Investment Rating - The report maintains a "Buy" rating for the company YingShi Innovation [12] Core Viewpoints - The report emphasizes the importance of cross-industry collaboration between YingShi and DJI, highlighting the shared technological foundations and the pursuit of incremental growth opportunities [4][10] - Both companies are expected to capture additional market share in the handheld smart imaging and drone sectors, with new product lines and software subscriptions likely to contribute to revenue growth [10] Summary by Sections Cross-Industry Exploration - The launch of DJI's OSMO 360 panoramic camera and YingShi's Antigravity A1 8K panoramic drone marks a significant cross-industry move, driven by the commonality in core technologies such as image processing and stabilization algorithms [7][21] - YingShi is projected to hold an 82% share of the global consumer panoramic camera market by 2024, while DJI has a 76% share of the global drone market as of 2023 [7][28] Differentiation and Competitive Strategy - YingShi focuses on leveraging its algorithm capabilities and user demand insights for differentiated competition, while DJI capitalizes on its established hardware and supply chain advantages to maintain cost leadership [8][37] - The report notes that YingShi's Ace Pro 2, equipped with AI dual chips, leads in night scene shooting and noise reduction, contributing to a significant revenue increase in 2024 [43][50] Growth Potential - The report outlines optimistic growth scenarios for both companies, with projections for the global handheld smart imaging device market reaching 88.5 million units by 2027 and the global consumer drone market potentially reaching $13.7 billion by 2030 [9][10] - YingShi's revenue from handheld smart imaging devices could reach between 22.9 billion to 53.1 billion yuan depending on market conditions, while its drone revenue could range from 7.7 billion to 19.2 billion yuan [9][10] Investment Recommendations - The report concludes that the cross-industry strategies of both companies are likely to yield significant growth, with ample opportunities to capture market share from competitors [10][26]

Core Viewpoint - DJI and Insta360 are entering each other's core business areas, indicating a competitive shift in the market for both companies [1][3][4] Company Developments - DJI announced the launch of its panoramic camera "Osmo 360" set for release on July 31, 2023, while Insta360 revealed its consumer drone brand "影翎Antigravity" aimed at producing the world's first panoramic drone capable of shooting 8K panoramic videos [2][3] - DJI's "Osmo 360" is priced at approximately 3,588 RMB, while Insta360's flagship panoramic camera X5 is priced at 3,798 RMB, showcasing direct competition in product specifications [3][4] Market Position - DJI holds over 70% of the global consumer drone market, while Insta360 commands over 67% of the global panoramic camera market, highlighting their dominance in their respective fields [2][4] - The global retail market for panoramic cameras is projected to reach 5.03 billion RMB in 2023, with Insta360 maintaining a leading market share for six consecutive years [4][6] Strategic Moves - Insta360's decision to enter the drone market was made five years ago, anticipating DJI's potential response in the panoramic camera sector [4][5] - Both companies are expanding into adjacent markets to create a more comprehensive "image ecosystem," leveraging their existing technological capabilities and user bases [5][12] Industry Growth - The panoramic camera market is expected to exceed 7.85 billion RMB by 2027, with a compound annual growth rate (CAGR) of over 10%, while the drone market is projected to grow at a CAGR of 21.25% by 2030 [6][7] - The competition between DJI and Insta360 is expected to accelerate technological advancements in the industry, benefiting the overall market [10][11] Innovation and Ecosystem - The competition is likely to lead to new technological developments, such as the adoption of 8K panoramic video standards and enhanced AI editing features [12][13] - The emergence of new product categories, like panoramic drones, will create opportunities for supply chain upgrades and a richer content creator ecosystem [12][13]

Core Viewpoint - YingShi Innovation Technology Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a significant opening price and trading performance, indicating strong market interest and potential for growth [1][3]. Company Overview - YingShi Innovation focuses on the research, production, and sales of smart imaging devices, including panoramic and action cameras, and has established a technology system centered on panoramic technology, anti-shake technology, AI image processing technology, and computational photography technology [1]. - The company is controlled by Liu Jingkang, who holds a combined 34.0043% voting rights through various entities [2]. Financial Performance - The company raised a total of 1.938 billion yuan (approximately 193.807 million) from the issuance of 41 million shares at a price of 47.27 yuan per share, with a net amount of 1.748 billion yuan (approximately 174.776 million) after deducting issuance costs [3]. - Projected revenues for 2022, 2023, and 2024 are 2.041 billion yuan, 3.636 billion yuan, and 5.574 billion yuan respectively, with net profits of 407 million yuan, 829 million yuan, and 994 million yuan [6][8]. - For the first quarter of 2025, the company reported a revenue of 1.355 billion yuan, a year-on-year increase of 40.70%, but a slight decline in net profit by 2.50% [9]. Investment and Projects - The funds raised will be allocated to the construction of a smart imaging device production base and a research and development center in Shenzhen, with a total planned investment of 463.775 million yuan [3][4]. - The strategic placement of shares included 8.2 million shares, representing 20% of the total issuance, with participation from CITIC Securities [5][6]. Cash Flow and Financial Health - The company’s cash flow from operating activities for 2022, 2023, and 2024 is projected to be 454 million yuan, 762 million yuan, and 1.171 billion yuan respectively, indicating a positive trend in cash generation [7][8]. - The total assets are expected to grow from 1.980 billion yuan in 2022 to 5.021 billion yuan in 2024, reflecting a strong growth trajectory [8].

Group 1 - Investment Rating: Positive [2] - Core Viewpoint: The company is a global leader in smart imaging technology, with significant growth driven by product innovation and a strong brand presence [3][7] - Revenue Growth: From 2019 to 2024, the company's revenue CAGR is approximately 56.8%, and net profit CAGR is about 77.6% [7][8] Group 2 - Market Expansion: The smart imaging device market is expanding due to technological advancements and the integration of various applications, with a global market size of 36.47 billion yuan in 2023 and a CAGR of 14.3% [27][29] - Competitive Landscape: The company holds a leading market share in the global consumer-grade panoramic camera segment at approximately 67.2% in 2023, significantly outperforming competitors [37][38] Group 3 - Technological Leadership: The company emphasizes innovation and has a robust R&D framework, with an average R&D expense ratio of about 12.4% from 2020 to 2024 [41][42] - Global Market Strategy: The company has established a comprehensive sales network, with online and offline revenue split at 48% and 52% respectively, focusing on overseas markets [47][48] Group 4 - Fundraising Projects: The company plans to issue up to 41 million shares to raise 464 million yuan for projects including a new production base in Zhuhai and a R&D center in Shenzhen [57][59]