1. What is smart warehouse logistics?

1.1. Technology empowers intelligent warehousing and logistics

Intelligent warehousing logistics is based on information interaction, using advanced Internet of Things technologies such as barcodes, radio frequency identification, sensors, and global positioning systems to integrate automation, informatization, and artificial intelligence technologies. Through information integration, logistics optimization and resource optimization, Automate the operation of goods transportation, warehousing, distribution, packaging, loading and unloading and realize high-efficiency management. It can effectively improve the company's market adaptability and competitiveness, provide customers with fast, convenient, and accurate services, while reducing costs and reducing the consumption of natural and social resources.

Different from the labor-intensive traditional logistics industry, intelligent logistics embodies the characteristics of technology-intensive, replacing manpower with machines, and greatly improving land use efficiency. Specifically, its upstream can be divided into three-dimensional library, AGV, automatic palletizer and other core hardware and WMS, WCS, MES and other core software, while its downstream can be used in almost all industries such as e-commerce, manufacturing, and agriculture. Fields of demand for physical delivery.

According to the classification of business nature, intelligent warehousing logistics is mainly used in two major areas: industrial production logistics and commercial distribution logistics. Industrial production logistics serves production, storing and transporting raw materials, semi-finished products, finished products and parts within the factory, focusing on the docking of logistics and production; commercial distribution logistics systems provide storage, sorting, and distribution services for commodity circulation. Goods can arrive at designated locations in time, focusing on connecting factories, traders, and consumers.

 

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​​1.2. The subsystems of intelligent warehousing and logistics and their operation forms

From the functional distinction, intelligent warehousing logistics can be divided into warehousing systems, sorting and picking systems, handling and conveying systems, and information management software. On this basis, there are also some value-added service hardware such as packaging, welding, robots and other machines or systems.

 

2. Why smart warehousing logistics is expected to usher in full bloom

2.1. Contradiction 1: The contradiction between the increase of the total logistics volume and the decrease of the logistics cost forces the upgrading of industrial technology

 

The total demand of the logistics industry is closely related to the manufacturing industry. During the 14th Five-Year Plan period, the total demand of my country's logistics industry may increase steadily. In the past 10 years, my country's total industrial product logistics accounted for about 90% of the total logistics volume, which is the mainstay of my country's logistics demand. Since 2012, the growth rate of my country's total logistics volume has slowed down, and the growth rate is slightly slower than that of GDP. This may be related to the orientation of focusing on the development of the tertiary industry during the 12th and 13th Five-Year Plan. However, the "14th Five-Year Plan" clearly stated that "in-depth implementation of the strategy of making a strong country in manufacturing" and "maintaining the basic stability of the proportion of manufacturing industry" was proposed in the "Twelfth Five-Year Plan" that "the added value of the service industry should increase the proportion of GDP by 4 percentage points." "The "Thirteenth Five-Year Plan" proposed "further increase in the proportion of the service industry" is completely different.There is reason to believe that during 2020-2025, the demand of the logistics industry is expected to achieve growth not slower than GDP. It is conservatively assumed that my country’s GDP compound growth rate from 2020-2025 is 5%, and the total logistics growth rate is consistent with the GDP growth rate. According to our calculations, my country's total logistics volume is expected to exceed 380 trillion yuan in 2025.

 

Although the demand for logistics is expected to achieve rapid growth, my country's requirements for reducing logistics costs are still high, and the total logistics costs may not have much room for improvement. In 2020, my country’s total logistics cost is 14.9 trillion yuan, accounting for 14.7% of GDP, which is basically the same as the previous year. The downward trend in the past few years has eased. We believe that there are two reasons behind this. On the one hand, last year Due to the new crown epidemic, the contribution rate of the tertiary industry to GDP has declined, and the contribution rate of the secondary industry, which is more related to logistics, to GDP has increased, resulting in an increase in the contribution of logistics to economic growth; on the other hand, the second half of last year Since the beginning of the year, the shipping industry’s transportation rates have increased rapidly, which may have contributed to the total logistics costs.These two factors may be gradually alleviated with the improvement of the new crown epidemic. Therefore, the stabilization of the ratio in 2020 may be phased, and it will continue to decline in the long run. By 2025, my country will promote the further improvement of logistics efficiency, basically form a modern logistics operation system with a national logistics hub as the core, and push the total logistics cost as a percentage of GDP to drop to 12%.

