Company Overview - YingShi Innovation (688775.SH) is a global leader in panoramic cameras, expanding its product line to include action cameras, gimbals, and wearable cameras, while also possessing flight control technology reserves and recently launching software services [2][9] - The company aims to become a world-class smart imaging brand, focusing on helping people better record and share their lives [9][10] - In 2024, the company's revenue reached 5.57 billion, with a CAGR of 66.2% from 2017 to 2024, and a net profit of 990 million, with a CAGR of 106.6% during the same period [2][14] Industry Analysis - The smart imaging device market is rapidly expanding, driven by advancements in digital technology, panoramic technology, and AI, with the global panoramic camera market expected to grow from 5 billion in 2023 to 7.9 billion by 2027, at a CAGR of 11.8% [3][8] - The action camera market is projected to grow from 31.4 billion in 2023 to 51.4 billion by 2027, at a CAGR of 13.1% [3][8] - Major players in the smart imaging device market include YingShi, DJI, and GoPro, with YingShi holding over 60% market share in the panoramic camera segment in 2023 [3][8] Product and Technology Innovation - The company emphasizes product and technology innovation as core development goals, continuously launching innovative products such as the "invisible selfie stick" [4][10] - The product line includes consumer-grade smart imaging devices, professional-grade VR panoramic cameras, and various accessories, with consumer-grade devices accounting for 85.9% of revenue in 2024 [10][11] - The company maintains a research and development investment ratio of over 10%, led by a team with strong technical backgrounds, resulting in numerous patents and industry-leading technologies [4][28] Sales and Market Expansion - YingShi employs a hybrid sales model combining online and offline channels, with 52% of revenue coming from offline sales in 2024, primarily from markets in mainland China, the US, Europe, and Japan [11][12] - The company has established a global sales network covering over 9,000 retail stores and 90 airports worldwide, with more than 75% of revenue generated from overseas sales [11][12] Fundraising Projects - The company initially aimed to raise 463 million but ultimately raised 1.938 billion, with plans to invest in the construction of a smart imaging device production base and a research and development center in Shenzhen [5][9] Investment Outlook - YingShi is positioned as a leader in the panoramic camera market, with a promising future as it expands its product lines and enhances its software services, making it a company to watch post-IPO [5][9]

Summary of Conference Call Records Company and Industry Overview 1. Yingshi Innovation - Yingshi Innovation's One X series accounts for approximately 50% of the company's revenue, indicating a strong technological update advantage [1][2] - The company has maintained a global market share of over 60% in the panoramic camera market for six consecutive years, with a market size of approximately 5 billion in 2023, growing at 21.8% [1][6] - Yingshi is also the second-largest player in the action camera market, potentially surpassing GoPro by the end of 2024 [1][6] 2. New Henghui - New Henghui is a core supplier of flexible lead frames for smart card chips, holding a market share of about 32% [1][12] - The company plans to use approximately 580 million raised from its IPO for lead frame packaging projects and R&D center expansion [1][13] - Revenue from etching lead frames and IoT eSIM chip testing is expected to increase from less than 10% in 2022 to nearly 30% by 2024 [1][15] 3. Huazhi Jie - Huazhi Jie specializes in smart switches, smart controllers, and brushless motors, primarily serving the electric tools sector [1][17] - The company has a stable partnership with major clients like the B&D Group and TTI Group, contributing about 70% of its sales [1][19] - An expansion project with an annual production capacity of 86.5 million units is expected to generate approximately 1.097 billion in revenue [1][18] Key Insights and Arguments Yingshi Innovation - The company has a balanced online and offline sales channel, with each accounting for about 50% of total sales [1][4] - Financially, Yingshi has a strong cash flow, with cash and cash equivalents nearing 900 million as of Q1 2025 [1][5] - The company is exploring new application scenarios for panoramic cameras, including video conferencing and pet monitoring, which could drive market growth [1][7][9] New Henghui - The company has established long-term partnerships with major chip design and smart card manufacturers, enhancing its market position [1][12][14] - Financial projections indicate steady revenue growth from 680 million in 2022 to 840 million in 2024, with net profit also showing a positive trend [1][15] Huazhi Jie - The company is expanding into emerging fields such as electric vehicles and smart home devices, with expected revenue growth of 22%-30% in the first half of 2025 [1][20][21] - Financial performance has been stable, with revenues of 1.02 billion, 940 million, and 1.23 billion from 2022 to 2024, and net profits showing a gradual increase [1][21] Additional Important Points Risks - Yingshi faces risks from international trade fluctuations and increased competition from domestic manufacturers [1][11] - New Henghui's expansion into new business areas may encounter market acceptance challenges [1][16] - Huazhi Jie’s reliance on major clients poses a risk, although the overall industry demand remains stable [1][22] Competitive Advantages - Yingshi's strong brand position and technological expertise in image capture and stabilization technologies provide a competitive edge [1][8] - New Henghui's leadership and experience in the flexible lead frame market enhance its growth potential [1][14] - Huazhi Jie benefits from established relationships with key clients, which strengthens its market stability [1][19] This summary encapsulates the key points from the conference call records, highlighting the companies' market positions, financial health, growth prospects, and potential risks.

