GXED(600617) Chan Ye Xin Xi Wang·2025-06-15 02:43Core Viewpoint - The sales and penetration rate of new energy sanitation vehicles in China are experiencing significant growth despite an overall contraction in the sanitation equipment sector, driven by supportive policies and a clear trend towards electrification [1][7]. Industry Overview - New energy sanitation vehicles utilize technologies such as pure electric, plug-in hybrid, and fuel cells for urban environmental cleaning and maintenance, offering advantages like zero emissions and low noise [1][6]. - The market for new energy sanitation vehicles is segmented by power type (BEV, PHEV, FCEV) and function (e.g., electric garbage trucks, street cleaning vehicles) [1][6]. Current Industry Status - In 2024, total sanitation vehicle sales in China reached 72,657 units, a decrease of 5.6% from 2023, while new energy sanitation vehicle sales surged to 9,709 units, marking a growth of over 55% year-on-year [7][19]. - The penetration rate of new energy sanitation vehicles is still below 20%, indicating substantial growth potential in the future [7][19]. Market Competition Landscape - The market for new energy sanitation vehicles is characterized by a low concentration with a CR4 of over 60% in the new energy segment, highlighting significant competitive advantages for leading companies like Yingfeng Environment and Yutong Heavy Industry [11][15]. - Yingfeng Environment holds a leading market share of 30.5% in the new energy sanitation vehicle sector, outperforming its closest competitor by 9.24 percentage points [11][15]. Development Trends 1. Policy-Driven Growth: The industry is entering a rapid growth phase due to strong policy support, with a target of over 60,000 new energy sanitation vehicles promoted in public sectors [6][19]. 2. Technological Innovation: Key breakthroughs in battery technology and the introduction of smart connected technologies are driving the industry forward, with companies like Yutong Heavy Industry leading in high-energy density batteries [20][21]. 3. Shift Towards Automation: The demand for automation in the sanitation industry is increasing, with autonomous sanitation vehicles being developed and tested in urban environments, expected to reach a penetration rate of 5% by 2025 [21][23].