Investment Rating - The report maintains a "Buy" rating for the company YingShi Innovation [12] Core Viewpoints - The report emphasizes the importance of cross-industry collaboration between YingShi and DJI, highlighting the shared technological foundations and the pursuit of incremental growth opportunities [4][10] - Both companies are expected to capture additional market share in the handheld smart imaging and drone sectors, with new product lines and software subscriptions likely to contribute to revenue growth [10] Summary by Sections Cross-Industry Exploration - The launch of DJI's OSMO 360 panoramic camera and YingShi's Antigravity A1 8K panoramic drone marks a significant cross-industry move, driven by the commonality in core technologies such as image processing and stabilization algorithms [7][21] - YingShi is projected to hold an 82% share of the global consumer panoramic camera market by 2024, while DJI has a 76% share of the global drone market as of 2023 [7][28] Differentiation and Competitive Strategy - YingShi focuses on leveraging its algorithm capabilities and user demand insights for differentiated competition, while DJI capitalizes on its established hardware and supply chain advantages to maintain cost leadership [8][37] - The report notes that YingShi's Ace Pro 2, equipped with AI dual chips, leads in night scene shooting and noise reduction, contributing to a significant revenue increase in 2024 [43][50] Growth Potential - The report outlines optimistic growth scenarios for both companies, with projections for the global handheld smart imaging device market reaching 88.5 million units by 2027 and the global consumer drone market potentially reaching $13.7 billion by 2030 [9][10] - YingShi's revenue from handheld smart imaging devices could reach between 22.9 billion to 53.1 billion yuan depending on market conditions, while its drone revenue could range from 7.7 billion to 19.2 billion yuan [9][10] Investment Recommendations - The report concludes that the cross-industry strategies of both companies are likely to yield significant growth, with ample opportunities to capture market share from competitors [10][26]

Core Insights - DJI has opened its first authorized experience store in the Qiandongnan region, located in Kaili Guomao, offering various promotions and a unique shopping experience [1][5] - The store features a well-organized layout with distinct functional areas, showcasing the full range of DJI products and accessories for customer engagement [1][3] - The store provides trial flight experiences with certified instructors, allowing customers to directly experience the performance and capabilities of DJI drones [2][3] Product and Service Offerings - The experience store includes a product display area that presents DJI's entire product line, including consumer, professional, and industrial drones, as well as handheld devices and smart accessories [3] - DJI's consumer drones, such as the Mavic, Air, and Mini series, are designed for ease of use and portability, appealing to both hobbyists and everyday consumers [3] - The store also features an activity teaching area where customers can receive one-on-one guidance from professional staff and certified instructors to learn drone operation skills [3] Industry Impact - As a key player in the low-altitude economy, DJI's products support various industries and contribute to technological advancements [5] - The opening of the DJI experience store is expected to promote the development of the low-altitude economy in the Qiandongnan region, catering to the diverse needs of local drone and photography enthusiasts [5]