Core Viewpoint - Insta360, a Shenzhen-based smart imaging equipment company, successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a significant first-day stock price increase of 285% [1][2]. Company Overview - Insta360 was founded in July 2015 by Liu Jingkang, who is also the legal representative, actual controller, chairman, and core technical personnel of the company [3]. - The company has a registered capital of 360 million yuan and is controlled by Beijing Lanfeng Chuangshi Network Technology Co., Ltd. [3]. - Insta360 holds a leading position in the panoramic camera market, with a global market share of 67.2% as of 2023 [3][8]. Financial Performance - The company reported revenues of 2.041 billion yuan, 3.636 billion yuan, and 5.574 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 407 million yuan, 830 million yuan, and 995 million yuan [10][12]. - The total assets of Insta360 were 1.980 billion yuan, 3.047 billion yuan, and 5.021 billion yuan for the years 2022, 2023, and 2024 [20]. Product and Technology - Insta360's core technologies include AI panoramic stitching, AI editing, AI color grading, AI tracking, and AI low-light video quality enhancement [8]. - The company plans to expand its product range to include new types of smart imaging robots that integrate professional panoramic technology, AI technology, mechanical control technology, and visual perception technology [8]. Market Position - Insta360's consumer-grade devices contributed over 86% of its revenue last year [14]. - The company has a strong brand effect, with its flagship 8K panoramic camera achieving the highest single product sales across multiple global platforms on its launch day [3]. Sales Channels - Insta360 employs a combination of online and offline sales channels, with a retail network covering over 10,000 stores in more than 60 countries and regions [23]. - Online sales accounted for nearly 50% of total revenue, with higher gross margins compared to offline sales [24]. Competitive Landscape - Major competitors in the global smart imaging equipment market include GoPro, Ricoh, and DJI [3][20]. - Insta360's gross margin is slightly higher than the average of comparable companies in the industry [26]. Future Outlook - The company expects to achieve revenue of 3.214 billion yuan to 3.815 billion yuan in the first half of 2025, representing a year-on-year growth of 32.38% to 57.10% [21].

Group 1: New Stock Subscription - XinHengHui (新恒汇) - XinHengHui is an integrated circuit company specializing in chip packaging materials, with main businesses including smart card, etching lead frame, and IoT eSIM chip testing services [1][4] - The IPO price is set at 12.80 CNY per share, with an institutional offering price of 19.98 CNY per share, resulting in a market capitalization of 2.3 billion CNY [2] - The company has a P/E ratio of 17.76, significantly lower than the industry average of 37.99, indicating potential undervaluation [2] - The funds raised will be allocated to high-density QFN/DFN packaging material industrialization (4.56 billion CNY, 87.92%) and R&D center expansion (0.63 billion CNY, 12.08%) [4] - XinHengHui has established long-term partnerships with major security chip design firms and smart card manufacturers, with applications in communications, finance, transportation, and identity verification [4] Group 2: Market Position and Control - XinHengHui holds a market share of 31.63% and 32.32% in flexible lead frame products for 2022 and 2023, ranking second globally [5] - The company has an annual production capacity of approximately 2.342 billion smart card modules, with market shares of 20.71% and 17.87% for 2022 and 2023, respectively [5] - The actual controllers of XinHengHui, Yu Renrong and Ren Zhijun, hold a combined 51.25% of the shares, with Yu being the largest shareholder at 31.94% [5][6] Group 3: New Stock Listing - YingShi ChuangXin (影石创新) - YingShi ChuangXin focuses on the R&D, production, and sales of smart imaging devices, including panoramic and action cameras [7] - The IPO price is set at 47.27 CNY per share, with an institutional offering price of 47.63 CNY per share, resulting in a market capitalization of 18.96 billion CNY [8] - The company has a P/E ratio of 20.04, lower than the industry average of 38.21, suggesting potential investment appeal [8] - The funds raised will be used for the construction of a smart imaging device production base (1.95 billion CNY, 42.14%) and a Shenzhen R&D center (2.68 billion CNY, 57.86%) [10] - YingShi ChuangXin's brand "Insta360" holds a global market share of 67.2% in panoramic cameras, ranking first, and is second in the global action camera market [10] Group 4: Product and Revenue Insights - Consumer-grade smart imaging devices have consistently been the core product for YingShi ChuangXin, contributing over 80% to revenue from 2022 to 2024 [11] - The company has received accolades such as "National Specialized and Innovative 'Little Giant' Enterprise" and "National Manufacturing Single Champion" from the Ministry of Industry and Information Technology [11]

