Donghai Securities: Unmanned forklifts enter a period of accelerated penetration, manufacturers actively deploy intelligent logistics

The Zhitong Finance App learned that Donghai Securities released a research report saying that with the technological advancement of unmanned forklifts, cost reduction, expansion of application scenarios, and the continuous drive of demand for intelligent manufacturing and warehousing and logistics upgrades, this field is expected to usher in an accelerated increase in penetration rate. Leading domestic forklift companies are actively deploying the field of intelligent logistics and logistics robots, which will reshape the competitive landscape of the logistics industry. Focus on leading domestic forklift and core component companies with high brand recognition, deep overseas presence, and strong R&D capabilities: Anhui Heli (600761.SH), Hangcha Group (603298.SH), Zhongli (603194.SH), Imatsu Intelligence (), and Jijia-W (02590). 688251.SH

The main views of Donghai Securities are as follows:

An unmanned forklift is a fusion of forklifts and driverless technology. It is an intelligent industrial vehicle robot. Navigation and positioning technology is loaded onto forklifts, map algorithms are constructed, and obstacle avoidance safety technology is used to realize unmanned operation of forklifts. Unmanned forklifts can efficiently connect material flow between multiple production links, build a flexible in-plant logistics transportation system, and help intelligently upgrade warehousing and logistics. It achieves characteristics such as high safety, cost reduction, 24-hour standby, flexibility and efficiency, and strong environmental adaptability in operation.

Become intelligent or take the lead in the field of intelligent warehousing and logistics. Unmanned forklifts are easy to deploy, the operating environment is closed, and movement complexity is low. The main technical core is to solve precise positioning, path planning and fork control. Currently, the technology is mature and the supply chain is standardized, and can be immediately deployed in existing storage scenarios; however, humanoid robots still need to break through problems such as bipedal balance, multi-joint coordination, handling, and human-computer interaction. Therefore, unmanned forklifts will take the lead in warehousing and logistics with the advantages of “low cost, high reliability, and quick adaptation”. From an economic point of view, deploying unmanned forklifts can achieve return on investment within 1-2 years. A single device replaces 2-3 forklift drivers, directly saves 150,000 to 300,000 yuan in labor costs every year, and labor costs continue to rise over a long period of time, achieving a positive cycle of “invest earlier, benefit sooner”.

Unmanned forklifts have entered a phase of accelerated penetration, and market space has doubled. Driven by the technological advancement of unmanned forklifts, the expansion of application scenarios, and the continuous demand for intelligent manufacturing and warehousing and logistics upgrades, unmanned forklift sales increased significantly in 2024. The sales volume of unmanned forklifts in the domestic market reached about 24,500 units, but the penetration rate was only 1.9%. It is predicted that unmanned forklifts are expected to see an accelerated increase in penetration rate, jumping from 1.9% in 2024 to 5% in 2027, corresponding to the expansion of domestic sales to 74,000 units; under the effect of scale, single unmanned forklifts are expected to continue to decline. The unmanned forklift market is expected to exceed 13.3 billion yuan in 2027, more than double the market size in 2024. The unmanned forklift market is currently in the early stages of large-scale application and is moving from “early introduction” to the golden stage of “accelerated penetration”.

Risk warning: international trade risk; risk of technology iteration falling short of expectations; risk of fluctuations in raw material prices; risk of industry competition.