Group 1: New IPOs and Market Overview - This week, there are three new stocks available for subscription, including one from the ChiNext, one from the Sci-Tech Innovation Board, and one from the Beijing Stock Exchange [1] - The ChiNext new stock, Youyou Green Energy, has an issue price of 89.6 yuan and a price-to-earnings ratio of 15.37 times, while the Beijing Stock Exchange new stock, Jiaoda Tifa, has an issue price of 8.81 yuan and a price-to-earnings ratio of 13.42 times [2] - The Sci-Tech Innovation Board new stock, Yingshi Innovation, has become a leading global brand in panoramic cameras, holding a market share of 81.7% in 2024, meaning that 8 out of every 10 panoramic cameras sold globally will be from Yingshi [2][3] Group 2: Company Performance and Financials - Yingshi Innovation's revenue has surged from 2.041 billion yuan in 2022 to 5.574 billion yuan in 2024, with a compound annual growth rate of 65.25% [3] - The net profit attributable to the parent company increased from 407 million yuan to 995 million yuan, indicating a continuous improvement in profitability [3] - Youyou Green Energy's revenue is projected to grow from 988 million yuan in 2022 to 1.497 billion yuan in 2024, benefiting from the ongoing development of the domestic new energy vehicle and charging infrastructure industry [4] Group 3: Research and Development Focus - Yingshi Innovation has invested significantly in R&D, with expenditures of 256 million yuan, 448 million yuan, and 776 million yuan from 2022 to 2024, totaling 1.48 billion yuan, which represents 13.16% of its revenue over the last three years [2][3] - Youyou Green Energy aims to use the funds raised from its IPO for the construction of a charging module production base and a headquarters and R&D center [4][7] Group 4: Industry Trends - The charging module market is expected to see an increase of 726.60 billion watts in 2023, with Youyou Green Energy holding a market share of 10.58% [4] - The domestic new energy vehicle and charging infrastructure sectors are experiencing steady growth, which is expected to drive revenue growth for companies like Youyou Green Energy [4]

中信建投 大消费联合电话会 20250525 中通快递在成本控制方面有哪些挑战？未来可能采取哪些措施？ 中通快递面临的主要挑战是单票成本并未体现出规模优势。今年第一季度披露 的单票成本为 9 毛 4，同比基本持平。尽管件量增长，但成本未下降，这主要 与散单件量增加有关。核心成本虽下降 9 分钱，但仍有优化空间，特别是在 KPXLS 提升后。 第一季度资本开支接近 20 亿元，同比增加 16%，为近年来 最大增幅。这将推动未来产能增长，并逐步降低单片成本。此外，公司计划通 过优化加盟商模式来进一步降低成本，包括干线转运等方面优化空间有限，更 注重通过变革加盟商模式实现降本增效。 快递行业未来的发展趋势如何？中通快递在其中具备哪些优势？ 快递行业未来将面临更加激烈的价格战，尤其是在今年第二季度以后。预计下 半年各公司将在单票利润、毛利率及市场份额方面展开激烈争夺。从长期来看， 不同公司的纵深发展前景各异。 对于头部公司而言，如中通快递，其具备较大 优势，包括强大的资本开支能力、持续优化加盟商模式以及灵活应对市场变化 等。此外，公司定价逻辑也有所调整，更加关注宏观因子及策略类因子的影响。 在即将到来的 6 至 7 ...

[Table_IndNameRptType] 电子 行业周报 电子行业周报：影石创新招股书梳理，国产科技创新与 新兴消费相互促进，全景相机全方位记录多彩生活 [Table_IndRank] 行业评级：增持 报告日期：2025-05-25 [Table_Chart] 行业指数与沪深 300 走势比较 -20% 0% 20% 40% 5/24 8/24 11/24 2/25 电子(申万) 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com [Table_Author] 分析师：李美贤 执业证书号：S0010524020002 邮箱：limeixian@hazq.com [Table_Author] 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq.com [Table_Author] 分析师：李元晨 执业证书号：S0010524070001 邮箱：liyc@hazq.com 相关报告 1. 影石创新新品热销引发市场关注， 历经十载反超 GoPro 问鼎全球 20250427 主要 ...

