Soochow Securities·2025-06-06 14:24Investment Rating - The industry investment rating is "Accumulate" (Maintain) [1] Core Viewpoints - The AI-driven unmanned forklift technology is continuously developing, and the smart logistics sector is expected to experience rapid growth [1] - The unmanned forklift industry consists of three core segments: controller suppliers, vehicle body suppliers, and system integrators [2] - Major logistics and technology companies are collaborating with forklift manufacturers, accelerating the transformation of the industry towards automation and intelligence [3] Summary by Sections Industry Overview - The logistics industry is facing urgent demands for digital and intelligent transformation due to increasing global competition and rapidly changing consumer needs [1] - AI technologies are enhancing the efficiency of warehouse operations through automated guided vehicles (AGVs), sorting machines, and robotic arms [1] Industry Structure - The unmanned forklift supply chain includes: 1. Controller Suppliers: Key players include XianGong Intelligent and NDC, with a projected gross margin of 81% for controllers in 2024 [2] 2. Vehicle Body Suppliers: Traditional suppliers like Anhui Heli and Hangcha Group face intense competition, with gross margins typically between 15%-20% [2] 3. System Integrators: Companies like Kunshan Intelligent and Lanjian Intelligent provide customized solutions based on industry logistics characteristics [2] Market Trends - Collaborations between technology, logistics leaders, and forklift manufacturers are becoming more frequent, indicating a clear trend towards automation and intelligence in logistics [3] - Notable partnerships include Anhui Heli's collaboration with Huawei for digital transformation and strategic agreements with major logistics companies like SF Express and JD Group [3] Investment Recommendations - Recommended companies include Anhui Heli and Hangcha Group for their strong customer resources and hardware advantages, with a focus on companies like Zhongli Co., Kunshan Intelligent, and XianGong Intelligent for potential investment opportunities [7]