According to the Huatai Securities Research Report, the market believes that the main development line of the smart imaging market is for Chinese brands to gradually replace GoPro based on cost advantages, and there is insufficient attention to the expansion trend of the smart imaging category and the multi-faceted competitive advantages of Chinese brands. Huatai Securities believes that Chinese brands continue to deepen their moats in global competition with reusable consumer electronics industry chain construction costs and product iteration rate advantages; in addition, the emergence of new categories such as handheld smart cameras and panoramic drones can unlock more photography scenes, which can stimulate consumer potential shooting needs, and the market size is expected to continue to grow; China's smart imaging leaders with “category definition capability+algorithm moat+supply chain collaboration” are gradually building a “hardware+AI service” business model with broad room for growth.

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