SF Holding(SZ:002352) 3 6 Ke·2025-05-08 01:34Core Insights - Low-speed autonomous driving company White Rhino has completed a Series B financing round of 200 million yuan, led by SF Express, with participation from Xinyuan Automotive and existing shareholder Linear Capital [1] - The funding will be used for the development of new low-speed autonomous vehicle products and the marketing of existing products [1] - White Rhino, founded in April 2019 by former Baidu autonomous driving team members, focuses on developing full-stack autonomous delivery solutions and providing regular operations of autonomous vehicles [1] Industry Overview - The low-speed autonomous driving sector is one of the earliest to commercialize within the autonomous driving industry [1] - The commercial scenarios for low-speed autonomous vehicles have become more concentrated, primarily focusing on logistics, particularly the route from express delivery points to service stations [1][2] - Currently, 80%-90% of autonomous delivery operations are concentrated in this logistics scenario, which is expected to remain the main direction for large-scale deployment in the next 1-2 years [1][2] Competitive Landscape - Competitors in this space include companies like Jiushi and New Stone, while major players like JD Logistics, Cainiao, and Meituan have inherent advantages [2] - The number of autonomous vehicles deployed in this logistics scenario is a key metric for measuring commercialization progress [2] Operational Metrics - The daily active vehicle count is considered a more critical metric than production and sales figures, as it reflects the actual operational efficiency of the autonomous delivery vehicles [2] - White Rhino has achieved a scale of several hundred daily active autonomous vehicles within the SF Express logistics system since Q2 2024 [2] Business Model - Various business models exist in the low-speed autonomous vehicle industry, including vehicle sales, subscription fees, and capacity services [2] - A stable and mature business model for the autonomous delivery sector is still under validation [2] Strategic Goals - White Rhino aims to achieve a daily active vehicle count of 5,000 by 2026 [4] Product Development - The main product line for White Rhino is the R5 series, which has a cargo volume of 5.5 m³ and can carry over 500 packages with a range of over 120 kilometers on a full charge [5] Technological Advancements - The low-speed autonomous vehicle sector benefits from advancements in passenger vehicle driver assistance technologies [6] - White Rhino's vehicles are designed to safely operate at speeds of 30 to 40 km/h on public roads, necessitating strong AI capabilities [6] - The integration of large models and advanced technologies allows White Rhino's vehicles to perform complex tasks such as traffic light recognition and navigating construction zones, even in adverse weather conditions [7] Leadership and Production - The former general manager of Dongfeng Commercial Vehicle Company, Huang Gang, has joined White Rhino to oversee large-scale production of autonomous delivery vehicles, including product planning, new vehicle development, and supply chain management [7]