Group 1 - The core project of SF Express in Zhengzhou, the Central China Multimodal Transport International Hub, has officially commenced construction with a total investment of approximately 1.5 billion yuan, covering an area of 490 acres [1] - The project will be built in two phases, with the first phase investing over 1 billion yuan and a construction area of 225,000 square meters, focusing on smart logistics, warehousing, multimodal transport, and drone applications [1] - The project features advanced technologies such as circular sorting machines and ISC automatic sorting systems, integrating AGV robots, mechanical arms, and AI algorithms to establish a benchmark for intelligent logistics [1] Group 2 - The project is expected to generate annual revenue exceeding 6 billion yuan and create over 3,000 jobs, significantly contributing to regional economic development [1] - Zhengzhou Airport has been enhancing its transportation network and building a multimodal transport system, attracting over 400 logistics companies, including major players like Zhongtong and Yunda [2] - The addition of the SF Express hub is anticipated to strengthen the industrial cluster advantage of Zhengzhou Airport, propelling it towards becoming a modern, international, and world-class logistics hub [2]

[Table_Reportdate] 2025年06月27日 超配 行 业 简 评 [证券分析师 Table_Authors] 商俭 S0630525060002 shangjian@longone.com.cn [table_stockTrend] -25% -11% 2% 15% 29% 42% 56% 24-06 24-09 24-12 25-03 申万行业指数:机械设备(0764) 沪深300 [1.table_product] 人形机器人推动丝杠需求，国内厂 商突破量产壁垒——机械设备行业 深度报告 1.人形机器人推动丝杠需求，国内厂 商突破量产壁垒——机械设备行业 深度报告 [Table_NewTitle] 1-5月外销表现优于内销，重视具身智能 率先落地物流场景机遇 ——机械设备行业简评 [table_main] 投资要点： 机 械 设 备 [table_invest] ➢ 事件：根据中国工程机械工业协会发布数据，2025年5月叉车整体销量为12.35万台，同比 增长11.8%。其中，国内销量7.91万台，同比增长9.25%；海外销量4.43万台，同比增长 16.6%。2025年1-5月叉车累计 ...

Core Viewpoint - The company has signed a significant sales contract with MercadoLibre, Inc. for the provision of intelligent logistics cross-belt sorting systems and related services, amounting to a total of $43.3888 million [1][3]. Group 1: Contract Details - The contract is categorized as a routine operational contract and does not involve related party transactions [1]. - The contract was signed with a subsidiary of MercadoLibre, Inc., which is the largest e-commerce ecosystem in Latin America, covering 18 countries [1]. - The contract will take effect upon signature or seal by both parties and will be executed according to the agreed terms [3]. Group 2: Financial Impact - The execution of this contract is expected to have a positive impact on the company's operating performance in subsequent periods, although it will not significantly affect the current period's performance [2][3]. - The specific impact on financial results will be determined based on the audited financial reports for the relevant years [2]. Group 3: Risk Analysis - The contract includes clear stipulations regarding payment schedules, rights and obligations, and breach of contract responsibilities [3]. - While both parties have the capacity to fulfill the contract, there are potential risks due to external macroeconomic changes, policy adjustments, and shifts in customer demand [4].

Core Viewpoint - The company has signed a sales contract with a subsidiary of Meituan Group to provide intelligent logistics cross-belt sorting systems and related services, with a total contract value of $43.3888 million [1] Group 1: Contract Details - The contract duration is from the effective date until both parties fulfill their responsibilities and obligations [1] - The execution of this contract is expected to have a positive impact on the company's future operating performance, although it will not significantly affect the current period's performance [1] Group 2: Risk Factors - Both parties have the capability to fulfill the contract, but there are risks associated with external macroeconomic changes and adjustments in national policies that could prevent timely or complete execution of the contract [1]

证券研究报告：机械设备|深度报告 行业投资评级 强于大市 |维持 景气度向好，无人叉车快速放量 行业基本情况 | 收盘点位 | | 1574.84 | | --- | --- | --- | | 52 | 周最高 | 1803.12 | | 52 | 周最低 | 1122.98 | 行业相对指数表现（相对值） 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 -12% -7% -2% 3% 8% 13% 18% 23% 28% 33% 38% 机械设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 近期研究报告 《智能养老场景应用政策发布，长期看 好人形机器人应用场景向 C 端渗透》 - 2025.06.17 叉车行业 ...

