影石创新 3Q2025 业绩点评 影石创新(688775) 证券研究报告 消费电子 / 公司点评 / 2025.10.30 投资评级:增持(维持) | 基本数据 | 2025-10-29 | | --- | --- | | 收盘价(元) | 300.91 | | 流通股本(亿股) | 0.31 | | 每股净资产(元) | 14.28 | | 总股本(亿股) | 4.01 | 最近 12 月市场表现 -8% 13% 35% 56% 77% 99% 影石创新 沪深300 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 黄梦龙 SAC 证书编号：S0160525070014 huangml@ctsec.com 分析师 孙谦 SAC 证书编号：S0160525060001 sunqian@ctsec.com 分析师 邢瀚文 SAC 证书编号：S0160525050001 xinghw@ctsec.com 相关报告 1. 《影石创新 2025 年中报告总结》 2025-08-31 2. 《AI+内容助力全景影像市场开拓》 2025-08-07 3. 《A ...

Financial Performance - The company reported a revenue of 2.94 billion yuan for Q3 2025, representing a year-on-year growth of 92.64% [1] - Cumulative revenue for the first three quarters reached 6.611 billion yuan, with a year-on-year increase of 67.18% [1] - The net profit for Q3 was 272 million yuan, showing a decline of 15.9% year-on-year, primarily due to strategic R&D investments [5] Market Performance - The company achieved significant sales during the Double Eleven shopping festival, driven by product innovation and enhanced user experience in core categories like action cameras and panoramic cameras [1] - The opening of the first flagship store in Hong Kong on October 25 attracted considerable attention [1] - A new panoramic camera, X4 Air, is set to be launched on October 28, along with promotional activities expected to boost sales [1] Research and Development - R&D investment exceeded 1 billion yuan in the first three quarters of 2025, with Q3 investment at 524 million yuan, marking a year-on-year increase of 164.81% [5] - Investments focus on cutting-edge areas such as panoramic imaging technology, AI algorithms, and custom chips, reflecting a long-term strategic vision despite short-term profit impacts [5] Product Innovation - The company expanded its product line with new releases including the Ace Pro 2 "Glacier White" limited edition, Flow 2 smartphone gimbal, and panoramic camera GO Ultra [7] - An AI omnidirectional microphone, Wave, targeting enterprise clients has also been launched, enhancing the company's audio segment [7] - The company is nearing the public testing phase for the world's first panoramic drone, "Yingling Antigravity," expected to begin trial sales in Q4 2025 [7] Industry Position - The global smart imaging device market is highly concentrated, with a CR3 of 78.9% in 2024 [10] - The company's market share increased from 28.4% in 2023 to 35.6% in 2024, indicating a continuous expansion of its leading position in the industry [10]

Core Insights - YingShi Innovation Technology Co., Ltd. reported a significant increase in revenue for Q3, achieving 2.94 billion yuan, a year-on-year growth of 92.64% [1] - The company maintained a strong focus on R&D, with total R&D expenditure exceeding 1 billion yuan in the first three quarters of 2025, marking a 127.02% increase [1] - The company is expanding its product matrix to meet diverse consumer and enterprise needs, launching new products such as the AcePro2 limited editions and the AI omnidirectional microphone Wave [1][2] Financial Performance - Q3 revenue reached 2.94 billion yuan, with a year-on-year increase of 92.64% [1] - Revenue for the first three quarters of 2025 totaled 6.61 billion yuan, reflecting a 67.18% year-on-year growth [1] - R&D investment in Q3 amounted to 524 million yuan, showing a substantial year-on-year increase of 164.81% [1] R&D Investment - The increase in R&D expenses is attributed to investments in custom chips, strategic projects, and rising salaries for R&D personnel [1] - The company emphasizes the importance of R&D and diversification in its business strategy [1] Product Development - YingShi Innovation has expanded its product offerings to cater to both consumer and enterprise markets [1] - New consumer products include the AcePro2 "Glacier White" limited edition and the thumb camera GOUltra [1] - The company is also enhancing its enterprise solutions with the introduction of the AI omnidirectional microphone Wave [1] New Market Ventures - The company is venturing into the drone market, planning to launch two drone brands [2] - The panoramic drone "YingLing Antigravity," developed in collaboration with third parties, is nearing the end of its public testing phase and has been recognized in Time magazine's "Best Inventions of 2025" [2] - The product is expected to begin trial sales in select markets by Q4 2025, potentially filling a gap in the current market for panoramic drones [2]

