Investment Rating - The report assigns an "Accumulate" investment rating to the company [2]. Core Viewpoints - The company is a global leader in smart imaging devices, experiencing rapid business growth driven by continuous innovation in imaging technology and a strong brand presence [7][11]. - The market for smart imaging devices is expected to expand significantly, with a projected global user base of approximately 900 million and a penetration rate of about 10% in 2023, indicating substantial growth potential [7][31]. - The company maintains a competitive edge through its focus on product and technology innovation, effective marketing strategies, and a comprehensive global distribution network [7][45]. Company Overview - The company, established in 2015 in Shenzhen, has developed a strong brand and technological advantage under the leadership of founder Liu Jingkang [11]. - The company has achieved a compound annual growth rate (CAGR) of approximately 56.8% in revenue and 77.6% in net profit from 2019 to 2024 [7][11]. - The product portfolio includes consumer-grade products like the Insta360 ONE X, GO, and Ace Pro, which have contributed significantly to revenue growth [11][19]. Industry Analysis - The smart imaging device market is projected to grow at a CAGR of 14.3% from 2023 to 2027, with a total market size of 36.47 billion yuan in 2023 [31]. - The primary product categories include action cameras and panoramic cameras, with significant demand from outdoor sports enthusiasts and Vlog creators [31][35]. - The company has captured a leading market share in the consumer-grade panoramic camera segment, with a 67.2% share in 2023, significantly outperforming competitors [7][42]. Competitive Landscape - The company has established itself as a key player in the smart imaging device market, with a strong focus on technological innovation and product differentiation [42][45]. - The competitive landscape is characterized by a mix of established brands and emerging players, with the company positioned to leverage its advanced technology and marketing strategies to capture additional market share [42][44]. Financial Projections - The company is expected to achieve net profits of 11.5 billion yuan in 2025, with a year-on-year growth rate of 15.3% [7][64]. - Revenue from consumer-grade smart imaging devices is projected to grow by 45.3% in 2025, with a gross margin of approximately 51.5% [64].

Group 1 - Investment Rating: Positive [2] - Core Viewpoint: The company is a global leader in smart imaging technology, with significant growth driven by product innovation and a strong brand presence [3][7] - Revenue Growth: From 2019 to 2024, the company's revenue CAGR is approximately 56.8%, and net profit CAGR is about 77.6% [7][8] Group 2 - Market Expansion: The smart imaging device market is expanding due to technological advancements and the integration of various applications, with a global market size of 36.47 billion yuan in 2023 and a CAGR of 14.3% [27][29] - Competitive Landscape: The company holds a leading market share in the global consumer-grade panoramic camera segment at approximately 67.2% in 2023, significantly outperforming competitors [37][38] Group 3 - Technological Leadership: The company emphasizes innovation and has a robust R&D framework, with an average R&D expense ratio of about 12.4% from 2020 to 2024 [41][42] - Global Market Strategy: The company has established a comprehensive sales network, with online and offline revenue split at 48% and 52% respectively, focusing on overseas markets [47][48] Group 4 - Fundraising Projects: The company plans to issue up to 41 million shares to raise 464 million yuan for projects including a new production base in Zhuhai and a R&D center in Shenzhen [57][59]