Investment Rating - The report assigns an "Accumulate-A" rating to the company for the first time [7]. Core Insights - The company focuses on consumer-grade smart imaging devices, with a positive revenue growth trend. It specializes in panoramic cameras and action cameras, integrating products across various industries to empower them through multi-scenario applications. The brand "Insta360" sells products globally through a combination of online and offline channels. The company's revenue is expected to maintain a rapid growth rate, with a projected CAGR of 65.25% for revenue and 56.27% for net profit from 2022 to 2024 [1][22][36]. Summary by Sections 1. Focus on Consumer-Grade Smart Imaging Devices - The company is a globally recognized provider of smart imaging devices, focusing on panoramic and action cameras. It has developed a technology system centered on panoramic technology, anti-shake technology, AI image processing, and computational photography [16]. - The main products include consumer-grade and professional-grade smart imaging devices, with consumer-grade products accounting for over 80% of revenue from 2022 to 2024 [22][36]. 2. Market Leadership in Panoramic Cameras - The company leads the market in panoramic cameras, with a significant share in the consumer-grade segment. By 2027, the global market for handheld smart imaging devices is expected to reach 59.2 billion yuan, with the panoramic camera market projected to reach 7.85 billion yuan [2][41]. - The company is also positioned well in the action camera market, which is expected to grow to 51.35 billion yuan by 2027, benefiting from the increasing demand for outdoor sports recording [2][60]. 3. Revenue Growth Driven by High Cost-Performance and Product Innovation - The company's products are known for their high cost-performance ratio and innovative features, which have led to rapid revenue growth. The sales channels include both offline distributors and online platforms, with significant growth potential in domestic sales [3][30]. - The company has a strong competitive advantage in panoramic image capture and stitching technology, with a product line that includes various consumer-grade and professional-grade imaging devices [3][30]. 4. Profit Forecast and Valuation - The company is expected to achieve revenues of 8.214 billion yuan, 11.372 billion yuan, and 15.742 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 1.19 billion yuan, 1.678 billion yuan, and 2.372 billion yuan [7][9]. - The projected P/E ratios for 2025, 2026, and 2027 are 93.81X, 66.53X, and 47.06X, respectively, indicating a strong market position and growth potential [7][9].
影石创新（688775）：全景运动相机市场全球领先，高性价比+产品创新持续拉动收入增长