销售端&研发端坚定投入，剔除研发费率同比提升影响后业绩趋势较优。单三季度公司毛利率达 47.64%，同比下滑6.69pct，环比下滑2.57pct，预计主要系市场竞争有所加剧同时公司竞争策略相对积 极。费率端来看，单三季度公司销售/管理/研发/财务费率分别达17.09%/3.40%/17.81%/0.31%，分别同比 +3.98/-1.62/+4.85/+0.20pct，分别环比+1.03/-0.14/+3.56/+0.20pct，销售费率&研发费率提升较多，预计主 要系公司坚定投入研发，加快更优品牌心智建立，积极巩固市场地位。综合上述影响，公司单Q3 归母 净利率/扣非归母净利率分别达9.25%/8.51%，分别同比-11.94%/-11.99%，分别环比-5.58%/-5.79%。 若剔除研发费率同比提升影响（即假设2025Q3 和2024Q3 研发费率相同，简单估算不考虑税盾影响）， 则公司单Q3 归母净利润/扣非归母净利润分别同比+28.24%/+25.61%。 事件描述 公司发布2025 年三季报：2025 年前三季度公司实现营业收入66.11 亿元，同比增长67.18%，实现归母 净利润7.92 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [10]. Core Insights - The company has demonstrated robust revenue growth, with a projected increase in revenue from 36.36 billion yuan in 2023 to 193.32 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 60.5% [5][8]. - Despite strong revenue growth, the net profit is expected to experience fluctuations due to increased expenditure on sales and research and development, leading to a projected net profit of 11.38 billion yuan in 2025, up from 8.30 billion yuan in 2023 [5][6]. - The company maintains a leading position in the global market for panoramic and action cameras, with a market share of 67.2% for its "Insta360" brand in 2023 [6][7]. Financial Projections - Revenue and net profit forecasts for the company are as follows: - 2023A: Revenue 36.36 billion yuan, Net Profit 8.30 billion yuan - 2024A: Revenue 55.74 billion yuan, Net Profit 9.95 billion yuan - 2025E: Revenue 92.94 billion yuan, Net Profit 11.38 billion yuan - 2026E: Revenue 139.25 billion yuan, Net Profit 16.54 billion yuan - 2027E: Revenue 193.32 billion yuan, Net Profit 23.19 billion yuan [5][8]. Market Position and Strategy - The company is transitioning from a product-based to a platform-based business model, leveraging its strong software capabilities and expanding into new markets such as drones [6][7]. - Increased investment in research and development is aimed at enhancing product offerings and addressing competitive pressures in the market [6][7]. Valuation Metrics - The report estimates a price-to-sales (P/S) ratio of 15 for 2025, leading to a target price of 347.66 yuan per share [7]. - The projected price-to-earnings (P/E) ratio is expected to decrease from 133.15 in 2023 to 47.64 by 2027, indicating improving profitability over time [5][8].

Core Viewpoint - The competition between Yingshi Innovation and DJI in the smart imaging device market is intensifying, highlighted by Yingshi's founder publicly apologizing for DJI's price cuts, indicating a fierce business rivalry [1][6]. Company Overview - Liu Jingkang, the founder of Yingshi Innovation, transitioned from a tech enthusiast in college to a leader in the global smart imaging sector, with significant achievements including the development of the world's first panoramic camera brand in Apple stores [2][3]. - Yingshi Innovation's market capitalization has reached 111 billion yuan, while DJI's valuation is reported at 84 billion yuan [1]. Market Dynamics - The panoramic camera market has seen a surge due to the rise of outdoor activities and Vlog culture, leading to intensified competition between Yingshi and DJI [5]. - DJI initiated a price reduction campaign on October 9, which led to public backlash and Yingshi's apology, suggesting that Yingshi's market presence may have influenced DJI's pricing strategy [6]. Product Development - Yingshi has entered the drone market, a strategic move anticipated five years ago, with plans to launch its Antigravity panoramic drone in select markets by the fourth quarter of 2025 [7]. Market Share Discrepancies - There is a significant discrepancy in market share data between different research institutions, with one report indicating Yingshi's market share dropped to 49% while another claims it remains at 75% [8]. - Yingshi's revenue growth is notable, with projected revenues of 20.41 billion yuan, 36.36 billion yuan, and 55.74 billion yuan from 2022 to 2024, with a substantial portion coming from international markets [9]. Financial Performance - In the first three quarters of 2025, Yingshi achieved a revenue of 6.611 billion yuan, marking a year-on-year growth of 67.18%, with the third quarter alone generating 2.940 billion yuan, a 92.64% increase compared to the previous year [9].

