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 ...

深圳商报记者 肖晗 该报告由深圳市智能网联交通协会功能型无人车专业委员会编制并发布，首次系统呈现了功能型无人车 的规范化运营与规模化发展全景。 截至8月，深圳已向功能型无人车开放路权线路1170条，总计3185公里。其中8月新增开放线路44条，里 程339公里，无人车加速上路态势明显。分区域来看，龙岗区和坪山区开放里程较多，分别达到1476公 里和879公里，而罗湖、福田、南山等城市核心区域开放里程则相对较少。 8月份，深圳市功能型无人车运营数量为764台，环比新增45台，主要分类为无人物流车、无人环卫车和 无人巡检车。其中，无人物流车总量为416台，占比超过54%。 各无人车品牌在深圳市场的竞逐格局初现端倪。报告显示，从车辆活跃程度来看，无人物流车在线率为 77%，在线车辆规模为320台。按品牌划分，新石器活跃车辆规模最大，达148台，其次为美团119台， 显著领先于白犀牛、九识智能等构成的第二梯队阵营，后两者活跃车辆数分别为21台、19台。而从月度 行驶里程来看，主要进行即时配送的美团无人车8月运营行驶了11.2万公里，大幅超越新石器的3.5万公 里。 无人车商业化价值凸显 规模化运营背景下，功能型无人车 ...

人民财讯9月15日电，劲旅环境(001230)9月15日在安徽上市公司投资者网上集体接待日活动上表示，目 前公司自主研发的无人环卫车主要在公司内部存量项目进行小批量投放，不会对公司业绩产生重大影 响。 转自：证券时报 ...

Group 1: Market Value Management - The company plans to enhance market value through operational improvements, focusing on core business, market expansion, cost control, and increased R&D efforts [2] - Cash dividends will be actively implemented based on the company's actual situation, with potential increases in frequency and proportion [2] - The company has repurchased 1,000,040 shares, accounting for 0.75% of the total share capital [2] Group 2: Accounts Receivable and Cash Flow - The accounts receivable to revenue ratio has risen to 150.03%, with net cash flow from operating activities declining by 171.14% to -12.166 million [3] - The accounts receivable balance at the end of the reporting period was 1.26 billion, a 13% increase from the beginning of the year [3] - Measures to improve cash flow include strengthening accounts receivable management, monthly aging analysis, and aligning with debt resolution policies [3] Group 3: Business Performance and Profitability - Revenue growth for the first half of 2025 was only 1.7%, but gross margin increased by 5.05% and net margin by 10.96% [4] - The overall gross margin increased by 1.30 percentage points, contributing approximately 13.5 million to gross profit [4] - Key contributors to gross profit growth include improved order quality and effective cost control [4] Group 4: Smart Sanitation Strategy - The smart sanitation system has been successfully applied in over 95% of projects, enhancing operational efficiency and reducing labor costs [5] - The system has led to significant reductions in production energy consumption and management costs through data-driven optimization [5] - The implementation of IoT and AI technologies has improved operational efficiency and waste collection effectiveness [5] Group 5: New Projects and Future Outlook - The Changzhou New Energy Special Vehicle and Intelligent Equipment Industrial Base project was established in May 2025, with updates to be provided in future announcements [6]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **artificial intelligence (AI)** and **robotics** industry, particularly in the context of **China's domestic market** and its evolving landscape driven by AI applications and computational power [1][4]. Core Insights and Arguments - **Investment Opportunities**: The current AI trend is expected to catalyze significant investment opportunities within the domestic supply chain, particularly extending into the robotics sector [1][4]. - **Market Catalysts**: Key catalysts for the humanoid robot market are anticipated in the third and fourth quarters of the year, including supply chain developments related to Tesla's third-generation robot and the IPO process of Yuzhu [5][10]. - **Policy Goals**: The government aims for a 70% penetration rate of smart terminals and intelligent entities by 2027, increasing to 90% by 2030, with a need for a threefold increase in AI penetration within two years [6][10]. - **Focus Areas**: The policy emphasizes six key areas: AI + Technology, AI + Industry, AI + Consumer, AI + Livelihood, AI + Governance, and AI + Global [7][9]. Specific Investment Highlights - **Promising Sectors**: Investment potential is noted in areas such as smart agricultural machinery, companion intelligent terminals, low-altitude economy, elderly care robots, and inspection robots [1][8]. - **Humanoid Robots**: Humanoid robots and general embodied intelligence are identified as critical future investment directions, with expectations of market momentum shifting from domestic computational power to robotics [10][12]. - **Logistics and Sorting Robots**: The logistics and sorting robot sector is highlighted for its maturity and effectiveness, with companies like Zhiyuan showcasing advanced capabilities [13]. - **Sewing Robots**: Significant advancements in flexible material recognition and folding technology have been made, indicating a shift towards commercial viability [13]. - **Companion and Elderly Care Robots**: The growing demand for companionship and care due to aging populations presents substantial opportunities for development in this sector [14][15]. - **Autonomous Sanitation Vehicles**: The potential for fully automated sanitation vehicles is increasing, driven by labor shortages in the sanitation workforce [16]. - **Autonomous Agricultural Machinery**: The integration of AI with traditional agricultural machinery is a key focus, with companies developing intelligent upgrades for existing equipment [17]. - **Inspection Safety Robots**: These robots are gaining traction in hazardous environments, enhancing efficiency and reducing human risk [18]. - **AI and Traditional Automation**: The combination of AI with traditional automation equipment is a significant trend, with companies making strides in integrating AI into production processes [19]. Additional Important Insights - **Historical Context**: The impact of the 2015 "Internet Plus" policy on the current industry landscape is acknowledged, highlighting its role in fostering significant advancements in various sectors, including logistics and e-commerce [11]. - **Market Sentiment**: Despite high interest in robotics, there are lingering doubts regarding the completeness and maturity of existing technologies, which may affect market expectations [12]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and future potential of the AI and robotics industry in China.