Summary of the Conference Call for YingShi Innovation Company Overview - **Company**: YingShi Innovation - **Industry**: Smart Imaging Devices - **Key Products**: Insta360 ONE X series, Go series, S Pro series, modular cameras, and professional VR cameras [2][5][18] Financial Performance - **2024 Revenue**: 5.57 billion RMB, a 60% increase year-over-year - **2024 Profit**: 990 million RMB, a 106.6% increase year-over-year - **Revenue Forecast**: - 2025: 8 billion RMB - 2026: 10.8 billion RMB - 2027: 14 billion RMB - **Profit Forecast**: - 2025: 1.2 billion RMB - 2026: 1.7-1.8 billion RMB - 2027: 2.5 billion RMB [2][15] Market Position and Trends - **Market Share**: Over 60% in the global panoramic camera market - **Global Market Size**: - Panoramic camera market: 5 billion USD in 2023, expected to reach 7.9 billion USD by 2027 - Action camera market: Over 30 billion RMB in 2023, expected to maintain double-digit growth - Drone market: 50 billion RMB in 2023, projected to grow to over 100 billion RMB [2][8][30][32] Product and Technology Insights - **Core Product Contribution**: 86% of revenue from consumer-grade smart imaging products, with Insta360 ONE X series contributing over 50% [2][4] - **Software Capabilities**: Insta360 APP offers cloud storage, cloud services, and AI editing, addressing post-processing pain points [11][12] - **R&D Focus**: Increasing R&D expenditure and personnel ratio, with a strong emphasis on innovation [26][27] Sales and Distribution - **Sales Model**: Combination of online and offline sales, with online sales approaching 50% in 2024 - **Global Reach**: Revenue from overseas markets exceeds 75%, with distribution in over 50 countries [3][22] Competitive Landscape - **Key Competitors**: DJI (drones), GoPro (action cameras), and other emerging brands - **Market Dynamics**: Despite DJI's larger scale, YingShi Innovation is positioned to compete effectively through product expansion and innovation [16][33] Strategic Partnerships and Supply Chain - **Supply Chain Stability**: Collaborations with key suppliers like Luxshare Precision to address capacity bottlenecks and tariff issues [14][43] - **Strategic Allocations**: Attracting core employees and supply chain partners for future expansion [14][45] Future Growth Potential - **Growth Drivers**: Continuous product innovation, market expansion, and strong brand recognition in overseas markets [34][41] - **Profitability Outlook**: Expected to maintain high growth rates in both revenue and profit, particularly in professional-grade products [44] Conclusion YingShi Innovation is positioned as a leader in the smart imaging device market, with strong financial performance, a robust product lineup, and significant growth potential driven by innovation and market expansion strategies. The company is well-equipped to navigate competitive pressures and capitalize on emerging market opportunities.

而明日又将迎来一只相对稀缺的新股，那就是将在科创板上市的影石创新，其被业界称为"全球智能影 像第一股"，公司专业级产品更是参与好莱坞、央视直播等影视内容制作。那么影石创新明日上市会带 给投资者怎样的体验呢？ 全景相机、运动相机全球龙头，业绩持续高增 公开资料显示，影石创新主营业务为自有品牌的消费级智能影像设备、专业级智能影像设备、配件及其 他产品等。公司消费级产品从极限运动出圈，渗透进Vlog、直播、日常影像创作。 公司长期深耕全景技术领域，逐步形成了全景图像采集和拼接技术、全景防抖技术、全景数据处理技术 等核心技术，并持续强化核心技术在公司产品的应用及迭代；发展期间陆续推出了Nano系列、ONE系 列、ONEX系列、ONER系列、GO系列和Ace系列等消费级智能影像设备产品，以及Pro系列、TITAN系 列、Connect系列等专业级智能影像设备产品。 据Frost&Sullivan数据，公司品牌"Insta360影石"全景相机全球市占率连续6年第一、2023年高达67.2%； 而运动相机领域，公司在2023年Frost&Sullivan全球排行榜中位列第二。 行业方面，公司属于智能影像设备行业，根据Fro ...

