Donghai Securities: Unmanned forklifts are entering an accelerated penetration period, and manufacturers are actively laying out smart logistics

According to the Zhitong Finance APP, Donghai Securities released a research report stating that with the technological advancements of unmanned forklifts, decreasing costs, expanding application scenarios, and the continuous drive for upgrades in intelligent manufacturing and warehousing logistics, this field is expected to see an accelerated increase in penetration rates. Leading domestic forklift companies are actively laying out their strategies in the intelligent logistics and logistics robotics sectors, which will reshape the competitive landscape of the logistics industry. Attention should be paid to domestic forklift leaders and core component companies with high brand recognition, deep overseas layouts, and strong R&D capabilities, such as Anhui HeLi (600761.SH), HANGCHA GROUP (603298.SH), Zhongli Co., Ltd. (603194.SH), Jingsong Intelligent (688251.SH), and ZEEKR-W (02590). The main points from Donghai Securities are as follows: Unmanned forklifts are a fusion of forklifts and unmanned driving technology, representing a type of intelligent industrial vehicle robot. By loading navigation and positioning technology onto forklifts, constructing mapping algorithms, and supplementing with obstacle avoidance safety technology, unmanned operation of forklifts can be achieved. Unmanned forklifts can efficiently connect the material flow between multiple production links, building a flexible in-plant logistics transportation system, and assisting in the intelligent upgrade of warehousing logistics. They exhibit high safety, reduced costs, 24-hour readiness, flexibility, efficiency, and strong environmental adaptability during operations. Embodied intelligence may first land in the intelligent warehousing logistics field. The deployment of unmanned forklifts is simple, the operating environment is closed, and the complexity of movement is low. The main technical core lies in solving precise positioning, path planning, and fork control, with current technology being mature and supply chain standards being established, allowing for immediate deployment in existing warehousing scenarios; whereas humanoid robots still need to overcome challenges such as bipedal balance, multi-joint coordination, grasping, and human-machine interaction. Therefore, unmanned forklifts will first land in warehousing logistics with the advantages of "low cost, high reliability, and rapid adaptation." From an economic perspective, deploying unmanned forklifts can achieve investment returns within 1-2 years, with a single device replacing 2-3 forklift drivers, saving direct labor costs of 150,000 to 300,000 yuan per year, while labor costs continue to rise in the long term, creating a positive cycle of "the earlier the investment, the earlier the benefits." Unmanned forklifts are entering an accelerated penetration phase, with market space multiplying. With the technological advancements of unmanned forklifts, decreasing costs, expanding application scenarios, and the continuous drive for upgrades in intelligent manufacturing and warehousing logistics, significant growth in unmanned forklift sales is expected in 2024, with domestic sales reaching approximately 24,500 units, but the penetration rate is only 1.9%. It is predicted that unmanned forklifts will see an accelerated increase in penetration rates, jumping from 1.9% in 2024 to 5% in 2027, corresponding to domestic sales expanding to 74,100 units; under the scale effect, the price of a single unmanned forklift is expected to continue to decline. It is estimated that by 2027, the market size for unmanned forklifts will exceed 13.3 billion yuan, more than doubling the market size in 2024. The unmanned forklift market is currently in the early stage of large-scale application, transitioning from "early adoption" to the golden phase of "accelerated penetration." Risk Warning: International trade risks; risks of technological iteration speed not meeting expectations; risks of raw material price fluctuations; industry competition risks