Core Viewpoint - The global panoramic camera market is experiencing significant shifts in market share, with companies like影石 (Insta360) and 大疆 (DJI) competing fiercely, leading to a dynamic and competitive landscape in the smart imaging sector [5][6][7]. Market Dynamics - A report from 久谦咨询 indicates that 影石's market share dropped from 92% in Q2 to 49% in Q3, while 大疆 captured 43% of the market [5]. - Another report by 弗若斯特沙利文 shows 影石 and 大疆's market shares at 75% and 17.1% respectively, highlighting discrepancies in market data [6]. - The entry of 大疆 into the panoramic camera market with its Osmo 360 has significantly impacted 影石's dominance, showcasing the competitive nature of the industry [8]. Industry Trends - The rise of short video content globally has increased the demand for smart imaging devices, with 大疆's Osmo Pocket 3 achieving over 10 million units sold, generating revenue exceeding 300 billion [13]. - The current global user base for vlogs is estimated at 520 million, with outdoor sports consumers at 220 million, indicating a growing market for smart imaging devices [16]. Competitive Landscape - New entrants in the smart imaging sector are advised to avoid direct competition with established players like 大疆 and 影石, focusing instead on niche markets and differentiated product offerings [20]. - Companies like Looki and XbotGo are exploring unique use cases, such as AI-driven wearable cameras and solutions for sports event recording, respectively [23][24]. Technological Innovations - The integration of AI and advanced algorithms is becoming crucial for product differentiation in the smart imaging market, as seen with 光子跃迁's AI-enabled camera that responds to natural language commands [25]. - The industry is characterized by a low barrier to entry for basic imaging products, but achieving brand recognition and competitive pricing remains challenging [40][42]. Market Entry by Smartphone Manufacturers - Major smartphone manufacturers like OPPO and vivo are entering the smart imaging space, indicating a shift in focus towards handheld imaging devices [28][30]. - The competitive pressure from smartphone companies is seen as a defensive strategy to maintain market relevance in the face of declining smartphone sales [37]. Conclusion - The smart imaging market is poised for growth, with a penetration rate of only 6%, suggesting ample opportunities for innovation and competition [16][38]. - Companies entering this space must be prepared with sufficient resources and talent to navigate the competitive landscape effectively [45].

Core Insights - The competition for market share in the panoramic camera sector has intensified, with conflicting reports on the market shares of companies like Insta360 and DJI, highlighting the volatility of the market [1][2][6] - The entry of new players, including hardware companies and internet giants, into the smart imaging sector is reshaping the landscape, with significant investments and innovations being made [4][12][20] - The global user base for vlogging and outdoor activities presents a substantial opportunity for growth in smart imaging devices, with current penetration rates being low [6][18] Market Share Discrepancies - A report from Jiucheng Consulting indicated that Insta360's market share dropped from 92% to 49%, while DJI captured 43% in the third quarter [1] - Conversely, Frost & Sullivan reported that Insta360 held a 75% market share compared to DJI's 17.1%, suggesting significant discrepancies in market analysis [1][2] Competitive Landscape - The launch of DJI's Osmo360 has disrupted Insta360's dominance, showcasing strong market performance within just 90 days of release [2] - New entrants are focusing on niche markets and differentiated product offerings to avoid direct competition with established players like DJI and Insta360 [7][10] Emerging Trends - Companies like Looki and XbotGo are innovating by targeting specific user needs, such as AI-driven features and sports event recording, which are not directly competing with traditional action cameras [9][10][11] - The rise of smartphone manufacturers entering the smart imaging space is seen as a defensive move to protect their market share against emerging competitors [12][19] Industry Dynamics - The smart imaging market is characterized by low barriers to entry, with many startups able to develop products quickly due to a robust supply chain in regions like the Pearl River Delta [21][23] - However, achieving brand recognition and competitive pricing on a global scale remains a challenge for new entrants, as established companies like DJI and Insta360 have significant advantages in technology and market presence [23][25]

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].

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights the significant growth of the company "Insta360" in the consumer-grade camera market, with a projected revenue increase of 32.38% to 57.10% for the first half of 2025 compared to the same period in 2024 [4][19] - The company has maintained a strong market position, holding a 67.2% share of the global consumer-grade panoramic camera market in 2023, with expectations to increase this to 81.7% in 2024 [7][19] - The report emphasizes the importance of continuous innovation and product iteration in maintaining competitive advantages within the industry [7][35] Summary by Sections 1. Panoramic Camera Industry Chain Overview - Insta360's financial data indicates a revenue of 1.355 billion yuan for Q1 2025, a 40.70% increase from 0.963 billion yuan in Q1 2024 [4][17] - The company expects to achieve a revenue range of 3.214 billion to 3.815 billion yuan for the first half of 2025, with net profit projections between 494.35 million and 583.22 million yuan [19][18] - Consumer-grade products account for nearly 90% of the company's revenue, with the X series panoramic cameras contributing over 50% [4][21] 2. Market Performance Review - The report notes a decline in major indices, with the Shenwan Electronics Index dropping by 2.17% during the week of May 19 to May 23, 2025 [4] - The best-performing sector was LED, with a decline of only 0.46%, while the integrated circuit packaging and testing sector saw a decline of 3.5% [4] 3. Product Composition and Application - The X series, Go series, and Ace series are the main consumer-grade products, contributing 52.74%, 16.30%, and 10.44% to the company's revenue in 2024, respectively [35][36] - The X series features advanced capabilities such as 360° panoramic shooting and high-resolution video recording, appealing to various outdoor activities [5][36] - The Ace series has gained traction as a versatile action camera, while the Go series is designed for ease of use and portability [5][39] 4. Supply Chain and Procurement - Key suppliers include Wenyue Technology for ICs and Hongjing Optoelectronics for lens modules, with procurement costs for ICs and lens modules constituting 28.82% and 24.93% of total procurement costs, respectively [7][8] - The report indicates a significant increase in the procurement share of Hongjing Optoelectronics for lens modules from 39.95% in 2022 to 72.87% in 2023 [8] 5. Competitive Landscape - Insta360 is positioned as a market leader in the panoramic camera sector, with a competitive edge due to its innovative product lines and extensive accessory offerings [7][36] - The report anticipates that the company's market dominance will continue, supported by ongoing research and development efforts [7][19]