FREEWON(SH:688678) Huafu Securities·2025-06-27 08:21Investment Rating - The report maintains an "Outperform" rating for the industry [6]. Core Insights - The panoramic camera and action camera segments are still in the early stages of category cultivation, with panoramic cameras offering unique advantages such as capturing 360° panoramic images and enabling "shoot first, compose later" functionality. The rise of short videos globally is expected to drive the growth of the VLOG camera category, which has significant development potential [4]. Summary by Sections 1. Pain Points Addressed by Panoramic Cameras - Panoramic cameras provide a distinct advantage over traditional cameras by capturing three-dimensional space, allowing users to retain more exciting moments without the limitations of traditional camera angles [3][14]. - The current demand for panoramic cameras primarily includes three scenarios: extreme sports like skydiving and skiing, travel situations requiring quick captures, and creative perspective pursuits during filming [27][28]. 2. Market Potential Assessment - The global action camera market is projected to grow from $2.7 billion in 2020 to $6.6 billion by 2027, with a compound annual growth rate (CAGR) of 13.5%. The volume of action cameras is expected to increase from 13.4 million units to 29.9 million units during the same period, indicating a strong market expansion [43][46]. - The potential annual sales volume for VLOG cameras is estimated at 40 million units for the sports user segment and 16 million units for content creators, suggesting a robust demand driven by outdoor activities and content creation [54][60]. 3. Channel and Marketing Analysis - The company employs a balanced online and offline sales strategy, with significant contributions from major markets such as China, Europe, and the United States. In 2024, the revenue distribution is expected to be 24% from China, 23% from Europe, and 23% from the U.S. [70][79]. - Marketing efforts include collaborations with professional athletes and international celebrities to enhance brand visibility, alongside engaging users through content challenges that leverage the social media landscape [69][113].