中金研究 得益于GoPro、影石、大疆等厂商的差异化创新，以及破圈效应下人们"记录生活"需求的激发，手持智能影像设备市场快速发展，我们认为具备多元产 品线、持续迭代能力和独特创意的品牌以及相关供应链有望受益。 风险 渗透率及市场规模不及预期，新品发布不及预期，行业竞争加剧。 T正文ext 手持智能影像设备行业：全球市场规模向600亿元迈进，GoPro/影石/大疆三足鼎立 终端形态持续创新，智能影像设备行业快速发展 智能影像设备指具备计算处理能力的影像设备。 相较于传统影像设备，智能影像设备具有便于携带、拍摄方式多样、使用门槛低的特征，通常以航拍无 人机、全景相机、运动相机、可穿戴摄影设备等非传统形态呈现。可以手持的智能影像设备的主要包括运动相机和全景相机：1）运动相机具备较强的抗 震、防水、防尘、耐热、耐摔等性能，使用时可以固定在自拍杆、身体部位或运动器械上，适用于高强度运动状态下的第一人称视角拍摄，应用场景以户 外运动、电视节目户外拍摄、日常旅游等场景居多；2）全景相机利用两个鱼眼镜头同时交互拍摄和图像拼接算法实现360°全景拍摄，可以完成第三人称 视角/跟拍视角拍摄，开创了全新的用户体验，应用场景包括日常 ...

Core Viewpoint - The company is currently involved in a Section 337 investigation initiated by GoPro, Inc. regarding alleged patent infringements related to its products and accessories in the U.S. market [1][2]. Group 1: Investigation Details - GoPro filed the investigation on March 29, 2024, claiming that the company's products infringe on six U.S. intellectual property rights, including stabilization algorithms and design patents [1][2]. - The ITC's preliminary ruling indicated that only a portion of the company's exported products fell under one of GoPro's design patents, and the new design proposed by the company was confirmed not to infringe on that patent [2]. Group 2: Company's Response - The company has established a special task force and engaged a legal team specializing in Section 337 investigations to actively respond to the claims [2]. - The company has prepared new design solutions and has applied to the USPTO for an IPR procedure to invalidate GoPro's asserted patents, with some patents currently under review [2]. Group 3: Impact on the Company - The ongoing Section 337 investigation is an administrative review process and does not involve patent damage compensation, meaning it will not have a substantial impact on the company's current production and operations [3]. - A parallel lawsuit related to the same intellectual property claims was filed in the U.S. District Court for the Central District of California, which has been suspended pending the outcome of the ITC investigation [3].

Core Viewpoint - GoPro, Inc. announced that an Administrative Law Judge (ALJ) of the International Trade Commission (ITC) found that Insta360 violated federal law by importing and selling products that infringe on GoPro's intellectual property related to its HERO camera design [1]. Group 1: Legal Findings - The ALJ's findings confirm that Insta360 infringed on GoPro's patent covering the HERO camera design (US Patent D789,435) and validated multiple patent claims related to GoPro's HyperSmooth video stabilization technology (US Patents 10,574,894 and 10,958,840) [2]. - GoPro plans to address other outstanding issues in its infringement case against Insta360 with the full ITC, which is expected to issue a Final Determination on all claims by November 10, 2025 [3]. Group 2: Intellectual Property and Innovation - The litigation process has enhanced GoPro's intellectual property portfolio, highlighting the company's history of innovation, which has resulted in over 1,500 US patents [3]. - GoPro's CEO, Nicholas Woodman, emphasized the company's commitment to protecting its intellectual property while welcoming fair competition that drives innovation [4].

