On August 20, GeLonghui pointed out in a research report from Haitong Securities that the stock-based incentive of Hangzhou Hikvision Digital Technology (002415.SZ) and the short-term impact of foreign exchange gains and losses on profits, overseas and innovative businesses have performed well. In terms of overseas main business, the company achieved revenue of 11.441 billion yuan in H1 2024, a year-on-year growth of 15.46%. Overseas main business revenue accounted for about 28% of the company's business (excluding overseas income from innovative businesses. If including overseas income from innovative businesses, the proportion of overseas revenue would be 34.41%). The revenue of the innovative business in H1 2024 reached 10.328 billion yuan, a year-on-year growth of 26.13%, accounting for 25% of the company's business. The main innovative businesses have taken the market initiative in their respective vertical industries, and the innovative businesses have formed effective technological synergy and business synergy with the company's main business, becoming the support for driving the company's business growth. In the future, they will form a joint force in the development of digital business in various scenarios. The bank believes that the company's current innovative business and overseas business have become important drivers of growth, and the overall development of the two businesses is relatively stable. With the continuous development of the company's digital business in various scenarios, the company's future growth is also worth looking forward to. Based on comparable companies, a dynamic PE ratio of 24-28 times is given for 2024, and the reasonable price range for 6 months is 40.58-47.34 yuan, maintaining an "outperform" rating.