Security giant reportedly laid off thousands of employees, with R&D departments being the hardest hit
Latest update time：2024-10-12
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According to a report by Sina Technology, a Hikvision employee recently revealed that the company is undergoing a large-scale organizational adjustment recently, shrinking 32 R&D areas to 12, retaining only a few core areas and optimizing the rest. It is expected to involve more than 1,000 people.
At present, several people with the logo of "Hikvision employees" have revealed that "they have also received notices of layoffs. The R&D department is the hardest hit area. Hunan and other regions have been laid off, but the headquarters areas such as Hangzhou have not started yet."
Some analysts believe that this layoff may be related to the performance growth pressure that Hikvision has faced in recent years, and its revenue and net profit have begun to decline in recent years. In order to meet this challenge, the company may have to take measures such as layoffs to optimize costs and structure. There is also a view that Hikvision's layoffs are not entirely due to performance pressure, but are part of the company's strategic adjustment. With the continuous development and changes in the security monitoring industry, Hikvision may need to continuously adjust and optimize its business structure and R&D team to adapt to market changes and needs.
Regarding this adjustment, Hikvision responded late yesterday: "There is no large-scale layoffs in the company. It is an adjustment of business strategy. It is necessary to optimize the R&D strength of the headquarters and key sales cities, so some regional positions have been adjusted accordingly."
As a leading company in China's security industry, Hikvision has maintained nearly 10 years of rapid performance growth since its listing in 2010. However, in 2022 and the first three quarters of 2023, Hikvision's net profit annual growth rate has dropped sharply. In the first half of 2024, Hikvision's net profit declined year-on-year again, with total operating revenue of 41.209 billion yuan, an increase of 9.68% over the same period last year; net profit attributable to shareholders of listed companies was 5.064 billion yuan, a decrease of 5.13% over the same period last year; net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 5.243 billion yuan, an increase of 4.11% over the same period last year.
The semi-annual report shows that Hikvision's R&D investment continues to increase. In the first half of 2024, its R&D investment was 5.698 billion yuan, a year-on-year increase of 7.81%.
In terms of the domestic main business, the total revenue of the three BGs in the first half of the year was 18.971 billion yuan, a decrease of 0.26% over the same period last year, accounting for 46% of the company's revenue. Among them, the public service business group PBG achieved a revenue of 5.693 billion yuan, a year-on-year decrease of 9.25%; the enterprise business group EBG achieved a revenue of 7.489 billion yuan, a year-on-year increase of 7.05%; the small and medium-sized enterprise business group SMBG achieved a revenue of 5.789 billion yuan, a year-on-year increase of 0.64%. In general, the revenue growth in the first half of this year was mainly affected by funds. Industries that rely on local fiscal funds are generally in difficulty; industries that rely on their own funds for development maintain a certain amount of investment.
In terms of overseas main business, the company achieved revenue of 11.441 billion yuan in the first half of the year, a year-on-year increase of 15.46%. The overseas main business revenue accounted for about 28% of the company's business (the overseas main business does not include the overseas revenue of the innovative business. If the overseas revenue of the innovative business is included, the overseas revenue accounts for 34.41%). Affected by the US sanctions, the US revenue continued to decline, and the revenue share continued to decrease; excluding the impact of the US market, the four major regions of the Americas, Pan-Europe, Pan-Asia Pacific, and Middle East and Africa all achieved growth.
In terms of innovative business, the company achieved revenue of 10.328 billion yuan in the first half of the year, a year-on-year increase of 26.13%, accounting for 25% of the company's business.
In addition, the gross profit margin in the first half of the year was 45.05%, which remained basically stable compared with the previous period; the exchange loss in this period was approximately RMB 81 million, and the exchange gain generated in the same period last year was approximately RMB 285 million. The book difference between the two had a significant impact on the net profit of this period; in terms of inventory, the company's overall strategy was maintained, and the inventory level of some raw materials with richer supply sources was reduced.
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