CITIC Securities: There is still room for growth in the electric two-wheeler market capacity.

The research report of CITIC Securities stated that the electric two-wheeler industry has experienced rapid development for more than 20 years, but growth has been fluctuating in recent years. With the upcoming implementation of the 2024 national standard and the industry brewing major changes, CITIC Securities believes that there is still room for market capacity growth. This mainly includes: 1. Electrification is not over, with the sales calibre electrification rate still 10 percentage points higher than the stock calibre; 2. The stock in some provinces represented by central and coastal key areas continues to increase; 3. The main source of growth in the next stage will be the price increase dominated by the upgrade of supply quality and the export potential.