Core Insights - The global smart logistics market is expected to exceed 500 billion yuan by 2025, with mobile automation equipment showing the fastest growth, approaching 150 billion yuan, indicating significant development potential [1][2] Market Exploration - Smart logistics integrates "hardware + software" into an automated supply chain system, enhancing logistics efficiency, involving core equipment such as AGV/AMR and unmanned forklifts [2] - The global warehouse automation solutions market is projected to exceed 500 billion yuan by 2025, with the Asia-Pacific market experiencing the highest growth; China's smart logistics market is estimated to be around 120 billion yuan [2] - Mobile automation equipment is expected to grow the fastest, with a market size nearing 150 billion yuan, driven by advancements in AI and low current penetration rates [2] - The cost advantages of unmanned forklifts are highlighted, with payback periods of 2.5 years, 1.1 years, and 0.7 years for different operational shifts, while traditional forklifts have a lifespan of 8-10 years [2] Industry Chain Analysis - Key technologies for mobile robots include navigation and positioning, perception and obstacle avoidance, and planning and control [3] - Automation-related components, particularly sensors and controllers, represent the main incremental costs, with SLAM products dominating the market at approximately 75% share [3] - The controller, regarded as the "brain" of mobile robots, has a high technical barrier and is a high-margin segment within the supply chain [3] Investment Recommendations - Companies with strong capabilities in hardware, software, and scenario mastery are favored, as innovative products are expected to generate revolutionary demand [4] - Firms with strong product innovation capabilities are likely to capture a larger market share, particularly in overseas markets where profit margins are higher [4]