时间的河流之上，2025年的深圳正驶向特区建立45周年的历史航标。四十五载光阴，这座因改革而生的 城市，创造了一个关于"时间"与"效率"的奇迹。当外界试图解读"深圳密码"时，常常会将目光投向深圳 的经济大区、工业大区宝安区，这里的创业故事像是与时间签下的"军令状"，它们发展路径不同，但共 同以"深圳精神"书写了一部多元且充满韧性的"宝安故事"。 今朝时代股份有限公司(以下简称"今朝时代")，16年深耕超级电容，从被外资垄断的夹缝中突围，成为 实现细分领域全球第一的"扫地僧"；影石创新科技股份有限公司(以下简称"影石创新")，从360°无死角 的沉浸式全景相机起步，用70g的重量重新定义行业标准，加冕"新消费冠军"，最终敲响科创板的铜 锣。它们用执着与创新，共同勾勒出了"宝安军团"的剪影，它们的故事，是关于时间的坚守与创新的突 围，更是对"为何是宝安"的最佳注解。 创业原点: 技术极客与制造匠人"梦"的开始 宝安的创业光谱上，今朝时代向内扎根，解决的是"有没有"的焦虑；影石创新向外破圈，探索的是"好 不好"的想象。两条不同的创业路径，指向同一个目标:打破现状，定义未来。 "创业就像行军打仗，该先有一个'番号'。 ...

Summary of Key Points from the Conference Call Industry Overview - The analysis focuses on the **Asia Tech Hardware** sector, particularly the **AI server** and **Apple supply chain** industries, over a 15-year horizon, examining business models, profitability, solvency, and operational efficiency [1] Core Insights Profitability Metrics - **Return on Equity (ROE)** for ODMs and equipment suppliers is projected to be between **20-30%** in 2024, with **Chroma** and **Delta** expected to show significant increases [2] - **Chroma's ROE** has improved from **12% in 2010 to 25% in 2024**, with expectations to reach **31% in 1H25** due to its focus on niche markets and divestment from low-margin segments [15] - **Largan** and **Sunny Optical** have shown fluctuating ROE due to market conditions, with signs of recovery noted since last year [15] Operational Efficiency - **Chroma** has the longest cash conversion cycle at **209 days** due to its industry characteristics, yet maintains a strong free cash flow margin [77] - **Luxshare** has achieved an almost zero cash conversion cycle, indicating high operational efficiency [78] - **Quanta's** cash conversion cycle is longer due to logistical complexities in its supply chain [78] Debt and Solvency - Most companies maintain healthy debt levels, with **Quanta's** net debt-to-equity ratio expected to rise significantly from **15% in 2024 to over 60% in 2025-26** due to AI server business expansion [4][69] - **Largan** has a notably low net debt-to-equity ratio, reflecting its strong cash position [69] Capital Expenditure and Free Cash Flow - **Unimicron** is identified as the most capex-intensive company with a capex-to-revenue ratio averaging **21%** over the past five years [5] - **Chroma** and **Largan** exhibit free cash flow margins between **20-40%**, indicating strong cash generation capabilities [5] Investment Ratings and Price Targets - **Delta Electronics**: Rated Outperform, Price Target (PT) of **NT$630** [8] - **Chroma ATE**: Rated Outperform, PT of **NT$570** [9] - **Quanta Computer**: Rated Underperform, PT of **NT$240** [10] - **Unimicron Technology**: Rated Outperform, PT of **NT$170** [11] - **Luxshare Precision**: Rated Outperform, PT of **RMB47** [12] - **Sunny Optical**: Rated Outperform, PT of **HK$97** [13] - **Largan Precision**: Rated Market-Perform, PT of **NT$2,400** [14] Additional Observations - The **camera and PCB sectors** show that CIS and lens suppliers achieve higher ROIC compared to module players, with higher technological barriers enhancing supplier concentration [3] - **Quanta's** financial performance is heavily reliant on the PC market, which has seen fluctuations impacting its ROE [15] - The **PCB market** is characterized by cyclical demand, with companies needing substantial capital investments to expand capacities [54] This comprehensive analysis highlights the competitive landscape and financial health of key players in the Asia Tech Hardware sector, providing insights into potential investment opportunities and risks.

Core Viewpoint - The outdoor sports and short video content trends, along with the maturity of VR/AR technology, are driving the transition of action cameras and panoramic cameras from niche equipment for extreme sports enthusiasts to mainstream creative production tools, leading to a high growth period for the industry [1][3]. Market Overview - The global action camera market reached a size of 31.44 billion yuan in 2023, projected to grow to 51.35 billion yuan by 2027, with a compound annual growth rate (CAGR) of 13.0%. The panoramic camera market is expected to grow from 5.03 billion yuan to 7.85 billion yuan during the same period, with a CAGR of 11.8% [3]. - Despite the current low market penetration, attributes such as "experience-oriented," "community-focused," and "user-generated content (UGC) tools" continue to attract consumers seeking personalized expression, highlighting the industry's "blue ocean" characteristics [3]. Competitive Landscape - Major players in the market include Yingshi Innovation, GoPro, and DJI, with the future competition likely focusing on AI-enabled features and software ecosystem innovation rather than just hardware iterations [1][4]. - The trend of technology integration between action cameras and panoramic cameras is evident, with the boundaries of their functionalities becoming increasingly blurred, potentially leading to the development of "all-in-one" personal imaging devices [3][4]. Future Growth Potential - The industry is currently at a critical "breaking out" phase, benefiting from the explosive demand for outdoor sports and short video content, indicating significant future growth potential [4]. - While concerns about low hardware barriers exist, the competition is expected to extend into AI, software ecosystems, and differentiated innovation, leading to a reconfiguration of industry barriers [4]. - With technological integration and evolving user demands, the action camera and panoramic camera industry may enter a new innovation cycle, with Chinese manufacturers likely to gain a more proactive position in global competition due to their technological accumulation and market insights [4].

Core Insights - Canon (China) has launched two new video-centric products: the EOS R50 V and the PowerShot V1, aiming to revitalize the camera industry [1][4] - The company emphasizes continuous innovation and high-quality products to drive the camera market back to its "golden age" [1][6] Market Growth Drivers - The rise of the younger generation and the "silver economy" are identified as the two main drivers for growth in the camera market [3] - In 2023, the global camera market sales increased by approximately 5%, while the Chinese market saw a significant growth of about 25% [3] - Projections for 2024 indicate a global camera market growth of around 16%, with China's growth rate expected to reach nearly 30% [3] Product Features - The EOS R50 V is designed for video creators with interchangeable lens capabilities, allowing for diverse content creation [4] - The PowerShot V1 is a compact, fixed-lens camera that enhances portability and is particularly suited for vloggers and casual users [4][5] - Both products cater to a wide range of users, including both younger consumers and the elderly, reflecting a shift in market focus [5] Company Vision - Canon aims to meet the evolving market demands through technological innovation and a diverse product lineup, addressing both static photography and video creation needs [5] - The company seeks to inspire all age groups to engage with photography and videography, promoting a vibrant lifestyle [5][6]