证券研究报告 | 公司深度报告 2025 年 06 月 10 日 影石创新（688775.SH）新股分析 产品创新、技术引领，打造世界一流智能影像品牌 TMT 及中小盘/电子 影石创新（688775.SH）是全球全景相机龙头，产品线逐步向运动相机、云台、 穿戴相机等领域延拓，且具备飞行控制技术储备，同时刚开始推出软件业务。 我们看好公司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。随着募投项目进一步扩充产能，将打开公司未来成长空间，考虑到公司智 能影像设备品牌的稀缺性和业务成长性，建议上市后重点关注。 发行数据 | 发行前总股本（百万） | 360 | | --- | --- | | 新发行股数（百万） | 41 | | 老股配售（百万） | - | | 发行后总股本（百万） | 401 | | 发行价（元） | 47.27 | | 发行市盈率（倍） | 20 | | 发行日期 | 2025-05-30 | | 上市日期 | 2025-06-11 | 主要股东 | | 持股比例 | | --- | --- | | 北京岚锋创视网络科技有限公 | 26.88% | | 司 | | | EARN ...

公司简介 公司为全景/运动相机行业龙头企业,17-24 年营收 CAGR 达 60%， 归母净利润 CAGR 达 70%。25Q1 营收同增 40.70%，归母净利润同降 2.50%，主要系公司推进全新产品线开发、技术升级及拓展，同时 加大线上营销、线下展会活动及直营店等方面的市场推广投入，研 发销售费用率增长。预计 25H1 营收 32.14-38.15 亿元，同增 32.38%-57.10%；净利润4.94-5.83亿元，同比变动-4.65%-12.49%。 投资逻辑： 受益户外运动者数量增多、社交网络视频普及，根据招股说明书及 Frost&Sullivan，运动相机市场规模逐步增长，从 2017 年 139.3 亿美元增长至 2023 年 314.4 亿美元，CAGR 达 13.8%；全景相机凭 借捕捉视角全面、创意多变且内容适配于各类终端设备等优势，23 年出货量为 196.0 万台，同比+30.1%，随着在户外运动、远程医 疗、智慧城市等专业领域不断渗透，市场规模将进一步扩大。 公司为全景相机全球龙头，运动相机品类加速替代海外品牌。根据 招股说明书及 Frost&Sullivan，2023 年公司在 ...

公司简介 公司为全景/运动相机行业龙头企业,17-24 年营收 CAGR 达 60%， 归母净利润 CAGR 达 70%。25Q1 营收同增 40.70%，归母净利润同降 2.50%，主要系公司推进全新产品线开发、技术升级及拓展，同时 加大线上营销、线下展会活动及直营店等方面的市场推广投入，研 发销售费用率增长。预计 25H1 营收 32.14-38.15 亿元，同增 32.38%-57.10%；净利润4.94-5.83亿元，同比变动-4.65%-12.49%。 投资逻辑： 受益户外运动者数量增多、社交网络视频普及，根据招股说明书及 Frost&Sullivan，运动相机市场规模逐步增长，从 2017 年 139.3 亿美元增长至 2023 年 314.4 亿美元，CAGR 达 13.8%；全景相机凭 借捕捉视角全面、创意多变且内容适配于各类终端设备等优势，23 年出货量为 196.0 万台，同比+30.1%，随着在户外运动、远程医 疗、智慧城市等专业领域不断渗透，市场规模将进一步扩大。 公司为全景相机全球龙头，运动相机品类加速替代海外品牌。根据 招股说明书及 Frost&Sullivan，2023 年公司在 ...

点击招商研究小程序查看PDF报告原文 影石创新：全球全景相机龙头，持续丰富智能影像设备产品线。 公司成立于2015年，以"帮助人们更好地记录和分享生活"为使命，从全景相机产 品切入，已成长为全球全景相机龙头，并拓展硬件产品线至运动相机、云台、穿戴相机等领域，且具备飞行控制技术储备，而在软件端25年刚开始 推出云业务。公司产品分消费级智能影像设备、专业级智能影像设备和配件及其他产品，24年收入占比85.9%/0.4%/12.9%，其中消费级设备 ONE X（全景运动相机）/GO（穿戴运动相机）/Ace（运动相机）/ONE R（模块化运动相机）/其他系列占比 影石创新（688775.SH）是全球全景相机龙头，产品线逐步向运动相机、云台、穿戴相机等领域延拓，且具备飞行控制技术储备，同时刚开始推出 软件业务。我们看好公司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。随着募投项目进一步扩充产能，将打开公司未来成长 空间，考虑到公司智能影像设备品牌的稀缺性和业务成长性，建议上市后重点关注。 募投项目： 公司本次发行原拟募集资金4.63亿，最终募集19.38亿，计划1.95亿投向"智能影像设备生产基地建设项目 ...

