无人车系列专题报告1：无人环卫车：千亿市场空间，设备+运营双重受益

Investment Rating - The industry rating is "Overweight" and has been maintained from the previous rating [6] Core Insights - The report highlights that the unmanned sanitation vehicle sector addresses the aging workforce and rising labor costs in the sanitation industry [4] - The total bidding amount for unmanned sanitation projects in the first half of 2025 has already exceeded the total for the entire year of 2024, indicating a market potential reaching hundreds of billions [5][34] - The report estimates that the market space for unmanned sanitation vehicles could reach up to 1 trillion yuan, with various scenarios predicting market sizes of 1164 billion, 1746 billion, and 2910 billion yuan based on different labor replacement ratios [10][39] Summary by Sections Market Overview - The unmanned sanitation vehicle is a key segment in the low-speed unmanned vehicle market, primarily focusing on cleaning public spaces using advanced sensors and algorithms [10] - In 2024, the sales scale of the low-speed unmanned driving industry in China is projected to be approximately 12.3 billion yuan, with the unmanned cleaning market holding the largest share [10] Economic Analysis - The report calculates significant cost savings from using unmanned sanitation vehicles, estimating a reduction of 25% to 66% in labor costs depending on the vehicle's cost and the number of workers replaced [30][32] Industry Trends - The report notes a rapid increase in the number of projects awarded in the unmanned sanitation sector, with 70 billion yuan in contracts awarded in the first half of 2025, surpassing the total for 2024 [34] - The technology reliability of unmanned sanitation equipment has been validated, with vehicles designed to operate safely and efficiently in various environments [34] Competitive Landscape - The industry is characterized by collaboration between technology companies and sanitation service providers, with a focus on integrating unmanned vehicles into operational scenarios to enhance profitability [46] - The report identifies key players in the market, including companies like Jinjun Environment, Yuhua Tian, and Fulongma, which are actively developing and deploying unmanned sanitation solutions [55][66][74] Investment Recommendations - The report suggests that as the unmanned sanitation sector transitions from the initial phase to mass production, companies in this field are expected to experience significant growth in both equipment sales and operational profitability [82]