Core Insights - The company reported a significant revenue increase of 92.64% year-on-year for Q3 2025, reaching 2.94 billion yuan, while net profit decreased by 15.90% to 272 million yuan [1] - For the first three quarters of 2025, total revenue was 6.61 billion yuan, up 67.18%, with net profit at 792 million yuan, down 5.95% [1] - The decline in net profit is attributed to increased R&D expenses due to market expansion, new product launches, and higher salaries for R&D personnel [1][4] Revenue and Profit Analysis - The company's revenue growth is driven by market expansion and product innovation, despite a decrease in net profit [1][4] - R&D expenses have significantly increased, with Q3 2025 R&D investment reaching 524 million yuan, a 164.81% increase year-on-year, accounting for 17.81% of revenue [1] - Cumulatively, R&D investment for the first three quarters exceeded 1 billion yuan, surpassing the previous year's net profit [1] Market Position and Competition - The company is experiencing rapid growth, increasing its market share from 28.4% in 2023 to 35.6% in 2024, making it one of the fastest-growing leaders in the smart imaging device industry [5] - In comparison, the competitor DJI reported revenues of 80 billion yuan in 2024, significantly overshadowing the company's figures [5] - The competitive landscape is intensifying, with DJI launching products that directly compete with the company's offerings at lower prices [5][6] Product Development and Innovation - The company is focused on innovation over price competition, as indicated by the founder's statement on social media [6] - The upcoming launch of the Antigravity drone is anticipated for Q4 2025, following successful public testing [1][6] - The company plans to release a new panoramic camera model, X4 Air, on October 28 [6] Supply Chain and Production Challenges - The company follows a "self-research + outsourcing" production model, relying on international suppliers for critical components like chips [7] - Increased outsourcing costs and rising raw material prices have impacted production expenses, necessitating a stronger supply chain resilience [7] - The company is investing in custom chip development and other strategic projects to mitigate supply chain risks [7]

Core Viewpoint - The company, Yingshi Innovation, reported significant revenue growth in Q3 2025, driven by market expansion and positive reception of new products [1][2]. Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 2.94 billion yuan, marking a substantial year-on-year increase of 92.64% [1]. - Cumulatively, the revenue for the first three quarters reached 6.61 billion yuan, reflecting a year-on-year growth of 67.18% [1]. - The net profit attributable to shareholders for Q3 was 272 million yuan, a decrease of 15.9% year-on-year, primarily due to high R&D investments [2]. Group 2: Research and Development - The total R&D expenditure for the first three quarters exceeded 1 billion yuan, with Q3 R&D spending at 524 million yuan, up 164.81% year-on-year [2]. - R&D expenses accounted for 17.81% of revenue, indicating a sustained high level of investment [2]. - The company is focusing on core areas such as panoramic imaging technology and AI algorithms, while also increasing investment in custom chip projects [2]. Group 3: Product Development and Market Strategy - The product matrix has expanded to meet diverse consumer and enterprise needs, including the launch of new cameras and audio solutions [4][5]. - The company plans to enter the drone market with two new brands, including a panoramic drone that has been recognized by Time magazine as one of the best inventions of 2025 [5]. - The opening of the first flagship store in Hong Kong and strong sales performance during the Tmall Double Eleven event highlight the brand's market appeal [1][4]. Group 4: Market Position and Industry Trends - The global smart imaging device industry has a high concentration, with the top three companies holding a market share of 78.9% [7]. - Yingshi's market share increased from 28.4% in 2023 to 35.6% in 2024, positioning it as one of the fastest-growing leading companies in the sector [7]. - The company is leveraging its market position and R&D capabilities to push smart imaging technology into broader consumer markets [9].

