Group 1: Company Overview - YingShi Innovation (688775.SH) is a global leader in panoramic cameras, with a strong focus on the development, production, and sales of smart imaging devices, including action cameras and panoramic cameras [9][11] - The company's revenue is primarily driven by consumer-grade cameras, which accounted for over 86% of its income in 2024, with nearly 80% of revenue sourced from overseas markets [9][10] - From 2017 to 2024, YingShi Innovation's revenue is projected to grow at a compound annual growth rate (CAGR) of 66.2%, reaching 5.57 billion, while net profit is expected to grow at a CAGR of 106.5% to 990 million [9][10] Group 2: Industry Dynamics - The smart portable imaging device industry, which includes action cameras and drones, is experiencing a product cycle upswing, with a projected CAGR of 41% in China from 2024 to 2027, and over 800,000 units expected to be sold in overseas markets during the same period [10][11] - The global market for consumer-grade panoramic cameras is highly concentrated, with YingShi Innovation holding a market share of 67.2% in 2023, while major players in the action camera segment include DJI, YingShi, and GoPro, collectively accounting for over 80% of the market [10][11] Group 3: Competitive Advantages - YingShi Innovation's competitive edge stems from its strong focus on technological innovation, product development, and a comprehensive marketing strategy, which includes advanced features such as AI smart editing and anti-shake technology [11][12] - The company has established a balanced global sales network, utilizing both online platforms like Amazon and Tmall, and offline channels across over 60 countries, enhancing its brand influence [11][12] Group 4: Financial Projections and Valuation - The company is expected to achieve net profit growth of 16%, 44%, and 42% from 2025 to 2027, reaching 1.15 billion, 1.65 billion, and 2.34 billion respectively, with corresponding earnings per share (EPS) of 2.87, 4.12, and 5.84 [12] - The estimated reasonable valuation for YingShi Innovation is between 183.47 and 207.93 per share, corresponding to a price-to-earnings (PE) ratio of 45-50 for 2026 [12]

证券研究报告 | 2025年07月14日 请务必阅读正文之后的免责声明及其项下所有内容 影石创新（688775.SH） 优于大市 高速成长的全景相机全球龙头 影石创新：技术驱动下的智能影像设备龙头。影石创新主营全景相机、运动 相机等智能影像设备的研发、生产和销售，在全球全景相机行业位居首位、 运动相机领域位居全球前三。公司营收以消费级相机为主，2024 年收入占比 超过 86%；欧美等海外市场是收入的重要来源，占比接近 80%。2017-2024 年 公司营收复合增长 66.2%至 55.7 亿，归母利润复合增长 106.5%至 9.9 亿。 智能便携影像设备：供给创造需求，行业仍处于产品周期的上升期。智能便 携影像设备包含运动相机、全景相机及无人机等，近年来产品形态不断丰富， 也催生了更多拍摄和分享需求。2024 年我国智能便携影像设备销量预计约 314 万台，综合社交媒体创作者需求及智能便携影像设备的保有率，预计 2024-2027 年智能便携影像设备在我国复合增速有望达到 41%。海外市场， 2024 年便携智能影像设备规模预计超 800 万台，同样以视频创作者的数量及 保有率作为测算，预计 2024- ...