Guolian Minsheng Securities: Steady Growth in Exports, Motorcycle Peak Season Catalyzing Gradual Improvement

Guolian Minsheng Securities released a research report stating that the market for medium to large displacement motorcycles is rapidly expanding. The introduction of new models and brands by leading companies on the supply side is accelerating the industry's core drive, while also promoting the gradual formation of motorcycle culture. Guolian Minsheng Securities continues to recommend the medium to large displacement motorcycle track. Referring to the development history of domestic automobiles and the competitive landscape of overseas motorcycle markets, domestic brands are expected to become high-profit earners in the medium to large displacement motorcycle market. Guolian Minsheng Securities' main points are as follows: Event According to data from the China Motorcycle Association, the sales volume of motorcycles with a displacement of 250cc or above in March 2026 was 78,000 units, down 11.8% year-on-year but up 69.4% month-on-month. The cumulative sales volume for January to March was 187,000 units, down 8.5% year-on-year. In terms of the industry, monthly sales of medium to large displacement motorcycles are improving month-on-month, with export sales outperforming domestic sales. Among them, the sales of 250cc+ motorcycles in March were 47,000 units for export, up 10.1% year-on-year and up 36.5% month-on-month. The cumulative export sales from January to March were 126,000 units, up 6.0% year-on-year. The sales for domestic sales in March were 31,000 units for 250cc+ motorcycles, down 32.1% year-on-year but up 166.6% month-on-month. The cumulative domestic sales from January to March were 61,000 units, down 28.6% year-on-year. Structure: Steady growth in sales of 250ccdisplacement400cc models year-on-year 1) 250ccdisplacement400cc: Sales in March were 42,000 units, up 2.9% year-on-year and up 70.8% month-on-month. The cumulative sales from January to March were 104,000 units, down 8.5% year-on-year. 2) 400cc800cc: Sales in March were 2,000 units (including 1,000 units from Longxin), up 5.8% year-on-year but down 31.4% month-on-month. The cumulative sales from January to March were 8,000 units, up 18.0% year-on-year. The bank believes that overall sales of medium to large displacement motorcycles in March were relatively flat. Looking ahead to 2026, with continued rich supply and leading motorcycle companies like Zhejiang CFMOTO Power, Loncin Motor, and Zhejiang Qianjiang Motorcycle focusing on export business, the domestic and international sales of medium to large displacement motorcycles are expected to resonate positively. Market: Leading companies such as Chunfeng and Longxin maintain their market share leadership The top three sellers of 250cc+ motorcycles in March were Zhejiang CFMOTO Power, Loncin Motor, and Zhejiang Qianjiang Motorcycle, with a combined market share of 50.8%. Their cumulative market share for January to March was 49.2%, up 2.6 percentage points compared to the full year of 2025. 1) Zhejiang CFMOTO Power sold 17,000 units in March, down 33.8% year-on-year with a market share of 22.1%, up 0.3 percentage points month-on-month. Their cumulative market share for January to March was 20.5%, up 0.6 percentage points compared to the full year of 2025. 2) Loncin Motor sold 14,000 units in March, up 27.0% year-on-year with a market share of 18.3%, down 1.6 percentage points month-on-month. Their cumulative market share for January to March was 18.5%, up 3.7 percentage points compared to the full year of 2025. 3) Zhejiang Qianjiang Motorcycle sold 8,000 units in March, down 34.6% year-on-year with a market share of 10.4%, up 3.2 percentage points month-on-month. Their cumulative market share for January to March was 10.2%, down 1.7 percentage points compared to the full year of 2025. Risk Warning: Decline in demand for medium to large displacement motorcycles; Tightening of motorcycle ban and restriction policies; Increased market competition.