Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3]. Core Insights - The company is a global leader in smart imaging devices, established in 2015, focusing on panoramic and action cameras. It has achieved a revenue CAGR of approximately 66.9% and a net profit CAGR of about 94.7% from 2018 to 2024, driven by continuous product iterations and technological advancements [3][4][25]. - The company is expected to maintain rapid growth, with projected net profits of 1.201 billion, 1.662 billion, and 2.304 billion yuan for 2025, 2026, and 2027 respectively, corresponding to EPS of 3.00, 4.14, and 5.75 yuan [3][6]. Summary by Sections Business Overview - The company has a diverse product range and operates both domestically and internationally. It has successfully launched several innovative products, including the first consumer-grade panoramic camera in 2016, which gained popularity due to its user-friendly features [13][14]. - The company has established a strong market presence, leading the global panoramic camera market for seven consecutive years and maintaining a top-three position in the action camera market [4][5]. Market Demand and Positioning - The global market for panoramic cameras was valued at 5.03 billion yuan in 2023, with a CAGR of 12.3% from 2017 to 2023. The action camera market reached 31.44 billion yuan in 2023, growing at a CAGR of 14.5% during the same period [4]. - The company has differentiated itself by creating a new category of "panoramic action cameras," addressing pain points in traditional models and enhancing user experience through innovative features [4][5]. Research and Development - The company invests heavily in R&D, with a team of 1,367 people, accounting for 57.68% of its workforce. The average R&D expense ratio exceeds 12%, and it holds 900 patents in key technology areas [5][6][14]. - The company's core technologies include panoramic image stitching, AI image processing, and stabilization algorithms, which have been effectively translated into product applications [15][16]. Financial Performance - The company's revenue grew from 258 million yuan in 2018 to 5.574 billion yuan in 2024, with a CAGR of 66.86%. The revenue from panoramic and action cameras constitutes 54.1% and 26.7% of total revenue in 2024, respectively [25][28][33]. - The company has maintained a gross margin above industry averages, with a gross margin of 52.2% in 2024, despite a slight decline due to changes in product mix [40][41]. Marketing Strategy - The company employs a dual-channel strategy, with online and offline sales contributing nearly equally to total revenue. Online sales have a higher gross margin compared to offline sales [35][44]. - The marketing approach includes experiential offline promotions and online content generation, enhancing brand awareness and customer engagement [5][6].
影石创新（688775）：公司首次覆盖报告：全景智能影像设备龙头，技术护航+产品创新驱动成长