Investment Rating - The report maintains a "Buy" rating for the company, projecting significant growth in net profit over the next few years [9]. Core Insights - The company reported a revenue of 6.611 billion yuan for the first three quarters of 2025, a year-on-year increase of 67.18%, while the net profit attributable to shareholders decreased by 5.95% to 792 million yuan [2][3]. - The company is accelerating product iterations, having launched a new lightweight panoramic camera, X4 Air, in October 2025, which weighs 165g, approximately 35g lighter than its predecessor [3]. - The company is also advancing its drone product line, with plans to launch two brands, including a self-owned brand and a co-developed brand, with initial sales expected in Q4 2025 [3]. Financial Performance - For Q3 2025, the company achieved a revenue of 2.940 billion yuan, a year-on-year increase of 92.64% and a quarter-on-quarter increase of 26.98% [2]. - R&D expenses for Q3 2025 were 524 million yuan, reflecting a significant investment in custom chips and strategic projects [3]. - The projected net profits for 2025, 2026, and 2027 are 1.203 billion yuan, 1.850 billion yuan, and 2.469 billion yuan, respectively, with corresponding EPS of 3.00, 4.61, and 6.16 yuan per share [9]. Market Potential - The report highlights the growth potential of panoramic cameras, viewing them as essential tools for content creators in the short video era, with a projected market penetration of 15% among YouTube creators [4][5]. - The competitive landscape is seen as beneficial, with major players like DJI contributing to market education and expansion, which could ultimately benefit all manufacturers [5].

IT之家 8 月 2 日消息，大疆 7 月 31 日发布 Osmo 360 8K 超旗舰画质全景相机，这是大疆首款全景相机 产品，售价 2999 元起。对此，影石 CEO 刘靖康今天凌晨发文："热烈庆祝同行大疆 OM360 全景相机 上市"。 值得一提的是，影石 7 月 28 日官宣进入无人机市场，并公布影翎 Antigravity 全景无人机品牌，将发布 全球首款全景无人机。 他还表示自己要说两句公道话和事实：一、大疆的起雾只是个例，请安心选购；二、影石有几个独家的 功能： 全景相机镜头相对脆弱，是唯一可以更换镜片的全景相机，旅途中坏了小白也可以自助修理； 影石是唯一可以分享全景视频到微信并且在线观看的全景相机，并且现在购买立赠价值 599 的 1TB 一年的云存储服务； 影石也是唯一一个拥有支持多模态大模型全景自动剪辑的 App； 影石也是唯一拥有白色版本的全景相机； 影石也是唯一在全球 Apple 直营店有售的全景相机； 对此，影石创始人刘靖康曾发布朋友圈称"做无人机的起心动念主要是有市场增量空间""无比尊重大 疆"。 刘靖康谈及大疆表示，大疆要比它对外显露的和大部分人理解的要强大的多得多，老板是个贴着 ...