SINOLINK SECURITIES·2025-06-12 05:19Investment Rating - The report recommends direct beneficiaries in the express delivery and logistics sector, specifically focusing on companies like SF Holding, Debon Logistics, and JD Logistics, while also paying attention to franchise express companies like Zhongtong Express [4]. Core Insights - The demand for unmanned logistics vehicles is significant, providing cost reduction and efficiency improvements for express logistics companies. The unmanned logistics vehicle market has vast potential, with the city distribution market being a trillion-yuan market [2][18]. - The rapid decline in the cost of unmanned logistics vehicles, driven by advancements in technology and economies of scale, has laid the foundation for large-scale commercialization. For instance, the price of the new E6 model from Jiushi has dropped to 19,800 yuan, significantly lower than traditional logistics vehicles [2][29]. - Several listed express logistics companies have already invested in unmanned logistics vehicles, which will help them reduce costs and improve efficiency. For example, SF Holding has invested in 800 unmanned vehicles, potentially increasing profits by 4.6 billion yuan if all existing vehicles are replaced [3][51]. Summary by Sections 1. Unmanned Logistics Vehicle Applications and Rapid Product Iteration - Unmanned logistics vehicles are primarily used for last-mile delivery in express logistics, with applications extending to closed-loop logistics and fresh food delivery [1][11]. - Multiple companies, including startups and established logistics firms, are offering unmanned vehicle products, with costs decreasing significantly [1][14]. 2. Significant Demand for Unmanned Logistics Vehicles - Unmanned logistics vehicles can replace city distribution capacity, with the city distribution market size reaching 1.429 trillion yuan in 2022 [18][20]. - The rapid advancement in technology and the reduction in product prices are driving demand, supported by government policies promoting the commercialization of unmanned delivery services [2][25]. 3. Listed Express Logistics Companies' Engagement in Unmanned Logistics Vehicles - SF Holding and its subsidiary have invested in unmanned vehicle manufacturers, with significant vehicle deployment planned [3][51]. - JD Logistics has initiated operations in nearly 30 cities, focusing on short-haul and grid warehouse models [3][51]. - Debon Logistics has also engaged in unmanned vehicle technology, with potential profit increases from replacing existing vehicles [3][51]. 4. Investment Recommendations - The report suggests focusing on companies directly benefiting from unmanned logistics vehicles, particularly SF Holding, Debon Logistics, and JD Logistics, while also monitoring franchise express companies like Zhongtong Express [4].