WindSun Science & Technology(SH:688663) Di Yi Cai Jing Zi Xun·2025-11-04 11:53Core Viewpoint - The competition between the company and DJI in the panoramic camera market has intensified, with significant changes in market share and pricing strategies being key points of investor concern [1][3][4]. Market Share - Recent reports indicate a drastic decline in the company's global market share in the panoramic camera segment, dropping from 92% in Q2 to 49% in Q3, while DJI's share rose to 43% [1]. - Contrasting data from Frost & Sullivan shows the company's market share at 75% and DJI at 17.1% for the same period, highlighting discrepancies in market analysis [1]. Pricing Competition - DJI's introduction of a panoramic camera priced from 2999 yuan has prompted the company to respond with promotional pricing, including a 500 yuan discount on its Insta360X5 model [3]. - The company acknowledges that the price competition initiated by competitors has created conditions for market expansion, although it has also impacted profit margins [4]. Financial Performance - The company reported a 92.64% year-on-year increase in revenue for Q3, but net profit decreased by 15.9%, attributed to increased R&D expenses [4]. - R&D investment surged by 164.81% to 524 million yuan, reflecting a strategic shift rather than a passive decline in profitability [4]. Future Business Prospects - The company is unable to predict the revenue contribution from its drone business, which is expected to be trialed in select markets in Q4 [5]. - The company plans to launch its own drone brand and emphasizes the importance of technology accumulation before entering new market segments [5].