Guolian Minsheng Securities·2025-12-20 09:07Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, particularly recommending companies such as Chuanfeng Power, Longxin General, and Qianjiang Motorcycle due to the rapid expansion of the mid-to-large displacement motorcycle market [19][20]. Core Insights - The mid-to-large displacement motorcycle market is experiencing robust growth, driven by new model launches and an increase in motorcycle culture. The report anticipates that domestic brands will be the biggest beneficiaries of the rising demand [19]. - Exports of motorcycles, especially those above 250cc, have shown significant growth, with November exports reaching 43,000 units, up 43.2% year-on-year [4][19]. - The report highlights the strong performance of leading companies in the industry, with Chuanfeng Power maintaining the top position in sales and market share [6][19]. Summary by Sections Sales Performance - In November, sales of motorcycles above 125cc reached 633,000 units, a year-on-year increase of 5.2% and a month-on-month increase of 5.0%. The growth was primarily driven by the 125-150cc and 500-800cc segments [4]. - For motorcycles above 250cc, November sales were 61,000 units, up 11.3% year-on-year and 0.2% month-on-month. Cumulatively, from January to November, sales reached 883,000 units, a 28.3% increase year-on-year [4][5]. Structural Insights - The report notes strong growth in the 500cc+ segment, with November sales of 13,000 units, a year-on-year increase of 55.7% and a cumulative increase of 121.1% for the year [5]. - The 250cc to 400cc segment saw November sales of 35,000 units, up 12.6% year-on-year, while the 400cc to 500cc segment experienced a decline of 16.8% year-on-year [5]. Competitive Landscape - The top three companies in the 250cc+ segment for November were Chuanfeng Power, Longxin General, and Qianjiang Motorcycle, with a combined market share of 46.7% [6]. - Chuanfeng Power's November sales were 12,000 units, a 40.1% increase year-on-year, while Longxin General's sales also increased by 51.7% year-on-year [6]. Future Outlook - The report projects continued growth in both domestic and export sales for mid-to-large displacement motorcycles, supported by the expansion of supply and the efforts of leading manufacturers [5][19]. - The introduction of new models, particularly in the 450cc and 650cc categories, is expected to drive sales further [13][19].