[Table_Page] 公司深度研究|电子 证券研究报告 [Table_Title] 影石创新（688775.SH） 全景无人机破局者—消费级航拍新标杆 [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 3,636 | 5,574 | 8,679 | 15,318 | 24,293 | | 增长率（ % ） | 78.2% | 53.3% | 55.7% | 76.5% | 58.6% | | EBITDA | 985 | 1,098 | 1,395 | 2,404 | 3,479 | | 归母净利润 | 830 | 995 | 1,321 | 2,249 | 3,268 | | 增长率（ % ） | 103.7% | 19.9% | 32.8% | 70.3% | 45.3% | | EPS（元/股） | 2.30 | 2.76 | 3.29 | 5.61 | 8. ...

Core Insights - Liu Jingkang, the founder of Yingshi Innovation Technology Co., Ltd., has transformed the company into a leading player in the hardware sector within 10 years, achieving a compound annual growth rate (CAGR) of over 65% in revenue over the past three years and securing a market share in panoramic and action cameras [1][4] - The company successfully went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board in June, with a market capitalization exceeding 70 billion yuan, making Liu the first "post-90s" chairman in this sector [1][4] - Liu emphasizes the importance of internal capabilities, stating that confidence is built through actions rather than words, and that companies must focus on technology and product excellence to thrive in a volatile market [1][4] Company Development - Liu Jingkang's entrepreneurial journey began with a passion for technology, leading to the establishment of Yingshi Innovation in Shenzhen in 2015 with a team of 15 [3][4] - The company initially faced challenges with its first panoramic camera product, which achieved sales of 20 million yuan in its launch month but saw a significant drop in sales shortly thereafter due to a lack of understanding of user needs [4][5] - A pivotal moment came from user feedback, leading to the realization that a panoramic action camera was the true market demand, prompting the company to pivot its focus [5][6] Product Innovation - Yingshi Innovation's first true panoramic camera was developed after a year of trials, featuring 4K real-time stitching and a cloud-based distribution system, creating a complete cycle from shooting to sharing [2][4] - The company has adopted a user-centric approach, responding to user needs by developing features like a rotating selfie stick for action sports and underwater lighting accessories [6][7] - Yingshi Innovation has established a robust quality assurance system, implementing rigorous testing protocols to ensure product reliability and durability, which is critical in the hardware industry [7] Market Expansion - The company has diversified its product offerings, launching a video conferencing camera that ranked among the top three in North America in 2022, and developing AI editing features to simplify video creation [8][9] - Yingshi Innovation is also exploring the drone market and aims to build a comprehensive imaging ecosystem by expanding its technology stack and capabilities [8][9] - The company has invested 1.48 billion yuan in R&D from 2022 to 2024, representing 13.16% of its cumulative revenue, and holds 900 domestic and international patents, including 189 invention patents [8][9] Team and Culture - The company fosters a culture of resilience and teamwork, with founders and employees sharing experiences and challenges, emphasizing the importance of maintaining an entrepreneurial spirit [9] - Liu Jingkang believes that the company's success is attributed to its ability to seize opportunities during favorable market conditions and the support of a robust supply chain [9] - The mission of Yingshi Innovation is to help people better record and share their lives, with a commitment to continuous innovation and the creation of new product categories [9]

Core Insights - The competition between YingShi Innovation Technology Co., Ltd. and DJI has become a focal point for investors, with both companies competing in the fields of panoramic cameras, action cameras, and drones [1][2][3] - YingShi Innovation reported a significant revenue growth of over 90% year-on-year in Q3 2025, driven by increased consumer interest due to competitive pricing strategies in the market [1][3] Company Performance - YingShi Innovation achieved a revenue of 29.40 billion yuan in Q3 2025, reflecting a year-on-year growth of 92.64%, with an acceleration of over 30 percentage points compared to Q2 [3][4] - The company holds an 85.8% global market share in the panoramic camera sector, with 87.5% of its share coming from overseas markets and nearly 80% from domestic markets [3][4] Competitive Landscape - DJI has entered the panoramic camera market, increasing competition and putting price pressure on YingShi Innovation, which has established a leading position in this sector [3] - The current market dynamics show a "YingShi leading, DJI chasing" scenario, with YingShi holding a 75% global market share in Q3 2025, while DJI has a 17.1% share [3] Research and Development - YingShi Innovation has invested over 10 billion yuan in R&D in the first three quarters of 2025, with Q3 R&D expenses reaching 5.24 billion yuan, a year-on-year increase of 164.81% [4] - R&D expenditures account for 17.81% of the company's revenue, focusing on core areas such as panoramic imaging technology and AI algorithms, as well as strategic projects like custom chips [4] Strategic Outlook - The company aims to strengthen its technological barriers and enhance its competitive edge through increased R&D investment and innovation [4] - YingShi Innovation is committed to developing high-value products and services to meet market demands and improve its core competitiveness [4]