Industry Overview - The Zacks Audio Video Production industry includes manufacturers of televisions, speakers, video players, camcorders, gaming consoles, drones, and high-end cameras, providing advanced audio, imaging, and voice technologies for entertainment and communication [3] - The industry is currently facing macroeconomic headwinds, including trade tensions, tariffs, and inflationary pressures, which are likely to suppress consumer spending [4][8] Market Trends - Macroeconomic uncertainty is expected to negatively impact consumer demand, particularly for discretionary purchases, while supply chain disruptions and commodity price fluctuations pose additional challenges [4][5] - Intense competition from low-priced imports, especially from China, Vietnam, and Mexico, is leading to price wars and margin contraction for U.S.-based manufacturers [5] - Technological advancements, such as the shift to digital technology and wireless transmission, are enhancing productivity and catering to the demand for high-resolution video [6] - The demand for premium entertainment is increasing, driven by record labels, TV producers, and advertisers, which is likely to support profitable growth in the industry [7] Industry Performance - The Zacks Audio Video Production industry has outperformed the broader Zacks Consumer Discretionary sector and the S&P 500 over the past year, with a growth of 37.2% compared to the S&P 500's 12.3% [12] - The industry's current Zacks Industry Rank is 201, placing it in the bottom 18% of over 246 Zacks industries, indicating bleak near-term prospects [8][9] Company Highlights - **Sonos, Inc. (SONO)**: The company is experiencing growth from robust home theater sales and has proactively reduced its exposure to China by moving production to Malaysia and Vietnam. Sonos expects revenues of $310-$340 million for the fiscal third quarter, reflecting a sequential increase but a year-over-year decline [19][20][21] - **GoPro, Inc. (GPRO)**: GoPro is focusing on expanding subscription revenues and product innovation, including the launch of new camera models. However, it anticipates lower unit sales and revenue growth in 2025 due to macroeconomic challenges [23][25][27] - **LiveOne, Inc. (LVO)**: LiveOne is expanding its B2B partnerships and has secured significant agreements, including a partnership with Amazon valued at over $16.5 million. The company is preparing for a major collaboration expected to significantly increase its subscriber base [30][31]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher" rather than the traditional "buying low and selling high" approach, aiming for quicker profits [1] Group 1: Momentum Investing Characteristics - Momentum investing can be risky as stocks may lose momentum if their valuations exceed future growth potential, leading to potential losses for investors [2] - A safer strategy involves investing in bargain stocks that exhibit recent price momentum, utilizing tools like the Zacks Momentum Style Score to identify such opportunities [3] Group 2: GoPro (GPRO) Analysis - GoPro (GPRO) has shown a price increase of 7.9% over the past four weeks, indicating growing investor interest [4] - Over the past 12 weeks, GPRO's stock has gained 51.1%, demonstrating its ability to deliver positive returns over a longer timeframe [5] - GPRO has a beta of 1.38, suggesting it moves 38% more than the market, indicating fast-paced momentum [5] - GPRO holds a Momentum Score of A, suggesting it is an opportune time to invest in the stock [6] - The stock has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which typically attract more investors [7] - GPRO is trading at a Price-to-Sales ratio of 0.15, indicating it is undervalued at 15 cents for each dollar of sales, providing room for growth [7] Group 3: Additional Investment Opportunities - Besides GPRO, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [8] - Investors can explore over 45 Zacks Premium Screens tailored to different investing styles to identify potential winning stocks [9]

Core Insights - GoPro, Inc. has launched two new tools, MotionFrame and POV, to enhance the 360-editing capabilities in its Quik mobile app, allowing users to create dynamic edits and immersive videos easily [1][11] - The company is focusing on product innovation and diversification, with plans for new camera releases and entry into the smart helmet market [5][6] Product Innovations - MotionFrame enables users to create dynamic edits by moving their phone during 360 video playback, while the POV tool aligns edits with the direction of travel using GPS data [1][11] - The Quik app includes AI-powered object tracking, keyframing, and CameraFx for enhanced editing capabilities [3] - GoPro has introduced a refreshed MAX 360 camera and plans to launch the MAX2 in 2025, along with an Anamorphic Lens Mod for the HERO13 Black [5] Market Expansion - GoPro's acquisition of Forcite Helmet Systems and collaboration with AGV marks its entry into the $3 billion tech-enabled motorcycle helmet market, potentially unlocking new revenue streams [6] - The company is diversifying its supply chain to adapt to changing market conditions, which is reflected in its operational efficiency and long-term growth strategy [8] Financial Performance - For Q2 2025, GoPro estimates revenues of $145 million (+/- $10 million) with a forecasted non-GAAP adjusted loss of 7 cents per share (+/- 4 cents) [9] - The company's first-quarter results show a decrease in operating expenses year over year and an increase in subscription ARPU, indicating improved revenue quality [8]

