Huayuan Securities: Cloud camera track high growth, suggesting attention to Arashi Vision Inc. (688775.SH)

Huayuan Securities released a research report stating that handheld gimbal cameras primarily meet the recording and creative needs of travel, portrait Vlog, and other scenes, helping mass users to achieve better video effects with lower shooting and editing thresholds. The demand for mass image creation continues to grow, and the long-term space for gimbal cameras is expected to exceed 100 billion yuan. In the future, industry participants are expected to gradually diversify, but the diversification and personalization of user demand determine whether the industry will or will not fall into long-term vicious competition. It is recommended to pay attention to Arashi Vision Inc. (688775.SH). The main points of view of Huayuan Securities are as follows: Handheld gimbal cameras combine the advantages of "portability, high image quality, and low threshold," and are expected to become a tool for mass image creation Handheld gimbal cameras enter daily image creation scenes with "large bottom sensor + three-axis mechanical gimbal + pocket-sized body." The weight of the body is generally only over 100 grams, and some products support 8K video recording. Compared to smartphones, they have better stability and video quality; compared to professional cameras, they significantly reduce the carrying, operation, and post-production thresholds. In terms of scenes, gimbal cameras mainly meet the recording and creative needs of travel, portrait Vlog, and other scenes, helping mass users achieve better video effects with lower shooting and editing thresholds. The demand for mass image creation continues to grow, and the long-term space for gimbal cameras is expected to exceed a trillion yuan 1) Rapid expansion of scale: After the release of DJI Pocket 3 in 2023, the industry entered a period of high growth. It is estimated that the market size in 2025 has reached 20 billion yuan, and the shipment volume has grown by more than 100% year-on-year (IDC data). 2) Low penetration rate: By the end of 2025, it is estimated that the global installed base is only 10-20 million units, with a penetration rate of less than 1% among over 5 billion social media users worldwide. 3) Several times more space in the long term: With product iteration and AI lowering the threshold for creation, the customer base and usage scenarios of gimbal cameras are expected to continue to expand, and the penetration rate is expected to rise rapidly. It is estimated that the market size in the long term is expected to exceed 110 billion yuan. Industry competition is shifting from hardware parameter comparison to comprehensive competition in scene definition, understanding of user demand, algorithms, and software capabilities Currently, DJI is still the industry leader, and previous product iterations have mainly focused on hardware dimensions such as higher image quality, stronger stabilization, and wider focal lengths. However, the diversification of image demands determines that product offerings are also expected to become more diversified. The focus of future competition will shift more towards exploring and satisfying the demands of segmented scenarios, as well as algorithm iteration and software experience optimization. The report believes that future industry participants are expected to gradually diversify, but the diversification...