Group 1 - The core viewpoint of the article highlights the competitive dynamics between YingShi Innovation and DJI, with both companies encroaching on each other's market territories, leading to a price war and concerns over market share decline [1][2][4] - YingShi has launched a new drone brand targeting the consumer market dominated by DJI, while DJI has introduced a panoramic camera to compete directly with YingShi's main products [2][4] - The competition has resulted in a significant impact on YingShi's profitability, with a decline in gross margin due to the price war initiated by DJI [1][9] Group 2 - In Q3 2025, YingShi's revenue reached 6.611 billion yuan, a year-on-year increase of 67.18%, but the net profit attributable to shareholders fell by 5.95% to 792 million yuan [7] - The company's gross margin for Q3 was 47.6%, down 6.7 percentage points year-on-year, attributed to the ongoing price competition in the industry [9] - Research and sales expenses have surged, with R&D expenses increasing by 127% to 1.085 billion yuan in the first three quarters of 2025, and sales expenses rising by 102.6% to 1.13 billion yuan [8] Group 3 - The market share data presents conflicting reports, with one report indicating YingShi's market share has dropped from 85%-92% to 49%, while another report claims it remains at 75% [5] - The discrepancy in market share data arises from different statistical methodologies used by the reporting agencies [5] - YingShi's entry into the drone market is seen as a necessary strategy to diversify its revenue streams and reduce reliance on its core panoramic camera business, which has limited growth potential [6] Group 4 - The company is currently in the testing phase for its drone products, which have not yet generated revenue, putting pressure on overall profitability [7] - Cash flow from operating activities has decreased by 4.89% to 930 million yuan in the first three quarters of 2025, influenced by increased inventory levels [10] - The company is expanding its sales channels through e-commerce platforms and offline sales, which has also contributed to rising sales expenses [8]

Core Viewpoint - The competition between YingShi Innovation and DJI is intensifying, with both companies encroaching on each other's core markets, leading to concerns about market share decline and profitability pressures [3][5][9]. Group 1: Competition Dynamics - YingShi Innovation has launched a drone brand targeting the consumer market dominated by DJI, while DJI has introduced a panoramic camera to compete directly with YingShi's main products [3][5]. - The price war initiated by DJI has impacted YingShi's profit margins, with a notable decline in gross margin reported for Q3 [4][11]. - YingShi's CEO acknowledged the competitive landscape, stating that the entry of competitors into new markets creates opportunities for market expansion [6][9]. Group 2: Market Share and Financial Performance - According to different reports, YingShi's market share in the global panoramic camera market has reportedly dropped from 85%-92% to 49%, while DJI captured 43% of the market [6][8]. - Contrarily, another report claims YingShi still holds a 75% market share, indicating discrepancies in data sources and methodologies [7][8]. - For the first three quarters of 2025, YingShi reported revenues of 6.611 billion, a year-on-year increase of 67.18%, but net profit decreased by 5.95% [9][10]. Group 3: Cost Structure and Profitability - The company's R&D expenses surged by 127% to 1.085 billion in the first three quarters of 2025, contributing to the decline in net profit [10]. - Sales expenses also increased significantly, reaching 1.13 billion, a 102.6% year-on-year rise, further straining profitability [10]. - The gross margin for Q3 was reported at 47.6%, down 6.7 percentage points, attributed to the ongoing price competition in the industry [11].

11月4日，影石创新召开第三季度业绩说明会。 影石创新的知名产品为全景相机，2023年，其研发的全景相机还曾搭载在近地轨道卫星上，成为史上第 一台在太空中完全裸露的全景相机。 业绩方面，根据最新发布的2025年三季报显示，公司实现第三季度营收29.40亿元，同比大幅增长 92.64%；而归母净利润为2.72亿元，同比下降15.90%。 据第一财经，面对投资者"如何应对大疆价格战"的提问，影石创新董事长刘靖康回应称，友商（大疆） 进入全景相机市场后发起的价格竞争为市场扩容创造了条件，通过市场竞争提升增量是行业共同努力的 目标。 据悉，7月31日，大疆推出首款全景相机Osmo 360，进军全景相机市场。10月，大疆开启双11大促，旗 下无人机、云台相机、运动相机等多款产品价格直降数百元至上千元，发起价格战。 此外据21世纪经济报道，影石还回应了"全景相机市占率"的问题。 据久谦中台报告，大疆Osmo 360上市首季，即2025第三季度，以全球全景相机市场收入为口径，影石 市占率从此前的85%~92%骤降至49%，大疆则以43%份额强势分流。 然而，沙利文发布《全球智能手持影像设备市场发展白皮书》给出了截然不同的图 ...