【导读】下周3只新股可申购，沪深北各一只 A股打新投资者注意啦！ 根据目前发行安排，下周有3只新股可申购。 具体来看，5月26日可申购深交所创业板新股优优绿能，5月27日可申购北交所新股交大铁发，5月30日可申购上交所科创板新股影石创 新。 优优绿能是国内头部充电模块供应商 优优绿能的申购代码是301590，发行价为89.60元/股，发行市盈率为15.37倍，参考行业市盈率为19.25倍。 优优绿能此次总发行数量为1050万股，包含网上发行数量252万股。投资者参与网上申购优优绿能，申购数量上限为0.25万股，顶格申购需 配深市市值2.50万元。 优优绿能专注于新能源汽车充电设备核心部件的研发、生产和销售，产品主要应用于直流充电桩、充电柜等新能源汽车直流充电设备， 2022年被认定为国家级专精特新"小巨人"企业。 优优绿能是国内规模较大，并且具有一定技术实力和影响力的头部充电模块供应商之一，知名客户包括万帮数字、ABB、玖行能源、BTC POWER、Chaevi、蔚来、科大智能（合肥）科技有限公司等。 2022年至2024年，优优绿能的营业收入分别为9.88亿元、13.76亿元、14.97亿元，归母净利润分别 ...

Core Viewpoint - YingShi Innovation Technology Co., Ltd. has initiated its IPO process, aiming to raise 464 million yuan, with significant investments planned for production base construction and R&D center enhancement focused on AI imaging processing and stabilization technology [1] Financial Performance - YingShi Innovation achieved a revenue of 5.574 billion yuan in 2024, marking a year-on-year growth of 53.29%, with a three-year compound annual growth rate of 65.25% [2] - The net profit attributable to shareholders reached 999.5 million yuan, up 19.91% year-on-year, while the non-recurring net profit was 946 million yuan, reflecting a 19.53% increase [2] - The company holds a global market share of 81.7% in the panoramic camera sector and has surpassed GoPro to become the leader in the action camera market [2] - International revenue accounted for 76.52% of total income, primarily from the U.S. (22.92%), Europe (24.23%), and Japan/South Korea (7.66%) [2] R&D and Competitive Position - The company has invested 1.48 billion yuan in R&D from 2022 to 2024, with a team of over 1,000, of which 57.68% are technical personnel [3] - Despite significant R&D investments, the R&D expense ratio of 11.55% is below the industry average of 17.30%, raising concerns about long-term technological competitiveness [3] - The company heavily relies on consumer-grade products, which constitute over 85% of its offerings, while the professional-grade product segment is growing slowly, indicating a lack of diversification [3] Risks and Challenges - YingShi faces legal challenges, including a 337 investigation initiated by GoPro for alleged intellectual property infringement, which could lead to a U.S. market ban and substantial penalties if the company loses the case [4] - The company is also affected by the 10% tariff imposed by the U.S. in 2025, which may pressure overseas revenue growth [4] - There are discrepancies in financial disclosures, including differences in data with suppliers and delays in updating independent director information, highlighting potential issues with transparency [4]

5月21日晚，影石创新披露招股意向书，公司启动发行，将于5月30日申购。至此，这家成立仅10年的智 能影像设备公司，历经5年IPO长跑，终于迈入科创板上市最后阶段。 影石创新的成功密码来源技术驱动以及全球化两大关键词。首先，影石创新凭借隐形自拍杆、AI剪辑 （FlashCut）、子弹时间等创新功能，打破了欧美品牌垄断。其研发投入逐年加码，2022-2024年累计达 14.8亿元，研发团队超千人，占员工总数57.68%，专利数突破900项。 据此次披露的业绩显示，影石创新2024年营收55.74亿元、同比增长53.29%，近三年复合增长率达 65.25%，净利润9.95亿元，毛利率稳定在50%以上。 影石创新的背后有着一个励志的创业故事。2014年，创始人刘靖康在南京大学软件工程系读大四，当时 市面上全景相机寥寥无几，让他萌生了研发便携式全景相机的想法。2014年，创始人刘靖康在南京大学 读大四时获得IDG资本和创业邦天使基金100万美元天使投资。2015年7月，他与几个同学一起在深圳创 立了影石创新。此后，公司陆续获得启明创投、迅雷网络、苏宁易购、招商局中国基金等投资机构的融 资。2020年4月，公司宣布已完 ...