Investment Rating - The report suggests an "Overweight" rating for the industry, indicating an expected increase in performance exceeding the market benchmark by more than 10% over the next 6-12 months [69]. Core Insights - The urban sanitation industry in China is experiencing steady growth, with the market size projected to reach 199 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 14% from 2023 to 2025 [30]. - The report highlights the significant profit elasticity of unmanned sanitation projects, estimating potential profit increases of 57%, 115%, and 172% based on varying replacement rates of traditional methods with unmanned solutions [4][6]. - The transition from traditional sanitation workers to intelligent equipment management is emphasized as a key competitive advantage for companies in the sector, with a focus on "technology + operations" as a dual capability to secure government contracts [6][34]. Summary by Sections Market Overview - The urban road cleaning area in China reached approximately 1,126,853 square kilometers in 2023, with a year-on-year growth of 4.2% [26]. - The low-speed unmanned vehicle market is projected to reach a sales scale of about 12.3 billion yuan in 2024, with an estimated 33,000 units sold, of which unmanned cleaning vehicles will account for the largest share [8][11]. Industry Dynamics - The report notes that the number of unmanned sanitation project bids has significantly increased, with a total bid amount exceeding 7 billion yuan in the first half of 2025, surpassing the total for 2024 [22][23]. - The aging workforce in the sanitation sector is a critical issue, with 65% of sanitation workers over the age of 50, leading to rising labor costs and a push for automation [16][17]. Competitive Landscape - The industry is characterized by a collaboration between technology companies and sanitation service providers, with a focus on integrating unmanned equipment into operational scenarios to enhance profitability [34]. - Key players in the unmanned sanitation vehicle market include companies like Jinjing Environment, Yuhua Tian, Fulongma, Qiaoyin Co., and Yingfeng Environment, all of which are expected to benefit from the growth in this sector [6][65]. Company Profiles - Jinjing Environment has achieved small-scale commercial operations of unmanned cleaning vehicles and is focusing on expanding its service offerings [38]. - Qiaoyin Co. is actively developing unmanned cleaning and inspection robots, with significant contracts in hand and a focus on integrating AI technologies [43][45]. - Fulongma has deployed its SD15 unmanned cleaning robot across multiple scenarios, demonstrating its operational capabilities [50]. - Yuhua Tian is expanding its service matrix to include unmanned cleaning solutions, with a focus on integrating advanced technologies into its operations [54]. - Yingfeng Environment is leading the market in environmental equipment, with its third-generation L4-level intelligent cleaning robot set for full market launch in 2025 [58].

Group 1 - The total amount of contracts for unmanned sanitation projects in the first half of 2025 has reached 7 billion yuan, exceeding the total for the entire year of 2024, indicating strong market growth [1][3] - The market potential for unmanned sanitation vehicles in China is estimated to reach 100 billion yuan, driven by the transition from pilot projects to broader applications in urban areas [1][3] - The unmanned sanitation vehicle market is primarily focused on low-speed unmanned vehicles, addressing issues such as the aging workforce and rising labor costs in sanitation [1][3] Group 2 - The economic analysis shows that a single unmanned sanitation vehicle can replace 3 to 4 workers, leading to labor cost savings of approximately 120,000 to 160,000 yuan [2] - The cost of a single unmanned sanitation vehicle ranges from 200,000 to 300,000 yuan, with a lifespan of 4 to 5 years, making it economically viable under various scenarios [2] - Under different assumptions, the market space for unmanned sanitation vehicles could range from 1,164 billion to 2,910 billion yuan, depending on the replacement rate of sanitation workers [3] Group 3 - The core barrier to entry in the unmanned sanitation industry is the combination of equipment and operational capabilities, which enhances profit elasticity significantly [4][5] - The profit elasticity for unmanned sanitation projects can reach up to 172% based on different replacement rates of traditional labor [5] - The industry is expected to benefit from government policies aimed at improving cash flow and reducing accounts receivable turnover, which have been historically low [4]

