Minsheng Securities·2025-05-18 08:24Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, particularly recommending companies like Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [5][15]. Core Insights - The motorcycle industry is experiencing significant growth, with April 2025 sales of motorcycles over 250cc reaching 93,000 units, a year-on-year increase of 28.0% and a month-on-month increase of 5.6% [3][4]. - The overall market for large-displacement motorcycles is expected to continue expanding, driven by new model launches and increased export activities from leading companies [5][15]. Summary by Sections Sales Performance - In April 2025, sales of motorcycles above 125cc reached 786,000 units, up 24.2% year-on-year and 10.5% month-on-month, with significant contributions from 125-150cc and 500-800cc segments [4]. - For motorcycles over 250cc, April sales were 93,000 units, with a cumulative total of 298,000 units from January to April, reflecting a 58.3% year-on-year increase [4]. Export and Domestic Sales - Exports of motorcycles over 250cc in April were 39,000 units, a year-on-year increase of 23.4%, while domestic sales were 54,000 units, up 31.6% year-on-year [4]. - Cumulative exports from January to April reached 158,000 units, a significant year-on-year increase of 81.1% [4]. Market Structure - The report highlights strong growth in the 500cc+ segment, with April sales of 16,000 units, a year-on-year increase of 106.6% [5]. - The top three companies in the 250cc+ segment are Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 52.9% in April [6]. Company Performance - Chuanfeng Power reported a total motorcycle sales of 56,000 units in April, a year-on-year increase of 108.1% [9]. - Longxin General's April sales reached 145,000 units, with a year-on-year increase of 9.6% [14]. - Qianjiang Motorcycle's April sales were 35,000 units, reflecting a year-on-year decrease of 12.4% [12]. Future Outlook - The report anticipates continued strong performance in the motorcycle market, with a focus on new model launches and expanding export capabilities [11][15]. - The motorcycle industry is expected to benefit from a growing demand for large-displacement motorcycles, with domestic brands likely to be the biggest beneficiaries [15].