Huatai Securities: China's leading smart imaging companies are gradually building a "hardware + AI services" business model, with broad growth potential.

Huatai Securities research report states that the market believes the main development trajectory of the smart imaging market is Chinese brands gradually replacing GoPro through cost advantages, and insufficient attention has been paid to the trend of smart imaging category expansion and the multi-faceted competitive advantages of Chinese brands. Huatai Securities believes that Chinese brands, by leveraging a reusable consumer electronics supply chain, have built advantages in costs and product iteration speed, continuously deepening their moat in global competition; in addition, the emergence of new categories such as handheld smart cameras and panoramic drones unlocks more photography scenarios, which can stimulate consumers' latent shooting needs, and the market size is expected to continue growing; Chinese smart imaging leaders with "category definition capability + algorithm moat + supply chain collaboration" are gradually building a "hardware + AI services" business model, with broad growth potential.