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 行业基本情况 | 收盘点位 | | 2049.28 | | --- | --- | --- | | 52 | 周最高 | 2104.41 | | 52 | 周最低 | 1358.05 | 行业相对指数表现（相对值） 2024-09 2024-12 2025-02 2025-05 2025-07 2025-09 -11% -5% 1% 7% 13% 19% 25% 31% 37% 43% 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 近期研究报告 无人环卫专题 商业化项目持续落地，行业迅速扩容 l 投资要点 无人环卫车主要指具有自动化保洁功能，且能代替驾驶员持续执 行作业任务的环卫车，是低速无人驾驶主要场景，安全性、可行性较 高。传统环卫设备主要包括清扫保洁设备、垃圾收集转运设备和垃圾 处理设备。其中清扫 ...

Core Viewpoint - The launch of the "Chuanxing Zhiyuan" brand by Desay SV in the low-speed autonomous vehicle sector marks the beginning of a new era in vehicle-grade standards for this industry, focusing on solving the "last mile" logistics challenges and enhancing operational efficiency [1][2]. Group 1: Company Strategy and Vision - Desay SV aims to define its strategic intentions for 2030, focusing on "stable foundation, brave expansion, intelligent exploration, and promoting collaboration" to capitalize on the upcoming opportunities in the smart mobility sector [1]. - The company emphasizes its mission of "leading safe, enjoyable, and green travel" and its vision of "smart travel, globally shared" [1]. Group 2: Product Features and Innovations - The S6 series of low-speed autonomous vehicles features six innovative technologies, including full vehicle-grade development, intelligent axial control systems, and an increased climbing height capability from 20% to 25% [2]. - The S6 series is designed with safety and durability in mind, capable of operating for over 6 years and 300,000 kilometers, and includes a vehicle-grade battery that has passed rigorous testing [2]. Group 3: Market Position and Financial Performance - Desay SV is deeply focused on the integration of smart cockpits, intelligent driving, and connected services, maintaining a leading position in the industry [3]. - In the first half of 2025, the company reported a revenue of 14.644 billion yuan, a year-on-year increase of 25.25%, and a net profit of 1.223 billion yuan, up 45.82% year-on-year, with new project orders expected to generate an annualized sales revenue exceeding 18 billion yuan [3].

Core Insights - The low-speed autonomous delivery vehicle market is experiencing significant price reductions and increased capital interest, indicating a promising growth trajectory for the industry [1][2][3] Price Trends - Since 2025, the prices of autonomous delivery vehicles have been consistently decreasing, with models like the E6 priced under 20,000 yuan and promotional offers from various companies [2] - The sales scale of China's low-speed autonomous delivery vehicle industry reached 12.3 billion yuan in 2024, a 45% year-on-year increase, with sales volume of approximately 33,000 units, up 34% [2] - Projections suggest that sales volume will exceed 47,000 units and sales value will reach 18.5 billion yuan in 2025, potentially hitting 95,000 units and over 41 billion yuan by 2030 [2] Market Expansion - Major logistics companies like Cainiao, Meituan, JD, and Jitu are rapidly expanding their delivery routes and application scenarios in cities like Beijing and Shenzhen [2] - In Shenzhen, nearly 300 autonomous delivery vehicles are currently operational, with expectations to surpass 1,000 by the end of 2025 [3] Capital Investment - The autonomous delivery vehicle sector has seen significant financing activity, including 1 billion yuan in funding for New Stone Technology and 100 million USD for Jiushi Intelligent [3][6] Industry Transformation - The logistics industry is expected to undergo a profound transformation driven by automation and the integration of autonomous vehicles, with a focus on improving efficiency in the last-mile delivery process [4][5] - Companies are encouraged to develop specialized vehicles, such as cold chain delivery vehicles, to enhance service quality [5] Policy and Market Dynamics - The Chinese government aims to reduce logistics costs to 13.5% of GDP by 2027, promoting the integration of autonomous technologies in logistics [5] - The current management of autonomous delivery vehicles is primarily under non-motor vehicle regulations, with a need for standardized definitions and management practices to facilitate broader adoption [6]