Core Insights - GoPro has introduced two new tools, MotionFrame and POV, to enhance its 360 editing capabilities in the Quik mobile app, making it easier to create and share engaging videos [1][2][3] Group 1: New Tools Overview - MotionFrame allows users to create standard videos from 360 footage by utilizing the phone's gyroscope and touch gestures during playback, offering options to smooth out manual pans or keep them original [2] - The POV tool enables users to create immersive "see what I saw" videos by mapping edits to the direction of travel during the original recording, leveraging GPS data from the GoPro MAX [3] Group 2: Additional Features - The Quik app's 360 editing suite also includes desktop editing capabilities through the GoPro Reframe plugin for Adobe Premier Pro and After Effects, allowing for adjustments in angle, position, lens distortion, and more [4] - GoPro's suite of editing tools aims to maximize the utility of the GoPro MAX 360 camera, which is priced at $369.99 and includes a free one-year GoPro Premium Subscription with purchase [5] Group 3: AI and Editing Enhancements - The Quik app features AI-powered object tracking to keep selected subjects in focus throughout clips, along with keyframing options for smooth transitions [9] - Additional functionalities include dynamic camera movements, single clip edits, frame grab tools for high-quality stills, and cloud editing capabilities for 360 footage [9]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher" rather than traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Strategy - Momentum investors often face challenges in determining the right entry point for fast-moving stocks, which can lead to investments with limited upside or potential downside [2] - A safer approach may involve investing in bargain stocks that have recently shown price momentum, utilizing tools like the Zacks Momentum Style Score to identify promising candidates [3] Group 2: GoPro (GPRO) Analysis - GoPro (GPRO) has demonstrated significant price momentum with a four-week price change of 44.8%, indicating strong investor interest [4] - The stock has gained 4.7% over the past 12 weeks and has a beta of 1.35, suggesting it moves 35% more than the market in either direction [5] - GPRO holds a Momentum Score of A, indicating a favorable time to invest based on momentum [6] Group 3: Earnings Estimates and Valuation - GPRO has seen upward revisions in earnings estimates, earning a Zacks Rank 2 (Buy), which is associated with strong momentum effects [7] - The stock is currently trading at a Price-to-Sales ratio of 0.18, suggesting it is undervalued as investors pay only 18 cents for each dollar of sales [7] Group 4: Additional Investment Opportunities - Besides GPRO, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting additional investment opportunities [8] - Investors can explore over 45 Zacks Premium Screens tailored to different investing styles to identify potential winning stocks [9]

Core Viewpoint - GoPro's shares have increased by approximately 41.8% since the last earnings report, outperforming the S&P 500, raising questions about the sustainability of this positive trend leading up to the next earnings release [1] Group 1: Earnings Report and Market Reaction - The most recent earnings report is crucial for understanding the catalysts affecting GoPro's stock performance [1] - Following the last earnings report, consensus estimates for GoPro have decreased by 27.27%, indicating a downward trend in expectations [2] Group 2: VGM Scores and Investment Strategy - GoPro currently holds a subpar Growth Score of D and a Momentum Score of C, while its Value Score is also rated D, placing it in the bottom 40% for this investment strategy [3] - The overall aggregate VGM Score for GoPro is F, suggesting that the stock may not be appealing across multiple investment strategies [3] Group 3: Future Outlook - The downward trend in estimates for GoPro indicates a significant shift in market sentiment, although it maintains a Zacks Rank of 2 (Buy), suggesting potential for above-average returns in the coming months [4]

华泰证券团队表示，运动相机与全景相机技术融合趋势明显，两者功能边界逐渐模糊，"全能型"个人影像设备或成发展方向。过去，行业竞争以硬件迭代 为主，但参考手机影像发展历程，未来竞争核心将转向AI智能化体验、软件生态完善度及差异化创新能力。例如，AI赋能的智能剪辑、场景识别等功能， 或成为产品差异化突破点。 针对市场"行业小众、成长有限"的观点，华泰证券认为，运动相机与全景相机"新消费"属性显著，受益于户外运动与短视频内容需求爆发，正处于"破圈"关 键期，未来成长空间广阔。针对"硬件壁垒低"的质疑，研究指出，尽管硬件供应链能力是当前竞争要素之一，但未来竞争将向AI、软件生态及差异化创新 等多维度延伸，行业壁垒将进一步重构。 【环球网财经综合报道】随着户外运动热潮持续升温、短视频内容爆发式增长及VR/AR技术成熟，运动相机与全景相机正从极限运动玩家的"小众装备"加 速迈向大众"创意生产力工具"，行业迎来高速增长期。华泰证券最新研究指出，影石创新、GoPro、大疆三大厂商主导市场格局，AI赋能与软件生态创新或 成未来竞争核心。 运动相机与全景相机凭借沉浸式拍摄体验与个性化表达功能，逐步突破极限运动场景限制，成为户外运动 ...