波动中布局成长确定性，出口链叙事逻辑渐明 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 7 月 6 日 | 轻工制造 | [Table_StockAndRank] | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com [Table_Title] 波动中布局成长确定性，出口链叙事逻辑渐 明 [Table_ReportDate] 2025 年 07 月 06 日 本期内容提要: [造纸：木片收购价上移，浆纸全线企稳；仙鹤发力竹浆，成长逻辑延续。 Table_Summary] 根据 Fastmarkets，南美漂阔浆评估价格依旧维持在 500-510 美元/吨，尽 管部分买家持续压价，但浆厂挺市态度强硬；部分浆纸企业阔叶木片收购 价自 6 月中下旬已涨 90 元/绝干吨，制浆成本持续提升。我们认为当前海 外浆价已逼近国内浆厂成本线，Q3 价格有望触底回暖。纸价方面，本周各 个纸种价格全线启稳，其中包装纸规模 ...

[Table_StockAndRank] 影石创新(688775) 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 | | | | | | 发布马克·马奎斯联名款 Ace Pro2 相机，加速骑行群体产品渗透。公司发 布与 8 冠王摩托车手马克·马奎斯联名的运动相机 Ace Pro2，机身镌刻"93" 铭文及标志性红色元素，限定礼盒包括收藏级签名照及全套骑行配件。针对 摩托骑行者用户额外升级"MM93"数据仪表盘 UI、定制关机动画，并突出 夜景、防风收音、157°广角镜头等功能。我们认为公司延续深度绑定垂类 代言人的营销打法，此次联名款发布能有效实现人群破圈，增强骑行人群中 的品牌势能。 618 总口径 GMV 同增 160%，维持强劲增长势能。公司 618 全周期 GMV 超 4 亿元，同增 160%，其中天猫/京东/抖音分别增长 136%/155%/248%， 并霸榜运动相机销售榜 TOP1。我们认为在公司新一轮推新周期中，创意产 品+高效营销均有助于维持公司增长势能，预计以 ONE X5 为代表的新机型 仍将保持优异销售表现。 智能影像稀缺标的，持续享受渗透率提升红利。公司 ...

行 家用电器 2025 年 06 月 27 日 业 研 究 全景/运动相机 影石创新深度系列（2）：记录的革命与裂变—— 如何看待市场空间？ 投资要点： 行 业 深 度 研 究 全景相机到底解决了哪些痛点？目前主流可用于记录视频/照片的智 能影像设备包括：全景相机、传统运动相机（广角、非全景）、手持云台 相机、智能手机、AR 眼镜等。选取各品类具备代表性的品牌产品相比，全 景相机明显的差异化优势在于可记录三维立体空间（拍摄 360°全景画面）， 实现"先拍摄、后构图"，为消费者尽可能保留多数精彩瞬间。全景相机 解决了传统相机设备视角局限及用户因为视角构图问题而缺失精彩时刻记 录的痛点，我们认为全景相机当下主要满足三大类需求：1）跳伞滑雪等环 境复杂且需要记录精彩瞬间的运动场景；2）旅行等需要和镜头抢时间抢空 间的场景；3）拍摄过程中对多元/创意视角有追求与偏好的场景。 多维度测算潜在市场空间？现有规模：根据 meticulousresearch 数据预 计 2020 年-2027 年期间全球运动相机销售额有望以 13.5%的复合增速从 27 亿美元扩张至 66 亿美元，全球运动相机销量有望以 12.1%的复合 ...

Investment Rating - The report does not provide a specific investment rating for the company due to the volatility of the stock price following its IPO [2]. Core Viewpoints - The company, Insta360, is a global leader in the smart imaging device market, particularly in the panoramic camera segment, holding a 67% market share in 2023 [1][11]. - The company has demonstrated strong revenue growth, with a compound annual growth rate (CAGR) of 66% from 2017 to 2024, reaching revenues of 5.57 billion yuan in 2024 [1][73]. - The company is expected to benefit from high demand in the panoramic camera segment, with projected revenues of 8.5 billion yuan in 2025, 12.4 billion yuan in 2026, and 17.5 billion yuan in 2027, reflecting growth rates of 52%, 45%, and 42% respectively [2][3]. Summary by Sections 1. Company Overview - Insta360 was established in 2015 and focuses on the research, production, and sales of smart imaging devices, contributing approximately 87% of its revenue from consumer-grade products in 2024 [1][11]. - The company's main products include panoramic action cameras (ONE X series, ONE R series) and non-panoramic action cameras (Ace series, GO series) [1][11]. 2. Market Position - The company has successfully broken the monopoly of Western and Japanese brands in the action camera market, achieving the second-largest market share globally [1][11]. - The company's panoramic action cameras generated approximately 3 billion yuan in revenue in 2024, accounting for about 54% of its main business [1][11]. 3. Financial Performance - The company’s net profit is projected to grow from 1.2 billion yuan in 2025 to 2.6 billion yuan in 2027, with growth rates of 21%, 50%, and 43% respectively [2][3]. - The net profit margin for 2024 is estimated at 17.8% [1][73]. 4. Product Development and Innovation - The company emphasizes continuous product iteration and upgrades, focusing on both hardware and software improvements [1][66]. - The company has developed proprietary technologies in panoramic image capture, stabilization, AI image processing, and modular waterproof camera design, holding around 900 patents as of December 2024 [41][57]. 5. Competitive Analysis - Insta360's products are noted for their strong performance in terms of price, resolution, battery life, and smoothness compared to competitors [53][56]. - The company’s flagship products, such as the ONE X series, have advanced specifications, including video capabilities of up to 8K at 30fps [53][56]. 6. Future Prospects - The company is actively working on new projects, including cloud-based video management and editing technologies, which are expected to enhance its product offerings and market position [72][73].