机械行业专题报告：摩托车行业2025年5月海关数据更新

Investment Rating - The report maintains a "Recommended" rating for the motorcycle industry [1] Core Insights - The motorcycle export volume in May 2025 reached 1.59 million units, showing a year-on-year increase of 24.8% [9] - The export of motorcycles with displacement greater than 250cc saw a significant year-on-year growth of 33.4% [9] - Major export regions include Latin America (562,000 units), Africa (489,000 units), and Asia (371,000 units) [15] - The overall export growth rate for motorcycles has consistently exceeded 24% each month from January to May 2025 [17] Summary by Sections Recent Trends - The motorcycle industry has shown a strong performance relative to the Shanghai and Shenzhen 300 index, with a 12-month return of 23.2% compared to 9.8% for the index [4] Export Analysis - In May 2025, motorcycle exports to Africa and Latin America continued to maintain high growth rates, with Africa showing an impressive year-on-year increase of 82.6% [9][15] - The export of motorcycles with displacement less than or equal to 250cc totaled 1.51 million units, reflecting a year-on-year increase of 24.4% [9] Regional Performance - The top export destinations for Chinese motorcycles in May 2025 were Latin America, Africa, and Asia, with respective export volumes of 562,000, 489,000, and 371,000 units [15] - The year-on-year growth rates for exports to various regions were as follows: Latin America (3.0%), Africa (82.6%), Asia (20.3%), and Europe (18.9%) [9][15] Displacement Segmentation - The export of motorcycles with displacement less than or equal to 50cc increased by 8.8%, while those in the 50-100cc range surged by 136.9% [16] - The segment of motorcycles with displacement greater than 250cc has shown robust growth, particularly in the 500-800cc category, which grew by 97.8% [16]