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]

Summary of the Conference Call on the Autonomous Sanitation Vehicle Industry Industry Overview - The autonomous sanitation vehicle industry has high entry barriers due to operational models, technological accumulation, and legal regulations, making it difficult for external companies to enter directly and necessitating deep vertical expertise and government approvals [1][3][4] Key Insights and Arguments - The cost of autonomous driving technology has significantly decreased, with initial R&D costs dropping from approximately 800,000 to 1,000,000 yuan to around 200,000 yuan, with further reductions expected, facilitating market application [1][4] - The expected shipment volume for the autonomous commercial cleaning sector in 2024 is about 13,000 units, with a sales scale of approximately 2.7 billion yuan, projected to grow to 47,000 units and a market size of 18.5 billion yuan in 2025, representing over 50% year-on-year growth [1][5] - The sanitation sector heavily relies on government fiscal spending, with environmental protection project funds allocated for sanitation, and urbanization increasing the area requiring cleaning, indicating potential for budget increases [1][8] - The number of bids and transaction amounts for autonomous sanitation projects surged in the first half of 2025, indicating rapid market demand release, with total contract amounts increasing over tenfold year-on-year [1][10] Market Dynamics - Autonomous sanitation vehicles can replace some manual labor, addressing issues of aging sanitation workers and recruitment difficulties, with a calculated market size of over 80 billion yuan based on a 3:1 replacement ratio [1][12] - The market space for autonomous sanitation vehicles is estimated between 75 billion to 120 billion yuan, considering the annual increase of 80,000 to 100,000 vehicles on main roads and additional demand from non-motorized lanes, sidewalks, parks, and waste transfer scenarios [1][11] Competitive Landscape - Key players in the autonomous sanitation vehicle sector include Jinlv Environment, Yuhua Tian, Qiaoyin Co., Xin'an Clean, Yingfeng Environment, and Fulongma, with Jinlv Environment noted for its strong R&D capabilities and potential for growth [2][14] - The operational model in China primarily involves government outsourcing sanitation services to small enterprises or state-owned enterprises, with over 90% of sanitation services provided through outsourcing [9] Future Prospects - The partnership between Yuhua Tian and Zhiyuan Robotics indicates recognition of the autonomous sanitation sector, with a focus on applying advanced robotics technology in this field [15][16] - The future market for autonomous sanitation vehicles is expected to reach a scale of over 100 billion yuan annually, with significant potential for margin improvement, making it a favorable outlook for related companies [18] Additional Considerations - The aging workforce in the sanitation sector poses challenges, with 65% of workers over 50 years old, and 22% over 60 years old, highlighting the need for technological solutions to mitigate labor shortages [12] - The economic advantages of autonomous sanitation vehicles are evident, with lifecycle costs significantly lower than traditional labor costs, suggesting a strong case for investment in this technology [13] This summary encapsulates the critical insights and projections regarding the autonomous sanitation vehicle industry, highlighting its potential for growth, competitive dynamics, and the implications for labor and economic efficiency.

Core Insights - As of the end of July, the total number of functional unmanned vehicles in Shenzhen has exceeded 800, with an operational network of over 1,800 kilometers [1] - The application of unmanned vehicles is accelerating in the logistics and sanitation sectors, with over 400 unmanned sanitation vehicles currently in use [1][2] - Shenzhen has established the first city-level intelligent logistics network in the country, with nearly 700 routes, including 16 cross-district trunk lines [1][2] Group 1: Unmanned Vehicle Applications - The scale of unmanned sanitation vehicles in Shenzhen has surpassed 400, significantly improving operational efficiency, with daily mileage increasing threefold and work efficiency rising by over 30% [1] - In the logistics sector, unmanned delivery vehicles have been deployed across various districts, enhancing delivery efficiency for short-distance freight, express delivery, and retail fulfillment [1][2] - By 2025, Shenzhen aims to lead the nation in the "unmanned logistics testing phase 2.0 era," targeting a fleet of 1,000 unmanned delivery vehicles by the end of the year [1] Group 2: Innovative Integration and Management - Shenzhen is exploring a pioneering "bus + logistics + unmanned vehicle" integration model, leveraging the advantages of public transport companies for resource management and operational efficiency [2] - The city has implemented a "three-tier safety mechanism" to ensure the safe operation of unmanned vehicles, involving a multi-departmental review process for road network assessments [2] - A functional unmanned vehicle management service platform has been launched, providing comprehensive regulatory support and promoting safe and scalable operations [3]