Guotai Haitong: Supply side continues to diversify; bullish on the upward trajectory of independent motorcycle brands and the electric motorcycle industry chain.

Guotai Haitong released a research report stating that it maintains an overweight rating on the industry. In 2026, the Chongqing Motorcycle Expo will see a dense release of new mid-to-large-displacement fuel and high-performance electric motorcycle products. Independent brands continue to move upmarket, and the supply side of electric motorcycles is gradually diversifying. It is bullish on the upward trajectory of independent motorcycle brands and the electric motorcycle industry chain. Overseas demand for electric motorcycles is strong. The growth on the electric motorcycle supply side, combined with the continuous improvement of the independent supply chain, is opening up new growth space for independent brands in the electric motorcycle industry. The main views of Guotai Haitong are as follows: The scale of the Chongqing Motorcycle Expo hit a record high, with new products unveiled in a concentrated manner. On the first day of the expo, visitor numbers exceeded 50,000, with a total exhibition area of 190,000 square meters and 1,120 participating companies, both setting record highs in exhibition scale and exhibitor numbers. Multiple independent mid-to-large-displacement fuel-powered new vehicles were unveiled in a concentrated manner. For example, Zhangxue Motorcycle debuted 5 new models, and Wuji launched the Jiyu Smart Mobility platform and introduced the CU-X concept car. Many manufacturers launched electric motorcycle products, such as Kayo introducing electric sportbike and electric off-road models, and Binsen, the electric motorcycle brand under Xinyuan, unveiling 7 new products. Independent brands are moving upmarket, continuously improving mid-to-large-displacement new products and product categories. Major domestic motorcycle companies have all launched highly competitive mid-to-large-displacement models. Zhangxue Motorcycle brought the 820X three-cylinder ADV, with a self-developed three-cylinder power platform; Kayo released the 650R self-developed inline four-cylinder series. The product matrix continues to enrich: Loncin Wuji launched the CU-X hybrid cruiser and the RR660S facelift; Benda unveiled a new American cruiser series "Gypsy"; Zongshen Cyclone introduced the RT450 twin-cylinder maxi-scooter and the RX628 hardcore ADV, filling gaps in the domestic product matrix for large-displacement scooters and hardcore ADVs. Overseas electric motorcycles remain highly prosperous, and the electric motorcycle supply side continues to diversify. High-performance recreational electric motorcycles, commuter electric motorcycles, and hybrid technologies are flourishing across multiple fronts. On the vehicle side, CFMOTO's Jike continues to improve its high-performance electric motorcycle product matrix, while vehicle manufacturers such as Xinyuan and Zongshen Senlan are increasing resource investment in electric motorcycles. High-voltage platforms, full-domain OTA, and vehicle domain control architectures are gradually being implemented. On the industry chain side, Guangdong Greenway Technology made a major appearance with a full-spectrum product line including off-road electric motorcycle batteries, high-speed electric motorcycle batteries, and national-standard compliant batteries, focusing on real user travel scenarios and showcasing product performance and advantages. Overseas demand for electric motorcycles is strong. The growth on the electric motorcycle supply side, combined with the continuous improvement of the independent supply chain, is opening up new growth space for independent brands in the electric motorcycle industry. Risk warnings: New vehicle sales falling short of expectations, trade policy risks, exchange rate fluctuation risks.