The total revenue of the logistics industry is highly correlated with the total cost of logistics, and the industry as a whole may still be under greater pressure on the revenue side. From a historical point of view, the total revenue of my country's logistics industry accounts for about 70% of total logistics costs. The increase in total logistics costs will directly bring about the weaker revenue performance of the logistics industry as a whole. Using 2020 as the base, assuming that the compound growth rate of China's GDP in the next five years is 5.0%, 5.5%, and 6.0%, and that the total logistics cost in 2025 will account for 12% of GDP, the total logistics cost in my country will be 15.56 in 2025. , 15.93, 16.32 trillion, the CAGR in the next five years will be 0.87%, 1.35%, 1.83%, and the growth will be relatively slow.

 

 

2.2. Contradiction 2: The aging population may cause the difficulty of recruiting logistics companies to escalate

Finding, recruiting, and retaining talents has become one of the biggest problems facing supply chain companies. The traditional logistics industry is a typical labor-intensive industry. There are problems such as poor working environment and low salary returns. There is fierce competition for talents among enterprises. In 2020, 56% of logistics supply chain companies rated hiring and retaining qualified employees as one of the most challenging or very challenging issues, and 73% of companies need more than 30 days to fill a vacancy.

 

With the aging of our country and the disappearance of the demographic dividend, the difficulty of employment of logistics enterprises may be further upgraded. As of the end of 2019, the sampled population of 30-39 and 40-49 years old in my country were about 170,000, while the population of 20-29, 10-19, and 0-9 were about 140,000, 115,000, and 120,000 respectively. People, it can be seen that in the next 20 years, the labor force population of the right age will have a downward trend, and the birth population will also show a downward trend. This will undoubtedly pose new challenges to labor-intensive logistics employment, and labor costs will also increase with a high probability.

2.3. Catalysis 1: The development of industrial clusters is more conducive to 3PL's capital expenditure

 

The Fifth Plenary Session of the 19th Central Committee of the Communist Party of China called for "promoting the development of advanced manufacturing clusters." The "14th Five-Year Plan" outline has made arrangements for cultivating advanced manufacturing clusters.The Ministry of Industry and Information Technology announced the list of 25 winners of advanced manufacturing clusters in 2020, the National Development and Reform Commission announced the list of 66 strategic emerging industrial clusters, the Torch Center of the Ministry of Science and Technology announced the list of 109 innovative industrial cluster pilots, the Ministry of Agriculture and Rural Affairs The Ministry of Finance and the Ministry of Finance announced a list of 50 advantageous and characteristic industrial clusters. The Ministry of Culture and Tourism has created 5 industrial clusters with regional influence and leading the development of the digital cultural industry; provincial, municipal and even county-level cluster cultivation policies have also been introduced.

 

The clustering of industries has brought together the production, manufacturing and circulation of enterprises, and promoted the large-scale development of supporting logistics. Compared with fighting each other across the country, the clustering of industries has made the division of labor of various enterprises more detailed, the distance of transportation has also been relatively shortened, and the uncertainty faced by them has become smaller. However, different companies have different requirements on packaging methods, loading and unloading methods, storage methods, circulation processing and other methods. This requires logistics lines to build a strong network system based on industrial clusters, advanced technology, and complete sets of facilities and equipment to complete these tasks. , To promote the development of the logistics industry in the direction of scale.

 

Emerging industries and advanced manufacturing industries pay more attention to scientific and effective management and require more precise and visual logistics services. Different from traditional manpower-intensive manufacturing, advanced-manufacturing products are characterized by higher value, higher mechanization rate, and violent fluctuations in value. Once the supply chain is not smooth, it may cause the machine to stop, disrupt the production plan, etc. In the same way, new consumer industries will also reduce customer satisfaction due to long delivery times. Therefore, advanced manufacturing and emerging industries often use information-based management methods, while also visualizing all links in the supply chain. , Refinement and high efficiency put forward requirements.