Core Insights - The company reported a significant revenue growth of 67.18% year-on-year for the first three quarters of 2025, reaching 6.611 billion yuan, while net profit decreased by 5.95% to 792 million yuan [2][3] - The third quarter alone saw a remarkable revenue increase of 92.64% year-on-year, amounting to 2.940 billion yuan, continuing the growth momentum from the first half of the year [2][3] - High R&D expenditures, which reached 524 million yuan in Q3 (up 164.81% year-on-year), have pressured profit margins, with R&D costs constituting 17.81% of revenue [2][3] Financial Performance - The company maintained a strong growth trajectory with Q3 revenue of 2.940 billion yuan, a 92.64% increase, and cumulative revenue of 6.611 billion yuan for the first three quarters, reflecting a 67.18% growth [3] - Net profit for Q3 was 272 million yuan, down 15.9% year-on-year, while total profit decreased by 22.1% to 268 million yuan [3] - R&D spending exceeded 1.085 billion yuan for the first three quarters, marking a 127.02% increase and accounting for 16.42% of total revenue [3] Product Development - The company expanded its product offerings, launching several new consumer and enterprise products, including limited editions and AI-enabled devices, which supported sales growth [4] - The operating cash flow for the first three quarters was 930 million yuan, indicating strong operational quality [4] - Total assets reached 9.2 billion yuan, an increase of 83.24% year-on-year, while equity attributable to shareholders grew by 79.95% to 5.724 billion yuan [4] New Business Ventures - The company is advancing its drone business, with the "影翎Antigravity" drone expected to enter trial sales in Q4 2025, highlighting its potential as a new growth area [6] - The brand's global expansion is evident with the opening of its first flagship store in Hong Kong and strong sales performance during promotional events [6] - Collaborations with major tech companies like Apple and Huawei are enhancing the brand's ecosystem and market presence [6] Industry Competition - The global smart imaging device market is becoming increasingly competitive, with the top three manufacturers holding a market concentration of 78.9% [7] - The company's market share increased from 28.4% in 2023 to 35.6% in 2024, positioning it as one of the fastest-growing brands [7] - Despite rapid expansion, the company faces challenges such as declining profit margins and shorter product iteration cycles, necessitating a focus on maintaining growth while improving profitability [7]

Core Insights - The company reported a significant revenue growth of 67.18% year-on-year for the first three quarters of 2025, reaching 6.611 billion yuan, while net profit decreased by 5.95% to 792 million yuan [1][4] - The third quarter alone saw a remarkable revenue increase of 92.64% year-on-year, amounting to 2.940 billion yuan, continuing the growth momentum from the first half of the year [1][4] Financial Performance - The company's net profit for the third quarter was 272 million yuan, a decline of 15.9% year-on-year, while total profit dropped by 22.1% to 268 million yuan [4] - Research and development (R&D) expenses surged to 524 million yuan in the third quarter, a 164.81% increase, constituting 17.81% of revenue, indicating a high level of investment in innovation [3][4] - Cumulatively, R&D spending exceeded 1.085 billion yuan in the first three quarters, up 127.02%, representing 16.42% of total revenue [4] Product Development and Market Expansion - The company is expanding its product matrix with new consumer and enterprise products, including limited editions and AI-enabled devices, which support sales growth but also increase operational costs [5] - The company is actively developing two drone brands, with one, the "影翎Antigravity," expected to enter trial sales in the fourth quarter of 2025, highlighting a new growth direction in panoramic imaging [6] Brand and Market Positioning - The company opened its first flagship store in Hong Kong, indicating strong brand appeal, and achieved top sales rankings in the Tmall "Double Eleven" event for both action and panoramic cameras [8] - Collaborations with major tech companies like Apple and Huawei are enhancing the company's ecosystem and brand influence, while competition in the smart imaging device market is intensifying [8][9] - The company's global market share increased from 28.4% in 2023 to 35.6% in 2024, making it one of the fastest-growing brands despite facing pressures on profit margins and product iteration cycles [8][9] Strategic Outlook - The company aims to maintain high R&D investment and diversified business strategies, focusing on "AI + imaging" and "spatial imaging" to drive future growth while balancing profitability [9]

影石创新（688775.SH）于2025年10月27日晚披露三季报。报告显示，公司第三季度实现营业收入29.40亿元，同比大幅增长92.64%；前三季度累计营收达 66.11亿元，同比增长67.18%，延续强劲增长态势。业绩增长主要得益于公司持续开拓市场及多款新品获得积极市场反响。 值得关注的是，增长动能在第四季度初进一步延续。10月25日，影石Insta360首家香港旗舰店正式开业，现场人气爆棚，显示出品牌强劲吸引力。在天猫"双 十一"最新榜单中，影石在运动相机总榜上力压同业品牌夺得销量冠军，并在全景相机榜单中独占鳌头，此外，据市场消息，影石也将于10月28日发布新款 全景相机X4 Air，并发起盲定新品送黄金贴活动，一系列市场表现将为四季度乃至全年业绩提供有力支撑。 图片来源：天猫"双十一"热销榜 影石Insta360的首家香港旗舰店人气爆棚 作为技术驱动型企业，影石持续坚持高强度研发投入。2025年前三季度研发总额已超10亿元，其中第三季度研发投入达5.24亿元，同比增长164.81%，研发 费用占营收比重为17.81%，维持高位。除持续聚焦全景影像技术、人工智能算法等核心领域外，本季度加码定制芯片等前 ...