Leader in China's video surveillance systems and solutions market. Above-average growth and profitability supported by improving technology capability, an established distribution network, and economies of scale. Dependence on the domestic market and the video surveillance industry with growing international exposure. Intense competition in a fragmented market with rapid technology changes and the absence of clear industry standards. Net cash position. Positive free operating cash flow. Moderate investment and acquisition appetite. The stable outlook on Hangzhou Hikvision Digital Technology Co. Ltd. (Hikvision) reflects our expectation that the company will continue to generate strong free cash flow and remain debt free on an adjusted basis over the next 12-24 months. This is given Hikvision's sustainable leading market position in China's surveillance systems
