HTSC·2025-06-03 11:11Investment Rating - The industry investment rating is "Overweight" [6] Core Viewpoints - The Robovan unmanned logistics vehicle is accelerating commercialization driven by strong demand in urban distribution, particularly in the express delivery sector [1] - The commercialization of unmanned logistics vehicles is at a turning point due to the convergence of cost reduction, technological advancements, and downstream demand for cost efficiency [2] - The business model allows downstream companies to purchase unmanned logistics vehicles, which are then operated through a software app, leading to significant cost savings [3] - Current regulations and road rights are not unified, with low-speed urban distribution being the primary operational scenario for unmanned logistics vehicles [4] Summary by Sections Industry Overview - The unmanned logistics vehicle Robovan is gaining traction in the express delivery sector, with potential expansion into other urban distribution areas such as fresh produce and supermarkets [1] - Key players include startups with L4 autonomous driving technology and logistics experience, as well as delivery companies and multi-scenario L4 companies [1] Cost and Technology - The manufacturing cost of unmanned logistics vehicles has decreased to the mid-ten thousand yuan range due to the scaling of suppliers in the passenger vehicle autonomous driving industry [2] - The application of end-to-end large models in autonomous driving has reduced the reliance on high-precision maps, facilitating quicker delivery and operational flexibility [2] Business Model - The business model involves suppliers conducting road data testing and vehicle production, with downstream companies operating the vehicles via a software app [3] - The pricing model includes a vehicle purchase or leasing option, along with a software subscription service, which is more cost-effective than traditional labor costs [3] Regulatory Environment - Road rights for unmanned vehicles vary significantly across regions, with no national standard, limiting the deployment of unmanned logistics vehicles primarily to low-speed urban delivery [4] - In 2022, there were approximately 14.59 million vehicles used for urban distribution, indicating a vast potential market for unmanned logistics vehicles [4]