新华财经深圳9月25日电今年6月登陆科创板的影石创新，正在面临全球智能影像设备市场日趋激烈的竞 争。 其半年报数据显示，存货周转率由去年同期的2.10下降到今年上半年的1.43，下降幅度为32%；与此同 时，经营活动现金流净额由去年同期的6.06亿元，下降到今年上半年的2.41亿元，下降幅度超过60%。 业内人士指出，影石创新正在经历中国高科技企业走向全球市场的典型困境：一方面需依靠快速迭代和 成本优势抢占市场份额，另一方面也需应对国际专利围剿和更加复杂的法律环境。 具体而言，影石创新采用"自主研发设计+外协生产"模式，核心芯片主要采购自索尼、安霸等国际厂 商。申万宏源研究认为，2024年影石创新的芯片采购金额占原材料采购总额比例达28.82%，且可替代 性较差。在全球芯片供应波动和国际贸易环境多变的背景下，这种供应链结构存在潜在风险。 与此同时，海外竞争对手正在知识产权领域发起挑战。去年3月，美国运动相机巨头GoPro依据《美国 1930年关税法》第337节规定，向美国国际贸易委员会（ITC）提起调查申请，指控影石创新及其美国 子公司的部分产品侵犯其知识产权。随后，GoPro还在加州中区联邦地区法院提起民事 ...

Core Viewpoint - YingShi Innovation is facing intensified competition in the global smart imaging device market, with significant declines in inventory turnover and operating cash flow, indicating potential operational challenges [1][2]. Financial Performance - In the first half of the year, YingShi Innovation reported revenue of 3.671 billion yuan, a year-on-year increase of 51.17%, while total profit decreased by 6.46% to 540 million yuan, and net profit increased slightly by 0.25% to 520 million yuan [3]. - The company's inventory turnover ratio fell from 2.10 to 1.43, a decline of 32%, and net cash flow from operating activities dropped over 60% from 606 million yuan to 241 million yuan [1]. R&D and Production Costs - R&D expenses doubled year-on-year, exceeding 15% of revenue, with 1,836 R&D personnel making up 56.75% of the workforce [3][4]. - Outsourcing costs accounted for 10.14% of the main business costs, with 180 million yuan spent on external processing in the first half of 2025 [4]. Market Competition - YingShi Innovation is entering the drone market with the launch of the Antigravity A1, aiming to compete directly with DJI, which holds a dominant market share of 76% in the drone sector [5][6]. - The global consumer drone market is projected to grow from $4.85 billion in 2023 to $13.7 billion by 2030, with YingShi potentially capturing a 20% market share, translating to revenue of 19.2 billion yuan [6]. Strategic Focus - The company has decided not to enter the automotive sector, focusing instead on its core competency in smart imaging devices, which is supported by analysts who believe this strategy will help maintain competitive advantages [8]. - Future plans include increasing R&D investment to strengthen leadership in panoramic technology and expanding into new product categories like action cameras and drones [8].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Viewpoints - The launch of the Antigravity A1 drone is expected to expand the company's market reach and open up long-term growth opportunities [5] - The unique imaging system of the Antigravity A1, featuring fisheye lenses on both the top and bottom, allows for 360-degree video capture in 8K resolution, providing significant advantages in user experience and operational ease [5][6] - The report highlights the potential of panoramic cameras as essential tools for content creators in the short video era, with a projected market size that remains underpenetrated [7] Financial Projections - The company is projected to achieve net profits of 1.31 billion, 1.64 billion, and 2.23 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 3.26, 4.09, and 5.55 yuan per share [8] - Revenue forecasts for 2025, 2026, and 2027 are estimated at 78.65 billion, 101.36 billion, and 130.61 billion yuan, reflecting year-on-year growth rates of 41.1%, 28.9%, and 28.9% [10] - The report indicates a projected PE ratio of 57.3, 45.7, and 33.7 for the years 2025, 2026, and 2027 respectively [8]