With technological advancement, cost reduction, expanded application scenarios, and continuous demand for smart manufacturing and warehousing logistics upgrades, the unmanned forklift sector is poised for accelerated penetration growth. Leading domestic forklift companies are actively positioning themselves in smart logistics and logistics robotics, which will reshape the competitive landscape of the logistics industry.

Focus should be given to domestic forklift leaders and core component companies with high brand recognition, deep overseas deployment, and strong R&D capabilities, including Anhui Heli (600761.SH), Hangcha Group (603298.SH), Zhongli Co. (603194.SH), Jingsung Intelligence (688251.SH), and GEEKPLUS-W (02590).

Key analysis points include:

Unmanned forklifts represent the convergence of forklift technology and autonomous driving capabilities, functioning as intelligent industrial vehicle robots. By integrating navigation and positioning technology onto forklifts, constructing mapping algorithms, and incorporating obstacle avoidance safety technology, these systems achieve unmanned forklift operations. Unmanned forklifts can efficiently connect material flows between multiple production stages, building flexible intra-factory logistics transportation systems and facilitating intelligent warehousing logistics upgrades. During operations, they demonstrate characteristics of high safety, cost reduction, 24-hour standby capability, flexibility, efficiency, and strong environmental adaptability.

Embodied intelligence may first land in smart warehousing logistics. Unmanned forklifts feature simple deployment, enclosed operating environments, and low motion complexity. Their core technology focuses on solving precise positioning, path planning, and fork control. Current technology is mature with standardized supply chains, enabling immediate deployment in existing warehousing scenarios. In contrast, humanoid robots still need to overcome challenges in bipedal balance, multi-joint coordination, grasping, and human-machine interaction. Therefore, unmanned forklifts will lead the way with advantages of "low cost, high reliability, and rapid adaptation" in warehousing logistics applications.

From an economic perspective, deploying unmanned forklifts can achieve return on investment within 1-2 years. Each unit can replace 2-3 forklift operators, directly saving 150,000-300,000 yuan in annual labor costs. With continuously rising labor costs, this creates a positive cycle of "earlier investment, earlier benefits."

Unmanned forklifts are entering an accelerated penetration phase with multiplying market space. With technological progress, cost reduction, expanded application scenarios, and continuous demand for smart manufacturing and warehousing logistics upgrades, 2024 saw significant growth in unmanned forklift sales. Domestic market sales reached approximately 24,500 units, though penetration rate remains only 1.9%.

Projections indicate unmanned forklifts are expected to experience accelerated penetration growth, jumping from 1.9% in 2024 to 5% in 2027, corresponding to domestic sales expansion to 74,100 units. Under economies of scale, individual unmanned forklift costs are expected to continue declining. The unmanned forklift market size is projected to exceed 13.3 billion yuan in 2027, more than doubling the 2024 market size.

The unmanned forklift market is currently in the early stage of large-scale application, transitioning from "early introduction" to the golden phase of "accelerated penetration."

Risk warnings include: International trade risks; technology iteration speed falling short of expectations; raw material price volatility risks; industry competition risks.