Core Insights - The report highlights the growth potential of the smart imaging market, particularly in consumer and professional segments, driven by the rise of outdoor activities and the increasing demand for content creation through platforms like Vlog and live streaming [2][11] - The global handheld smart imaging device market is projected to grow from 16.43 billion yuan in 2017 to 36.47 billion yuan in 2023, with a CAGR of 14.3%, while the global drone market is expected to see a significant increase in shipments [3][11] - The report emphasizes the competitive landscape, noting that "Insta360" holds a 67.2% market share in the global panoramic camera market, ranking first, while it ranks second in the action camera segment [10][11] Market Performance - The report provides a detailed analysis of various indices, with the Shanghai Composite Index closing at 3384 points, showing a 0.23% increase over one day and a 3.2% increase over five days [1] - The report also notes the performance of different industry sectors, highlighting that the components sector saw a daily increase of 5.15% and a one-month increase of 12.29% [1] Investment Recommendations - The report suggests that investors should proactively identify products exposed to micro-cap stocks and consider balanced funds with larger market capitalizations to hedge against potential risks in the micro-cap environment [5][10] - It forecasts revenue for the company "影石创新" (Insta360) to reach 7.8 billion yuan in 2025, with net profits projected at 1.1 billion yuan, indicating strong growth potential [10][11]

以下文章来源于36氪财经 ，作者丁卯 范亮 郑怀舟 36氪财经 . 36氪旗下官方账号。洞见市场，比99%的投资者更聪明。 亮眼的现在，隐忧的未来。 文 ｜ 丁卯 范亮 编辑 ｜ 郑怀舟 来源｜ 36氪财经(ID： krfinance) 封面来源 ｜ 企业官方 风靡互联网的Insta相机距离上市仅一步之遥。 6月3日，"Insta 360影石"品牌母公司影石创新公布中签结果，发行价定为47.27元/股，拟发行股份4100万股，粗略计算，募集资金金额达到19亿元，对应 发行估值约190亿元。 根据招股书披露，其募集资金主要用于以下两个方面：智能影像设备生产基地建设和影石创新深圳研发中心建设项目。 作为科创板今年以来的第7家上市公司，影石创新基本面表现如何？上市后究竟会有怎样的表现？ 渠道多元，销往全球 影石创新成立于2015年，是一家以全景技术为基点的全球知名智能影像设备龙头，目前，公司围绕"Insta360影石"核心品牌，形成了消费级智能影像设 备、专业级智能影像设以及配件和其他产品三大产品矩阵，全面覆盖消费及商用场景，并且提供了广泛的创意性配件以扩充使用场景。 具体来看，公司消费级产品主要聚焦在以ONE R ...

Investment Rating - The report assigns a target valuation of 36.6 billion yuan to the company based on its earnings forecasts and comparable company analysis [6]. Core Viewpoints - The company, Yingshi Innovation, is a leader in panoramic camera technology and has a significant market share in the global smart imaging device market, with a 67.2% share in the panoramic camera segment and ranking second in the action camera market [6][42]. - The smart imaging device market is experiencing growth driven by differentiated consumer demands, with products like action cameras and drones becoming increasingly popular for both professional and everyday use [6][15]. - The company is expected to achieve substantial revenue growth, with projected revenues of 7.76 billion yuan in 2025, increasing to 14.41 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 36.6% [2][6]. Summary by Sections 1. Smart Imaging Devices: From Extreme Sports to Everyday Use - The decline of traditional digital cameras has led to the rise of smart imaging devices, which cater to diverse consumer needs and are more adaptable to various shooting scenarios [11][15]. - The global market for handheld smart imaging devices has grown from 16.43 billion yuan in 2017 to 36.47 billion yuan in 2023, with a CAGR of 14.3% [19][23]. 2. Yingshi Innovation's Vision: Becoming a World-Class Smart Imaging Brand - The company aims to leverage its panoramic technology to establish a competitive advantage in the smart imaging market [71]. - Yingshi Innovation has a diverse product lineup, including consumer-grade and professional-grade smart imaging devices, with continuous upgrades planned for its product lines [71][75]. 3. Profit Forecast and Valuation - The company is projected to generate revenues of 7.76 billion yuan in 2025, 10.55 billion yuan in 2026, and 14.41 billion yuan in 2027, with net profits of 1.14 billion yuan, 1.64 billion yuan, and 2.65 billion yuan respectively [2][6]. - The report indicates that the company's IPO price corresponds to a price-to-earnings (PE) ratio of 17x for 2025 and 12x for 2026, suggesting a favorable valuation compared to peers [6].