Financial Performance - The company reported a revenue of 2.94 billion yuan for Q3 2025, representing a year-on-year growth of 92.64% [1] - Cumulative revenue for the first three quarters reached 6.611 billion yuan, with a year-on-year increase of 67.18% [1] - The net profit for Q3 was 272 million yuan, showing a decline of 15.9% year-on-year, primarily due to strategic R&D investments [5] Market Performance - The company achieved significant sales during the Double Eleven shopping festival, driven by product innovation and enhanced user experience in core categories like action cameras and panoramic cameras [1] - The opening of the first flagship store in Hong Kong on October 25 attracted considerable attention [1] - A new panoramic camera, X4 Air, is set to be launched on October 28, along with promotional activities expected to boost sales [1] Research and Development - R&D investment exceeded 1 billion yuan in the first three quarters of 2025, with Q3 investment at 524 million yuan, marking a year-on-year increase of 164.81% [5] - Investments focus on cutting-edge areas such as panoramic imaging technology, AI algorithms, and custom chips, reflecting a long-term strategic vision despite short-term profit impacts [5] Product Innovation - The company expanded its product line with new releases including the Ace Pro 2 "Glacier White" limited edition, Flow 2 smartphone gimbal, and panoramic camera GO Ultra [7] - An AI omnidirectional microphone, Wave, targeting enterprise clients has also been launched, enhancing the company's audio segment [7] - The company is nearing the public testing phase for the world's first panoramic drone, "Yingling Antigravity," expected to begin trial sales in Q4 2025 [7] Industry Position - The global smart imaging device market is highly concentrated, with a CR3 of 78.9% in 2024 [10] - The company's market share increased from 28.4% in 2023 to 35.6% in 2024, indicating a continuous expansion of its leading position in the industry [10]

Core Insights - YingShi Innovation Technology Co., Ltd. reported a significant increase in revenue for Q3, achieving 2.94 billion yuan, a year-on-year growth of 92.64% [1] - The company maintained a strong focus on R&D, with total R&D expenditure exceeding 1 billion yuan in the first three quarters of 2025, marking a 127.02% increase [1] - The company is expanding its product matrix to meet diverse consumer and enterprise needs, launching new products such as the AcePro2 limited editions and the AI omnidirectional microphone Wave [1][2] Financial Performance - Q3 revenue reached 2.94 billion yuan, with a year-on-year increase of 92.64% [1] - Revenue for the first three quarters of 2025 totaled 6.61 billion yuan, reflecting a 67.18% year-on-year growth [1] - R&D investment in Q3 amounted to 524 million yuan, showing a substantial year-on-year increase of 164.81% [1] R&D Investment - The increase in R&D expenses is attributed to investments in custom chips, strategic projects, and rising salaries for R&D personnel [1] - The company emphasizes the importance of R&D and diversification in its business strategy [1] Product Development - YingShi Innovation has expanded its product offerings to cater to both consumer and enterprise markets [1] - New consumer products include the AcePro2 "Glacier White" limited edition and the thumb camera GOUltra [1] - The company is also enhancing its enterprise solutions with the introduction of the AI omnidirectional microphone Wave [1] New Market Ventures - The company is venturing into the drone market, planning to launch two drone brands [2] - The panoramic drone "YingLing Antigravity," developed in collaboration with third parties, is nearing the end of its public testing phase and has been recognized in Time magazine's "Best Inventions of 2025" [2] - The product is expected to begin trial sales in select markets by Q4 2025, potentially filling a gap in the current market for panoramic drones [2]

