招商证券日前研报指出，影石创新是全景相机龙头，逐步向运动相机、穿戴相机、云台等智能影像设备 延拓，同时从全景玩法切入无人机市场重塑飞行体验，软件业务亦开始布局，对应市场从几十亿的全景 相机市场迈向各几百亿的运动相机和无人机市场。该行看好影石在智能影像设备领域的核心卡位、产品 创新、技术引领和长线空间，首次给予"增持"评级，考虑到智能影像品牌的稀缺性和业务成长性，建议 积极关注。 ...

证券研究报告 | 公司深度报告 2025 年 12 月 05 日 影石创新（688775.SH） 稀缺的智能影像龙头品牌，从手持设备向无人机进军 TMT 及中小盘/电子 影石创新是全景相机龙头，逐步向运动相机、穿戴相机、云台等智能影像设备 延拓，同时从全景玩法切入无人机市场重塑飞行体验，软件业务亦开始布局， 对应市场从几十亿的全景相机市场迈向各几百亿的运动相机和无人机市场。本 篇报告围绕市场关心的行业空间、竞争格局等问题展开分析，我们看好影石在 智能影像设备领域的核心卡位、产品创新、技术引领和长线空间，首次给予"增 持"评级，考虑到智能影像品牌的稀缺性和业务成长性，建议积极关注。 增持（首次） 当前股价：279.36 元 基础数据 | 总股本（百万股） | 401 | | --- | --- | | 已上市流通股（百万股） | 31 | | 总市值（十亿元） | 112.0 | | 流通市值（十亿元） | 8.5 | | 每股净资产（MRQ） | 14.3 | | ROE（TTM） | 16.5 | | 资产负债率 | 37.9% | | 北京岚锋创视网络科技有限 主要股东 | | | | 公司 | | 主要 ...

点击招商研究小程序查看PDF报告原文 影石创新是全景相机龙头，逐步向运动相机、穿戴相机、云台等智能影像设备延拓，同时从全景玩法切入无人机市场重塑飞行体验，软件业务亦开 始布局，对应市场从几十亿的全景相机市场迈向各几百亿的运动相机和无人机市场。本篇报告围绕市场关心的行业空间、竞争格局等问题展开分 析，我们看好影石在智能影像设备领域的核心卡位、产品创新、技术引领和长线空间，首次给予"**"评级，考虑到智能影像品牌的稀缺性和业务成 长性，建议积极关注。 | 图 1: 影石创新基本情况 | | --- | | 图 2: 影像设备分为智能影像设备和传统影像设备 . | | 图 3: 手持智能影像设备出货量预测 . | | 图 4: 全景相机的成像原理(1) | | 图 5: 全景相机的成像原理(2) | | 图 6: 全景相机、运动相机与传统影像设备对比 | | 图 7: 全球全景相机市场规模 | | 图 8: 全球全景相机出货量 . | | 图 9: 影石创新 ONE X系列情况 | | 图 10: 运动相机的分类 | | 图 11: 全球运动相机市场规模 . | | 图 12: 全球运动相机出货量 | | 图 13 ...

Investment Rating - The report suggests a focus on the company post-listing due to its leading position in the smart imaging device sector and potential for growth [10]. Core Viewpoints - The company, Yingshi Innovation (688775.SH), is a global leader in panoramic cameras, expanding its product line into action cameras, gimbals, and wearable cameras, with a strong technological foundation in flight control and software services [2][7]. - The company has shown significant revenue growth, with a projected revenue of 55.74 billion in 2024, reflecting a CAGR of 66.2% from 2017 to 2024 [24]. - The smart imaging device market is rapidly expanding, with the global panoramic camera market expected to grow from 5 billion in 2023 to 7.9 billion by 2027, at a CAGR of 11.8% [8]. Company Analysis - Yingshi Innovation has a diverse product portfolio, with 85.9% of its 2024 revenue coming from consumer-grade smart imaging devices, including panoramic and action cameras [17]. - The company maintains a strong R&D focus, with over 10% of its revenue allocated to R&D, leading to the development of innovative products and technologies [8][39]. - The company has established a robust sales channel, combining online and offline strategies, with significant revenue contributions from international markets, particularly the US, Europe, and Japan [19][24]. Industry Analysis - The smart imaging device industry benefits from advancements in digital technology, panoramic technology, and AI, leading to increased market demand [8]. - The global market for action cameras is projected to grow from 31.4 billion in 2023 to 51.4 billion by 2027, at a CAGR of 13.1% [8]. - Major competitors in the smart imaging device market include Yingshi, DJI, and GoPro, with Yingshi holding over 60% market share in the panoramic camera segment [8].