Xin Lang Cai Jing·2025-10-13 07:34Core Viewpoint - The report from Shanxi Securities indicates that Insta360 has strong competitiveness in the global panoramic action camera market, with expected revenue growth outpacing the industry [1] Industry Summary - The demand for panoramic action cameras is significantly driven by the increasing popularity of short video shooting and sharing [1] - The consumer-grade panoramic action camera brands in China are still in the market education phase, indicating substantial growth potential compared to the more mature markets in Europe and the United States [1] Company Summary - Insta360 is expected to maintain its market advantage due to continuous product line innovation and iteration capabilities, as well as its production and sales channel layout [1] - Over the next three years, the company will focus on the development of panoramic cameras, action cameras, and professional VR cameras, aiming for iterative upgrades across product lines and exploring new application scenarios [1] - The company has also ventured into the drone business [1] - Based on the closing price of 278.35 yuan on October 10, the projected PE ratios for 2025-2027 are 93.81X, 66.53X, and 47.06X respectively, with an initial coverage rating of "Buy-A" [1]