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company, Yingshi Innovation, is a leader in the smart imaging device industry, focusing on panoramic cameras and action cameras, with a strong emphasis on technological innovation and global brand development [1][9] - The company's revenue is projected to grow from 1.328 billion yuan in 2021 to 5.574 billion yuan in 2024, with a CAGR of 61.31%, while the net profit attributable to the parent company is expected to increase from 252 million yuan to 946 million yuan during the same period, with a CAGR of 55.42% [1][19] - The global market for handheld smart imaging devices is expected to grow significantly, with a projected market size of 59.2 billion yuan by 2027, driven by increasing consumer demand and technological advancements [2][39] Summary by Sections Section 1: Company Overview - Yingshi Innovation was established in 2015 and has developed a comprehensive technology system centered on panoramic technology, anti-shake technology, AI image processing, and computational photography [1][9] - The company has achieved a global market share of 67.2% in the panoramic camera segment, ranking first, and is positioned second in the action camera market according to Frost & Sullivan [2][9] Section 2: Industry Development - The smart imaging device industry is experiencing rapid growth, with the global market size for handheld smart imaging devices increasing from 16.43 billion yuan in 2017 to 36.47 billion yuan in 2023, and expected to reach 59.2 billion yuan by 2027 [2][39] - The demand for action cameras is particularly strong in outdoor scenarios, with the North American market leading global trends [2][39] Section 3: Product Innovation - The company emphasizes product innovation, with a focus on advanced technology applications and a robust product definition capability [3][12] - Yingshi Innovation has established a global sales network covering over 10,000 retail stores and has formed long-term partnerships with major retailers like Apple Store and Best Buy [3][12] - R&D investment has increased significantly, from 150 million yuan in 2021 to 780 million yuan in 2024, reflecting the company's commitment to innovation and technology development [3][29] Section 4: Financial Performance - The company's revenue and net profit have shown consistent growth, with a revenue increase of 53.3% year-on-year in 2024 [19][21] - The gross margin has remained around 50%, with fluctuations due to the varying margins of different product lines [21][19] - The company has maintained a strong focus on R&D, with over half of its employees dedicated to research and development as of 2024 [29][12]

Investment Rating - The report suggests a focus on the company post-listing due to its leading position in the smart imaging device sector and potential for growth [10]. Core Viewpoints - The company, Yingshi Innovation (688775.SH), is a global leader in panoramic cameras, expanding its product line into action cameras, gimbals, and wearable cameras, with a strong technological foundation in flight control and software services [2][7]. - The company has shown significant revenue growth, with a projected revenue of 55.74 billion in 2024, reflecting a CAGR of 66.2% from 2017 to 2024 [24]. - The smart imaging device market is rapidly expanding, with the global panoramic camera market expected to grow from 5 billion in 2023 to 7.9 billion by 2027, at a CAGR of 11.8% [8]. Company Analysis - Yingshi Innovation has a diverse product portfolio, with 85.9% of its 2024 revenue coming from consumer-grade smart imaging devices, including panoramic and action cameras [17]. - The company maintains a strong R&D focus, with over 10% of its revenue allocated to R&D, leading to the development of innovative products and technologies [8][39]. - The company has established a robust sales channel, combining online and offline strategies, with significant revenue contributions from international markets, particularly the US, Europe, and Japan [19][24]. Industry Analysis - The smart imaging device industry benefits from advancements in digital technology, panoramic technology, and AI, leading to increased market demand [8]. - The global market for action cameras is projected to grow from 31.4 billion in 2023 to 51.4 billion by 2027, at a CAGR of 13.1% [8]. - Major competitors in the smart imaging device market include Yingshi, DJI, and GoPro, with Yingshi holding over 60% market share in the panoramic camera segment [8].

Investment Rating - The report gives a "Buy" rating for the company with a target price of 111 CNY per share based on a 40x PE ratio, leading to a target market value of 446 billion CNY [4]. Core Insights - The company is a leading player in the panoramic and action camera industry, with a revenue CAGR of 60% from 2017 to 2024 and a net profit CAGR of 70% during the same period. The company is expected to continue its growth trajectory, with projected revenues for the first half of 2025 ranging from 32.14 to 38.15 billion CNY, representing a year-on-year increase of 32.38% to 57.10% [2][3][4]. Company Overview - The company specializes in smart imaging devices, particularly panoramic and action cameras, and has a market share of 67.2% in the consumer panoramic camera segment, ranking first globally. The action camera segment is rapidly replacing foreign brands, with GoPro facing challenges due to slow product iteration and weaker profitability [3][14]. - The company has a strong product insight and definition capability, allowing it to deeply explore customer needs and provide leading complete solutions through hardware and software integration [3][14]. Market Dynamics - The outdoor sports market is expanding, leading to increased demand for action cameras. The global action camera market is projected to grow from 1.41 million units in 2017 to 4.46 million units in 2023, with a CAGR of 21.2% [54]. - The panoramic camera market is also growing, with a shipment of 196,000 units in 2023, reflecting a year-on-year increase of 30.1%. The market size is expected to expand further as the technology penetrates various professional fields [62][63]. Financial Projections - The company is projected to achieve net profits of 11.15 billion CNY, 14.64 billion CNY, and 17.75 billion CNY for the years 2025, 2026, and 2027, respectively, with growth rates of 12.10%, 31.28%, and 21.25% [4][7]. - The revenue for 2024 is expected to reach 55.74 billion CNY, with a CAGR of 60% from 2017 to 2024 [33]. Investment and Development Plans - The company plans to issue up to 41 million shares to raise approximately 460 million CNY for the construction of a smart imaging device production base and a research and development center in Shenzhen [4][44]. - The production base aims to ensure stable production and supply, while the R&D center will enhance the company's innovation capabilities [44].

