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 ...

作者 | 张子怡 编辑 | 袁斯来 杨轩 36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。 受益于近年中国消费电子产品技术的追赶，中国智能设备市场涌现了如AKASO、大疆等知名品牌，结 束了传统欧美、日本相机企业初期的垄断。 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。" 以运动相机的防抖为例，市场上的产品不少都通过软件算法的提升来解决这一难题。袁谦则表示，光子 跃迁的相机通过定制镜头零部件,从硬件上提升防抖效果的上限，结合自研防抖算法充分释放硬件能 力。 光子跃迁进入的是一个相对细分但持续增长的赛道。 随着全球短视频兴起和极限运动与户外运动爱好者群体扩大，运动相机类目增长迅速。根据咨询机构 QYResearch数据，2024年全球运动相机市场销售额为22.92亿美元，预计2031年达到34.49亿美元，年复 合增长率6.1%。 运动相机公司中，影石360作为运动相机类目第一的企业，更是即将上岸科创 ...

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]

Core Insights - YingShi Innovation has initiated its IPO process, with the subscription date set for May 30, marking the final stage of its long journey to the Sci-Tech Innovation Board after five years [1] - The company reported a projected revenue of 5.574 billion yuan for 2024, reflecting a year-on-year growth of 53.29%, and a net profit of 999.5 million yuan with a stable gross margin above 50% [1] - The company has achieved a market share of 67.2% in the consumer-grade panoramic camera sector, ranking first globally for six consecutive years [2] Company Background - Founded in 2015 by Liu Jingkang and his classmates, YingShi Innovation received initial angel investment of 1 million USD from IDG Capital and Chuangyebang [1] - The company has attracted funding from various investors, including Qiming Venture Partners and Suning.com, and completed a multi-million dollar D round of financing in April 2020 [1] Market Position - 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 expectations to exceed 59.2 billion yuan by 2027 [2] - YingShi Innovation has entered the top three in the action camera market, competing with GoPro and DJI, and has surpassed GoPro in sales in the first half of 2024 [2] Innovation and R&D - The company's success is attributed to technology-driven innovation, with significant R&D investments totaling 1.48 billion yuan from 2022 to 2024, and a dedicated R&D team comprising 57.68% of its workforce [2] - YingShi Innovation has developed over 900 patents, introducing features like the invisible selfie stick and AI editing [2] International Expansion - The company has a presence in over 200 countries, with overseas revenue accounting for 76.52% of total revenue in 2024, primarily from the US, Europe, Japan, and South Korea [3] - However, there are concerns regarding over-reliance on international markets, particularly the US, which contributes nearly a quarter of its revenue [3] Competitive Landscape - Domestic competition from DJI, particularly in the action camera segment, poses a challenge, with DJI's Osmo Action camera capturing over 15% market share in 2024 [3] - GoPro maintains a dominant position in the Americas, holding a 32.1% share of the global action camera market in 2023, significantly higher than YingShi Innovation [3] Future Outlook - The story of YingShi Innovation reflects the challenges and opportunities for Chinese tech startups in global markets, highlighting the need for a balance between innovation and risk management [4] - The outcome of its IPO journey may serve as a reference for other Chinese hard-tech companies in navigating capital support and building sustainable global competitiveness [4]

Group 1 - The company plans to publicly issue 41 million shares, accounting for 10.22% of the total share capital after issuance [1] - Employees' stock management plan will participate in strategic allocation of up to 10% of the public offering, totaling 4.1 million shares, with a subscription amount not exceeding 137 million yuan [1] - Zhongcai Investment will participate in the strategic allocation with an initial investment ratio of 5%, equating to 2.05 million shares [1] Group 2 - The company has focused on the research, production, and sales of smart imaging devices such as panoramic cameras and action cameras since its establishment [1] - The company expects net profits attributable to shareholders for 2022, 2023, and 2024 to be 407 million yuan, 830 million yuan, and 995 million yuan respectively [2] - For the first half of 2025, the company anticipates revenue between 3.214 billion yuan and 3.815 billion yuan, representing a year-on-year change of approximately 32.38% to 57.10% [2] Group 3 - The funds raised from this issuance, after deducting issuance costs, will be invested in the construction of a smart imaging device production base and a research and development center in Shenzhen, totaling approximately 464 million yuan [2] - The smart imaging device production base construction project is expected to be completed and put into use in 2025, while the Shenzhen R&D center project has not yet commenced [2] - The company's products are marketed globally under the brand "Insta360," utilizing both online and offline sales channels [1]

Group 1 - Goldman Sachs significantly lowered the US Q1 GDP growth forecast to -0.8% due to an unexpected widening of the trade deficit in March, driven by increased consumer goods imports [1] - Morgan Stanley highlighted that uncertainty surrounding tariff policies and questions regarding the independence of the Federal Reserve may lead foreign investors to reduce their investments in the US [2] - Pantheon Macroeconomics indicated that the uncertainty from tariffs will limit any significant rebound in the French economy, projecting stagnation for the remainder of the year [3] Group 2 - ING reported that the euro has lost its status as a preferred alternative to the dollar, with most G10 currencies performing better than the euro recently [4] - ING also noted that news of potential reductions in auto tariffs by the Trump administration helped the dollar recover some of its recent losses [5] - Capital Economics stated that the impact of tariffs on the Eurozone economy is expected to intensify, with the economic sentiment index dropping from 95.2 to 93.6 in April [6] Group 3 - Deutsche Bank suggested that the European Central Bank should act more decisively to address increasing supply shocks and rising inflation [8] - Tianfeng Securities projected that the aerospace engine sector may stabilize and recover, with a significant portion of military electronic stocks held by active funds [9] - CITIC Securities reported that the implementation of new tax refund policies for departing travelers could boost domestic consumption, estimating a potential market space of nearly 100 billion [10]

文 ｜ 徐涛 梁楠 智能影像设备聚焦"便携+智能"属性，2 0 2 3年全景/运动相机全球空间近4 0 0亿，且乘风短视频、户外运动等发展浪潮，2 0 2 3 - 2 年有望以1 0%~1 5%的复合增速持续扩容。格局角度看，近年来本土厂商立足突出的产品力、持续迭代的产品矩阵已跻身全球市 场前三。供应链角度，光学+DSP/SOC为智能影像设备核心元件，成本占比超5成，同时AI等软件算法重要性持续提升。看好本 土智能影像设备产业发展，建议关注全景运动相机龙头，以及光学镜头&模组供应商。 ▍ 行业概览：智能影像设备聚焦"便携+智能"，全景/运动相机2 0 2 3年全球空间近4 0 0亿。 智能影像设备是集成计算处理能力的便携影像设备，包括全景相机、运动相机、航拍无人机、可穿戴摄影设备等，相较于传统 影像设备而言在产品形态&外观（更小巧精美等）、拍摄灵活性（更便携等）以及后期处理便捷性（快速剪辑&编辑等）等多 维度均有显著提升。2 0 1 5年前后VR浪潮到来，2 0 1 9年前后短视频平台兴起，2 0 2 2年前后户外运动需求快速成长，智能影像设 备市场受益时代浪潮而迅速增长。 ▍ 竞争格局：本土厂商已跻身全球市 ...