在安全性方面，这类设备标配三维避障系统，采用TOF（飞行时间）激光传感器与机械防撞装置的双重保护机制。当检测到2米内出现动态障碍物时，系统 能在0.1秒内触发分级制动，同时通过5G网络将实时工况传输至中央调度系统。 二、典型应用场景解析 1. **高位仓储场景**：在3C电子行业，某企业通过搭载举升机构的激光叉车实现6米高位货架自动化存取。其配备的货形识别系统能自动校正托盘位置偏 差，配合WMS系统实现先入先出管理，使仓库周转率提升3倍。 2. **跨楼层运输**：，某产业园部署的跨楼层AGV集群，通过激光与视觉融合导航实现电梯自动呼叫与平层定位。20台设备组成的柔性物流系统，替代了 原有36名搬运工的工作量，年节省人力成本超600万元。 随着工业4.0时代的深入发展，智能物流装备正加速渗透制造业的毛细血管。在众多自动化搬运方案中，AGV激光叉车以其独特的导航技术和柔性化作业能 力，逐渐成为智能工厂物流升级的核心载体。本文将深入剖析这一技术的应用现状与发展趋势，为制造业智能化转型提供切实可行的实施路径。 一、技术原理与核心优势 AGV激光叉车采用SLAM（即时定位与地图构建）技术作为导航核心，通过360°旋转 ...

Core Viewpoint - The article highlights the rapid growth and international expansion of "Maiwei Robotics," a provider of intelligent logistics solutions, which has successfully increased its overseas revenue from less than 10% in 2022 to 40% currently, following a recent financing round to support technology development and market expansion [3][13]. Company Overview - Maiwei Robotics was established in 2019 and is headquartered in Shenzhen, China, with operations in over 30 countries and regions globally [5]. - The company specializes in intelligent manufacturing and logistics solutions based on robotics and artificial intelligence, serving key industries such as mechanical manufacturing, food and beverage, metallurgy, chemical energy, automotive manufacturing, and cold chain logistics [5][6]. Product and Technology - Maiwei Robotics has developed a comprehensive product matrix, including over 30 types of mobile robots, such as unmanned forklifts, AMRs, unmanned towing vehicles, and four-way shuttles, addressing various logistics needs [8][9]. - The company has achieved over 80% self-research rate for core components like laser radar and distance sensors, and has developed a full-stack self-research system for navigation, perception, control, scheduling, and safety algorithms [8][9]. - The AI Tianyan system and cluster scheduling system enhance operational efficiency, allowing for dynamic path planning and low congestion rates during simultaneous operations of multiple devices [8][9]. Market Performance - Since launching commercial operations in 2021, Maiwei Robotics has signed contracts exceeding 60 million RMB in its first year, indicating strong market demand [13]. - The company has successfully transitioned to a global market presence, with overseas revenue now constituting 40% of total income, reflecting significant international growth [13]. Investor Insights - Investors express confidence in Maiwei Robotics' potential for international growth and innovation in intelligent logistics, emphasizing the company's strategic capabilities and the importance of its self-developed technology [14]. - The backing from prominent investors like PwC Capital and Meihua Venture Capital underscores the belief in the company's ability to become a leading player in the global robotics market [14].