Core Viewpoint - The article discusses the competitive landscape between Insta360 and DJI in the panoramic camera market, highlighting significant changes in market share and financial performance, particularly focusing on the impact of price competition and strategic investments in R&D [3][4]. Market Share Analysis - Recent reports indicate a drastic decline in Insta360's global market share in the panoramic camera segment, dropping from 92% in Q2 to 49% in Q3, while DJI's share rose to 43% [4]. - Another report from Frost & Sullivan shows differing market share figures, with Insta360 and DJI at 75% and 17.1% respectively in Q3, indicating discrepancies in data sources [4]. Price Competition - DJI's entry into the panoramic camera market has intensified price competition, with its new camera priced starting at 2999 yuan, prompting Insta360 to offer discounts on its products [5]. - Insta360's response to this price competition emphasizes the potential for market expansion and the importance of collaborative efforts to increase overall market size [5]. Financial Performance - Insta360 reported a 92.64% year-on-year revenue growth in Q3, but net profit decreased by 15.9%, attributed to increased R&D expenses which rose by 164.81% to 524 million yuan [5]. - The company views net profit as a dynamic variable influenced by various factors, including R&D investments and marketing strategies, rather than a sign of financial distress [5]. Strategic Investments - The company is investing heavily in custom chip development to enhance product performance, which is crucial for handheld imaging devices [6]. - Insta360 is also exploring the drone market, with plans to trial its Antigravity panoramic drone in select regions, although revenue contributions from this segment remain uncertain [6]. Future Outlook - The company aims to strategically enter new markets while ensuring adequate technological preparation, focusing on long-term growth rather than short-term market capture [6].

每经编辑｜许绍航 据悉，7月31日，大疆推出首款全景相机Osmo 360，进军全景相机市场。10月，大疆开启双11大促，旗下无人机、云台相机、运动相机等多款产品价格直 降数百元至上千元，发起价格战。 图：大疆全景相机，来源：大疆官网 此外据21世纪经济报道，影石还回应了"全景相机市占率"的问题。 据久谦中台报告，大疆Osmo 360上市首季，即2025第三季度，以全球全景相机市场收入为口径，影石市占率从此前的85%~92%骤降至49%，大疆则以 43%份额强势分流。 然而，沙利文发布《全球智能手持影像设备市场发展白皮书》给出了截然不同的图景：2025第三季度影石仍以75%的全球市占率稳坐第一。大疆凭借低价 策略拿下37.1%的中国市场份额、17.1%的全球份额。 11月4日，影石创新召开第三季度业绩说明会。 据第一财经，面对投资者"如何应对大疆价格战"的提问，影石创新董事长刘靖康回应称，友商（大疆）进入全景相机市场后发起的价格竞争为市场扩容创 造了条件，通过市场竞争提升增量是行业共同努力的目标。 对此，影石创新表示，部分第三方数据的准确性、完整性及权威性无法验证，提醒投资者注意风险。 资料显示，影石创新创立于 ...

Core Viewpoint - The price competition initiated by DJI in the panoramic camera market is seen as a way to expand the market and enhance industry growth, according to Liu Jingkang, Chairman of Yingshi Innovation [1]. Group 1: Market Competition - DJI launched its first panoramic camera, Osmo 360, on July 31, priced from 2999 yuan, featuring native 8K panoramic video and 120 minutes of battery life in long-lasting mode [1]. - In October, DJI initiated a promotional campaign for Double 11, significantly reducing prices on various products, including a 700 yuan discount on Osmo Pocket 3 and up to 1478 yuan off the Mini 4 PRO drone [1][2]. - DJI stated that the price adjustments were part of a regular promotional strategy for Double 11, aimed at helping consumers plan their purchases [2]. Group 2: Yingshi Innovation's Strategy - Yingshi Innovation entered the drone market on July 28, planning to launch the world's first panoramic drone, with the decision made five years ago based on unmet customer needs and market growth potential [2]. - The company reported a significant revenue growth from 20.41 billion yuan in 2022 to an expected 55.74 billion yuan in 2024, with a compound annual growth rate of 65.25% [3]. - In the latest Q3 report, Yingshi Innovation achieved a revenue of 29.40 billion yuan, a year-on-year increase of 92.64%, but the net profit decreased by 15.90% due to increased investments in strategic projects like custom chips [3].

Core Viewpoint - The company YingShi Innovation (688775.SH) reported significant revenue growth in the first three quarters of the year, but faced a decline in net profit due to increased R&D expenses and competition from DJI's aggressive pricing strategy in the panoramic camera market [2][3]. Financial Performance - YingShi Innovation achieved revenue of 6.611 billion yuan, a year-on-year increase of 67.18% [2]. - The net profit attributable to shareholders was 792 million yuan, a year-on-year decrease of 5.95% [2]. - The increase in revenue was attributed to market expansion, new product launches, and enhanced online and offline sales [2]. Market Competition - DJI launched the Osmo 360 panoramic camera at a price 800 yuan lower than YingShi's X5 model, and the Osmo Nano at a price 900 yuan lower than YingShi's GO Ultra [2]. - The price competition has led to significant market share shifts, with reports indicating YingShi's market share dropping from 85%-92% to 49%, while DJI captured 43% of the market [3][4]. Market Share Reports - Two conflicting market share reports were released: one from Jiuqian Zhongtai showing YingShi's market share at 49% and DJI at 43%, and another from Sullivan indicating YingShi still holds a 75% market share globally, with DJI at 37.1% in China [3][4]. - YingShi expressed skepticism about the accuracy and authority of some third-party data sources [4]. Future Developments - YingShi is set to launch its own brand of panoramic drones and a collaborative brand called YingLing Antigravity, with public testing nearing completion and a potential release in Q4 2025 [6]. - The company is also working on new products, including a next-generation action camera and a wearable camera [6].