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The integration of industrial clusters can greatly reduce 3PL's dependence on a single enterprise's business, and increase the efficiency and willingness of capital expenditures. Based on cost and efficiency considerations, most companies tend to build their production and logistics facilities based on factories, and 3PL will be relatively cautious at the beginning of capital. It is necessary to comprehensively consider the long-term development potential of customers and whether the logistics demand is stable. The development of industrial clusters and parks has greatly reduced this risk.

 

2.4. Catalysis 2: Domestic substitution of logistics equipment has begun, and cost reduction is expected to bring more customer groups

 

2.4.1. A number of outstanding companies have emerged in the domestic smart logistics equipment industry

 

Compared with developed countries such as Europe, America and Japan, my country's intelligent logistics equipment started late, and the industry as a whole is still in the early stages of development.  From 2018 to 2020, the export value of China's smart logistics equipment was 1.59, 17.3, and 1.55 billion U.S. dollars, but the export volume of smart logistics equipment was 35.7, 37, and 447,000 units, respectively. In other words, in 2020, the export price of products is only USD 3,500 per unit, a sharp drop from 2019. After excluding the influence of exchange rate factors, it still drops by about 22%. At the same time, the unit price of my country's imported intelligent logistics equipment has not dropped significantly, and is significantly higher than the unit price of domestic equipment. From 2018 to 2020, the import unit price of China's intelligent logistics equipment is US$1.05, US$1.22, US$11,300/unit, which is US$0.61, 0.76, and US$7,800/unit higher than the unit price of domestic export logistics equipment, respectively. This shows that my country's smart logistics equipment currently has a weak competitive advantage and weak bargaining power, and there is still a lot of room for development.

 

A number of outstanding smart logistics companies have emerged in my country. Under the background of accelerating China's technological empowerment, we believe that my country's smart logistics equipment is expected to catch up quickly and achieve domestic substitution. In the field of smart logistics, a considerable number of companies in my country have achieved good development, and have achieved a compound revenue growth of nearly 50% or more during 2018-2020. With the rapid development of logistics-related practical technologies such as AR and Alot in my country, we have reason to believe that my country's smart logistics industry is expected to reach a new level. And from the perspective of the quantity of my country's imported logistics equipment, during 2018-2020, 6.9, 67, and 63 thousand units were imported respectively, showing a downward trend year after year. The domestic substitution of my country's intelligent logistics equipment field may have begun. In addition, relying on my country's industrial clusters and manufacturing cost advantages, or to promote more companies to purchase smart logistics equipment, so as to improve the logistics efficiency of the whole society.

 

2.4.2. Logistics technology financing is strengthened, and industry development can be expected to accelerate

 

Logistics technology financing has accelerated, and the average single financing amount has hit a record high in 17 years.  In H1 of 21, there were 36 logistics technology financing events in China, an increase of 5 from the first half of 2020; the amount of logistics technology financing was 44.61 billion yuan, an increase of 36.72 billion yuan from the first half of 2020. Although from the perspective of total financing amount, this year has not exceeded the level of 18 years, but from the perspective of single average financing amount, 21H1 reached 1.239 billion yuan per transaction, far exceeding the level of last 17-20 years. Behind this, on the one hand, it reflects the recovery of investment and financing in my country's logistics technology field, but more importantly, the increase in single investment reflects the expansion of financing companies, the strengthening of research and development, and the industry is becoming centralized. In this context, the logistics technology industry is expected to break through the turning point and accelerate its development.

 

 

2.5. Catalysis 3: Deep integration of manufacturing and logistics is the general trend

 

The deep integration of the manufacturing industry and the logistics industry has been the direction that my country has been supporting for a long time. As of July 2021, my country's Manufacturing and Logistics Industry Linkage Development Conference has been launched to the 14th session; and at the policy level, the top level has also issued multiple relevant policies to support the development of smart logistics and the linkage between the two industries. In 5G, AIot, AR, etc. In the context of rapid technological development, the intelligent upgrading of the logistics industry will become an important puzzle in the upgrading of my country's manufacturing industry to high-end and intelligent directions.

