Investment Rating - The report assigns a "Buy" rating for the company with a target price yet to be specified [3]. Core Viewpoints - The company is a leading player in the global panoramic imaging sector, aiming to become a world-class brand through continuous technological innovation and a strong product lineup [1][12]. - The company has achieved rapid revenue and profit growth, with a focus on maintaining a high R&D expense ratio of 12%-14% from 2022 to 2024, indicating a commitment to technological investment [2]. - The global market for smart imaging devices is experiencing significant growth, with a compound annual growth rate of 14.3% from 2017 to 2023, driven by the demand for VR/AR and sports photography [3][51]. Summary by Sections Company Overview - The company, established in 2015, specializes in the research and production of smart imaging devices, including panoramic and action cameras, and holds a 67.2% market share in the global panoramic camera market as of 2023 [1][12]. - The product categories include consumer-grade devices, professional-grade devices, and accessories, with consumer-grade devices accounting for approximately 85% of revenue over the past three years [1][26]. Financial Performance - The company has shown rapid growth in revenue and profit from 2021 to 2024, with a projected revenue of 3,636.39 million yuan in 2023, increasing to 12,193.40 million yuan by 2027 [8]. - The net profit attributable to the parent company is expected to reach 1,309.26 million yuan in 2025, reflecting a growth rate of 31.62% [8]. Industry Analysis - The smart imaging device industry is projected to grow significantly, with the global market size increasing from 164.3 billion yuan in 2017 to 364.7 billion yuan in 2023 [51]. - The company benefits from favorable industry policies that support the development of virtual reality technologies, providing long-term advantages [51][56]. Future Outlook - The company aims to enhance its global influence and brand recognition by focusing on technological innovation, product planning, and global branding strategies [50]. - Future plans include expanding production capacity and establishing R&D centers to strengthen its competitive edge in the smart imaging market [2][46].
C影石（688775）：全景影像龙头，技术卡位占据优势