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].

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 for 2025, 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]. Financial Performance - The company reported a revenue of 3,636 million CNY in 2023, with a projected revenue of 5,574 million CNY in 2024, reflecting a growth rate of 53.29%. The net profit for 2023 was 830 million CNY, with a forecasted increase to 995 million CNY in 2024, showing a growth rate of 19.91% [7][34]. - The company expects to achieve a net profit of 1.115 billion CNY in 2025, with a growth rate of 12.10% [7][34]. Market Dynamics - The outdoor sports camera market is expected to grow significantly, driven by an increase in outdoor enthusiasts and the popularity of social media videos. The market size for action cameras is projected to grow from 13.8 billion USD in 2017 to 31.44 billion USD in 2023, with a CAGR of 13.8% [2][51]. - The global market for handheld smart imaging devices is projected to grow from 164.3 billion CNY in 2017 to 364.7 billion CNY in 2023, with a CAGR of 14.3% [51]. Product Development and Innovation - The company is focused on continuous product innovation, with significant investments in R&D. The R&D expenses have increased from 149 million CNY in 2021 to 777 million CNY in 2024, indicating a commitment to enhancing its technological capabilities [39][44]. - The company has introduced differentiated features in its products, including advanced stabilization technology and AI image processing capabilities, which are expected to strengthen its competitive edge [3][17]. Sales and Distribution - The company's sales network covers over 10,000 retail stores globally, with a balanced online and offline sales strategy. In 2024, the online and offline sales ratio is expected to be 48% and 52%, respectively, with significant year-on-year growth [3][24]. - The company has established partnerships with major retailers and e-commerce platforms, enhancing its market reach and brand visibility [20][24].

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 ...

股票简称：影石创新 股票代码：688775 影石创新科技股份有限公司 Arashi Vision Inc. （住所：深圳市宝安区新安街道海旺社区兴业路 1100 号金利通金融 中心大厦 2 栋 1101，1102，1103） 首次公开发行股票科创板上市公告书 保荐人（联席主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 联席主承销商 北京英蓝国际金融中心十八层 国贸大厦 2 座 27 层及 28 层 北京市西城区金融大街 7 号 北京市朝阳区建国门外大街 1 号 二〇二五年六月十日 影石创新科技股份有限公司 上市公告书 特别提示 影石创新科技股份有限公司（以下简称"影石创新"、"本公司"、"发行 人"、"公司"）股票将于 2025 年 6 月 11 日在上海证券交易所科创板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 1 影石创新科技股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书 ...