Guotai Haitong: The Southeast Asian two-wheeler market is vast, and high oil prices are accelerating penetration.

Guotai Haitong released a research report stating that oil prices are accelerating, driving costs and pressure. In Southeast Asia, electric motorcycles and e-bikes are expected to accelerate their penetration into the traditional oil-powered products. Domestic manufacturers who are ahead in terms of production, distribution, and brand are expected to benefit from this trend. Aima Technology Group (603529.SH) and YADEA (01585) are recommended. The report mentions that the motorcycle market in Southeast Asia is large, with a low penetration rate of electric motorcycles, and there is a considerable growth potential. According to Motorcycles Data, the total sales of motorcycles in the nine ASEAN countries is estimated to be around 15 million units by 2025, with a low penetration rate of electric motorcycles. In the future, with the advancement of motorcycle bans and subsidy policies in various regions of Southeast Asia, combined with the cost drive of high oil prices, there is a significant potential for the penetration rate of electric motorcycles to increase. Aima Technology Group has already started production in Indonesia and Vietnam. The company has the research and manufacturing capabilities in key components, as well as leading capabilities in battery system integration. In terms of brand promotion, the company conducts social media content operations on mainstream platforms such as Facebook and TikTok, and carries out terminal marketing activities during peak consumption seasons like the Ramadan festival in Indonesia. On March 1, 2026, YADEA's phase one project of its smart manufacturing factory in Bac Ninh province, Vietnam was officially completed, with an investment of over 100 million US dollars and a designed annual production capacity of 1 million units. The company also launched its flagship electric motorcycle YADEA Osta for the Vietnamese market, and signed a strategic cooperation agreement with Grab Vietnam to jointly promote the popularization of electric motorcycles in the ride-hailing sector.