摩托车行业深度：内销与出口共振，大排量引领向上

Investment Rating - The report recommends investment in leading domestic brands: Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [3]. Core Insights - The growth of the motorcycle market is driven by exports and large-displacement motorcycles, with domestic sales of fuel motorcycles expected to decline while large-displacement models see significant growth [2][19]. - The domestic motorcycle market has transitioned from a tool to a consumer product, with large-displacement motorcycles gaining popularity due to rising outdoor sports demand and motorcycle culture [2][41]. - The overseas motorcycle market presents substantial growth opportunities for Chinese brands, with a projected market size of 932 billion yuan by 2024 [2][85]. Summary by Sections Overall Review - The motorcycle industry in China has experienced three phases: popularization, decline, and differentiated growth, with the current phase characterized by structural growth driven by exports and large-displacement motorcycles [13][15]. Domestic Sales - Domestic motorcycle sales are projected to decline from 19 million units in 2023 to 5.44 million units for fuel motorcycles by 2024, while large-displacement motorcycle sales are expected to grow from 110,000 to 400,000 units from 2019 to 2024, with a CAGR of 28.8% [2][19][29]. Exports - The export of motorcycles is expected to reach 11.02 million units by 2024, accounting for 67% of total sales, with a significant increase in large-displacement motorcycle exports from 65,000 to 360,000 units during the same period [22][29]. Key Players - Chuanfeng Power, Longxin General, and Qianjiang Motorcycle are leading the large-displacement market, with Chuanfeng's sales growing from 45,000 to 308,000 units from 2019 to 2024, achieving a CAGR of 47.1% [3][75].