同力股份分析师会议-20250612

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - The company will focus on the R & D of automated line - controlled vehicles as its line - controlled vehicles have a competitive edge in the industry, and it will not engage in the intelligent driving system for now [25] - The market for autonomous mining trucks is driven by market forces, with the cost - effectiveness of electric vehicles becoming more prominent. The market demand and product iteration are mutually reinforcing [25][26] - The cost difference between autonomous and manned vehicles is mainly due to new energy and fuel vehicles, and the price - performance ratio of products will increase as costs decline [27] - The pure - electric solution will be more advantageous in the future, and the application of pure - electric products will accelerate with the improvement of charging and power - swapping facilities [27] - The company will vigorously expand overseas markets, with good opportunities in regions such as Mongolia, Central Asia, Southeast Asia, and South America [28] 3. Summary According to the Table of Contents 3.1 Research Basic Situation - The research object is Tongli Co., Ltd., belonging to the construction machinery industry. The reception time was June 9, 2025. The company's reception personnel were Chief Engineer Wang Yong and Board Secretary Yang Peng [16] 3.2 Detailed Research Institutions - The participating institutions include asset management companies such as Shanghai Huijin and Fusheng Asset, securities companies such as China Galaxy Securities and Orient Securities, insurance asset management companies such as China Life Asset, and other types of institutions [17][18][19] 3.3 Research Institution Proportion - Securities companies account for 37%, asset management companies 17%, fund management companies 24%, insurance asset management companies 7%, and other types and investment companies each account for 7% [21] 3.4 Main Content Information - Regarding the intelligent driving system: The intelligent driving system for mine unmanned vehicles is difficult to standardize, and the company will not engage in it for now, focusing on automated line - controlled vehicles [25] - Market outlook for autonomous mining trucks: Market - driven development, with rapid investment in charging and power - swapping facilities, and an increasing market demand for autonomous vehicles [25][26] - Price difference between autonomous and manned wide - body vehicles: The cost difference is mainly due to new energy and fuel vehicles, and the price - performance ratio will increase with cost reduction [27] - Potential of pure - electric solutions: With the improvement of charging and power - swapping facilities, pure - electric solutions will be more advantageous than range - extended solutions in the future [27] - Overseas market: The company will expand overseas markets, with slow progress in high - end markets such as Australia and North America, and good opportunities in other regions [28]