Sinotrust Securities: The innovative business of Shadow Innovation maintains high-speed growth, and the first "hold" rating is given.

The research report of Cinda Securities pointed out that Impression Innovation is a global leader in intelligent imaging, and its business maintains high-speed growth. The company has successively developed consumer products such as Insta360ONE X/GO/Ace Pro series, achieving rapid business growth. From 2019 to 2024, the company's operating income CAGR5 is about 56.8%, and the net profit attributable to the parent company CAGR5 is about 77.6%. As a scarce target in the intelligent imaging device industry, the company combines the attributes of "technology + consumption", drives product innovation with core technology, and has significant barriers in technology research and development and brand marketing. It fully enjoys the market expansion dividend, and the launch of a new series is expected to bring further growth. The initial coverage gives a "buy" rating.