以下文章来源于硬氪 ，作者张子怡 硬氪 . 专注全球化、硬科技报道。36kr旗下官方账号。 相机类产品入局门槛较高。 文 ｜ 张子怡 编辑 ｜ 袁斯来 杨轩 来源｜ 硬氪（ID：south_36kr） 封面来源 ｜ 企业官网 硬氪独家获悉，近期深圳市光子跃迁科技有限公司（以下简称"光子跃迁"）完成数亿元天使轮融资，追创创投参与投资，资金将 用于深化AI影像算法研发、全球化市场布局及智能硬件产品的量产准备，其首款运动相机产品预计于今年下半年发布。 硬氪了解到，成立不到一年，光子跃迁团队成员已超百人，其中不少来自国内成熟的智能影像企业，头部手机厂商以及快消品行 业龙头公司。 光子跃迁总裁袁谦告诉硬氪，公司计划推出一款全新形态的相机，使用场景上能满足Vlog人群和运动人群。产品在设计上将和行 业主流打出差异化，辐射到更多内容创作者。 定价方面，行业主流的运动相机品牌定价均是千元级起步，光子跃迁第一代产品的定位会相对高端。 技术层面，根据袁谦介绍，"公司首个运动相机将会发布三到五个行业从未发布过的技术。" 爱企查显示，光子跃迁成立于2025年3月，袁谦为法人代表，公司股东此前投资过其他追觅生态企业。 除了硬件本身，硬 ...

智通财经APP获悉，5月30日，影石创新(688775.SH)开启申购，发行价格为47.27元/股，申购上限为0.65万股，市盈率20.04 倍，属于上交所，中信证券为其保荐人。 公司本次发行所募集的资金扣除发行费用后，拟投入以下项目： | 月号 | 项目名称 | 总投资 | 拟投入 | 发改委项目 | 环评备案 | | --- | --- | --- | --- | --- | --- | | | | 规模 | 募集资金 | 备案情况 | 情況 | | | 智能影像设备生产基 | 19.543.30 | 19.543.30 | 2020-440402- | 2020440400 | | | 地建设项目 | | | 34-03-055658 | 0300000054 | | 2 | 影石创新深圳研发中 心建设项目 | 26.834.23 | 26.834.23 | 深自贸备案 (2020) 0047 | | | | | | | 를 | | | | 合计 | 46.377.53 | 46.377.53 | | | 财务方面，于 2021年度、2022年度、2023年度以及2024年1-6月，公司实现营业收入分别 ...

Investment Rating - The report assigns a positive investment rating to the company, indicating strong market and investor confidence in its future development. Core Insights - The company, Insta360, holds a leading global market share of 67.2% in the panoramic camera segment as of 2023, and ranks second in the action camera market [5][15]. - The company has achieved a remarkable growth trajectory, with a revenue compound annual growth rate (CAGR) of 66% from 2017 to 2024, projecting revenues of 5.574 billion yuan in 2024 [47][49]. - The company has a strong focus on research and development, with nearly 57.68% of its workforce dedicated to R&D and a cumulative investment of 1.74 billion yuan over the past five years [32][33]. Summary by Sections Company Overview - Insta360 was founded in July 2015 and has quickly risen to become a global leader in the panoramic camera market, achieving significant milestones within just four years of its establishment [6][15]. Market Position - The company has consistently outperformed competitors, with its panoramic camera market share increasing from 33% in 2019 to 67.2% in 2023 [15]. - The company’s products have gained substantial recognition, with its latest product launch in New York generating significant consumer interest [18][21]. Financial Performance - The company plans to raise 1.938 billion yuan through its upcoming IPO, with an issuance price set at 47.27 yuan per share, which is below the average price-to-earnings ratio of its peers [5]. - The company’s revenue is projected to reach 5.574 billion yuan in 2024, nearly matching that of GoPro, which is expected to generate 5.761 billion yuan [49]. Research and Development - The company has invested heavily in R&D, with a focus on innovative technologies such as panoramic image capture and processing, which have contributed to its competitive edge [36][40]. - The R&D investment has been substantial, with 7.8 billion yuan allocated for 2024, reflecting a commitment to continuous innovation [33]. Growth Potential - The global market for action cameras is experiencing rapid growth, with a CAGR of 43.04% from 2011 to 2022, indicating a robust demand for the company’s products [43]. - The company is well-positioned to capitalize on the increasing demand for smart imaging devices across various sectors, including live streaming and virtual reality applications [45].

