Guotai Junan Securities: Maintains a "buy" rating on Longxin General, the momentum of the Wuji series growth is strong.

China Post Securities Research Report pointed out that Longxin General is the leading motorcycle enterprise in the country, and has consecutively ranked first in the export scale of Chinese motorcycles from 2006 to 2024 for 19 years. The influence of the "Wuji" brand is gradually strengthening, with dual drivers of both domestic and overseas markets. Since the launch of the Wuji brand in 2018, the company has continued to innovate, improve its product matrix, and deepen channels and services. As of the 2024 report data, Wuji has established a total of 990 domestic sales outlets and 1165 overseas sales outlets, with a focus on deepening the European and Argentine markets overseas, gradually covering the markets in Central and South America, and gradually opening up the Southeast Asian market with Malaysia and the Philippines as key points. The company's popular products continue to sell well, with the SR250GT causing a sensation upon its release, redefining the leisure sports scooter market; the CU525 continues to sell well, with significant effects on product lifecycle management, solidifying its position as the king of cruisers in the same class; the DS900X has annual sales exceeding tens of thousands, accounting for over 95% of the total export volume of motorcycles in China above 800cc, and is highly recognized by European consumers. The "buy" rating is maintained.