公司跟踪报告 · 家电行业 谨慎推荐 维持评级 分析师 何伟 更注重市场开拓与规模增长 2026 年 02 月 25 日 核心观点 影石创新（股票代码：688775） ：hewei_yj@chinastock.com.cn 分析师登记编码：S0130525010001 刘立思 ：liulisi_yj@chinastock.com.cn 分析师登记编码：S0130524070002 杨策 ：yangce_yj@chinastock.com.cn 分析师登记编码：S0130520050005 陆思源 ：lusiyuan_yj@chinastock.com.cn 分析师登记编码：S0130525060001 | 市场数据 | 2026 年 02 月 24 日 | | --- | --- | | 股票代码 | 688775 | | A 股收盘价(元) | 222.00 | | 上证指数 | 4,117.41 | | 总股本(万股) | 40,100 | | 实际流通 A 股(万股) | 3,280 | | 流通 A 股市值(亿元) | 73 | 相对沪深 300 表现图 2026 年 02 月 24 日 -20% 0 ...

Core Viewpoint - The entry of DJI into the panoramic camera market with its Osmo 360 has significantly altered the competitive landscape, leading to a dramatic shift in market shares between DJI and Insta360 [1][11]. Market Share Dynamics - By Q3 2025, DJI captured approximately 43% of the global panoramic camera market, while Insta360's market share plummeted from 85%-92% to 49% [1][5]. - A contrasting report from another source indicated that Insta360 maintained a 75% global market share, with DJI holding 37.1% of the Chinese market and 17.1% globally, surpassing GoPro [7][11]. Financial Performance - Despite the competitive pressure, Insta360 reported a revenue of 29.40 billion yuan in Q3, marking a 92.64% year-on-year increase, attributed to market expansion and new product launches [5][11]. - In contrast, DJI's revenue for 2024 is projected to be 800 billion yuan, significantly overshadowing Insta360's expected revenue of 55.74 billion yuan [14]. Competitive Strategies - DJI's strategy includes aggressive pricing, launching products like the Osmo 360 at a lower price point than Insta360's offerings, which has intensified competition in the market [12][18]. - Both companies are continuously innovating and releasing new products to maintain their market positions, with Insta360 investing over 10 billion yuan in R&D in the first three quarters of the year [14][12]. Market Growth Projections - The global handheld smart imaging device market is expected to grow at a compound annual growth rate (CAGR) of 15.9% from 2020 to 2030, reaching a market size of 799.3 billion yuan by 2030 [12].