** mean *** *** *******.
2022 "**** ** **********"
*****'* ******* **** ****** *% ** 2022 ** ~$*.** ******* ***, ***** profits ******* ****** * ***** ** ~$335m ****** ****** ******:
**** ** * ****** ********** ****, **** ***** ******* ***** *** $5 ******* **** *** ****** **** 20% (**** *** * *****-****-***** **** due ** *** ***** ** ***** pandemic). ***** **** **** *** "**** of **********" ** *********:
**** ** * **** **** ** challenges. *** ****** ******* ***** **** downward ******** *** ** ******** *********** factors **** ** *********, *********** ***** frictions, ****** ***** *******, *** ******** conflicts. ****** ****** *** ******, *** the ****** **** ** *** ***** IoT ******** *** ****** **** ** stages.
报告期内公司所处行业情况 **** 年是充满挑战的一年。全球经济因通货膨胀、贸易摩擦加剧、供应链动荡、地区冲突等多重 不利因素面临着巨大的下行压力，市场需求收缩，智慧物联行业增速阶段性放缓。
***** ***** *** *** ******* ****, a *** ***** *** *** ******* was *** ********* ** ****, **** Dahua********** *************** ***** ** **** "******* * lot" ** **-**% *** ** *** Shanghai ********.
Net ****** ****** ***
**** **** ***** * ****** *** net ****** *** ****, ********** ******** to ***** **** *** *** ****** peaked ****** ** ***** **** ** high-margin***** ****** *****:
**** ***** *** *********'* *** ******* have **** ********* *** ~* *****, though ********* ******* ** * **** higher **** (**%+) *** *********'* *** margins ****** ************* ****** (** **%+) than *****'* *****. *******, ************ ******* *****, ******* ****** ** 2022 *** ** **** ********
Dahua ******** ******* ********
*****'* *****-*** ******** ******* ** **** were *** *** ********** *****, ***** declined **% ** ~$****, *** *** small ******** *** '*****' *****, ***** fell **.**% ** $****. *********'* *** government ***** **** ** **** *** at * **** ****** **.*% ** 2022.
*******, ***** ** **** ********* ** PRC ********** ***** (**% ** ******** revenue ******** ** **% *** *********) and ** *** **** ********* ** domestic ***** (**.**% ** ***** ******* for *********, **.**% ** ***** ******* for *****.)
2023 ****** ********
*****'* ******* ***** ** ******* ** 2023, ********** *.**% ***** ****** ~$****, ***** ******* **** ~**% to ~$**.**, **** *** *** ****** recovering ******** ** *.**%:
******** *****'*** ********** *** *** **** *** ******** explanation *** **** ******, ***** ** clearly ********** **** *** *** ******* reopening **** ****.
*******, ***** *** *** ******* ** well ** ******, *.*.*******'* ****** *********,***** ***** **** **% ** *** revenue **** *******, **** ******* ****** the **** ****** ** **.*% ***** profits ****** ***%.
New ******: ****** **** ** ***** **** ********
***** **** ****** **** ** *** revenue, **.**%, **** ******** ** ****, a ****** *** *** *******:
***** ***** ****** ************* ********** ********* (***** *******, *****, Africa) ******** ** *** ** *** Europe ***** ** ***** ******* ************,******* ** *********.
Overseas ***** ******* *** ** ****
**** ***** ***** ** *** *** more ********* **** ********* ** ***** of *** ********** ** ******** ***** (48.31% *** *****, *** **** **.**% for *********). ***** ******** ******** ***** as * **** ** *** ****** report, ****** *** *** *** ************:
***** ** ************* *********: *** *******'* products *** ********* ***** **** **** 100 ******** ********* *** *******, *** international ******** ********** ***face ***** of trade protection (such as the ** *** ***) and political situations (such as local wars) in the country where it is located . The company actively prevents and responds to international business risks, establishes an overseas compliance risk control system, and continuously strengthens the understanding and adaptability of the laws and regulations of the regions involved in the company's business, as well as the political and economic environment, and according to the political and economic changes in different regions, "One country, one policy" formulates differentiated national business strategies to reduce business risks. [emphasis added]
国际化经营的风险：公司产品及解决方案覆盖众多海外一百多个国家及地区， 国际业务经营可能面临所在国家地区贸易保护（如美国 *** 禁令）、政治局势（如局部战 争）风险。公司积极防范和应对国际化经营风险，建立了海外合规风控体系，不断加强公 司业务所涉地区法律法规以及政治、经济环境的了解与适应能力，并根据不同区域政治、 经济的变化情况，“一国一策”地制定差异化的国家业务策略，减少经营风险。
Stock ** ****** *%
*** ********* ******* ********** ** *****'* results, **** *** ***** ** **** 8% ** *** *** (**% ** the ***** ***** *****).
**** ****** ******** *** **** **** Dahua ****** **** ****** ** ** compared ** *********, ***** ******* *** profits******** ** **.
*******, *****'* ***** ** *********** **** over *** **** * ***** ******* the ***** **** **** ******** ***** the ***** ** ****:
Hikvision **********
*******, *** ********* *** **** ********** about *****, **** *** ***** ******* close ** ***-**** ***** ***** ********* remains *** ** ****** ****. **** of *** ******** *** ***** **** in *** **** **** ** ********* * ******* *** *** ********** ** ** a ***** ***********.
***** **** ******** ** *** ***** a *********** *** *****-***** ********** **** Hikvision, ***** ******** ************ ****** ********* ** ***** ******* the **** **** *******. (**** ** China **** * *********** ******* ** hiring ****** ****** ***** *****, ****** layoffs **** ******.)
*******, ** ****, ********* **** ******* more **** *** *** ******* ********* than ***** ***** ** ***** *** strong ******** ** *** ***** ************.