Investment Rating - The report maintains an "Overweight" rating for the motorcycle industry, specifically for the large-displacement motorcycle segment [2][3]. Core Insights - The large-displacement motorcycle segment (over 250cc) saw a significant increase in sales, with September sales reaching 77,000 units, a year-on-year increase of 52.5%. This growth is attributed to easing policy disruptions and seasonal factors, alongside a rebound in exports [2][3]. - Domestic demand remains strong, with a stable recovery observed. The report highlights that the segment's performance is expected to continue improving due to both domestic and international market dynamics [3]. - Key players such as Changan Power and Longxin General are recommended as beneficiaries of this growth, with Changan Power's sales in September showing an 86% year-on-year increase [3]. Summary by Sections Sales Performance - In September, the sales of large-displacement motorcycles reached 77,000 units, marking a 52.5% year-on-year increase and a 12% month-on-month increase. Domestic sales accounted for 38,000 units, up 15% year-on-year, while exports also saw a significant rise of 128% year-on-year [3]. - Cumulatively, from January to September, sales of motorcycles over 250cc reached 573,000 units, a 40.8% increase year-on-year, with exports contributing 249,000 units, up 69.2% [3]. Company Performance - Changan Power's sales for large-displacement motorcycles in September were 14,000 units, reflecting an 86% year-on-year increase. The company is expected to launch several new models in 2024, which may further boost sales [3]. - Qianjiang Motorcycle reported a September sales figure of 7,000 units for large-displacement motorcycles, a decrease of 9% year-on-year, while exports increased by 84% [3]. - Longxin General's sales for September were 9,000 units, an 8% year-on-year increase, despite facing production constraints due to external factors [3].
2024年9月中大排摩托车数据点评：9月行业保持高景气，出口环比回升
Guotai Junan Securities·2024-10-25 13:15