Equity – Asia Research 智能影像设备行业深度： 全景&运动相机，顺应科技的影像工具&社交玩具 Intelligent Video Device Industry Report: Potential of Pano/Action Camera 目录 For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com 2 1. 顺应科技的影像工具&社交玩具 2. 前期记录分享情怀持续酝酿，后期剪辑门槛显著降低 3. 全景/运动相机市场规模持续扩张，成长空间宽广 • 欧美市场权重引领，中国市场厚积薄发 • 影石全景相机市场份额领先，运动相机蓄势待发 4. 国内龙头品牌经营优异，发展潜力十足 • GoPro：目标恢复成长，培养用户订阅服务 • 影石创新：渠道产品布局均衡，盈利能力表现优异 • 关注国内品 ...

美图公司 20250714 摘要 美图 AI agent 产品通过自然语言交互，高效完成修图、海报设计、商品 图设计等任务，显著提升了图像处理效率和质量，尤其在人像处理方面 保持领先优势，能够精准识别五官并进行细节调整。 AI 在品牌设计中表现出色，即使在信息有限的情况下，也能根据用户需 求创建符合要求的 LOGO 和室内场景设计方案，展现了强大的审美能力 和智能化水平，为用户提供高质量的设计方案。 AI 显著提升电商物料制作效率，通过简单指令快速生成高质量图片和视 频，例如香水展示图和视频，光影效果自然逼真，减少人工调整时间， 提高整体呈现效果，已在女装店铺的 AI 模特展示中得到应用。 AI 在家居装修领域，能从户型图开始，根据指定风格进行全面设计，包 括功能分区、照明系统及软装布置，整体风格和实际落地效果良好，但 细节方面仍需用户提供更明确的指令或后续调整。 美图 AI agent 产品在网页风格设计和布局调整方面表现出色，生成的概 念图与金色风格高度一致，整体色调以黑色和金黄色为主，审美方面表 现出色，能够更好地理解用户需求。 AI agent 在海报设计方面表现如何？ 在海报设计方面，AI agen ...

Core Insights - Digital transformation is redefining the survival rules of enterprises, evolving from mere technological upgrades to a comprehensive overhaul of strategic positioning, operational models, innovation capabilities, and cultural foundations [1] - The transformation is reshaping competitive advantages through four core dimensions, enhancing operational efficiency and fostering new business ecosystems [1] Group 1: Operational Efficiency - A global home appliance manufacturer improved its production planning by implementing a digital system that captures real-time sales data from 120 e-commerce platforms and 3,000 offline stores, resulting in a 40% increase in inventory turnover and a 58% reduction in stockout losses [2] - The application of digital twin technology in an aerospace engine manufacturer reduced the product development cycle from 8 months to 4 months and cut costs by 60% by simulating over 200 conditions in a virtual environment [2] - A fast-fashion brand compressed its design-to-shelf process from 90 days to 7 days by creating an agile supply chain platform that connects 120 upstream and downstream enterprises [3] Group 2: Innovation and Collaboration - A traditional medical equipment manufacturer established an open innovation platform that integrates internal and external resources, enhancing tumor detection accuracy from 85% to 97% and enabling real-time analysis during scans [6] - A tire manufacturer transformed into a service provider by embedding sensors in tires to collect real-time data, leading to a service revenue share exceeding 40% within three years [6] - A sports brand's virtual fitting lab allowed consumers to provide design feedback, resulting in a new shoe model selling over 500,000 pairs in its first month [7] Group 3: Customer Relationship Management - A high-end automotive brand created an owner ecosystem platform that increased customer engagement by offering personalized services, leading to a threefold increase in consumer frequency [9] - An industrial parts supplier implemented an intelligent inventory management system that improved order stability by 70% through real-time monitoring and automatic replenishment [10] - A restaurant chain enhanced customer satisfaction from 82 to 91 points by utilizing data analytics to address feedback on service delays [10] Group 4: Organizational Transformation - A technology group adopted a project-based unit structure that improved response time to market changes by six times and increased project delivery success rates from 75% to 92% [12] - The implementation of an intelligent knowledge graph in a manufacturing company improved knowledge reuse by 80% and reduced the skill development cycle by 50% [13] - A shift to a data-driven decision-making culture in an internet company led to a 40% increase in user retention rates through data-supported strategies [13] Group 5: Strategic Implications - Digital transformation is not merely a technological upgrade but a comprehensive redefinition of enterprise capabilities across various dimensions, necessitating the integration of digital DNA into every aspect of strategy, operations, and innovation [15]

