Guohai Securities·2025-07-18 06:01Investment Rating - The report maintains a "Recommended" rating for the motorcycle industry [1] Core Insights - The motorcycle export market remains robust, with a year-on-year growth of 25% in the first half of 2025, indicating a strong demand for motorcycles [9][15] - The overall motorcycle sales in the first half of 2025 reached 8.317 million units, reflecting a year-on-year increase of 19% [15] - The report highlights significant growth in the sales of motorcycles with engine displacement greater than 250cc, which saw a 41% increase year-on-year [15] Industry Data Update - Total motorcycle sales (domestic and export) for January to June 2025: 8.317 million units, up 19% year-on-year - Domestic sales: 2.226 million units, down 3.5% year-on-year - Export sales: 6.091 million units, up 25% year-on-year [15][16] - Breakdown of sales by engine displacement: - Sales of motorcycles with 150cc < displacement ≤ 250cc: 970,000 units, up 13% year-on-year - Sales of motorcycles with displacement > 250cc: 502,000 units, up 41% year-on-year [15][16] Company Data Update Chuanfeng Power - Total sales for January to June 2025: 143,000 units, up 10% year-on-year - Sales of motorcycles with 150cc < displacement ≤ 250cc: 25,300 units, down 49% year-on-year - Sales of motorcycles with displacement > 250cc: 108,400 units, up 45% year-on-year [25] Qianjiang Motorcycle - Total sales for January to June 2025: 202,000 units, down 10% year-on-year - Sales of motorcycles with 150cc < displacement ≤ 250cc: 33,000 units, up 12% year-on-year - Sales of motorcycles with displacement > 250cc: 70,000 units, down 4% year-on-year [34]