以下文章来源于经济观察报 ，作者陈月芹 经济观察报 . 经济观察报是专注于财经新闻与经济分析的全国性综合财经类媒体，创办于2001年。聚焦商道、商技和 商机，以锐度、悦度、广度、深度的报道形成了权威的媒体公信力和影响力。 来源 丨经济观察报 （ eeo-com-cn ） 作者 丨陈月芹 图源 丨图虫创意 2025年7月9日，影石Insta360正满十岁。 十年时间，影石从最初六七人的小团队发展到今天超3000人的规模。一个月前，影石成功在科创板 上市。 多名员工用"随性"形容影石创始人刘靖康。 按照MBTI（性格测试）的分类，"J人"喜欢条理清晰的 计划，"P人"倾向于随心而动，刘靖康的MBTI应该是PPPP。 上市当天，刘靖康想穿蜡笔小新的T恤上台敲钟，被交易所"婉拒"；不想用常规的小锤敲锣，就用X5 相机砸出哐哐响；6月21日，刘靖康出席母校南京大学毕业典礼并发言，人是自己去的，发言稿是自 己熬夜写的，助理和对外传播相关部门是看了小红书才知道的…… 频频整活引起关注后，有网友好奇这是不是公司层面的策划，影石员工只能"扶额"回应："没有人策 划得了他。" 影石自2023年入局运动相机以来，就和大疆展开正面竞 ...

Core Viewpoint - The report highlights the rapid growth of Insta360's revenue and its strong market position in the consumer-grade panoramic camera sector, projecting significant future earnings growth [1][4]. Financial Performance - In Q1 2025, the company achieved revenue of 1.355 billion yuan, a 40.70% increase from 963 million yuan in Q1 2024. The net profit attributable to shareholders was 176 million yuan, a slight decrease of 2.5% from 181 million yuan in the same period [1]. - For the first half of 2025, the company forecasts revenue between 3.214 billion and 3.815 billion yuan, representing a year-on-year growth of 32.38% to 57.10%. The net profit, excluding non-recurring gains and losses, is expected to be between 469 million and 554 million yuan, with a change of approximately -4.64% to 12.63% compared to the previous year [1]. Product Segmentation - Consumer-grade products account for nearly 85% of the company's revenue, with the X series panoramic cameras contributing over 50%, the Go series at 16.3%, and the Ace series at 10.44% [2]. - The X series is known for its comprehensive panoramic shooting capabilities, while the Go and Ace series are designed for creators and live streaming, competing with products from GoPro and DJI [2][3]. Market Position - Insta360 holds a dominant position in the global consumer-grade panoramic camera market, with a market share of 67.2% in 2023, followed by Ricoh and GoPro at 12.4% and 9.2%, respectively. The market share is expected to rise to 81.7% in 2024 [4]. - The company offers a wide range of accessories tailored to various shooting scenarios, enhancing user experience [4]. Supply Chain - Key suppliers include Wenyet Technology and Hongjing Optoelectronics, with significant procurement amounts for integrated circuits (IC) and lens modules [5]. - The proportion of lens modules from Hongjing Optoelectronics increased from 39.95% in 2022 to 72.87% in 2023, and is projected to reach 74.08% in 2024. The share of ICs from Wenyet Technology rose from 51.33% in 2021 to 68.80% in 2024 [6]. Investment Outlook - The company is projected to achieve net profits of 1.308 billion, 1.640 billion, and 2.226 billion yuan for the years 2025 to 2027, with corresponding earnings per share (EPS) of 3.26, 4.09, and 5.55 yuan, leading to price-to-earnings (PE) ratios of 62.62, 49.94, and 36.79, respectively [7].

[Table_IndNameRptType] 电子 行业周报 电子行业周报：影石创新招股书梳理，国产科技创新与 新兴消费相互促进，全景相机全方位记录多彩生活 [Table_IndRank] 行业评级：增持 报告日期：2025-05-25 [Table_Chart] 行业指数与沪深 300 走势比较 -20% 0% 20% 40% 5/24 8/24 11/24 2/25 电子(申万) 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com [Table_Author] 分析师：李美贤 执业证书号：S0010524020002 邮箱：limeixian@hazq.com [Table_Author] 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq.com [Table_Author] 分析师：李元晨 执业证书号：S0010524070001 邮箱：liyc@hazq.com 相关报告 1. 影石创新新品热销引发市场关注， 历经十载反超 GoPro 问鼎全球 20250427 主要 ...