东方证券研报指出，加拿大业务禁令影响有限，海康威视全球化进程势头良好。禁令主要内容为关闭加拿大公司业务，预计公司未来在加业务仍有空间。加拿大业务占公司营收不足0.3%，禁令对公司业务影响有限。根据公司2024年年报，目前公司业务已覆盖180多个国家和地区，为当地客户与用户提供本地化服务，预计广泛的业务来源能为公司海外业务增长提供持续保障。公司在海外不断推进“本土化”进程，将经营决策权下放至泛亚太、中东非洲、泛欧洲、美洲四大区，坚持“一国一策，一品一策”战略，持续推动海外业务发展。预计未来公司将继续坚定推进国际化，提升全球产品竞争力，为公司成长提供新动能。根据可比公司26年23倍PE估值水平，对应目标价为42.09元，维持“买入”评级。
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