张维期待影石创新成为一家世界级的伟大企业。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 影石创新科技股份有限公司（以下简称 "影石创新"）于2025年6月11日正式 以"688775"为股票代码在科创板挂牌上市 ，成为 A股 "智能影像第一股" 。 " 我常说， 深圳的成功之处在于形成了资金资本密集、人才技术密集、大型科技企业生态密集的 ' 铁三角 ' ，并在这三个方面实现了互相涵养、自我循环、自我推动的状态：大型科技企业形成产业 链聚集与协同，以及技术与人才外溢，人才在资金和风险投资的支持下创业，产业链配套协作的成熟 又辅助了创业成功。 创业仅 10年时间，就成长为50多亿营收、10亿利润的细分行业领导者，影石 创新在创业上也跑出了 ' 深圳速度 ' 。 "张维表示。 其次， 新时代的企业家，表现出了新时代的企业家精神。 张维强调， 新时代的企业家成长在一个经济起飞、拥抱世界的年代，更有自信，更有全球观，更有 创造力、叛逆精神和挑战精神。 " 他们雄心勃勃，想要改变世界，怀抱宏大的梦想，要做出伟大的产品。这些新兴产业的年轻人，正 在引领中 ...

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.

Core Viewpoint - The newly listed company, YingShi Innovation, is expected to perform well on its debut, with a significant focus on the smart imaging equipment industry, particularly in panoramic and action cameras, which have shown strong growth potential [1][4]. Company Overview - YingShi Innovation specializes in consumer-grade and professional-grade smart imaging devices, including a range of products such as the Nano series, ONE series, and Pro series [1]. - The company has established itself as a leader in panoramic camera technology, with a global market share of 67.2% in 2023, and ranks second in the action camera segment [2]. Industry Insights - The global handheld smart imaging device market has grown from 16.43 billion yuan in 2017 to 36.47 billion yuan in 2023, with a compound annual growth rate (CAGR) of 14.3% [2]. - The panoramic camera market reached 5.03 billion yuan in 2023, with a year-on-year growth of 21.79%, and is projected to grow to 7.85 billion yuan by 2027, with a CAGR of 11.8% [2]. - The action camera market was valued at 31.44 billion yuan in 2023, expected to increase to 51.35 billion yuan by 2027, with a CAGR of 13.0% [2]. Financial Performance - YingShi Innovation's projected revenues for 2022, 2023, and 2024 are 2.041 billion yuan, 3.636 billion yuan, and 5.574 billion yuan, respectively, with year-on-year growth rates of 53.66%, 78.16%, and 53.29% [3]. - The net profit for the same years is projected to be 407 million yuan, 830 million yuan, and 995 million yuan, with growth rates of 53.30%, 103.66%, and 19.91% [3]. - The company raised 1.938 billion yuan through its IPO, with funds allocated for the construction of a smart imaging equipment production base and a research and development center in Shenzhen [3]. Market Sentiment and Valuation - The recent sentiment for new listings in the A-share market is high, with an average first-day gain of 155% for new stocks in the past month [4]. - YingShi Innovation's issuance price is set at 47.27 yuan, which is relatively high for the Sci-Tech Innovation Board, and comparable companies suggest a potential first-day increase of 34% if it reaches similar valuation levels [5]. - The company is noted for its significant fundraising amount, which is the largest for a new stock on the Sci-Tech Innovation Board in the past year, potentially influencing its debut performance [5].

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]

订阅A股市场资讯 +订阅 上交所：影石创新科技股份有限公司A股股票将于2025年6月11日在上海证券交易所科创板上市交易。 ...

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].

Group 1 - The core point of the news is the issuance of new stocks in the market, with a total of 44 companies having raised a cumulative amount of 33.807 billion yuan this year, averaging 7.68 million yuan per company [1][2] - Huazhi Jie issued 25 million shares at a price of 19.88 yuan, raising 497 million yuan [1] - The distribution of new stock issuances shows that the Shanghai main board had 11 new stocks issued, raising 13.761 billion yuan, while the Shenzhen main board had 6 new stocks raising 3.12 billion yuan [1] Group 2 - C Zhongce is the company with the highest fundraising amount this year, raising 4.066 billion yuan primarily for working capital and projects related to tire production [2] - Tian You Wei follows with a fundraising amount of 3.740 billion yuan, mainly for cash management and construction of automotive electronics projects [2] - The average initial public offering (IPO) price for new stocks this year is 23.90 yuan, with three companies having an IPO price above 50 yuan [2] Group 3 - The geographical distribution of new stock issuances indicates that Jiangsu, Zhejiang, and Guangdong are the leading regions, with fundraising amounts of 9.693 billion yuan, 6.459 billion yuan, and 4.908 billion yuan respectively [2] - The highest IPO price recorded this year is 93.50 yuan for Tian You Wei, while the lowest is 3.94 yuan for Tian Gong Co., Ltd [2][3] - A detailed table lists various companies, their issuance dates, total shares issued, issuance prices, and the amount of funds raised [3]

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].