 

The manufacturing industry is developing towards the 4.0 model, and smart logistics is the infrastructure of smart manufacturing. my country’s manufacturing industry is at a critical moment of industrial upgrading, and higher requirements are put forward for the degree of division of labor, the degree of automation, the coordination of the entire industry chain, and the improvement of production efficiency, which also urges my country’s production to enter a stage of flexibility. . This puts forward higher requirements on the supporting logistics. On the one hand, flexible production means dynamic changes in raw material requirements and requirements for the corresponding speed of logistics; on the other hand, delivery is the core. Logistics will take on more roles than ever in production, such as production planning, inventory management, supplier replenishment, reverse logistics processing, etc. The demand for value-added services continues to increase.

 

Domestic manufacturing category options, overall cost sensitivity, and lower-cost supply are expected to further create demand and create favorable soil for the smart logistics industry. my country is the only country in the world with a full industrial category. Compared with other countries, my country's smart logistics companies face a more comprehensive range of domestic customers, which also lays a solid foundation for these logistics companies to accumulate experience. Due to the scale effect of the manufacturing industry, the accumulation of experience can also bring about cost optimization. my country's logistics equipment is expected to return to the market at a lower price, and the manufacturing industry tends to have strong cost sensitivity. The efficiency improvement is sufficient to cover the equipment procurement cost, and it is expected to convert some customers who did not originally have the willingness to purchase, thus forming a positive cycle.

 

3. What is the development direction of the smart logistics industry?

3.1. Smart warehousing and logistics equipment is a huge market with hundreds of billions of dollars, and there is still a lot of room for growth

 

From the perspective of logistics informatization, although most companies have already used it, there is still a lack of systematic planning and application. Companies that do not use information management at all have less than 5%, and the penetration rate in the wider warehousing management field has reached nearly 80%. However, the current penetration rate in the field of station distribution information that requires the deep integration of logistics and production is only 25%. %, that is to say, my country's logistics and manufacturing industry are still fighting on their own.

 

From the perspective of the penetration rate of intelligent logistics warehousing equipment, AGVs, conveyor lines and robots are currently widely used, but nearly half of enterprises have not yet introduced logistics automation equipment. There are two reasons behind this. The first is that the equipment is updated and iterated quickly and the investment is high. Some companies are unwilling to bear higher capital expenditures when they are not sure that they can bring long-term advantages to themselves; This is because manufacturing companies often ignore the importance of smart logistics for factory operations, and only use smart logistics facilities in some parts and certain nodes, which cannot bring about optimization of the factory operation system.

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The penetration rate of logistics equipment in my country still lags far behind that of developed countries, and there is still room for improvement in the penetration rate.  From the perspective of the development of logistics systems in developed countries, the penetration rate of smart logistics equipment is as high as 80%. Although my country's penetration has accelerated in recent years, it is still just over 50%. As of 2018, domestic smart logistics warehousing systems are mainly concentrated in industries with high automation requirements such as tobacco, medicine, and automobiles. The three industries account for about 1/3 of the total demand. The penetration rates of warehousing automation in the automotive, pharmaceutical and tobacco industries are 38%, 42% and 46% respectively.

 

As the complete set of logistics system optimizes production efficiency and saves costs better, the future intelligent logistics equipment system will gradually become the mainstream. Intelligent manufacturing is based on the premise and foundation of intelligent logistics, and the production or production line is embedded in the intelligent logistics system, so as to realize the "centralization of manufacturing factory logistics", "zero break point, fast delivery"; intelligent logistics facilities are important for intelligent manufacturing The composition, whether it is reasonable and effective configuration determines whether smart manufacturing can operate effectively. Since the factory’s production is continuous and requires close coordination and cooperation in all aspects, a complete set of intelligent logistics equipment is expected to play a greater role in the environment of increasing labor costs and high efficiency requirements, and still has great development. space.