Core Insights - The company reported a significant revenue increase of 92.64% year-on-year for Q3 2025, reaching 2.94 billion yuan, while net profit decreased by 15.90% to 272 million yuan [1] - For the first three quarters of 2025, total revenue was 6.61 billion yuan, up 67.18%, with net profit at 792 million yuan, down 5.95% [1] - The decline in net profit is attributed to increased R&D expenses due to market expansion, new product launches, and higher salaries for R&D personnel [1][4] Revenue and Profit Analysis - The company's revenue growth is driven by market expansion and product innovation, despite a decrease in net profit [1][4] - R&D expenses have significantly increased, with Q3 2025 R&D investment reaching 524 million yuan, a 164.81% increase year-on-year, accounting for 17.81% of revenue [1] - Cumulatively, R&D investment for the first three quarters exceeded 1 billion yuan, surpassing the previous year's net profit [1] Market Position and Competition - The company is experiencing rapid growth, increasing its market share from 28.4% in 2023 to 35.6% in 2024, making it one of the fastest-growing leaders in the smart imaging device industry [5] - In comparison, the competitor DJI reported revenues of 80 billion yuan in 2024, significantly overshadowing the company's figures [5] - The competitive landscape is intensifying, with DJI launching products that directly compete with the company's offerings at lower prices [5][6] Product Development and Innovation - The company is focused on innovation over price competition, as indicated by the founder's statement on social media [6] - The upcoming launch of the Antigravity drone is anticipated for Q4 2025, following successful public testing [1][6] - The company plans to release a new panoramic camera model, X4 Air, on October 28 [6] Supply Chain and Production Challenges - The company follows a "self-research + outsourcing" production model, relying on international suppliers for critical components like chips [7] - Increased outsourcing costs and rising raw material prices have impacted production expenses, necessitating a stronger supply chain resilience [7] - The company is investing in custom chip development and other strategic projects to mitigate supply chain risks [7]

Core Viewpoint - The company, Yingshi Innovation, reported significant revenue growth in Q3 2025, driven by market expansion and positive reception of new products [1][2]. Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 2.94 billion yuan, marking a substantial year-on-year increase of 92.64% [1]. - Cumulatively, the revenue for the first three quarters reached 6.61 billion yuan, reflecting a year-on-year growth of 67.18% [1]. - The net profit attributable to shareholders for Q3 was 272 million yuan, a decrease of 15.9% year-on-year, primarily due to high R&D investments [2]. Group 2: Research and Development - The total R&D expenditure for the first three quarters exceeded 1 billion yuan, with Q3 R&D spending at 524 million yuan, up 164.81% year-on-year [2]. - R&D expenses accounted for 17.81% of revenue, indicating a sustained high level of investment [2]. - The company is focusing on core areas such as panoramic imaging technology and AI algorithms, while also increasing investment in custom chip projects [2]. Group 3: Product Development and Market Strategy - The product matrix has expanded to meet diverse consumer and enterprise needs, including the launch of new cameras and audio solutions [4][5]. - The company plans to enter the drone market with two new brands, including a panoramic drone that has been recognized by Time magazine as one of the best inventions of 2025 [5]. - The opening of the first flagship store in Hong Kong and strong sales performance during the Tmall Double Eleven event highlight the brand's market appeal [1][4]. Group 4: Market Position and Industry Trends - The global smart imaging device industry has a high concentration, with the top three companies holding a market share of 78.9% [7]. - Yingshi's market share increased from 28.4% in 2023 to 35.6% in 2024, positioning it as one of the fastest-growing leading companies in the sector [7]. - The company is leveraging its market position and R&D capabilities to push smart imaging technology into broader consumer markets [9].

