摩托车出口报告：出海加速，自主品牌摩托走向全球

Investment Rating - The report rates the motorcycle industry as "Overweight" [2] Core Insights - The export market is a major growth driver for the Chinese motorcycle industry, with domestic brands beginning to expand globally, particularly in the mid-to-large displacement motorcycle segment [3][4] - In 2023, China sold 12.85 million fuel two-wheel motorcycles, with exports reaching 7.88 million units, a year-on-year increase of 9.5%, accounting for 61% of total sales [4][7] - The report highlights the potential for Chinese motorcycle brands to increase their global market share, which currently stands at only 13.7%, significantly lower than Japanese and Indian manufacturers [4][33] Summary by Sections 1. Export as a Key Component of the Chinese Motorcycle Industry - Exports accounted for over half of China's motorcycle sales, with a notable increase in the export ratio from 61% in 2023 to 68.4% in the first seven months of 2024 [7][4] 2. Global Motorcycle Market Overview - The global motorcycle market saw a total sales volume of 62.5 million units in 2023, with a growth of 2.6% year-on-year [4][12] - Emerging markets, particularly in Southeast Asia and Latin America, continue to show strong growth, with sales in ASEAN reaching 14.7 million units in 2023, up 3.6% [12][14] 3. Dominance of Japanese Manufacturers - Japanese manufacturers, particularly Honda, dominate the global motorcycle market, with Honda's sales reaching 18.82 million units in 2023, accounting for about one-third of the global market share [26][28] 4. Acceleration of Chinese Brands Going Global - The report emphasizes the acceleration of Chinese motorcycle brands entering international markets, with a focus on mid-to-large displacement motorcycles (over 250cc), which saw a 66% increase in export growth in the first seven months of 2024 [4][36] - The average export price for mid-to-large displacement motorcycles reached $2,415 in 2024, indicating a shift towards higher quality and higher price products [4][36] 5. Investment Recommendations - The report recommends investing in leading domestic motorcycle manufacturers such as Changan Power, Longxin General, and Qianjiang Motorcycle, which are expected to benefit from the growing export market and brand recognition [4][36]