Core Viewpoint - The acquisition of 100% equity in Changsha Zhongya Medical Imaging Diagnosis Co., Ltd. by Hunan Yimai, a subsidiary of Yimai Sunshine, aims to enhance market position and create synergies in the medical imaging sector in Central China [1][2]. Group 1: Acquisition Details - Yimai Sunshine announced the acquisition of 100% equity in Zhongya Diagnosis for a total price of 29.5 million yuan [1]. - Following the acquisition, Zhongya Diagnosis will become a wholly-owned subsidiary of Hunan Yimai, allowing for the integration of Yimai's product system with Zhongya's business foundation [1][2]. Group 2: Strategic Goals - The acquisition is part of Yimai Sunshine's strategy to leverage its established product offerings and Zhongya's operational strengths to achieve breakthrough performance in the imaging centers [1][2]. - Yimai Sunshine aims to integrate standardized products into existing collaborations with provincial top-tier hospitals, enabling zero customer acquisition costs for revenue generation [2]. Group 3: Company Background and Market Position - Zhongya Diagnosis specializes in early screening and diagnosis of various diseases, including tumors and cardiovascular conditions, and has established long-term partnerships with top hospitals in Hunan [2]. - Yimai Sunshine operates 106 imaging centers across 16 provinces, significantly exceeding competitors in terms of operational scale and regional coverage [3]. Group 4: Management Confidence - The company's management, including the chairman and two executive directors, has committed not to sell shares until December 31, reflecting confidence in the company's future prospects [4].

Group 1: Market Performance - The Hang Seng Index rose by 1.63% to 24,181.43 points, marking a return above 24,000 points and reaching a new high since April [1][5] - The Hang Seng Technology Index increased by 2.78% to 5,433.23 points, while the National Enterprises Index gained 1.74% to 8,780.13 points, indicating a positive market sentiment [1][5] Group 2: Company Developments - Rongda Technology (HK09881) saw a significant increase of 78.80% in its dark market trading, closing at HKD 17.88, while Xinqi'an (HK02573) rose by 77.25% to HKD 33.50, reflecting strong market expectations for these companies [2] - Woan Robotics submitted its prospectus to the Hong Kong Stock Exchange, reporting revenue growth from 275 million to 610 million CNY from 2022 to 2024, with decreasing losses over the same period [3] - Yimai Sunshine's subsidiary plans to acquire 100% of Zhongya Diagnostics for a total consideration of 29.5 million CNY, which is expected to enhance its market influence in Hunan [4]

首款产品预计在今年第四季度上市。 光子跃迁瞄准这一市场机遇，致力于将 AI技术与传统影像深度融合，用创新的产品形态，打破拍摄 场景的局限；通过智能算法降低操作门槛，同时针对不同场景提供定制化解决方案，满足不同用户的 拍摄差异化需求。 光子跃迁的核心差异化优势在于其 "场景融合创新+前沿技术集成+深度用户洞察"的三极驱动模式， 这使其显著区别于市场上聚焦单一功能或通用方案的传统影像厂商。 场景方面， "产品作为突破性的全新形态相机，其核心在于深度整合Vlog创作与运动记录两大垂直 场景需求。"袁谦谈道，光子跃迁通过融合性设计精准解决不同创作者的核心诉求，能有效突破传统 产品的场景局限，为更广泛的内容创作者提供前所未有的创作自由度与适用性。 技术层面，光子跃迁的首款产品将率先集成多项行业首创技术，实现影像能力与操作体验的跨越式提 升。例如 AI技术和智能跟拍技术等，这种协同创新直接带来专业级复杂动态环境画质，以及革命性 的"所想即所得"拍摄流畅度，极大简化创作流程。基于"用户痛点驱动"的核心方法论，光子跃迁还 构建了超1000人的深度用户反馈池，规模达行业普通公司的5-10倍。这一体系能精准捕捉创作全 流程中的关 ...

影石创新 One X 系列迭代加速，占公司收入约 50%，表明其技术更新 优势。G 系列和 S 系列产品在 2023-2024 年间显著增长，公司积极拓 展产品线。 影石创新线上线下渠道均衡，各占约 50%，主要市场集中在美、欧、日、 韩等发达国家。公司财务状况良好，现金流充沛，截至 2025 年一季度 现金及交易性金融资产接近 9 亿元。 全景相机市场 2023 年全球规模约 50 亿元，增速 21.8%，预计 2027 年达 80 亿左右。影石已连续六年保持全球第一，占有率超 60%。运动 相机市场影石位居第二，或已超越 GoPro。 新恒汇是智能卡芯片封装材料柔性引线框架的核心供应商，市占率约为 32%。IPO 募集资金约 5.8 亿元，用于键合引线框架封装材料项目和研 发中心扩建。 新恒汇积极拓展蚀刻引线框架及物联网 eSIM 芯片封测业务，收入占比 从 2022 年不到 10%提升至 2024 年接近 30%。公司 2022-2024 年收 入稳步增长，今年上半年预计收入增速为 4%-12%。 新股探寻-（影石创新、新恒汇、华之杰）20250606 摘要 Q&A 影石创新公司的主要产品和市场表现如何 ...