Investment Rating - The report gives a "Strong Buy" rating for the company [11]. Core Viewpoints - The company is a leading player in the smart logistics sector, focusing on self-research and production capabilities in both hardware and software [22][23]. - The revenue structure is designed around "core systems + high-margin services," with significant growth expected in both automated logistics systems and operational maintenance services [37][9]. - The company has substantial growth potential by benchmarking against global leader Daifuku, particularly in expanding overseas revenue and service offerings [54][56]. Summary by Sections Company Overview - The company specializes in the research, design, production, sales, and service of smart logistics systems centered around intelligent robots, providing comprehensive solutions across various industries [22][23]. Revenue Structure - In 2024, the smart warehouse logistics automation system is projected to generate revenue of 1.122 billion yuan with a gross margin of 30.74%. Operational maintenance services are expected to yield 44 million yuan with a gross margin of 52.05% [37][9]. Market Potential - The smart logistics equipment market in China is expected to grow from 449 billion yuan in 2020 to 1,041 billion yuan by 2024, with a compound annual growth rate of 23.4% [39][44]. Benchmarking Against Daifuku - The company aims to increase its overseas revenue share, which is currently at 2.70%, by expanding into new markets such as Thailand, Mexico, and Canada, with overseas project contracts reaching 240 million yuan, a year-on-year increase of 281% [56][62]. Future Growth Drivers - The company is expected to benefit from the increasing demand for automation in logistics driven by AI technology, which is reshaping the industry towards a more technology-intensive model [10][73]. - The operational maintenance and consulting services are anticipated to become a significant growth curve, with gross margins significantly higher than the core logistics automation systems [67][9]. Financial Projections - The company forecasts net profits of 162 million yuan, 197 million yuan, and 318 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.59, 1.92, and 3.11 yuan [11][79].

Core Viewpoint - The industrial vehicle industry is undergoing a transformation towards high-end, intelligent, and green development, with Anhui Heli Co., Ltd. actively embracing this trend to become a benchmark in digital transformation and intelligent logistics [1] Group 1: Technological Innovation - Anhui Heli focuses on technological innovation to meet new market demands, leveraging its extensive experience in industrial vehicle R&D and advanced production management [2] - In 2024, Anhui Heli aims to achieve breakthroughs in key technologies, expanding its product range, including the development of a 55-ton lithium battery forklift and 42 low-temperature models [4] - The company plans to invest 1.086 billion yuan in R&D, accounting for 6.27% of its revenue, to enhance its core competitiveness [4] Group 2: Industry Ecosystem - Anhui Heli is committed to leveraging its brand influence to gather upstream and downstream resources, creating an industry co-creation ecosystem to promote sustainable development [5] Group 3: Smart Logistics - The company is positioning itself in the smart logistics sector, extending its industrial chain and establishing the Heli Smart Logistics Industrial Park to transition from equipment manufacturing to system solutions [7] - Strategic partnerships with Huawei and JD.com aim to explore digital transformation and technological integration in logistics [7] Group 4: International Expansion - Anhui Heli maintains a dual market strategy, with plans to open several international centers in 2024, achieving an export of 126,400 units, a 34.08% increase year-on-year [8] - The company is actively integrating into the RCEP market, enhancing its global brand presence and investment strategies [8][9]

Core Insights - The logistics robot market in China reached 16.8 billion yuan in 2023, with picking robots accounting for over 40% of the market. It is expected to exceed 20 billion yuan by 2025, with a compound annual growth rate of 28% [1][11] - There is a significant market gap of approximately 12 billion yuan in logistics delivery by 2025, indicating a potential opportunity for companies that can effectively address the "last mile" delivery challenge [3][11] Market Dynamics - Traditional logistics delivery still heavily relies on human labor, and while logistics unmanned vehicles have gained road rights in over 90 cities, they primarily transport goods to collection points rather than directly to customers [1][3] - The introduction of the Cat M20 quadruped robot by Cloud Deep Technology aims to address the "last mile" delivery issue by directly delivering products to customers, bypassing third-party platforms [4][13] Technological Advancements - The Cat M20 robot can navigate complex environments, including narrow pathways and stairs, with a maximum speed of 5 m/s (approximately 18 km/h) and a load capacity of 15 kg. It can operate for up to 2.5 hours and cover a distance of 12 km [9][20] - The robot's design allows it to perform effectively in challenging conditions, making it suitable for logistics, emergency rescue, and power inspection scenarios [31][20] Industry Trends - By 2025, the global robotics market is projected to exceed 150 billion yuan, with industrial robots accounting for a significant share. The logistics robot sector is expected to see substantial growth as companies like JD and SF explore robotic solutions for delivery [12][11] - Cloud Deep Technology's strategy focuses on a 1+2 commercial model, targeting logistics, firefighting, and power inspection as key growth areas [14][26] Future Outlook - The emergence of the Cat M20 quadruped robot is expected to fill the gap in logistics delivery, particularly in complex urban environments and emergency situations, enhancing operational efficiency [31][13] - The company aims to leverage its technological advancements to drive the transformation of China's manufacturing sector towards higher-end, intelligent solutions [31][27]