大疆在全球消费级无人机市场占据主导地位，市占率高达 76%，产品覆 盖 170 多个国家和地区，即使在美国市场也占据 70%-90%的份额，农 用无人机市占率约为 80%，表明其技术和性能具有不可替代性。 全球消费者级别无人机市场规模在 2024 年约为 42.7 亿美元，预计到 2030 年将达到 52.3 亿美元，复合增长率约为 3%。入门级及中低端无 人机增速较快，但市场份额主要由大疆等头部企业掌握。 大疆通过全链路关键技术垂直整合与持续创新，包括飞控系统、云台技 术和图传系统，构筑了高技术壁垒，确保了其在无人机市场的领先地位， 并为未来产品创新提供支持。 大疆在图传技术上不断迭代升级，从最初的公共 WiFi 协议到 LightBridge，再到 OcuSync（目前已升级至 4.0 版本），显著提升了 传输距离、抗干扰能力和延迟表现，成为其核心竞争力之一。 智能影像设备市场中，全景相机市场规模约为 60 亿元，预计未来复合 增速在 10%左右。大疆已成为该市场的重要竞争者，与影石共同开发市 场，截至 2025 年第三季度，大疆全景相机收入口径份额达到 43%。 科技消费崛起，大疆、影石争锋相对 202 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company [5][7]. Core Insights - The company is positioned as a leader in the global smart imaging market, expanding its product line to include panoramic cameras, action cameras, and now consumer drones, which is expected to drive new growth opportunities [1][4][13]. - The global market for panoramic and action cameras is projected to grow significantly, with a CAGR of 15% for panoramic cameras and 20% for action cameras from 2017 to 2024, driven by the increasing popularity of outdoor activities and short video content creation [2][15]. - The company has established a strong competitive advantage through technological innovation that addresses user pain points, fostering a content ecosystem that encourages user-generated content [3][13]. Summary by Sections 1. Investment Overview - The company has rapidly grown to become a leader in the panoramic camera market by leveraging user insights and technological innovations [13]. - The launch of the world's first panoramic drone, A1, is expected to open new market segments [13]. 2. Market Potential - The action camera market is anticipated to expand, with the company projected to generate nearly 1.5 billion yuan in revenue from action cameras by 2024 [14]. - The company aims to capture a larger share of the overseas action camera market by enhancing product capabilities and marketing efforts [14]. 3. Financial Performance - The company's revenue is expected to grow from 3.64 billion yuan in 2023 to 18.86 billion yuan by 2027, with a compound annual growth rate (CAGR) of 57% [8][19]. - Net profit is projected to increase from 830 million yuan in 2023 to 2.45 billion yuan by 2027, reflecting a CAGR of 78% [8][19]. 4. Competitive Landscape - The company faces competition from established brands like GoPro but differentiates itself through superior product features and a focus on user experience [14][16]. - The report highlights that the penetration rate of panoramic cameras in the global handheld imaging device market is currently below 5%, indicating significant growth potential [16]. 5. Management Team - The management team is characterized by youth and innovation, with key figures having extensive entrepreneurial and industry experience [17][33]. - The company promotes a culture of bold thinking and innovation, which is reflected in its product development and market strategies [33]. 6. Product and Market Strategy - The company has developed a diverse sales network across over 60 countries, with significant revenue contributions from China, the US, and Europe [28]. - The product line includes a range of consumer-grade imaging devices, with a focus on enhancing user engagement through creative marketing and community involvement [24][28].

创新引领全球智能影像市场：影石以帮助人们更好地记录和分享生活为使命，从全景相机起家成功拓展 至运动相机、手持摄影设备等智能影像设备。影石已建立多元化的渠道体系，线下渠道涵盖Apple Store、Best Buy、Sam's Club、Costco、Media Markt等知名零售商。凭借行业领先的产品力和本土化内 容营销，影石有望持续提升在全球智能影像市场的份额。 全景相机、运动相机有望持续破圈：全景相机、运动相机不仅是用户记录生活的设备，也正在成为用户 进行内容创造的工具。 根据弗若斯特沙利文，2017~2024 年全球全景相机出货量CAGR 达15%，运动相机出货量CAGR 达 20%。我们认为在全球户外运动群体和短视频用户持续扩大的背景下，全景相机、运动相机将从小众市 场走向大众市场。我们预计2024~2028 年国内运动相机销量CAGR 将达16%，海外运动相机销量CAGR 将达14%；国内全景相机销量CAGR 将达21%，海外全景相机销量CAGR 将达20%。 技术创新解决用户痛点，激励用户共创内容生态：回顾影石登顶全景相机行业之路，我们认为其竞争壁 垒在于建立了"精准洞察用户需求→技术创新降低视 ...