公司简介 公司为全景/运动相机行业龙头企业,17-24 年营收 CAGR 达 60%， 归母净利润 CAGR 达 70%。25Q1 营收同增 40.70%，归母净利润同降 2.50%，主要系公司推进全新产品线开发、技术升级及拓展，同时 加大线上营销、线下展会活动及直营店等方面的市场推广投入，研 发销售费用率增长。预计 25H1 营收 32.14-38.15 亿元，同增 32.38%-57.10%；净利润4.94-5.83亿元，同比变动-4.65%-12.49%。 投资逻辑： 受益户外运动者数量增多、社交网络视频普及，根据招股说明书及 Frost&Sullivan，运动相机市场规模逐步增长，从 2017 年 139.3 亿美元增长至 2023 年 314.4 亿美元，CAGR 达 13.8%；全景相机凭 借捕捉视角全面、创意多变且内容适配于各类终端设备等优势，23 年出货量为 196.0 万台，同比+30.1%，随着在户外运动、远程医 疗、智慧城市等专业领域不断渗透，市场规模将进一步扩大。 公司为全景相机全球龙头，运动相机品类加速替代海外品牌。根据 招股说明书及 Frost&Sullivan，2023 年公司在 ...

Company Overview - YingShi Innovation (688775.SH) is a global leader in panoramic cameras, expanding its product line to include action cameras, gimbals, and wearable cameras, while also possessing flight control technology reserves and recently launching software services [2][9] - The company aims to become a world-class smart imaging brand, focusing on helping people better record and share their lives [9][10] - In 2024, the company's revenue reached 5.57 billion, with a CAGR of 66.2% from 2017 to 2024, and a net profit of 990 million, with a CAGR of 106.6% during the same period [2][14] Industry Analysis - The smart imaging device market is rapidly expanding, driven by advancements in digital technology, panoramic technology, and AI, with the global panoramic camera market expected to grow from 5 billion in 2023 to 7.9 billion by 2027, at a CAGR of 11.8% [3][8] - The action camera market is projected to grow from 31.4 billion in 2023 to 51.4 billion by 2027, at a CAGR of 13.1% [3][8] - Major players in the smart imaging device market include YingShi, DJI, and GoPro, with YingShi holding over 60% market share in the panoramic camera segment in 2023 [3][8] Product and Technology Innovation - The company emphasizes product and technology innovation as core development goals, continuously launching innovative products such as the "invisible selfie stick" [4][10] - The product line includes consumer-grade smart imaging devices, professional-grade VR panoramic cameras, and various accessories, with consumer-grade devices accounting for 85.9% of revenue in 2024 [10][11] - The company maintains a research and development investment ratio of over 10%, led by a team with strong technical backgrounds, resulting in numerous patents and industry-leading technologies [4][28] Sales and Market Expansion - YingShi employs a hybrid sales model combining online and offline channels, with 52% of revenue coming from offline sales in 2024, primarily from markets in mainland China, the US, Europe, and Japan [11][12] - The company has established a global sales network covering over 9,000 retail stores and 90 airports worldwide, with more than 75% of revenue generated from overseas sales [11][12] Fundraising Projects - The company initially aimed to raise 463 million but ultimately raised 1.938 billion, with plans to invest in the construction of a smart imaging device production base and a research and development center in Shenzhen [5][9] Investment Outlook - YingShi is positioned as a leader in the panoramic camera market, with a promising future as it expands its product lines and enhances its software services, making it a company to watch post-IPO [5][9]

保荐人（联席主承销商）：中信证券股份有限公司 联席主承销商：高盛（中国）证券有限责任公司 联席主承销商：中国国际金融股份有限公司 扫描二维码查阅公告全文 本公司及全体董事、监事、高级管理人员保证信息披露的内容真实、准确、 完整、及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，影石创新科技股份有限公司（以下简称"影石 创新"、"公司"、"本公司"或"发行人"）发行的人民币普通股股票将于 2025 年 6 月 11 日在上海证券交易所科创板上市，上市公告书全文和首次公开发行股 票的招股说明书在上海证券交易所网站（http://www.sse.com.cn/）和符合中国证 监会规定条件网站（上海证券报：https://www.cnstock.com；中国证券报： https://www.cs.com.cn/ ；证券日报： http://www.zqrb.cn ；证券时报： https://www.stcn.com ； 经 济 参 考 报 ： http://www.jjckb.cn ； 中 国 日 报 ： https://cn.chinadaily.com.cn；金融时报：https://www ...