影石创新（688775）：全球全景相机龙头，有望卷起智能影像新潮流

Investment Rating - The report initiates coverage with a recommendation to "pay attention" to the company [5]. Core Viewpoints - The company is a global leader in VR panoramic cameras, experiencing rapid growth in performance. It was established in Shenzhen in 2015 and offers a range of products including consumer-grade panoramic cameras, action cameras, and professional-grade VR panoramic cameras. According to Frost & Sullivan, the company holds a 67.2% market share in the global consumer-grade panoramic camera market [3]. - The company has a strong R&D capability, with a focus on innovation driving growth. In 2024, the R&D investment is projected to be 777 million yuan, accounting for 13.93% of revenue. The company employs 1,031 R&D personnel, representing 55.94% of its total workforce, and holds 800 patents, including 155 invention patents [4]. - The company is expected to continue its revenue growth trajectory, with projected revenues of 5.574 billion yuan in 2024, a year-on-year increase of 53.29%, and a net profit of 995 million yuan, up 19.91% year-on-year [3][5]. Financial Summary - The company forecasts revenues of 7.610 billion yuan in 2025, 9.982 billion yuan in 2026, and 14.637 billion yuan in 2027, with net profits of 1.246 billion yuan, 1.561 billion yuan, and 2.187 billion yuan respectively [5]. - The financial metrics indicate a significant growth rate, with a projected revenue growth rate of 53.3% in 2024, 36.5% in 2025, and 31.2% in 2026 [9]. - The company’s gross margin is expected to be 52.2% in 2024, declining to 47.1% by 2027, while the net profit margin is projected to decrease from 17.8% in 2024 to 14.9% in 2027 [9].