招商证券日前研报指出，影石创新是全景相机龙头，逐步向运动相机、穿戴相机、云台等智能影像设备 延拓，同时从全景玩法切入无人机市场重塑飞行体验，软件业务亦开始布局，对应市场从几十亿的全景 相机市场迈向各几百亿的运动相机和无人机市场。该行看好影石在智能影像设备领域的核心卡位、产品 创新、技术引领和长线空间，首次给予"增持"评级，考虑到智能影像品牌的稀缺性和业务成长性，建议 积极关注。 ...

证券研究报告 | 公司深度报告 2025 年 12 月 05 日 影石创新（688775.SH） 稀缺的智能影像龙头品牌，从手持设备向无人机进军 TMT 及中小盘/电子 影石创新是全景相机龙头，逐步向运动相机、穿戴相机、云台等智能影像设备 延拓，同时从全景玩法切入无人机市场重塑飞行体验，软件业务亦开始布局， 对应市场从几十亿的全景相机市场迈向各几百亿的运动相机和无人机市场。本 篇报告围绕市场关心的行业空间、竞争格局等问题展开分析，我们看好影石在 智能影像设备领域的核心卡位、产品创新、技术引领和长线空间，首次给予"增 持"评级，考虑到智能影像品牌的稀缺性和业务成长性，建议积极关注。 增持（首次） 当前股价：279.36 元 基础数据 | 总股本（百万股） | 401 | | --- | --- | | 已上市流通股（百万股） | 31 | | 总市值（十亿元） | 112.0 | | 流通市值（十亿元） | 8.5 | | 每股净资产（MRQ） | 14.3 | | ROE（TTM） | 16.5 | | 资产负债率 | 37.9% | | 北京岚锋创视网络科技有限 主要股东 | | | | 公司 | | 主要 ...

点击招商研究小程序查看PDF报告原文 影石创新是全景相机龙头，逐步向运动相机、穿戴相机、云台等智能影像设备延拓，同时从全景玩法切入无人机市场重塑飞行体验，软件业务亦开 始布局，对应市场从几十亿的全景相机市场迈向各几百亿的运动相机和无人机市场。本篇报告围绕市场关心的行业空间、竞争格局等问题展开分 析，我们看好影石在智能影像设备领域的核心卡位、产品创新、技术引领和长线空间，首次给予"**"评级，考虑到智能影像品牌的稀缺性和业务成 长性，建议积极关注。 | 图 1: 影石创新基本情况 | | --- | | 图 2: 影像设备分为智能影像设备和传统影像设备 . | | 图 3: 手持智能影像设备出货量预测 . | | 图 4: 全景相机的成像原理(1) | | 图 5: 全景相机的成像原理(2) | | 图 6: 全景相机、运动相机与传统影像设备对比 | | 图 7: 全球全景相机市场规模 | | 图 8: 全球全景相机出货量 . | | 图 9: 影石创新 ONE X系列情况 | | 图 10: 运动相机的分类 | | 图 11: 全球运动相机市场规模 . | | 图 12: 全球运动相机出货量 | | 图 13 ...

[Table_Page] 公司深度研究|电子 证券研究报告 [Table_Title] 影石创新（688775.SH） 全景无人机破局者—消费级航拍新标杆 [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 3,636 | 5,574 | 8,679 | 15,318 | 24,293 | | 增长率（ % ） | 78.2% | 53.3% | 55.7% | 76.5% | 58.6% | | EBITDA | 985 | 1,098 | 1,395 | 2,404 | 3,479 | | 归母净利润 | 830 | 995 | 1,321 | 2,249 | 3,268 | | 增长率（ % ） | 103.7% | 19.9% | 32.8% | 70.3% | 45.3% | | EPS（元/股） | 2.30 | 2.76 | 3.29 | 5.61 | 8. ...

