Shenwan Hongyuan Securities·2025-06-06 02:43Investment Rating - The report gives an "Overweight" rating for the AI unmanned logistics industry, indicating a positive outlook compared to the overall market performance [4][15]. Core Insights - The unmanned logistics vehicles are experiencing high demand, forming a commercial closed loop in the express delivery sector. For instance, SF Express has deployed over 800 unmanned vehicles nationwide, with projections for several-fold growth by 2025 [5]. - The operational model focuses on enhancing efficiency rather than replacing human workers. The current model combines unmanned vehicles with delivery personnel to address the last-mile delivery challenges and improve overall delivery efficiency [5]. - Policy support is evident, with various provinces like Beijing, Shanghai, and Jiangsu endorsing pilot applications for unmanned vehicles, facilitating road rights expansion [5]. - Cost reductions are significant, with estimates showing that the annual operational cost of an unmanned vehicle is approximately 31,000 RMB, compared to 120,000 RMB for traditional delivery methods [5]. Summary by Sections Market Overview - The unmanned logistics vehicle market is projected to grow significantly, with major players like Jitu and SF Express planning substantial investments in new vehicles [5]. Operational Model - The current operational model involves a hybrid approach of unmanned vehicles and human delivery personnel, which addresses logistical challenges and enhances efficiency [5]. Policy Environment - The report highlights supportive policies from the postal bureau and local governments, which are crucial for the expansion of unmanned vehicle applications [5]. Cost Analysis - The cost analysis indicates that unmanned vehicles can drastically reduce delivery costs, making them a viable alternative to traditional delivery methods [5]. Investment Targets - Key investment targets include unmanned vehicle companies like Jishi and New Stone, as well as logistics firms such as SF Express and Zhongtong Express, which are well-positioned to benefit from this trend [5].