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses **Sanwang Communication** and its strategic initiatives in the **telecommunications and smart transportation** sectors, as well as its involvement in **industrial internet** and **new energy** industries [2][3][4]. Key Points and Arguments 1. **Supply Chain Management**: - The company has strategically reserved key chips and invested in an industrial chip company to achieve supply chain autonomy, significantly reducing reliance on foreign suppliers like Marvell and Broadcom, ensuring stable chip supply [2][4]. 2. **Market Opportunities in New Energy**: - The new energy sector presents vast market potential, but the gross profit margin for new energy orders is lower than that of traditional power and coal mining sectors, leading to intense price competition. As of May 2025, the company has over 100 million yuan in orders, with good payment collection [2][4]. 3. **Smart Transportation Initiatives**: - In the smart connected and low-speed autonomous driving sectors, the company employs a model combining vehicle intelligence with network empowerment, enhancing traffic efficiency and travel experience. The sales scale of China's low-speed autonomous driving industry is projected to reach 12.3 billion yuan in 2024, a 45% year-on-year increase, with expectations of nearing 20 billion yuan in 2025 [2][5]. 4. **Investment in Nanjing XuanYuan Electronics**: - The investment aims to extend the company's strategic layout in advantageous industries. Nanjing XuanYuan Electronics is a leading domestic supplier of millimeter-wave radar, possessing comprehensive self-developed front-end technology, which can meet various all-weather perception needs [2][6]. 5. **International Expansion**: - The company is actively pursuing overseas localization strategies, establishing a subsidiary in Poland to cover the European market and preparing for a subsidiary in Vietnam targeting Southeast Asia. Increased marketing efforts in international markets aim to enhance global competitiveness [2][7]. 6. **Financial Strategy**: - The company plans to raise no more than 300 million yuan, focusing on investments along the upstream and downstream industrial chain, without considering cross-industry investments. This financing is intended to prepare for future collaboration opportunities [2][8]. 7. **Domestic Switch Project**: - The domestically produced switch project targets the power grid sector, with technical specifications that can surpass imported products, addressing automation needs and challenges posed by the growth of new energy installations [3][9]. Additional Important Information - The company has observed a slowdown in market investment in the mining sector despite national digitalization goals. The overall accounts receivable situation is improving, contributing positively to the company's profits [4][5]. - The company has been involved in various smart connected projects since 2022, including a collaboration with Geely Research Institute for smart road national pilot projects [5][6]. This summary encapsulates the critical insights from the conference call, highlighting the company's strategic direction, market dynamics, and financial considerations.

Core Insights - Low-speed autonomous driving company White Rhino has completed a Series B financing round of 200 million yuan, led by SF Express, with participation from Xinyuan Automotive and existing shareholder Linear Capital [1] - The funding will be used for the development of new low-speed autonomous vehicle products and the marketing of existing products [1] - White Rhino, founded in April 2019 by former Baidu autonomous driving team members, focuses on developing full-stack autonomous delivery solutions and providing regular operations of autonomous vehicles [1] Industry Overview - The low-speed autonomous driving sector is one of the earliest to commercialize within the autonomous driving industry [1] - The commercial scenarios for low-speed autonomous vehicles have become more concentrated, primarily focusing on logistics, particularly the route from express delivery points to service stations [1][2] - Currently, 80%-90% of autonomous delivery operations are concentrated in this logistics scenario, which is expected to remain the main direction for large-scale deployment in the next 1-2 years [1][2] Competitive Landscape - Competitors in this space include companies like Jiushi and New Stone, while major players like JD Logistics, Cainiao, and Meituan have inherent advantages [2] - The number of autonomous vehicles deployed in this logistics scenario is a key metric for measuring commercialization progress [2] Operational Metrics - The daily active vehicle count is considered a more critical metric than production and sales figures, as it reflects the actual operational efficiency of the autonomous delivery vehicles [2] - White Rhino has achieved a scale of several hundred daily active autonomous vehicles within the SF Express logistics system since Q2 2024 [2] Business Model - Various business models exist in the low-speed autonomous vehicle industry, including vehicle sales, subscription fees, and capacity services [2] - A stable and mature business model for the autonomous delivery sector is still under validation [2] Strategic Goals - White Rhino aims to achieve a daily active vehicle count of 5,000 by 2026 [4] Product Development - The main product line for White Rhino is the R5 series, which has a cargo volume of 5.5 m³ and can carry over 500 packages with a range of over 120 kilometers on a full charge [5] Technological Advancements - The low-speed autonomous vehicle sector benefits from advancements in passenger vehicle driver assistance technologies [6] - White Rhino's vehicles are designed to safely operate at speeds of 30 to 40 km/h on public roads, necessitating strong AI capabilities [6] - The integration of large models and advanced technologies allows White Rhino's vehicles to perform complex tasks such as traffic light recognition and navigating construction zones, even in adverse weather conditions [7] Leadership and Production - The former general manager of Dongfeng Commercial Vehicle Company, Huang Gang, has joined White Rhino to oversee large-scale production of autonomous delivery vehicles, including product planning, new vehicle development, and supply chain management [7]