Group 1 - The core viewpoint of the news is that Insta360, a company specializing in panoramic imaging technology, has successfully launched its IPO process and is positioned to leverage its strong market presence and technological advancements to continue leading in the global smart imaging sector [1][4]. Group 2 - Insta360 was founded in 2015 and has rapidly become a leading smart imaging brand globally, holding the largest market share in panoramic cameras for six consecutive years, with an expected market share of 81.7% in 2024 [2]. - The company has successfully launched several popular products in the action camera segment, including the Ace Pro2 and GO 3S, which are well-received by outdoor enthusiasts [2]. - Insta360's products are sold in over 200 countries and regions, with millions of hardware users and nearly 8 million followers on major social media platforms, showcasing its strong brand presence [2]. - The company has significantly increased its R&D investment from 256 million yuan in 2022 to 776 million yuan in 2024, totaling 1.48 billion yuan over three years, with R&D expenses accounting for 13.16% of revenue [3]. - As of the end of 2024, Insta360 holds 900 authorized patents, including 189 invention patents, and has a R&D team comprising over 1,000 members, representing 57.68% of its workforce [3]. - The company's revenue surged from 2.041 billion yuan in 2022 to 5.574 billion yuan in 2024, with a compound annual growth rate of 65.25%, and a net profit increase from 407 million yuan to 995 million yuan during the same period [4]. - The global market for handheld smart imaging devices is projected to grow from 16.43 billion yuan in 2017 to 36.47 billion yuan in 2023, and is expected to exceed 59.2 billion yuan by 2027, indicating a favorable market environment for Insta360 [4].

Group 1 - The company plans to publicly issue 41 million shares, accounting for 10.22% of the total share capital after issuance [1] - Employees' stock management plan will participate in strategic allocation of up to 10% of the public offering, totaling 4.1 million shares, with a subscription amount not exceeding 137 million yuan [1] - Zhongcai Investment will participate in the strategic allocation with an initial investment ratio of 5%, equating to 2.05 million shares [1] Group 2 - The company has focused on the research, production, and sales of smart imaging devices such as panoramic cameras and action cameras since its establishment [1] - The company expects net profits attributable to shareholders for 2022, 2023, and 2024 to be 407 million yuan, 830 million yuan, and 995 million yuan respectively [2] - For the first half of 2025, the company anticipates revenue between 3.214 billion yuan and 3.815 billion yuan, representing a year-on-year change of approximately 32.38% to 57.10% [2] Group 3 - The funds raised from this issuance, after deducting issuance costs, will be invested in the construction of a smart imaging device production base and a research and development center in Shenzhen, totaling approximately 464 million yuan [2] - The smart imaging device production base construction project is expected to be completed and put into use in 2025, while the Shenzhen R&D center project has not yet commenced [2] - The company's products are marketed globally under the brand "Insta360," utilizing both online and offline sales channels [1]

作为现代金融体系的枢纽，资本市场通过资源的高效链接与精准匹配，赋能实体经济，成为推动区域高质量发展的 核心引擎。 自2024年资本市场新"国九条"发布以来，各地陆续出台相关具体落实政策，致力于打造具有地方特色的市场板块， 为推动资本市场的高质量发展贡献力量。本报今起推出"从资本市场看地方高质量发展"大型融媒报道栏目，对话监 管部门、探访上市公司，呈现各地如何以资本活水浇灌产业沃土，激发高质量发展的澎湃动能。 编者按： 此系列首篇，证券时报、南方日报联合调研组走进广东一线，通过数据分析、企业访谈与案例解剖，探寻广东资本 市场从"硬"实力领跑全国到"新"实力支撑科技产业深度融合的跃迁图景。敬请关注。 证券时报、南方日报联合调研组 | 和为相通事一大量、产品及原点维护 | 图书 发力工程生产品,印度设施一 | AUTORIALS WARRENT | 这次位置是作用"这个用和线索的。",我们 | | | --- | --- | --- | --- | --- | | COP是在国家位,在第一党大陆进体图发展 | 从体量知障器;广东省仪示和法题,优信 | 们遗憾"东国中选题的力量的人都是5"力 | ANNIKOLORI ...

编者按 作为现代金融体系的枢纽，资本市场通过资源的高效链接与精准匹配，赋能实体经济，成为推动区域高质量发展的核心引擎。 自2024年资本市场新"国九条"发布以来，各地陆续出台相关具体落实政策，致力于打造具有地方特色的市场板块，为推动资本市场的高质量发 展贡献力量。本报今起推出"从资本市场看地方高质量发展"大型融媒报道栏目，对话监管部门、探访上市公司，呈现各地如何以资本活水浇灌 产业沃土，激发高质量发展的澎湃动能。 此系列首篇，证券时报、南方日报联合调研组走进广东一线，通过数据分析、企业访谈与案例解剖，探寻广东资本市场从"硬"实力领跑全国 到"新"实力支撑科技产业深度融合的跃迁图景。敬请关注。 证券时报、南方日报联合调研组 | DER SEARDER LIVE SELECTRES | ANTILIA . W . W . W . A . B . B . | "第一股"通到 | VALUE CARDE PARK ACTUAL - THE | | | --- | --- | --- | --- | --- | | 更了全国工作的重要企选赌球,加快建设 | 日本有限,电子门盘,在线优秀,和智能小,都 | | "你们的目 ...