First the meaning of flagship is – the best product which is produced by a company or in a class ever.
Now talking about flagship smartphones we have flagships and flagship killers.
Flagship smartphones will have
Great cameras(the best in class highest rated cameras).
Great display.
Great processor(flagship processor).
Flagship design.
Water resistance,fast charging,wireless charging which are termed as flagship specifications.
They will be good in everything if budget is not an issue.
But all these flagship smartphones are made by tier 1 brands like Samsung,Lg,Sony,Google,Apple,Htc etc. So there exists flagship killers which are made by tier 2 brands or the companies which are going to become tier 1 brands and all these killers will be in midrange segment(350$-550$).
Remember every company has there own flagship smartphone,but currently tier 1 brands can make true flagships i.e, the best in class smartphones irrespective of brands.
I have also made a video on this topic you can watch it if you wish
Video Link : https://youtu.be/W1pl2VMd9EE
Hope you like it
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