茵未BICOSE高端电摩

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研报掘金丨民生证券:维持隆鑫通用“推荐”评级,量利共振加速成长
Ge Long Hui A P P· 2025-08-07 08:13
Core Viewpoint - Minsheng Securities research report indicates that Longxin General's Wujie motorcycle is gaining momentum and breaking into the high-end market globally [1] Group 1: Company Performance - Longxin General is a leading company in the domestic motorcycle industry, with motorcycle export sales expected to exceed 1.5 million units in 2024, ranking first in the industry [1] - The company's motorcycle business revenue has achieved positive growth for four consecutive years, with 2024 revenue projected at 12.69 billion yuan, a year-on-year increase of 34.0%, reaching a historical high [1] Group 2: Brand Strategy - The company focuses on promoting its own brands, establishing three differentiated high-end brands: Wujie VOGE, Longxin non-road sports motorcycles, and Yinv BICOSE high-end electric motorcycles [1] - Looking ahead, the company will continue to deepen its presence in the European market, aiming to create benchmark effects in Spain and Italy, leveraging the brand strength of Wujie in Europe [1] Group 3: Market Expansion - The company plans to enhance its layout in Latin America and Southeast Asia, achieving "1+N" market synergy development [1] - There is optimism regarding the dual expansion of the Wujie brand in terms of product and channel, which is expected to accelerate growth through volume and profit resonance [1]
公司深度 | 隆鑫通用:无极机车乘势而上 突围高端扬帆全球【民生汽车 崔琰团队】
汽车琰究· 2025-08-07 03:26
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].