華泰證券:Robo X產業加速落地有望帶來全產業鏈投資機遇
華泰證券研報稱,政策與產業共振下,Robo X(以Robotaxi和Robovan爲代表的無人載具)商業化落地加速,多重催化下資本市場關注度顯著提升,如特斯拉計劃6月推出Robotaxi服務,頭部企業運營數據持續驗證商業模式可行性,以及中國方案全球輸出的潛力。故重新審視Robo X產業。①Robotaxi:2025年第一季度小馬智行/文遠知行/蘿蔔快跑等車隊規模持續擴大,訂單量快速增長並積極拓展海外運營。②Robovan在物流領域展現較大潛力,形成"技術降本—場景驗證—規模擴張"的正向循環,商業模式初步跑通,2025年或加速落地。③Robo X演繹至更廣闊的無人化應用,Robosweeper/Robotruck等場景商業化亦在提速,無人機物流嶄露頭角。Robo X產業加速落地有望帶來全產業鏈投資機遇,建議關注:核心運營平臺、高成長硬件供應商及場景集成商。
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