Core Viewpoint - The launch of OBSBOT's new AI imaging products, Tail 2 and Tail 2S, marks a significant advancement in smart live streaming technology, focusing on AI 2.0 imaging algorithms, enhanced imaging performance, and the innovative PTZR three-axis gimbal system, catering to various applications in esports, live commerce, education, and outdoor content creation [1][2][7]. Group 1: Product Features - The Tail 2 and Tail 2S feature upgraded AI capabilities, including AI 2.0 smart tracking for precise dynamic locking, natural composition adjustment, and stable target tracking, with functionalities like multi-person tracking and gesture control [2][6]. - Both products utilize a 1/1.5-inch large CMOS sensor with 50 million pixels, capable of outputting 4K 60fps video, supporting HDR and dual native ISO, along with 5x optical zoom and 12x hybrid zoom for detailed content capture [2][6]. - The PTZR three-axis gimbal system allows for seamless switching between landscape and portrait modes without flipping the camera body, enhancing shooting stability and reducing operational burden [2][6]. Group 2: Market Applications - The Tail 2 has been integrated into esports events, serving as the official camera for the recently concluded 2025 Asian Champions League, demonstrating its capability in dynamic environments with high frame rate 4K output and AI tracking [3][4]. - Beyond esports, the Tail 2S is designed for indoor live streaming, effectively capturing dynamic interactions in various sectors such as jewelry, beauty, fashion, education, and fitness, allowing users to achieve professional-grade outputs without additional crew [5][6]. - The products are positioned to support both high-intensity competitive environments and professional training sessions, becoming essential tools for esports teams in tactical reviews and content reuse [4][5]. Group 3: Industry Impact - OBSBOT is actively promoting AI imaging technology across multiple sectors, including esports, education, and new consumption, through collaborations with events and content creators, establishing a new infrastructure for the content industry [7]. - The Tail 2 series has been adopted in major events like the 2025 Esports World Cup and various educational institutions, providing innovative imaging solutions to thousands of creators and organizations [7]. - As smart technology permeates the content production chain, OBSBOT is positioned to become a foundational technology provider for content industry upgrades and digital cultural expansion [7].

2025 年 06 月 27 日 投资评级：买入（首次） 日期 2025/6/27 当前股价(元) 169.00 一年最高最低(元) 204.22/161.80 总市值(亿元) 677.69 流通市值(亿元) 51.55 总股本(亿股) 4.01 流通股本(亿股) 0.31 近 3 个月换手率(%) 285.54 首 次 覆 盖 报 告 股价走势图 数据来源：聚源 -20% -10% 0% 10% 20% 30% 2024-06 2024-10 2025-02 2025-06 影石创新 沪深300 | 吕明（分析师） | 骆扬（分析师） | | --- | --- | | lvming@kysec.cn | luoyang@kysec.cn | | 证书编号：S0790520030002 | 证书编号：S0790525050002 | 电子/消费电子 影石创新（688775.SH） 全景智能影像设备龙头，技术护航+产品创新驱动成 财务摘要和估值指标 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | -- ...

Investment Rating - The report does not provide a specific investment rating for the industry as a whole, but it highlights several companies with "Recommended" ratings, including Lante Optics, Sunny Optical Technology, and Hengxuan Technology [4][35]. Core Insights - The report emphasizes the leadership of Insta360 in the global panoramic camera market, with a market share of 67.2% in the consumer-grade segment, significantly ahead of competitors like Ricoh and GoPro [2][21]. - The growth of the outdoor sports and social media sharing trends is driving the demand for action cameras, with the global action camera market experiencing a CAGR of 21.2% from 2017 to 2023 [19]. - The report identifies the rise of AR glasses and panoramic cameras as emerging markets, with key players in the supply chain expected to benefit from this growth [2][30]. Summary by Sections 1. Industry Overview - The panoramic camera market is expanding, with Insta360 leading the consumer-grade segment and a significant portion of its revenue coming from overseas sales, accounting for over 70% in the past three years [1][16]. - The report notes that the global market for panoramic cameras reached 5.03 billion yuan in 2023, with a projected growth to 7.85 billion yuan by 2027 [20]. 2. Company Performance - Insta360's revenue and net profit have shown rapid growth, with a projected revenue of 5.574 billion yuan in 2024, reflecting a year-on-year increase of 53.3% [24]. - The company has established a strong supply chain, with key suppliers like Hongjing Optoelectronics and Sunny Optical Technology benefiting from its growth [30][33]. 3. Investment Recommendations - The report suggests focusing on the AR glasses and panoramic camera supply chain, highlighting brands like Xiaomi and Insta360, as well as manufacturers like Longqi Technology and Lixun Precision [34]. - The report indicates that the integration of AI and AR technologies in smart glasses presents significant long-term growth potential [34].

公司报告 | 首次覆盖报告 C 影石（688775） 证券研究报告 全景影像龙头，技术卡位占据优势 影石创新：全景影像龙头，致力成为全球一流品牌 公司是全球全景影像领域的龙头企业，成立于 2015 年，专注于全景相机、 运动相机等智能影像设备的研发与生产。公司凭借高学历研发团队和持续 的技术创新，在全球市场占据领先地位，2023 年全景相机全球市场占有率 高达 67.2%。其产品分为消费级、专业级和配件三大类，消费级设备是核 心收入来源（近三年占比在 85%左右，主要应用于消费记录、户外运动、 影视制作等领域。公司采用全球化布局，2022 年以来，境外收入占比超 70% 以上，并通过"技术创新+产品迭代+品牌全球化"战略，致力于成为世界 一流的智能影像品牌。 营收利润快速增长，进一步巩固竞争优势 公司营业收入和利润保持快速增长，2022-2024 年研发费用率维持在 12%-14%，体现其对技术投入的重视。消费级设备 2023 年销售额占比达 86%；公司销售模式以线上（第三方电商平台、自营商城）和线下（经销、 直营）结合为主，海外市场（尤其是北美、欧洲）贡献主要收入。未来， 公司计划通过产能扩张、研发中心建 ...

