According to the Zhitong Finance APP, Guotai Junan has released a research report stating that the generalization of AI technology enhances the flexible working capabilities of automated equipment. Coupled with the overall maturity of the supply chain, the economic viability of unmanned forklifts is becoming prominent, and they are expected to enter a rapid development period. The report recommends traditional forklift companies with stable operational quality and strong channel reuse. Recommended targets: AHHL (600761.SH), HANGCHA GROUP (603298.SH), EP (603194.SH).

Guotai Junan's main viewpoints are as follows:

From system to single machine, cost reduction & technology iteration open up incremental space for unmanned forklifts

Unmanned forklifts are efficient automated handling devices that integrate forklift and AGV technology. Due to the non-standardized characteristics of vehicles and system integration projects, the application space for unmanned forklifts has not been rapidly opened, with a penetration rate of less than 2% compared to traditional forklifts. From a trend perspective, the "thousand scenes" industrial logistics market is broader and will further test the future flexibility of handling equipment. Currently, unmanned forklifts are expected to enter a rapid development period. On one hand, the overall supply chain is maturing, and the sales prices of complete machines are continuously decreasing. Based on a two-shift calculation for handling workers, the bank expects the economic viability of unmanned forklifts to be reflected in about a year; on the other hand, the iteration of unmanned driving and embodied intelligence technology brings more possibilities for unmanned forklift single-machine operations, further lowering the purchasing threshold for customers, especially small and medium-sized B-end customers. Unmanned forklifts that are "ready to use out of the box" are expected to open up market space more quickly.

From lithium electrification to unmanned operation, traditional forklift companies are expected to stand out

In this wave of intelligent development represented by unmanned forklifts, the bank is relatively optimistic about the competitive advantages of traditional forklift leaders. From an objective perspective, the operational quality of traditional forklift leaders is relatively healthy, and they have a good economic foundation for independently developing or acquiring unmanned forklift-related technologies and assets. At the same time, the downstream demand for traditional forklifts is dispersed, and leading companies have established relatively complete sales networks both domestically and internationally, with a broad customer base conducive to the rapid promotion of unmanned forklift business. From a subjective initiative perspective, unmanned operation presents a good opportunity for traditional forklift companies to enhance profits and further improve global recognition. Perhaps the significance of unmanned forklifts is similar to that of lithium forklifts, leveraging domestic industrial advantages to overtake in curves and accelerate the internationalization process.

From 1 to 10, domestic forklift leaders showcase their strengths

The development focus of unmanned forklifts varies among AHHL, HANGCHA GROUP, and EP, with potential differentiation in products, customers, and market choices. AHHL focuses on collaborating with industry partners to develop intelligent logistics, especially its cooperation with Huawei, which will accelerate its embodied intelligence development and may lead in technical strength; HANGCHA GROUP, as one of the first companies in the industry to independently develop AGVs, has strengthened AI and humanoid robot technology through the acquisition of Guozu Robotics and is gradually establishing localized supply capabilities overseas, potentially accelerating its international expansion; EP, as a new player in the industry, aims to build an unmanned forklift industrial ecosystem based on the concept of "cargo digitization, vehicle standardization, mobile digitization, and AI large scheduling," and is expected to open up space in differentiated markets Risk Warning

Customer investment willingness weakens; industry competition intensifies; development of autonomous driving and embodied intelligence technology falls short of expectations