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [6] Core Insights - The home appliance sector is experiencing accelerated revenue growth, with a combined revenue growth rate of nearly 15% in Q1 2024. The white goods segment shows the best performance, benefiting from domestic subsidy policies and strong export demand [12][13] - The handheld smart imaging device industry, where the company operates, has a market size exceeding 40 billion, with a compound annual growth rate of 14.3% from 2017 to 2023, and is expected to surpass 40 billion in 2024 [2][33] - The company, Ying Shi Innovation, has become a leader in the global consumer-grade panoramic camera market with a market share of 67.2% in 2023, and is also among the top three in the action camera sector [1][40] Summary by Sections Investment Rating - The report rates the home appliance industry as "Outperform" [6] Company Overview - Ying Shi Innovation, established in 2015, focuses on the research, production, and sales of smart imaging devices, including consumer-grade panoramic cameras and action cameras. The company achieved a revenue of 55.7 billion in 2024, representing a year-on-year growth of 53.3% [1][18] - The company has a strong competitive advantage due to its advanced technology, product innovation, and comprehensive marketing system [3][42] Financial Performance - The company is projected to achieve a net profit of 9.9 billion in 2024, with a year-on-year increase of 19.9%, and a compound annual growth rate of 106.5% from 2017 to 2024 [1][18] - The revenue from consumer-grade imaging devices is expected to reach 47.9 billion in 2024, accounting for 86.6% of total revenue [20] Market Dynamics - The global handheld smart imaging device market has grown from 164.3 billion in 2017 to 364.7 billion in 2023, with a forecasted growth to over 400 billion in 2024 [2][33] - The market for action cameras reached 7.18 billion in 2022, while the global aerial drone market was valued at 4.85 billion [2][34] Competitive Landscape - The global consumer-grade panoramic camera market is concentrated, with Ying Shi Innovation holding a 67.2% market share, followed by Ricoh and GoPro [2][40] - In the professional-grade panoramic camera market, Ying Shi Innovation leads with a 61.4% market share [40] Strategic Initiatives - The company plans to expand its product range and enhance its marketing and channel coverage, particularly in new markets such as Europe [3][42] - The company has a diversified ownership structure, with a strong and experienced management team [28][31]

5月21日晚，影石创新披露招股意向书，公司启动发行，将于5月30日申购。至此，这家成立仅10年的智 能影像设备公司，历经5年IPO长跑，终于迈入科创板上市最后阶段。 影石创新的成功密码来源技术驱动以及全球化两大关键词。首先，影石创新凭借隐形自拍杆、AI剪辑 （FlashCut）、子弹时间等创新功能，打破了欧美品牌垄断。其研发投入逐年加码，2022-2024年累计达 14.8亿元，研发团队超千人，占员工总数57.68%，专利数突破900项。 据此次披露的业绩显示，影石创新2024年营收55.74亿元、同比增长53.29%，近三年复合增长率达 65.25%，净利润9.95亿元，毛利率稳定在50%以上。 影石创新的背后有着一个励志的创业故事。2014年，创始人刘靖康在南京大学软件工程系读大四，当时 市面上全景相机寥寥无几，让他萌生了研发便携式全景相机的想法。2014年，创始人刘靖康在南京大学 读大四时获得IDG资本和创业邦天使基金100万美元天使投资。2015年7月，他与几个同学一起在深圳创 立了影石创新。此后，公司陆续获得启明创投、迅雷网络、苏宁易购、招商局中国基金等投资机构的融 资。2020年4月，公司宣布已完 ...