Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Viewpoints - Longxin General (隆鑫通用) is a leading player in the domestic motorcycle industry, with motorcycle export sales expected to exceed 1.5 million units in 2024, ranking first in the industry. The 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 [3][4]. - The domestic motorcycle market is experiencing a clear structural evolution, with the penetration of mid-to-large displacement motorcycles accelerating. The penetration rate of mid-to-large displacement motorcycles in domestic sales has increased from 2.5% in 2020 to 11.4% in the first half of 2025, with expectations to reach 12% and 20% by 2025 and 2030, respectively [3][48]. - The global motorcycle market has a capacity of approximately 50 million units, with the overseas market for motorcycles above 250cc expected to have a market space of 5.5 million units in 2024, which is over nine times the domestic sales volume [4][12]. Summary by Sections Company Overview - Longxin General is a diversified enterprise focused on the research, production, and sales of motorcycles, engines, general machinery, and other products. The company has undergone several strategic phases since its establishment, including partnerships with BMW and the launch of its high-end brand, Wujie [14][38]. - The company's revenue has shown steady growth, with a compound annual growth rate (CAGR) of 9.6% from 2019 to 2024. The motorcycle and engine business contributed over 75% of the total revenue in 2024 [18][39]. Motorcycle Industry - The domestic motorcycle market is witnessing a shift towards mid-to-large displacement motorcycles, driven by increasing consumer demand for leisure and recreational use. The market potential remains significant, with a projected increase in sales and penetration rates [40][48]. - The report highlights the competitive landscape of the motorcycle export market, emphasizing the advantages of domestic brands in terms of product quality and cost-effectiveness, which positions them favorably against international competitors [4][12]. Financial Forecast and Investment Suggestions - The company is expected to achieve revenues of 20.16 billion yuan in 2025, with net profit attributable to shareholders projected at 1.88 billion yuan. The earnings per share (EPS) are forecasted to be 0.91 yuan, with corresponding price-to-earnings (PE) ratios of 14, 12, and 10 for the years 2025, 2026, and 2027, respectively [6][7]. - The investment suggestion is based on the dual expansion of the Wujie brand in both product and channel aspects, which is anticipated to accelerate growth through volume and profit resonance [6][39].

Core 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].

Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, particularly recommending companies such as Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [5][15]. Core Insights - The motorcycle industry is experiencing a strong growth phase, with significant increases in sales, particularly in the mid-to-large displacement segment. The report highlights that the 250cc and above motorcycle sales reached a historical high in June 2025, with a year-on-year increase of 14.3% and a cumulative sales increase of 41.3% for the first half of the year [4][5]. - The report emphasizes the robust performance of leading companies in the industry, with Chuanfeng Power maintaining its top position in market share and showing strong sales growth in the 500cc and above categories [6][9]. Summary by Sections Sales Performance - In June 2025, sales of motorcycles above 250cc reached 102,000 units, a year-on-year increase of 14.3% and a month-on-month increase of 1.7%. Cumulative sales for the first half of the year were 501,000 units, up 41.3% year-on-year [3][4]. - The export of motorcycles above 250cc saw a significant increase, with June exports at 57,000 units, up 59.9% year-on-year, and cumulative exports for the first half of the year at 265,000 units, up 70.1% [4][5]. Market Structure - The report notes strong growth in the 500cc and above displacement models, with sales in June for 500cc-800cc models increasing by 99.44% year-on-year. The overall market for mid-to-large displacement motorcycles is expected to continue growing due to increased supply and export efforts from leading manufacturers [5][11]. Competitive Landscape - The top three companies in the 250cc and above segment are Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 46.9% in June 2025. Chuanfeng Power holds a market share of 21.2%, while Longxin General has a market share of 12.9% [6][8]. - Qianjiang Motorcycle's sales in June were 11,000 units, a year-on-year decrease of 39.6%, indicating challenges in maintaining market share [8][12]. Future Outlook - The report projects continued growth in the motorcycle market, driven by new model launches and increased export capabilities. Chuanfeng Power is expected to benefit from new models in the 450cc and 650cc categories, while Longxin General is focusing on expanding its export business [11][15].

Core Viewpoint - The motorcycle industry is experiencing significant growth in the mid-to-large displacement segment, with strong sales performance and export growth expected to continue into 2025 [19]. Industry Overview - In June 2025, sales of motorcycles with a displacement of 250cc and above reached 102,000 units, marking a year-on-year increase of 14.3% and a month-on-month increase of 1.7%, setting a historical record [2][4]. - Cumulative sales from January to June 2025 reached 501,000 units, representing a year-on-year increase of 41.3% [2]. Sales Performance - For motorcycles above 125cc, June sales totaled 706,000 units, showing a year-on-year decrease of 1.9% but a month-on-month increase of 0.4% [2]. - Exports of 250cc and above motorcycles in June reached 57,000 units, a year-on-year increase of 59.9% and a month-on-month increase of 13.7%, with cumulative exports for the first half of the year at 265,000 units, up 70.1% year-on-year [2][4]. Domestic Market - Domestic sales of 250cc and above motorcycles in June were 45,000 units, down 15.6% year-on-year and 10.1% month-on-month, with cumulative domestic sales for the first half of the year at 236,000 units, up 18.7% year-on-year [3][4]. Market Structure - The market for motorcycles with a displacement of 500cc and above is experiencing strong growth, with June sales of 2,300 units, a year-on-year decrease of 27.06% but a cumulative increase of 125.9% for the first half of the year [4]. - The top three companies in the 250cc and above segment in June were Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 46.9% [5]. Company Highlights - Chuanfeng Power's June sales for 250cc and above motorcycles were 21,000 units, a year-on-year increase of 9.2%, maintaining a market share of 21.2% [5]. - Qianjiang Motorcycle's June sales were 11,000 units, a year-on-year decrease of 39.6%, with a market share of 11.2% [10]. - Longxin General's June sales were 15,000 units, a year-on-year increase of 31.8%, with a market share of 12.9% [10]. Future Outlook - The motorcycle industry is expected to continue its upward trajectory in 2025, driven by increased supply and the expansion of leading companies' export businesses [4][19]. - Chuanfeng Power is focusing on new models in the 450cc and 650cc categories to boost domestic sales, while also expanding its overseas market presence [12].

Investment 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].

01 事件概述 据中国摩托车商会数据，2025年3月250cc（不含）以上摩托车销量8.8万辆，同比+68.4%，环比+52.7%。1-3月累计销量20.5万辆，同比+77.4%。 02 分析判断 行业： 旺季临近 中大排月度销量创历史新高 1）125cc（不含）以上： 3月销量71.1万辆，同比+25.6%，环比+54.0%，主要增量来自于125-150cc及500-800cc，春风动力、隆鑫通用等头部企业均贡献明显增量； 2）250cc（不含）以上： 3月销量8.8万辆，同比+68.4%，环比+52.7%，创历史新高。1-3月累计销量20.5万辆，同比+77.4%。其中： 出口：250cc+摩托车3月出口4.2万辆 ，同比+101.2%，环比+13.5%，同比增长原因为头部企业在500-800cc排量段出口持续增长， 1-3月累计出口11.9万辆，同比 +113.7%。 内销：250cc+摩托车3月内销4.6万辆 ，同比+46.2%，环比+124.9%。 1-3月累计内销8.6万辆，同比+43.5%。 结构：500cc+排量车型增长强劲 自主高端化提速 1） 250cc<排量≤400cc ：3月销售4.1 ...