Investment Rating - The report does not provide a specific investment rating for the industry as a whole, but it highlights several companies with "Recommended" ratings, including Lante Optics, Sunny Optical Technology, and Hengxuan Technology [4][35]. Core Insights - The report emphasizes the leadership of Insta360 in the global panoramic camera market, with a market share of 67.2% in the consumer-grade segment, significantly ahead of competitors like Ricoh and GoPro [2][21]. - The growth of the outdoor sports and social media sharing trends is driving the demand for action cameras, with the global action camera market experiencing a CAGR of 21.2% from 2017 to 2023 [19]. - The report identifies the rise of AR glasses and panoramic cameras as emerging markets, with key players in the supply chain expected to benefit from this growth [2][30]. Summary by Sections 1. Industry Overview - The panoramic camera market is expanding, with Insta360 leading the consumer-grade segment and a significant portion of its revenue coming from overseas sales, accounting for over 70% in the past three years [1][16]. - The report notes that the global market for panoramic cameras reached 5.03 billion yuan in 2023, with a projected growth to 7.85 billion yuan by 2027 [20]. 2. Company Performance - Insta360's revenue and net profit have shown rapid growth, with a projected revenue of 5.574 billion yuan in 2024, reflecting a year-on-year increase of 53.3% [24]. - The company has established a strong supply chain, with key suppliers like Hongjing Optoelectronics and Sunny Optical Technology benefiting from its growth [30][33]. 3. Investment Recommendations - The report suggests focusing on the AR glasses and panoramic camera supply chain, highlighting brands like Xiaomi and Insta360, as well as manufacturers like Longqi Technology and Lixun Precision [34]. - The report indicates that the integration of AI and AR technologies in smart glasses presents significant long-term growth potential [34].
影石引领全景相机，AI眼镜新品升温