LONCIN(SH:603766) 汽车琰究·2025-08-07 03:26Core Viewpoint - The company, Longxin General, is a leading player in the domestic motorcycle industry, with a focus on promoting its own brands and expanding both domestic and international sales, particularly in the high-displacement motorcycle segment [2][4][11]. Group 1: Company Performance - Longxin General's motorcycle export volume is expected to exceed 1.5 million units in 2024, ranking first in the industry [2]. - The company's motorcycle business revenue is projected to reach 12.69 billion yuan in 2024, a year-on-year increase of 34.0%, marking a historical high [2]. - The company's high-end brand, Wujie, is expected to achieve sales revenue of 3.15 billion yuan in 2024, a year-on-year growth of 111.4% [5]. - The overall revenue for Longxin General is forecasted to be 16.82 billion yuan in 2024, with a compound annual growth rate (CAGR) of 9.6% from 2019 to 2024 [17]. Group 2: Industry Trends - The domestic market for high-displacement motorcycles (over 250cc) has seen a significant increase in demand, with penetration rates rising from 2.5% in 2020 to 11.4% in the first half of 2025 [3]. - The penetration rate of high-displacement motorcycles is expected to reach 12% by 2025 and 20% by 2030, corresponding to sales volumes of 600,000 and 1 million units, respectively [3]. - The global motorcycle market is estimated to have a capacity of approximately 50 million units, with the overseas market for motorcycles over 250cc expected to be 5.5 million units in 2024, significantly larger than the domestic market [4][58]. Group 3: Competitive Landscape - The competitive landscape for high-displacement motorcycles is evolving, with domestic brands like Longxin, Chuanfeng, and Qianjiang gaining market share, while foreign brands are losing ground [52][56]. - The market concentration for high-displacement motorcycles in China is increasing, with the top three companies holding a combined market share of 56.5% by 2024 [52]. - Longxin General's Wujie brand has established a strong presence in the European market, achieving sales revenue of 1.02 billion yuan in 2024, with a significant market share in Spain and Italy [5][12]. Group 4: Future Outlook - The company is expected to continue expanding its product offerings and market presence, with new models set to launch in 2025, including the RR500S and CU625 [5]. - Longxin General aims to leverage its brand strength in Europe to penetrate other markets in Latin America and Southeast Asia, fostering a "1+N" market development strategy [5][12]. - The company's net profit is projected to grow significantly, reaching 1.12 billion yuan in 2024, a year-on-year increase of 92.3% [27].