全球全景相机龙头影石创新即将上市，190亿的市值低估了吗？ | 智氪

Core Viewpoint - The article discusses the upcoming IPO of Insta360's parent company, Yingshi Innovation, highlighting its strong market position and growth potential, while also addressing concerns about future profitability and market limitations [3][4][6]. Group 1: Company Overview - Yingshi Innovation, established in 2015, is a leading global smart imaging device company focusing on panoramic technology, with a product matrix that includes consumer-grade and professional-grade imaging devices [8]. - The company's brand "Insta360" holds a 67.2% global market share in the panoramic camera segment and ranks second in the action camera market as of 2023 [8][10]. - Yingshi Innovation's revenue from consumer-grade imaging devices has consistently accounted for over 80% of total revenue, reaching approximately 87% in recent years [11]. Group 2: Financial Performance - From 2022 to Q1 2025, Yingshi Innovation's revenue grew from 2.041 billion to 1.355 billion yuan, with a CAGR of 57.67% [10]. - The company's net profit showed strong growth, with a CAGR of 56% from 2022 to 2024, although Q1 2025 saw a decline in profit growth [10][15]. - The gross margin for Yingshi Innovation was reported at 51.49% in 2022, increasing to 55.95% in 2023, indicating a strong profitability profile compared to industry peers [15][16]. Group 3: Market Dynamics - The global market for handheld smart imaging devices is projected to grow at a CAGR of 14.3% from 2017 to 2023, with the panoramic camera market expected to reach 7.85 billion yuan by 2027 [26]. - Despite Yingshi Innovation's leading position, the overall market size for panoramic and action cameras is limited, which may constrain future growth [26][27]. - The company faces increasing competition from major players like DJI, which could impact its market share and growth sustainability [27][29]. Group 4: Strategic Challenges - Yingshi Innovation's focus on existing product lines may limit its ability to explore new growth opportunities, as indicated by its plans to concentrate on panoramic and action cameras without clear expansion strategies [29]. - The company relies heavily on overseas markets, with over 70% of its revenue coming from international sales, making it vulnerable to geopolitical risks and trade disputes [30]. - Key raw materials, such as IC chips and lens modules, are sourced from international suppliers, which could lead to cost pressures if trade tensions affect supply chains [30][31]. Group 5: Valuation Insights - Yingshi Innovation's valuation is compared to Anker Innovations, with a potential market capitalization of around 25 billion yuan based on projected earnings [34][35]. - The company is expected to experience a strong market response upon its IPO due to its growth potential and favorable valuation metrics [35][36].