WindSun Science & Technology(SH:688663) 21世纪经济报道·2025-10-02 00:43Core Insights - The handheld imaging market is witnessing new entrants like OPPO and vivo, who are developing handheld smart imaging devices to compete with established products from DJI [1][3] - The mobile imaging sector is becoming a new growth area for smartphone manufacturers as the smartphone market growth slows down [1][6] Market Dynamics - The global smart imaging device market is highly concentrated, with the top three companies (DJI, Insta360, and GoPro) holding 78.9% of the market share in 2024 [3][6] - Insta360 is experiencing significant growth, increasing its market share from 28.4% in 2023 to 35.6% in 2024, while GoPro's share is declining from 38.2% to 30.1% [6] Growth Potential - The Chinese market for panoramic cameras is expected to grow at a compound annual growth rate (CAGR) of 17.8% from 2023 to 2027, significantly outpacing other regions [6][11] - The sports camera segment in China is projected to grow at a CAGR of 26.1% during the same period, indicating strong growth potential [6][11] Competitive Advantages - Smartphone manufacturers possess advantages in hardware supply chains, design, and production capabilities, which can be leveraged in the handheld imaging market [7][8] - The software capabilities related to stabilization, AI algorithms, and color reproduction developed in smartphones can be applied to mobile imaging devices [7][8] Strategic Shifts - Traditional smartphone manufacturers are seeking to diversify beyond "pure smartphone" business models to explore broader smart terminal markets [10] - OPPO and vivo are cautiously expanding their product lines, with OPPO focusing on high-quality products and exploring new categories like MR glasses and home robots [10][11] Profitability Outlook - The handheld imaging market offers attractive profit margins, with companies like Insta360 reporting gross margins above 50% from 2022 to 2024 [11] - The entry of OPPO and vivo into this market is expected to enhance their profitability compared to the highly competitive smartphone market [11]