 

Taking the purchase of equipment and tools in the manufacturing industry as the basis of calculation, assuming that in 2018-2020 and the next 5 years, the natural growth rate of the purchase of equipment and tools is 2%, and the proportion of logistics equipment in the purchase of equipment and tools is 10%. This is pessimistic. (20% penetration rate)/neutral (30% penetration rate)/optimistic (50% penetration rate), the market space of smart logistics equipment will reach 1,716/2574/4289 billion yuan, which is a considerable space.

 

3.2. The midstream market is vast, and integrators and operators may be the core of the industry chain

 

3.2.1. At the operational level: the integrated supply chain accelerates penetration, the high-quality 3PL service is advanced to the design link, and the strategic position is improved

 

The refinement and specialization of logistics is a necessary condition for efficiency improvement. The increase in the penetration rate of the logistics outsourcing industry with higher efficiency and less investment may be the general trend. For manufacturing companies to improve their own production efficiency, logistics outsourcing is one of their best choices. On the one hand, using the expertise of third-party logistics service providers to manage and integrate all links in the supply chain will make the company’s logistics efficiency more efficient. Higher; on the other hand, this will also help companies avoid large investments in self-built logistics infrastructure. From 2015 to 2020, the penetration rate of outsourcing logistics has increased from 39.1% to 43.9%. It is estimated that during 2020-2025, the scale of outsourcing logistics will increase from 6.5 trillion yuan to 9.2 trillion yuan, with a compound growth rate of 7.1%. Faster than the growth rate of logistics expenditure in the same period (5.3%), the penetration rate of outsourcing is expected to reach 47.8% by then.

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In the outsourcing logistics, the integrated supply chain shows stronger attractiveness:

 

1) More integration and end-to-end realization, greater convenience: A single logistics supply chain service provider usually focuses on providing only one specific logistics service, such as express delivery. And companies with more complex and sophisticated logistics needs will have to hire multiple single logistics service providers. In contrast, integrated supply chain logistics service providers can provide one-stop solutions such as warehousing and inventory management solutions to meet the end-to-end needs of customers from product manufacturing to distribution, so that corporate customers avoid hiring multiple services The cumbersome procedure of the supplier.

 

2) Advanced technology applications and data empowerment bring higher efficiency: traditional single supply chain logistics services are still generally labor-intensive, and the level of automation is relatively low, especially for tasks such as loading and sorting. In other words, this will lead to inefficiency and error-prone situations in the process. A single supply chain logistics service provider has limited use of data insights. Integrated supply chain logistics service providers usually use technology and unmanned solutions to improve operational efficiency. In addition, with advanced IT infrastructure, data collection, integration and analysis between different supply chain links and different partners have become more accurate.

 

3) In-depth industry insights and insights help to better solve the pain points: The integrated supply chain logistics service provider's in-depth understanding of different industries enables them to provide tailor-made solutions to solve the pain points of different industries. In contrast, from a product point of view, due to the limited scope of supply chain logistics services provided by a single supply chain logistics service provider, they usually do not know much about the industry.

 

4) Ability to enhance customer business operations: integrated supply chain logistics service providers can provide additional value-added services, and provide customers with business in sales forecasting, production planning, SKU and inventory management, and end customer order management. Operational empowerment to help deepen its relationship with customers, thereby increasing customer stickiness and opportunities for cross-selling or up-selling.

 

Since 2015-2020, the scale of the integrated supply chain industry has increased from 1.2 trillion yuan to 2.0 trillion yuan, and the proportion of outsourced logistics has also increased from 28% to 31%. It is expected that during 2020-2025, the scale of the industry will further increase to RMB 3.19 trillion, with a compound annual growth rate of 9.5%, and the proportion of outsourced logistics will increase to 34.6%.

 

The integrated supply chain still has strong growth momentum and potential, and the integrated supply chain leaders in various vertical fields are expected to fully enjoy the β of upstream demand and the α of professional advantages.

