Shanghai Securities: Firstly gives Innovative Film Stone a "buy" rating, with the potential for sustained high growth in performance.

A Shanghai Securities Research Report points out that Impression Innovation deeply enters the smart imaging blue ocean market, leading growth with innovation. The company started with consumer-grade panoramic camera products and has now expanded its product line to include professional VR panoramic cameras, action cameras, and other fields. By 2024, the company's revenue from consumer-grade smart imaging devices, professional-grade smart imaging devices, accessories, and other products accounted for 86.59%, 0.43%, and 12.98% respectively. Panoramic cameras have a wide range of applications, including daily shooting and sharing, news reporting, live sports broadcasting, film and television content production, game content production, and are continuously penetrating into professional fields such as outdoor sports, remote medical care, and smart cities. The intelligent imaging equipment industry is considered to be in a high business cycle with continuously expanding application scenarios. The company leads in market share for panoramic cameras and action cameras, with strong competitive advantages in product innovation, distribution channels, and brand strength, and is likely to have sustained high growth potential. Therefore, a certain valuation premium is recommended. The report gives it a "buy" rating for the first time.