Tianfeng Securities·2025-05-15 02:11Investment Rating - The industry investment rating is maintained at "Outperform" [3][38] Core Insights - The motorcycle industry showed strong sales growth in April 2025, with total sales of 1.582 million units for two-wheeled fuel motorcycles, representing a year-on-year increase of 19.6% [6][13] - Exports of two-wheeled fuel motorcycles reached 1.141 million units, up 27.9% year-on-year, while domestic sales were 441,000 units, a modest increase of 2.4% [6][13] - The 250cc and above segment also performed well, with total sales of 93,000 units in April, reflecting a 28.0% year-on-year growth [6][13] Summary by Sections Two-Wheeled Fuel Motorcycles - April total sales reached 1.582 million units, with exports at 1.141 million units and domestic sales at 441,000 units [6][13] - Year-to-date cumulative sales for two-wheeled fuel motorcycles stand at 5.3549 million units, showing a 19% increase compared to the previous year [7] 250cc and Above Segment - April sales totaled 93,000 units, with exports of 39,000 units and domestic sales of 54,000 units, marking increases of 28.0%, 23.4%, and 31.6% respectively [6][13] - Year-to-date cumulative sales for this segment reached 297,800 units, reflecting a significant 58% year-on-year growth [7] Electric Motorcycles - Electric motorcycle sales surged to 27,000 units in April, a staggering increase of 1992% year-on-year [23] - Cumulative sales for electric motorcycles reached 58,400 units, indicating a 1289% increase compared to the previous year [23] All-Terrain Vehicles - All-terrain vehicle shipments from domestic factories reached 17,000 units in April, representing a 5.1% year-on-year growth [23]