Goldman Sachs: Insta360 (688775.SS) — New Flagship 360-Degree Camera Launch; Strategic Memory Procurement Supports Shipment Growth; Buy Maintained
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Goldman Sachs maintains its Buy on Insta360 (688775.SS) with a 12-month target price of Rmb269, derived from 18.6x 2030E earnings discounted back to 2027E at a 13.5% cost of equity; the multiple is benchmarked against consumer-electronics peers via a P/E-to-growth-and-margin framework. Second-quarter 2026 revenue rose 31% year on year and 22% quarter on quarter to Rmb3.0bn, underscoring brand recognition and product appeal despite elevated memory costs. Management has executed roughly Rmb2.0bn of strategic memory procurement to lock in supply.
In August 2026 the company launched its new flagship 360-degree camera, the X6, at a starting price of Rmb3,999, with 33% more sensor area than the X5 and 500% greater computing power, pairing an 8-core 3.3GHz 4nm CPU with two dedicated imaging chips and proprietary AI video-editing software. Goldman cites five long-term growth drivers: a premium brand, strong R&D, leadership in action and 360 cameras with new-category expansion, a rich accessories ecosystem, and supply-chain diversification that mitigates memory tightness. The peer comparison implies a target P/E of 18.6x versus a 16.7x peer average, with Apple at 34.4x and Garmin at 25.7x.
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