USC(SH:688403) 第一财经·2025-11-04 15:45Core Viewpoint - The article discusses the competitive landscape between Insta360 and DJI in the panoramic camera market, highlighting significant changes in market share and financial performance, particularly focusing on the impact of price competition and strategic investments in R&D [3][4]. Market Share Analysis - Recent reports indicate a drastic decline in Insta360's global market share in the panoramic camera segment, dropping from 92% in Q2 to 49% in Q3, while DJI's share rose to 43% [4]. - Another report from Frost & Sullivan shows differing market share figures, with Insta360 and DJI at 75% and 17.1% respectively in Q3, indicating discrepancies in data sources [4]. Price Competition - DJI's entry into the panoramic camera market has intensified price competition, with its new camera priced starting at 2999 yuan, prompting Insta360 to offer discounts on its products [5]. - Insta360's response to this price competition emphasizes the potential for market expansion and the importance of collaborative efforts to increase overall market size [5]. Financial Performance - Insta360 reported a 92.64% year-on-year revenue growth in Q3, but net profit decreased by 15.9%, attributed to increased R&D expenses which rose by 164.81% to 524 million yuan [5]. - The company views net profit as a dynamic variable influenced by various factors, including R&D investments and marketing strategies, rather than a sign of financial distress [5]. Strategic Investments - The company is investing heavily in custom chip development to enhance product performance, which is crucial for handheld imaging devices [6]. - Insta360 is also exploring the drone market, with plans to trial its Antigravity panoramic drone in select regions, although revenue contributions from this segment remain uncertain [6]. Future Outlook - The company aims to strategically enter new markets while ensuring adequate technological preparation, focusing on long-term growth rather than short-term market capture [6].