SF Holding(SZ:002352) Huachuang Securities·2025-06-02 13:43Investment Rating - The report maintains a "Buy" recommendation for the unmanned logistics vehicle sector, highlighting the commercialization phase and cost reduction opportunities [4]. Core Insights - The launch of the Jiushi E6 unmanned logistics vehicle at a price of 19,800 yuan marks a significant reduction below 20,000 yuan, stimulating market enthusiasm and introducing a new era of intelligent delivery [1][12]. - The unmanned logistics vehicle industry has transitioned from "technological feasibility" to "commercialization," with over 100 cities granted road rights for commercial applications [2][12]. - The report emphasizes the economic advantages of unmanned logistics vehicles, with significant cost reductions in delivery operations, potentially lowering per-package costs by 50% [3][19]. Summary by Sections Section 1: Focus on Unmanned Vehicles - Jiushi's E6 model is priced at 19,800 yuan, introducing a subscription service for fully autonomous driving at 1,800 yuan per month, significantly lowering user entry barriers [1][12]. - The industry is witnessing a surge in orders and production capabilities, with Jiushi and New Stone both reporting substantial order backlogs and delivery milestones [2][16]. Section 2: Cost Model and Economic Viability - The operational data from New Stone indicates that a single unmanned vehicle can deliver 2,000 packages daily, with a cost reduction of 2-3 jiao per package when utilizing multiple vehicles [3][19]. - A cost comparison shows that the monthly operational cost of the Jiushi E6 is estimated to be below 3,000 yuan, significantly lower than traditional delivery vehicles [19][20]. Section 3: Investment Recommendations - The report suggests that unmanned logistics vehicles are well-suited for last-mile delivery within a 10 km radius, enhancing efficiency and reducing costs for logistics companies [4][21]. - Continued recommendations for companies like SF Holding and attention to SF City, which is exploring collaborative delivery ecosystems with unmanned vehicles [4][21]. Section 4: Industry Data Tracking - Air passenger volume from May 30 to June 1 showed a year-on-year increase of 1.3%, while domestic ticket prices decreased by 4.6% [22][23]. - The shipping sector experienced a significant increase in the SCFI index by 31%, indicating a robust demand for shipping services [39][43].