《商道创投网》创业家会员·单位简介 追创创投合伙人李明表示，光子跃迁在AI影像算法和智能硬件领域展现出强大的技术实力和创新能力，其团队成员拥有丰富的行业经验，能够快速将前沿 技术转化为实际产品。此外，运动相机市场持续增长，光子跃迁的产品定位精准，具有广阔的市场前景。追创创投看好光子跃迁的发展潜力，相信其能够为 投资者带来可观的回报。 光子跃迁成立于2024年，是一家专注于AI影像算法研发及智能硬件产品开发的高科技企业。公司核心团队成员来自国内知名智能影像企业、头部手机厂商 以及快消品行业龙头公司，拥有丰富的行业经验和强大的技术研发实力。光子跃迁致力于通过创新的影像技术，为用户提供全新的视觉体验，其首款运动相 机产品预计于2025年下半年发布，将满足Vlog人群和运动人群的多样化需求。 《商道创投网》创业家会员·本轮融资用途是什么？ 光子跃迁总裁袁谦表示，本轮融资将主要用于深化AI影像算法的研发，加速全球化市场布局，以及智能硬件产品的量产准备。公司将通过定制镜头零部 件，从硬件层面提升产品的防抖效果，并结合自研防抖算法，充分释放硬件能力，为用户提供更优质的影像体验。此外，资金还将用于拓展市场份额，提升 品牌影响 ...

Core Viewpoint - The company, YingShi Innovation, has successfully completed its initial public offering (IPO) on the Sci-Tech Innovation Board, raising significant interest from the capital market with a subscription multiple of approximately 4220.7 times, indicating strong investor confidence in its growth potential [1][2]. Group 1: IPO and Market Interest - YingShi Innovation issued 41 million new shares at a price of 47.27 yuan per share, with strategic investors including notable firms like CITIC Securities and Temasek [1]. - The company is set to be the first enterprise registered on the Sci-Tech Innovation Board by 2025, with plans to list in mid-June [1]. - The high subscription rate reflects the capital market's enthusiasm for the company's innovative capabilities and market position [1]. Group 2: Business and Market Position - YingShi Innovation has maintained a leading position in the global panoramic camera market, achieving a market share of 67.2% in 2023, significantly surpassing GoPro's 9.2% [4]. - The company has a diverse product matrix, including consumer and professional-grade cameras, and has successfully disrupted the market previously dominated by established brands [3][4]. - The company’s overseas revenue accounted for over 75% of total revenue last year, showcasing its strong global presence [1][2]. Group 3: Financial Performance and Growth - YingShi Innovation's revenue has shown a compound annual growth rate (CAGR) of 65.25% over the past three years, with revenues of 20.41 billion yuan in 2022, 36.36 billion yuan in 2023, and projected 55.74 billion yuan in 2024 [8]. - The net profit for the same period has also increased, from 4.07 billion yuan in 2022 to 9.95 billion yuan in 2024, indicating robust financial health [8]. - The company has maintained a high gross margin, with figures of 51.49%, 55.95%, and 52.20% over the last three years [8]. Group 4: Research and Development - YingShi Innovation has invested 1.48 billion yuan in R&D from 2022 to 2024, with a focus on enhancing its technological capabilities in panoramic imaging and stabilization technologies [4][5]. - The company plans to use the funds raised from the IPO to further develop its R&D center and production facilities, aiming to strengthen its technological barriers [5][6]. - The R&D expense ratio has increased by 3.21 percentage points year-on-year in the first quarter of this year, reflecting the company's commitment to innovation [5]. Group 5: Future Prospects and Market Expansion - The global market for handheld smart imaging devices is projected to grow from 36.47 billion yuan in 2023 to nearly 60 billion yuan by 2027, providing a favorable environment for YingShi Innovation's expansion [9]. - The company plans to enhance its market presence in various regions, including the U.S., Japan, and Europe, while also targeting new markets in Spain, France, and Italy [9]. - The integration of AI technologies into its product offerings is expected to drive further innovation and market growth, with a significant portion of its products already utilizing AI capabilities [10][11].