6月14日，华为正式发布Pura 80系列旗舰手机，涵盖Pura 80 Pro、Pura 80 Pro+以及顶配版本Pura 80 Ultra 三款机型，起售价为6499元。其中，Pura 80 Pro与Pro+于当日10:08开售，Ultra版将于6月26日正式上 市，顶配版本定价高达10999元。 软件层面，Pura 80系列出厂搭载HarmonyOS 5.1系统，在智能交互与用户隐私保护方面均有强化。全新 语音助手"小艺"具备视觉识别与全局翻译能力，支持在截屏、文档、浏览器等场景下实现内容的实时翻 译，满足出境旅行、跨语交流等多元化需求。 据介绍，Pura 80系列搭载全新升级的AI影像技术，最大亮点之一是"AI辅助构图"功能。通过对50万余 张专业摄影作品的学习训练，该功能可智能识别拍摄场景，自动建议最佳取景范围，并切换最适焦段， 实现从取景到成片的高效优化。无论是新手用户还是摄影爱好者，均可借此轻松拍摄出具备专业感的图 像。 在发布会上，华为也披露了其最新的研发投入数据。截至2024年底，华为近十年研发投入累计达1.24万 亿元，2024年研发费用占比高达20.8%。目前，华为已拥有超过15万项全球 ...

Core Viewpoint - The company YingShi Innovation (688775.SH) made a remarkable debut on the STAR Market, with a first-day surge of 274.44%, closing at 177 CNY per share, resulting in a market capitalization of 70.977 billion CNY [2]. Company Overview - YingShi Innovation, founded in 2015, specializes in the research and sales of smart imaging devices, including panoramic cameras, action cameras, wearable mini cameras, and professional VR equipment, targeting various scenarios such as outdoor sports, short video creation, VR content production, and conference live streaming [4]. - The company is led by its founder and chairman Liu Jingkang, born in 1991, making him the first "post-90s" founder of a STAR Market company, attracting significant attention from investors [4]. Market Position - YingShi Innovation achieved a global market share of 67.2% in the panoramic camera market as of 2023, establishing itself as a market leader [4]. - The company gained initial recognition in 2016 with the launch of its first consumer-grade panoramic camera, Nano, which became popular due to its user-friendly features [4]. Financial Performance - The company reported revenues of 2.041 billion CNY, 3.636 billion CNY, and 5.574 billion CNY for the years 2022 to 2024, with corresponding net profits of 407 million CNY, 830 million CNY, and 995 million CNY, indicating consistent growth [5]. - In the first quarter of the current year, YingShi Innovation achieved a revenue of 1.355 billion CNY and a net profit of 176 million CNY [5]. Funding and Investment - The company has undergone multiple rounds of financing, attracting investments from notable firms such as IDG Capital, Qiming Venture Partners, and others, resulting in a strong shareholder base [5]. - YingShi Innovation raised 1.938 billion CNY through its STAR Market listing, marking the highest fundraising amount for a company on the STAR Market this year, with funds allocated for the development of a research center in Shenzhen and a smart manufacturing base in Zhuhai [5].

6 月 11 日 ， 影 石 创 新 正 式 登 陆 科 创 板 ， 首 日 开 盘 即 暴 涨 285%，总市值突破700亿元，19.38亿元募资额登顶2025年 科创板，以技术硬实力叩开资本市场新大门。 作者： 王海言 封图：图片资料室 6月11日，A股正式迎来"智能影像第一股"。影石创新科技股份有限公司(下称"影石创新"股票代码688775.SH)正式登陆上海证券交易所科创板。 上 市首日开盘价为 182 元 /股，较发行价上涨 285 %，总市值突破 700 亿元，成为科创板又一家备受瞩目的明星企业。值得一提的是，此次影石创新 科创板上市募资 19.38亿元，为2025年以来上交所（主板+科创板）整体募资额排名第三，在科创板 名列前茅 。 上市敲锣仪式 在上市仪式现场， 公司创始人、 90后创业者刘靖康 一改传统，身穿简约文化衫，手持 Insta360全景相机敲响上市锣声， 以科技产品替代传统棒槌 完成 上市 敲 锣仪式。这场别开生面的仪式凸显了影石创新 "Think Bold始于敢想"的企业基因，更生动 诠释了其产品 "航天级"标准的品质标杆。 影石创始人刘靖康手持全景相机敲响上市锣声 技术驱动业绩 ...