Zhang Kun believes that companies that can maintain a high return on equity for a long time are very rare and excellent in the world, and the selected companies basically have a high return on equity and a good business model. With the continuous growth of capital scale, Zhang Kun is also expanding its capability circle, deepening its understanding of some industries and companies, and improving its insight into enterprise value.

In the fourth quarter of last year, Zhang Kun entered Hikvision, one of the top ten stocks, and added another 20 million shares in the first quarter, while other star fund managers such as Liu Yanchun, Zhou Yingbo and Yang Hao also chose to add positions. Gaoyan Capital has also investigated Hikvision many times, but Feng Liu, a star fund manager with different operating styles, chose to lighten his position, but he is still a heavyweight company in Feng Liu.

Hikvision, the domestic artificial intelligence leader, will start a high-growth performance model. Hikvision, the world's leading intelligent security company, is the absolute leader in the security industry, and the best industry for the commercialization of artificial intelligence is security.

The company has ranked first in the global video surveillance market for nine consecutive years. At present, the company has formed eight innovative businesses, and there is great room for future growth. The company's software service revenue accounts for an increasing proportion, which is expected to change the market's original valuation system for the company.

Judging from the company's performance, the company's return on net assets remained above 30%, the gross profit margin remained above 40%, and the growth rate of net profit remained around 20%. The company recently disclosed a quarterly report. In the first quarter, operating income increased by 48.3% year-on-year, and net profit increased by 44.99% year-on-year, far exceeding the 25%-30% generally expected by analysts. What is more striking is that the company's innovative business has achieved rapid growth.

Hikvision's automotive electronics business focuses on intelligent driving. The company has established cooperation with SAIC passenger cars, Geely Automobile, Changan Automobile, Great Wall Motor and other independent brands. With the acceleration of the process in the field of intelligent driving, the performance of the company's automotive electronics will accelerate.

The above is only a personal opinion, for reference only, not as investment advice!

# Stock # #A shares # # Zhang Kun # # Zhang Kun increased its holdings of Hikvision by 654.38 billion yuan in the first quarter #