国泰海通｜机械：无人叉车风起，看好叉车龙头智能化升级

Core Viewpoint - The rise of AI technology and the maturation of supply chains are expected to accelerate the development of unmanned forklifts, with traditional forklift companies poised to seize this opportunity due to their stable operational quality and high channel reuse [1][2]. Group 1: Investment Recommendations - The generalization of AI technology enhances the flexible working capabilities of automated equipment, making unmanned forklifts economically viable and likely to enter a rapid growth phase. Traditional forklift companies with stable operations and strong channel reuse are recommended for investment [2]. - The unmanned forklift, which integrates forklift and AGV technologies, has a penetration rate of less than 2% compared to traditional forklifts. However, the overall maturation of the supply chain and decreasing sales prices are expected to improve the economic viability of unmanned forklifts within a year [2]. - The advancement of unmanned driving and embodied intelligence technologies is anticipated to lower the purchase threshold for customers, particularly small and medium-sized B-end clients, facilitating faster market penetration for "plug-and-play" unmanned forklifts [2]. Group 2: Competitive Advantages of Traditional Forklift Companies - Traditional forklift companies are expected to stand out in the current wave of intelligent development represented by unmanned forklifts. These companies have healthy operational quality and a solid economic foundation for developing or acquiring unmanned forklift technologies [3]. - The decentralized demand from downstream customers allows leading traditional forklift companies to establish comprehensive sales networks both domestically and internationally, which is beneficial for the rapid promotion of unmanned forklift businesses [3]. - The shift towards unmanned operations presents an opportunity for traditional forklift companies to enhance profitability and increase global recognition, similar to the impact of lithium battery forklifts [3]. Group 3: Differentiation Among Domestic Forklift Leaders - Domestic forklift leaders such as Anhui Heli, Hangcha Group, and Zhongli Co. are focusing on different aspects of unmanned forklift development, leading to product, customer, and market selection differentiation [4]. - Anhui Heli emphasizes collaboration with industry partners, particularly with Huawei, to accelerate the development of embodied intelligence, potentially leading in technological strength [4]. - Hangcha Group, as an early developer of AGV technology, is enhancing AI and humanoid robot capabilities through acquisitions and is establishing localized supply capabilities overseas, indicating a faster international expansion [4]. - Zhongli Co., as a new entrant in the industry, aims to create an unmanned forklift ecosystem through investments in startups, focusing on concepts like "cargo digitization" and "AI scheduling" to explore differentiated market opportunities [4].