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The industry is a top-down promotion and a bottom-up demand

 

From the top down, the state strongly supports the development of integrated supply chain logistics services. my country attaches great importance to the logistics industry. It has been mentioned many times that it needs to reduce costs and increase efficiency of logistics. It has issued many preferential policies in the implementation of improving supply chain efficiency, reducing logistics costs and promoting the application of advanced technology. Modern supply chain foundation The construction of facilities has also become a key development goal.

 

From the bottom up, the efficiency improvement of the logistics industry in the past was mainly concentrated on the transportation side, and there is also the potential for efficiency improvement on the manufacturing side. In the past, the efficiency improvement of the logistics industry was mainly concentrated on the distribution side, that is, the transportation of finished products from the manufacturer to the end consumer. The manufacturing side still has great potential to further improve efficiency. With the help of end-to-end integrated supply chain logistics services, efficiency can be improved through better raw material sourcing and procurement and production planning methods.

 

α: Increasingly complex requirements and the information level of third-party logistics build barriers to industry competition

Customers in different verticals have different complex needs. The supply chain of manufacturing enterprises is directly related to customer satisfaction, inventory turnover and capital turnover. To meet the end consumers’ demand for more rapid and flexible supply chain logistics services, efficiency improvements are inevitable, but the blind pursuit of speed is in the logistics industry The lack of universality requires supply chain companies to tailor solutions for customers in different fields. Long-term program design experience and operating experience will further optimize the company's reputation, efficiency, and cost, thereby bringing brand effects and premiums.

 

The value of demand for data insights and other value-added services has gradually increased. The huge amount of data generated by each link of the enterprise supply chain is of great value, because the analysis of such data enables them to have a more comprehensive understanding of the sources of inefficiency in their operations and enables them to make better business decisions. Since the integrated supply chain logistics service essentially covers the supply chain more extensively, valuable data is easier to track, integrate and analyze. Such data insights and auxiliary value-added services that integrated supply chain logistics service providers can provide are also attractive and valuable to enterprises.

 

With the help of 3PL's experience, companies can better foresee potential problems when designing smart logistics systems, and it is also possible to jointly carry out capital expenditures with 3PL to reduce the burden. Since most of the manufacturing companies that have the demand for logistics line production transformation do not know much about intelligent logistics systems, and the integrators may have relatively little understanding of the logistics needs of the company and the industry, so there may be a large amount of investment in the laying of the system and the system is not handy. However, 3PL, which has rich logistics experience and is familiar with intelligent logistics equipment, can serve as an intermediate bridge to fully solve this problem. Bringing 3PL from a purely operational role to the design link can also deepen the degree of binding between the two parties and better integrate the two industries.

 

3.2.2. At the manufacturing level: Integrators are the core of the industry chain facing end customers

 

The system integrator in the middle and middle reaches of the intelligent warehousing industry industry chain is at the core of the entire industry chain. Because the logistics warehousing system is not a simple equipment combination, it fully applies the equipment functions in a systematic way of thinking, and ensures the seamless software and hardware interfaces. And fast, the purpose is to achieve integrated innovation, is a complex process of global optimization. Only through the use of system integration methods can various materials flow in the most reasonable, economical, and effective manner, and realize the informatization, automation, intelligence, swiftness and rationalization of logistics. Providers of integrated solutions for warehousing and logistics systems usually have the ability to plan overall, system design and integrate industry resources in this field, playing an active and irreplaceable role.

According to different business forms, some system integrators also manufacture logistics equipment and develop logistics software, and midstream system integrators are at the core of the entire industry chain. At present, most well-known system integrators have evolved from upstream logistics equipment vendors or logistics software developers, and some are developed from logistics equipment manufacturers. Such companies have strong hardware technology, such as Japan’s Daifuku and Dema Tektronix, Kunming Shipping Logistics, etc.; the other part is developed by logistics software developers, this type of enterprise has strong competitive strength in software technology development, with Swisslog and today's international as typical representatives.

