Huatai Securities: China's Smart Imaging Leaders Are Gradually Building a 'Hardware + AI Services' Business Model with Vast Growth Potential

36Kr reports that Huatai Securities research notes the market underestimates the expansion trends of smart imaging categories and the multi-dimensional competitive advantages of Chinese brands, focusing instead on Chinese brands replacing GoPro based on cost advantages. Huatai Securities believes Chinese brands are deepening their moat in global competition by leveraging reusable consumer electronics supply chains for cost and product iteration speed advantages; furthermore, the emergence of new categories such as handheld smart cameras and panoramic drones unlocks more photography scenarios, stimulating latent consumer demand and driving continued market growth. China's smart imaging leaders, possessing 'category definition capabilities + algorithmic moats + supply chain synergy,' are gradually constructing a 'hardware + AI services' business model with vast growth potential.