机构持仓方面，截止2025年9月30日，影石创新十大流通股东中，博时科创板三年定开混合（506005） 位居第五大流通股东，持股26.26万股，为新进股东。富国消费主题混合A（519915）位居第九大流通股 东，持股14.42万股，为新进股东。富国价值创造混合A（011099）位居第十大流通股东，持股13.92万 股，为新进股东。博时汇兴回报一年持有期混合（011056）、摩根新兴动力混合A类（377240）、摩根 远见两年持有期混合（010610）、富国新兴产业股票A（001048）、招商优势企业混合A（217021）、 信澳品质回报6个月持有混合（012389）退出十大流通股东之列。 责任编辑：小浪快报 资料显示，影石创新科技股份有限公司位于广东省深圳市宝安区新安街道海旺社区兴业路1100号金利通 金融中心大厦2栋1101,1102,1103，成立日期2015年7月9日，上市日期2025年6月11日，公司主营业务涉 及全景相机、运动相机等智能影像设备的研发、生产和销售。主营业务收入构成为：消费级智能影像设 备86.06%，配件及其他产品12.63%，其他(补充)1.01%，专业级智能影像设备0.30%。 ...

Core Viewpoint - The article discusses the recent financing round completed by AI chip developer Yingwei Innovation, highlighting its entry into the venture capital space through its parent company, Yingstone Innovation, and the strategic implications of this move for both companies [1][2]. Group 1: Company Overview - Yingwei Innovation, established in 2024, is a subsidiary of SenseTime focused on AI chip development, particularly in image enhancement, perception recognition, and NLP [2]. - The company has quickly attracted notable investment institutions, with recent financing rounds involving multiple investors, indicating strong market interest [2]. Group 2: Investment Strategy - Yingstone Innovation's investment in Yingwei Innovation aligns with its focus on enhancing imaging technology through innovative integration of lightweight large models and chip hardware design [3]. - This investment strategy is part of a broader approach to secure supply chain stability and enhance product offerings in the smart imaging device sector [3]. Group 3: Financial Performance - Yingstone Innovation reported a revenue of 6.611 billion yuan for the first nine months of 2025, a year-on-year increase of 67.18%, while net profit decreased by 5.95% [4]. - In Q3 2025, the company achieved a revenue of 2.940 billion yuan, reflecting a significant year-on-year growth of 92.64%, although net profit saw a decline of 15.90% [4]. Group 4: Future Outlook - The company aims to enhance its R&D capabilities and brand recognition, focusing on developing high-value products and services to meet market demands and strengthen its core competitiveness [5].

Core Viewpoint - YingShi Innovation experienced an 8.94% increase in stock price on November 27, with a trading volume of 1.108 billion yuan, indicating strong market interest and activity [1]. Financing Summary - On November 27, YingShi Innovation had a financing buy-in amount of 141 million yuan, with a net financing purchase of 44.94 million yuan after repaying 96.06 million yuan [1]. - The total financing and securities balance for YingShi Innovation reached 815 million yuan, accounting for 9.56% of its circulating market value [1]. - There were no short sales or repayments on the same day, with a short balance of 0 yuan [1]. Business Performance - As of September 30, YingShi Innovation reported a revenue of 6.611 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 67.18% [2]. - The net profit attributable to shareholders was 792 million yuan, showing a year-on-year decrease of 5.95% [2]. - The company’s main business revenue composition includes 86.06% from consumer-grade smart imaging devices, 12.63% from accessories and other products, and 0.30% from professional-grade smart imaging devices [1][2]. Shareholder Information - As of September 30, the number of shareholders for YingShi Innovation increased to 23,100, a rise of 36.16% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 26.56% to 1,318 shares [2]. - New institutional shareholders include BoShi Science and Technology Innovation Board Mixed Fund and FuGuo Consumption Theme Mixed Fund, among others [2].