（文章来源：证券日报） 证券日报网1月26日讯 ，影石创新在接受调研者提问时表示，在当前行业技术迭代提速、赛道竞争加剧 的背景下，公司高度重视研发投入和业务多元化布局，以逐步实现关键环节的自主可控为长期方向，通 过主动前置性加大研发投入，强化市场拓展与品牌投入，使得上游配套投入同步加大，现部分核心技术 研发取得一定进展，对增强运营的稳定性和可持续性形成了一定支撑。公司正处于战略投入期，通过加 大市场拓展和技术创新力度来巩固行业地位。目前在研项目包括新一代运动相机、新一代一体化全景相 机、可穿戴饰品相机、手持便携式Vlog相机等。 ...

格隆汇1月26日丨影石创新(688775.SH)近日在特定对象调研 时表示，在当前行业技术迭代提速、赛道竞 争加剧的背景下，公司高度重视研发投入和业务多元化布局，以逐步实现关键环节的自主可控为长期方 向，通过主动前置性加大研发投入，强化市场拓展与品牌投入，使得上游配套投入同步加大，现部分核 心技术研发取得一定进展，对增强运营的稳定性和可持续性形成了一定支撑。公司正处于战略投入期， 通过加大市场拓展和技术创新力度来巩固行业地位。目前在研项目包括新一代运动相机、新一代一体化 全景相机、可穿戴饰品相机、手持便携式Vlog相机等。 ...

Core Insights - The company reported a revenue of 3.671 billion yuan for the first half of 2025, marking a year-on-year growth of 51.17%, while the net profit attributable to shareholders was 520 million yuan, showing a slight increase of 0.25% [1] - The smart imaging equipment industry continues to thrive, driven by outdoor sports trends and the popularity of Vlog video sharing, with the company holding a significant 67.2% global market share in the panoramic camera segment [1] - The company has entered the drone market, launching a new category of products called panoramic drones, which are expected to meet unmet demand and create new market opportunities [1] Revenue Growth and Strategic Investments - The company's net profit growth is lower than revenue growth due to strategic investments for future development, including new project incubation, core technology R&D, and brand value enhancement [2] - R&D expenses reached 560 million yuan in the first half of 2025, a 100.35% increase year-on-year, with an R&D expense ratio of 15.30%, up 3.75 percentage points [2] - The company launched several new products, including ONE X5 and Flow 2/Pro, contributing to revenue growth, and has a robust pipeline of innovative projects across various smart imaging categories [2] Profit Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are estimated at 8.704 billion, 11.225 billion, and 14.492 billion yuan, respectively, with year-on-year growth rates of 56.2%, 29.0%, and 29.1% [3] - The forecasted net profit attributable to shareholders for the same years is 1.095 billion, 1.567 billion, and 2.105 billion yuan, with corresponding price-to-earnings ratios of 118, 82, and 61 times [3]