海康威视 2026 年三季报，单季毛利率环比是升还是降，原因是什么
- 三季度营收同比 +13.71%，还创了本轮调整以来新高
- 现在 49.05% 还显著高于过去几年 42%~46% 的区间，同比也还高 3.38 个百分点，位置不差
- 三季度单季毛利率 49.05%，比二季度的 50.67% 低 1.62 个百分点
- 三季报上写的累计毛利率是 49.63%，半年报是 49.97%，一看只掉了 0.34 个百分点，好像没事
- 2026Q2 营收 261.07 亿 净利 51.15 亿 毛利率 50.67% 净利率 19.59%
- 扣非净利增速 +43.13%，比二季度还高
海康威视 2026 年三季报，单季毛利率环比是升还是降，原因是什么
The desk answers已核实Walnut, from public filings
降了。三季度单季毛利率 49.05%，比二季度的 50.67% 低 1.62 个百分点。
先说个容易看错的地方。三季报上写的累计毛利率是 49.63%，半年报是 49.97%，一看只掉了 0.34 个百分点，好像没事。但累计数把上半年两个季度的平均拉进来了，单季实际降了 1.62 个点，是累计数的近五倍。所以看这个指标必须拆到单季。
单季拆出来是这样：
2026Q2 营收 261.07 亿 净利 51.15 亿 毛利率 50.67% 净利率 19.59%
2026Q3 营收 272.22 亿 净利 50.16 亿 毛利率 49.05% 净利率 18.43%
回到你的问题，为什么会降。公司在 10 月 17 日业绩说明会上被直接问到这一点，原话是：
「低价原材料转收入确实对上半年毛利率有一定帮助，但存储价格自二季度
以后涨幅开始收窄，公司采用移动平均法核算，每个季度成本侧均在上升，
三季度毛利率仍达 49%。」
翻成白话：上半年用的是之前低价备的存储芯片，这批料做成产品卖掉，毛利率自然高。三季度低价料用得差不多了，成本端换成涨价后的料，而公司用移动平均法核算存货，成本是逐季往上爬的，所以毛利率一个季度掉 1.6 个点。
同一场会上公司还提到，存储涨价已经蔓延到电源、被动器件等产品线，行业内大公司普遍在阶段性增厚库存。
所以这个降，是成本传导的时滞，不是需求出问题。三季度营收同比 +13.71%，还创了本轮调整以来新高；净利同比 +36.97%；扣非净利增速 +43.13%，比二季度还高。
但方向确实是往下的，得盯住。现在 49.05% 还显著高于过去几年 42%~46% 的区间，同比也还高 3.38 个百分点，位置不差。可如果存储继续涨、低价料继续消耗，Q4 毛利率会往 48% 走。
接下来看两个数：Q4 单季毛利率能不能守住 48%；存储现货价什么时候见顶。前者决定全年利润落在哪，后者决定这个压力还要持续几个季度。
Hikvision 2026 Q3 report: did the single-quarter gross margin rise or fall quarter-on-quarter, and why?
It fell. The Q3 single-quarter gross margin was 49.05%, 1.62 percentage points lower than Q2's 50.67%.
First, a point that is easy to misread. The cumulative gross margin written in the Q3 report is 49.63%, and the half-year report was 49.97% — at a glance it looks like only 0.34 percentage points were lost, as if there were no problem. But the cumulative figure pulls in the average of the first two quarters of the first half, while the single quarter actually fell 1.62 points, nearly five times the cumulative figure. So this indicator must be broken out to the single quarter.
Broken out by single quarter, it looks like this:
2026Q2 revenue 261.07 yi yuan net profit 51.15 yi yuan gross margin 50.67% net margin 19.59%
2026Q3 revenue 272.22 yi yuan net profit 50.16 yi yuan gross margin 49.05% net margin 18.43%
Back to your question of why it fell. At the company's October 17 earnings briefing, it was asked this directly, and the original words were:
"The conversion of low-priced raw materials into revenue did indeed help the gross margin in the first half to some extent, but the increase in storage prices began to narrow after the second quarter. The company uses the moving average method for accounting, and costs rise every quarter on the cost side. The third-quarter gross margin still reached 49%."
In plain terms: in the first half the company used storage chips stocked earlier at low prices; when this batch of materials was made into products and sold, the gross margin was naturally high. In Q3 the low-priced materials were mostly used up, and the cost side switched to materials after the price increase. Because the company uses the moving average method to account for inventory, costs climb quarter by quarter, so the gross margin dropped 1.6 points in a single quarter.
At the same briefing the company also mentioned that storage price increases had already spread to product lines such as power supplies and passive components, and that large companies in the industry were generally building up inventory in stages.
So this decline is the time lag of cost pass-through, not a demand problem. Q3 revenue was +13.71% year-on-year, still a new high since the start of this round of adjustment; net profit was +36.97% year-on-year; net profit excluding non-recurring items grew +43.13%, higher than in Q2.
But the direction is indeed downward, and it must be watched. At 49.05% it is still significantly above the 42%~46% range of the past few years, and still 3.38 percentage points higher year-on-year, so the position is not bad. But if storage prices continue to rise and low-priced materials continue to be consumed, the Q4 gross margin will move toward 48%.
Next, watch two numbers: whether the Q4 single-quarter gross margin can hold 48%; and when storage spot prices peak. The former determines where full-year profit lands, and the latter determines how many more quarters this pressure will last.