QJIANG(SZ:000913)2025-05-07 09:00Financial Performance - In 2024, the company's operating profit reached 690 million CNY, a year-on-year increase of 39.23% [2] - The net profit attributable to shareholders was 677 million CNY, up 45.84% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 561 million CNY, reflecting a growth of 46.19% [2] Sales Overview - Total vehicle sales in 2024 amounted to 479,900 units, representing a year-on-year growth of 13.43% [3] - Sales of fuel motorcycles were approximately 445,400 units, with a year-on-year increase of 13.5% [3] - Large-displacement motorcycles (over 250cc) sold around 182,000 units, up 32.25% year-on-year; small-displacement motorcycles (≤250cc) sold about 263,400 units, growing by 4.65% [3] Market Position - In the domestic market, fuel motorcycle sales totaled 211,800 units, remaining stable year-on-year; large-displacement motorcycle sales were 116,600 units, increasing by 34.44% [3] - Export sales of fuel motorcycles reached 233,600 units, a year-on-year growth of 22.36%, with large-displacement motorcycle exports at 65,400 units, up 28.52% [3] - The company ranked 6th in the domestic market with a market share of approximately 4.6% and ranked 1st in the large-displacement segment with a market share of about 21.9% [3] Industry Insights - The motorcycle industry is experiencing accelerated differentiation, with the top ten companies in the domestic fuel motorcycle market accounting for 66.68% of total sales [3] - The top ten companies in the large-displacement market hold a significant 90.97% market share, indicating a high concentration of resources [3] - In the export market, the top ten companies account for 61.14% of total exports in the fuel motorcycle segment, with the company ranking 15th in export volume but 5th in export value due to optimized product structure [4] Future Outlook - The motorcycle industry is expected to maintain a positive growth trajectory, with production and sales showing slight increases in 2024 [4] - The demand for large-displacement leisure motorcycles is anticipated to grow significantly, while the electric motorcycle segment is experiencing a decline [4] - The industry is shifting towards high-quality development, with ongoing upgrades and innovations reflecting strong resilience and potential for growth [4]