国君汽车|出口延续高景气,全年亮眼收官

Investment Rating - The report maintains an "Overweight" rating for the motorcycle industry, particularly for the mid-to-large displacement motorcycle segment, citing improved market conditions driven by both domestic and international demand [1]. Core Insights - The motorcycle industry is experiencing a strong recovery, with significant growth in both domestic sales and exports. December saw record sales for mid-to-large displacement motorcycles, with a total of 68,000 units sold, marking a year-on-year increase of 89.5% and a month-on-month increase of 23.5% [1]. - The total sales for mid-to-large displacement motorcycles in 2024 reached 757,000 units, representing a year-on-year growth of 44.4%, with exports accounting for 359,000 units (up 81.9%) and domestic sales at 398,000 units (up 21.8%) [1]. Summary by Sections Section 1: Industry Performance - The report highlights that the motorcycle industry is witnessing a robust performance, with major manufacturers like Chunfeng and Longxin showing strong sales figures. Chunfeng's sales for December reached 18,000 units for mid-to-large displacement motorcycles, a year-on-year increase of 158% [2]. - Longxin's December sales for mid-to-large displacement motorcycles were 10,000 units, reflecting a year-on-year increase of 50% [3]. Section 2: Export Trends - Exports of mid-to-large displacement motorcycles have been particularly strong, with Chunfeng exporting 20,000 units in December, a year-on-year increase of 142% [2]. - The overall export figures for the industry indicate a positive trend, with total exports for 2024 reaching 359,000 units, up 81.9% compared to the previous year [1]. Section 3: Domestic Market Dynamics - The domestic market remains resilient, with December sales of 21,000 units for mid-to-large displacement motorcycles, a year-on-year increase of 42.1% [1]. - Major players like Qianjiang and Longxin have also reported strong domestic sales, with Qianjiang achieving 3,000 units sold in December, a year-on-year increase of 87% [3].