本报记者 丁蓉 李昱丞 滑雪板掠过雪道溅起弧形白浪，跳伞时气流在耳边呼啸、大地全景尽收眼底——以往难以捕捉的动态瞬 间，如今被许多人手中的一款小巧设备全景锁定。拍摄者无需紧盯取景框，因为所有角度已被同时记 录，精彩画面可留给事后从容挑选。这种"先拍摄，后构图"的影像革新，源自一家中国上市公司——影 石创新科技股份有限公司（以下简称"影石创新"）。 当下，从纽约到东京，从巴黎到悉尼，影石创新的产品正成为全球消费者记录生活的新宠。沙利文最新 白皮书显示，影石创新在全景相机领域全球市占率连续8年稳居第一，销售额超越日本理光、美国 GoPro等国际品牌。 在业内人士看来，全景相机市场竞争高度集中，技术驱动明显。一个成立仅十年的中国企业，如何在强 手如林的智能影像赛道实现领跑？国产全景相机能否进一步"破圈"，闯出一片更广阔的天地？近日， 《证券日报》记者走进影石创新，深入探究其快速发展的核心密码。 从算法突破到AI赋能 在影石创新深圳总部展厅，记者看到巴黎奥运会开幕式上频繁亮相的X4，以及今年在美国"卖爆"的X5 等产品，这些创新成果见证着中国智造的全球进阶。 "我们相信，好产品是通用的国际语言。"影石创新高级副总裁陈 ...

Core Viewpoint - The company aims to become a global leader in smart imaging solutions, focusing on the development and marketing of its brand "Insta360" through various channels worldwide [1][2] Group 1: Company Overview - The company specializes in panoramic and action cameras, selling products in over 60 countries through online and offline channels [1] - The revenue CAGR from 2019 to 2024 is projected at 56.81%, with significant contributions from the ONE X/GO/Ace series [1] - In 2024, the revenue distribution in major markets is expected to be 23.65% in China, 23.38% in the USA, 23.36% in Europe, and 7.76% in Japan and South Korea [1] Group 2: Industry Insights - The global handheld smart imaging device market is valued at 36.47 billion yuan, with an estimated penetration rate of 2% for action cameras among outdoor sports enthusiasts in China, indicating substantial market potential [1] - The company holds a significant first-mover advantage in the panoramic action camera sector and is expected to share the market with DJI in the action camera industry [1] Group 3: Competitive Advantages - The company leverages China's efficient consumer electronics supply chain for core component procurement and benefits from low-cost outsourcing within domestic electronic industry clusters [2] - The company possesses comprehensive capabilities in brand building, including product definition, technology R&D, social media marketing, and global channel deployment [2] - The core technology team consists of software experts focusing on panoramic, stabilization, and AI processing technologies, which are significantly ahead of competitors [2] Group 4: Growth Projections - The company is expected to continue capturing market share in the global action camera market while expanding into smart digital cameras, gimbals, wearable cameras, panoramic security cameras, and drones [2] - Projected net profits for the company from 2025 to 2027 are estimated at 1.249 billion, 1.627 billion, and 2.132 billion yuan, with relative valuations of 57.3x, 44.0x, and 33.6x PE respectively [2]