Core Viewpoint - The significant revenue growth of Yingstone Innovation is attributed to its continuous market expansion and positive market response to multiple new products [2]. Financial Performance - In Q3 2025, Yingstone Innovation achieved a revenue of 2.94 billion yuan, marking a substantial year-on-year increase of 92.64% [2]. - Cumulatively, the revenue for the first three quarters reached 6.61 billion yuan, reflecting a year-on-year growth of 67.18% [2]. - The net profit attributable to shareholders for Q3 2025 was 272 million yuan, showing a year-on-year decline of 15.9% [4]. Product Development and Market Strategy - The company has enriched its product matrix, catering to diverse consumer and enterprise needs, with new launches including the Ace Pro 2 limited editions and the GO Ultra camera [2]. - Yingstone's B2B business line has expanded with the introduction of the AI recording omnidirectional microphone, enhancing its audio ecosystem [3]. - The recently launched panoramic drone, Yingling Antigravity A1, was recognized in Time magazine's "Best Inventions of 2025," highlighting its innovative capabilities [3]. Research and Development - Yingstone Innovation has maintained a high-intensity R&D strategy, with total R&D expenditure exceeding 1 billion yuan in the first three quarters of 2025, and Q3 R&D spending reaching 524 million yuan, up 164.81% year-on-year [4]. - The company holds nearly 1,000 domestic and international patents, indicating a robust technological reserve that is being effectively converted into product competitiveness [4].

Core Insights - The company reported a significant revenue increase of 92.64% year-on-year for Q3 2025, reaching 2.94 billion yuan, with a total revenue of 6.61 billion yuan for the first three quarters, reflecting a 67.18% growth [1][2] - The strong performance is attributed to market expansion and positive reception of new products [1] - R&D investment remains high, with over 1 billion yuan spent in the first three quarters and 524 million yuan in Q3 alone, marking a 164.81% increase year-on-year, constituting 17.81% of revenue [1] - The company is focusing on core areas such as panoramic imaging technology and AI algorithms, while also investing in forward-looking projects like custom chips [1] - Despite the high R&D costs impacting short-term profits, the net profit for Q3 was 272 million yuan, a decrease of 15.9% year-on-year; however, excluding proactive investments for future development, profit metrics would have exceeded last year's figures [1] Product Development - The company has nearly 1,000 authorized patents domestically and internationally, translating into competitive product advantages [2] - In Q3, the product matrix was expanded to meet diverse consumer and enterprise needs, including the launch of limited edition consumer products and new handheld devices [2] - The enterprise business line was also enhanced with the introduction of an AI omnidirectional microphone, completing the audio ecosystem and improving overall imaging solutions [2]

Core Insights - The company reported a significant increase in revenue, with Q3 revenue reaching 2.94 billion yuan, a year-on-year growth of 92.64%, and a total revenue of 6.61 billion yuan for the first three quarters, up 67.18% year-on-year [1][3] - The company opened its first flagship store in Hong Kong, which attracted a large crowd, indicating strong brand appeal [1][14] - The company achieved top sales rankings in various categories during the "Double Eleven" shopping festival, outperforming competitors [1][14] Financial Performance - Q3 net profit was 272 million yuan, a decrease of 15.9% year-on-year, attributed to high R&D investments [3][10] - R&D expenses for the first three quarters exceeded 1 billion yuan, with Q3 R&D spending at 524 million yuan, a year-on-year increase of 164.81%, representing 17.81% of revenue [3][10] Product Development and Market Expansion - The product lineup has expanded to meet diverse consumer and enterprise needs, including new releases like the Ace Pro 2 and Flow 2 [5][10] - The company is entering the drone market with the upcoming launch of two drone brands, including the "影翎Antigravity," which has been recognized as one of the best inventions of 2025 [5][10] Market Position and Competitive Advantage - The company’s market share in the global smart imaging device industry increased from 28.4% in 2023 to 35.6% in 2024, making it the fastest-growing leading enterprise [5][11] - The industry is characterized by high concentration, with the top three companies holding 78.9% of the market share [5][11] Brand Recognition and Strategic Partnerships - The company has received prestigious awards, including the 2025 Engineering, Science, and Technology Emmy Award, enhancing its international reputation [15] - Strategic partnerships with major tech companies like Apple and Huawei have expanded the company's reach and product integration [14][16] Organizational Development - The company has implemented an equity incentive plan covering nearly 700 key employees to align personal interests with long-term company value [16] - Employee welfare initiatives have been introduced to enhance internal cohesion and motivation [16]