卡车 行业快报 领先大市-A(首次) 2025 年 7 月 23 日 行业研究/行业快报 卡车行业近一年市场表现 资料来源：最闻 首选股票 评级 研究助理： 贾国琛 邮箱：jiaguochen@sxzq.com 易控智驾冲港股 IPO，无人矿卡有望迈入爆发期 事件描述： 近日，易控智驾向港交所递交了修订后的上市申请文件，冲刺港股 IPO。 6 月 24 日，易控智驾宣布完成超 4 亿元 D 轮融资。本轮融资由宁德时 代通过旗下产投平台溥泉资本（CATL Capital）和自有资金领投，方广资本、 猎鹰投资旗下星奇基金、中际控股、同力股份、华测导航等战略产业方和投 资机构联合投资，资金将重点用于无人驾驶产品的研发和市场开拓及澳洲等 海外市场的国际化布局。 分析师： 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 事件点评： 相关报告： 受益于无人矿卡需求高增，公司近三年营收复合增速超 300%。作为矿 区无人驾驶解决方案提供商，易控智驾的 L4 级无人驾驶技术部署在国家能 源集团、国家电投、特变电工、紫金矿业、首钢集团等行业头部企业旗下的 24 个矿场。截至 2025 ...

Core Viewpoint - Berai Technology has completed a multi-billion B2 round financing to develop large-tonnage electric unmanned mining trucks, build a manufacturing center, and expand into overseas markets [1] Company Overview - Founded in 2015, Berai Technology initially focused on low-altitude economy and entered the unmanned mining sector in 2018, now covering all types of mines including coal, metal, and building materials [1] - The company has achieved large-scale implementation with over 20 major mining enterprises, including Datang Dong Er Mine and China National Building Material [1] Market Position - By the end of 2024, Berai Technology is projected to hold the largest market share in the pure electric unmanned mining truck sector, with over 300 unmanned trucks operating on its system, accumulating 20 million kilometers of safe operation and transporting over 370 million tons of materials [1] Product Features - Berai Technology's products are characterized by "unmanned driving + unmanned battery swapping," with two mass-produced models: Berai Electric Bull 105 and Berai Electric Bull 145, the latter being the largest electric unmanned mining truck on the market [1] - A scheduling system for large electric fleets has been launched, which monitors battery levels and optimizes battery swapping routes [2] Cost Efficiency - The company estimates that replacing traditional mining trucks with its unmanned vehicles could save billions in labor costs, as the average annual cost for a truck driver is approximately 300,000 yuan [3] - The battery swapping solution alleviates energy replenishment anxiety and reduces fuel costs, making pure electric mining trucks more cost-effective than fuel and hybrid options [3] Strategic Partnerships - Collaboration with State Power Investment Corporation has led to the development of unmanned battery swapping stations, which can complete battery changes in six minutes using robotic arms [2][3] - The partnership with state-owned enterprises strengthens Berai Technology's position in the market, as these entities can bear the costs of heavy assets like battery swapping stations [3] Regulatory Support - Recent policies from the National Mine Safety Administration and local governments mandate increased automation and reduced personnel in mining operations, promoting the adoption of Berai Technology's products [4] Market Potential - The unmanned mining sector is anticipated to become a trillion-yuan market, with Berai Technology expected to benefit significantly from this growth, projecting explosive revenue growth over the next three years [5]