影石创新（Insta360）A：又一个想忘记的季度，利润率修复仍需验证

J.P. Morgan's note on Insta360 (Arashi Vision, 688775.SS) following 3Q results. Third-quarter revenue growth re-accelerated year on year, modestly ahead of the market and of 2Q, showing product momentum and demand remain intact, while Insta360's leadership in the 360-camera category and its software/UX moat are not in question. However, higher input costs, product and category investment and intensifying competition continued to absorb top-line momentum: gross margin fell sharply year on year and net profit declined significantly, so the current earnings run-rate should not be extrapolated. The broker argues margin repair is plausible as forward memory procurement improves cost visibility, new models are priced against a higher input-cost environment and mix gradually improves, but the recovery path will not be linear or clean, and clearer evidence of margin and cash-flow repair is still needed. DJI's entry into 360 cameras has already gained meaningful share at pricing well below comp