USC(SH:688403) Di Yi Cai Jing·2025-11-04 22:33Core Viewpoint - The competition between the company and DJI in the panoramic camera market has intensified, with significant changes in market share and pricing strategies impacting financial performance [1][2][3]. Market Share and Competition - Recent reports indicate a drastic decline in the company's global market share in the panoramic camera segment from 92% in Q2 to 49% in Q3, while DJI holds 43% in the same period [2] - Another report shows the company's market share at 75% and DJI at 17.1% for Q3, highlighting discrepancies in data from different consulting firms [2] - The company did not directly address the validity of the conflicting reports but emphasized the need for caution regarding data accuracy [2]. Pricing Strategies - DJI's aggressive pricing strategy, including a new panoramic camera priced from 2999 yuan, has prompted the company to offer discounts on its products, such as a 500 yuan reduction on the Insta360X5 [2][3]. - The company acknowledges that the price competition initiated by competitors has created conditions for market expansion, aiming for overall industry growth [3]. Financial Performance - Despite a 92.64% year-on-year revenue growth in Q3, the company's net profit decreased by 15.9%, attributed to increased R&D expenses [3]. - R&D investment surged by 164.81% to 524 million yuan, reflecting a strategic shift rather than a passive decline in profitability [3]. - The company views net profit as a dynamic variable influenced by various factors, including R&D and marketing strategies [3]. 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 [4]. - Investment in custom chips aims to enhance performance and address market competition, although the costs are high [4]. - The company plans to strategically enter new markets, focusing on technology accumulation and avoiding a rush for immediate market share [4].