 

In 2020, 3 of the world's top 20 smart logistics system integrators will be subsidiaries/sun companies of Chinese companies. In my country's large market, they are expected to grow into local giants. In the latest ranking of the world's top 20 logistics system integrators published by the American material handling authority magazine MMH, Dematic, Swisslog, and SAVOYE have all been merged by Chinese companies. Among them, Weichai Power acquired DH Holdings through its overseas subsidiary KION in 2016, and Dematic is its subsidiary; Midea Group acquired KUKA robots in 2017, and Swisslog is its subsidiary; in 2018, Noli Changxing Nuocheng, a share-participating M&A fund, acquired 100% of the shares of SAVOYE, a newly listed company this year. However, there is currently no native Chinese brand to enter the list. We believe that with technological upgrading and localization advantages, in my country's large market, it is expected to grow into a global logistics system integration giant.

 

4. Analysis of key enterprises

The intelligent upgrade process of the logistics industry has entered a period of acceleration. In the two major contradictions of continuous pressure drop in logistics costs, difficult and expensive recruitment, as well as the development of industrial clusters, the rise of domestic intelligent logistics equipment, and the deep integration of manufacturing and logistics industries to promote these three Under the combined effect of great catalysis, the intelligent logistics industry as a whole is expected to usher in a golden period of development. In the process of smart logistics upgrade, there are two major sectors that will reflect its core competitiveness.

 

One is the high-quality 3PL at the operating end. 3PL's rich logistics experience in sub-industry and smart logistics equipment use experience can help manufacturing companies better avoid possible problems when upgrading, and deepen the degree of binding between manufacturing and logistics. The strategic position of the company is expected to increase accordingly. Related companies include JD Logistics, SF Holdings, and Feilida.

 

The second is the system integrator at the manufacturing end. Only with the ability to design and optimize the entire line can various materials flow in the most reasonable, economical, and effective manner, and realize the informatization, automation, intelligence, speed and rationalization of logistics, thereby driving manufacturing The logistics industry is deeply integrated. Related companies are as follows:

 

(1) Weichai Power (acquired Dematic), Midea Group (acquired KUKA and Swisslog), which owns overseas intelligent logistics system integration giants, and Nuoli shares (acquired Savoye and domestic Zhongding Integration)

 

(2) Listed smart logistics equipment manufacturing and integration companies: Today International, Dongjie Intelligent, Robotics, Dema Technology, Lanjian Intelligent, Yinfei Storage

 

(3) Smart logistics leaders that have not yet been listed: China Post Technology (China Post's smart logistics equipment and system platform), Kunchuan Logistics (China Shipbuilding's smart logistics equipment and system platform), Kejie Intelligent (consumption, manufacturing smart logistics Rookie in the system field, obtained investment from SF Express and Goodaymart), Jijiazhi (AMR's global market share), Zhongke Weizhi (a supplier of intelligent logistics equipment for Zhongtong Express), Kuaicang, and Hairou Innovation.

 

5. Risk Warning

China's logistics demand deteriorates more than expected: If China's logistics demand deteriorates more than expected due to various factors, the industry's demand for upgrading may weaken, thereby suppressing the intelligentization process.

 

The level of advancement of logistics intelligence is lower than expected: If domestic enterprises' demand for intelligent upgrades is lower than expected, the industry's revenue growth, technological progress, and experience accumulation may be hit hard.

 

Employment structure imbalance risk: On the one hand, because smart logistics and warehousing can reduce labor costs by 80% compared with traditional models, if the industry upgrades too fast, it may trigger worker resistance; on the other hand, because the industry is labor-intensive There may be a shortage of related talents due to the shift to technology-intensive.

 

The competitive landscape of the industry has deteriorated more than expected: The current domestic smart logistics equipment integrators are still relatively scattered. If vicious competition occurs, the overall competitiveness of the industry will slow down.

 

Calculating the risk of subjective deviation: Some calculations in the report involve some subjective assumptions in the space calculation of logistics equipment related to manufacturing. If there is a large deviation, there is a risk of inaccurate calculation data.