以下文章来源于远川科技评论 ，作者何律衡 远川科技评论 . 刻画这个时代（的前沿科技） 10月底，"电子茅台"大疆Pocket 3云台相机毫无征兆降价900元，消费者破防之余，影石光速"道歉"，表示大 疆降价皆因自己产品太强大，对事件负全责。随后祭出100元无门槛代金券，挑衅意味明显。 大疆Pocket 3官宣降价 两家公司虽然都做手持影像设备，但产品功能侧重有所不同，长期以来井水不犯河水。 结果今年7月，大疆发布全景运动相机 Osmo 360 ，直接打到了影石的核心产品线。影石则发布无人机品牌 影翎Antigravity ，准备反将一军，这才有了一连串的唇枪舌剑。 大疆的 Pocket 3、Osmo 360， 影石的 Insta360 Ace Pro 都属于"手持影像设备"，是这两年风靡消费电子市 场的新玩具，主攻手持拍摄场景，以方便携带、拍摄稳定为卖点。 典型的小众场景小众产品，却从资本市场出圈到大众舆论。原因无他，实在是这两年消费电子市场躺得太 平。 传统市场中，手机、平板、PC这三大件增长停滞多年，品牌一个接一个从奋斗到认命。新兴市场中， VR/AR头显连苹果也带不动，AI眼镜依然处于闭着眼睛乱吹的阶 ...

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]