申万宏源证券晨会报告-20250606

Core Insights - The report highlights the growth potential of the smart imaging market, particularly in consumer and professional segments, driven by the rise of outdoor activities and the increasing demand for content creation through platforms like Vlog and live streaming [2][11] - The global handheld smart imaging device market is projected to grow from 16.43 billion yuan in 2017 to 36.47 billion yuan in 2023, with a CAGR of 14.3%, while the global drone market is expected to see a significant increase in shipments [3][11] - The report emphasizes the competitive landscape, noting that "Insta360" holds a 67.2% market share in the global panoramic camera market, ranking first, while it ranks second in the action camera segment [10][11] Market Performance - The report provides a detailed analysis of various indices, with the Shanghai Composite Index closing at 3384 points, showing a 0.23% increase over one day and a 3.2% increase over five days [1] - The report also notes the performance of different industry sectors, highlighting that the components sector saw a daily increase of 5.15% and a one-month increase of 12.29% [1] Investment Recommendations - The report suggests that investors should proactively identify products exposed to micro-cap stocks and consider balanced funds with larger market capitalizations to hedge against potential risks in the micro-cap environment [5][10] - It forecasts revenue for the company "影石创新" (Insta360) to reach 7.8 billion yuan in 2025, with net profits projected at 1.1 billion yuan, indicating strong growth potential [10][11]