According to the China Motorcycle Chamber of Commerce data, in May 2023, the domestic sales of 250cc+ large-displacement motorcycles 48,900, year-on-year -11.7%, month-on-month -9.5%. From January to May 2023, the cumulative sales of 212,100 units, +12.6% year-on-year. It is expected that the main reason for the increase in consumer wait-and-see sentiment brought about by the launch of a large number of new cars at the Beijing Motorcycle Exhibition in late May is the delay of some demand, followed by the launch of new models and the arrival of the traditional sales season from June to September, the early part of wait-and-see demand is expected to usher in release. In May, the terminal inventory increased by 23.3% month-on-month to 21,500 vehicles, corresponding to the inventory/sales ratio of 0.44 in the month, which is relatively stable.
From January to May 2023, the industry's cumulative sales of 212,100 units, +12.6% year-on-year, the cumulative growth rate has slowed down, mainly due to the drag of the second and third tier brands, if the six major brands (Spring breeze, Qianjiang, Longxin, Zongshen, Wuben, New Ben) and others, the cumulative growth rate from January to May is +22.7% and -0.4%, respectively. The side reflects the maturity of consumers and internal concerns about product quality control, and the head brand is relatively dominant.
From January 2023, the motorcycle chamber of Commerce will further split the sales volume of 250cc+ into 250-400(inclusive)cc, 400-500(inclusive)cc, 500-800(inclusive)cc and more than 800cc, and clarify the product positioning of entry, medium, large and large rows. In the total 250cc+ 212,100 sales from January to May, the sales of the above four displacement segments were 15.12, 3.49, 2.57, and 0.03 million, respectively, and the entry-level displacement segment was still the main sales force. Compared with the overseas motorcycle ownership and industry development history, we believe that at this stage, China's motorcycle industry is still in a period of rapid growth, while considering the further formation of motorcycle culture, the release of demand for upgrading and replacement of emerging consumer groups and the marginal improvement of the ban on motorcycle policy, we expect the industry growth rate of about 30% in 2023, continue to recommend the motorcycle track.
Spring breeze: Two rounds of products open four rounds of demand is relatively stable
According to the data of China Motorcycle Chamber of Commerce, the spring breeze 250cc+ sales of 800000 units in May, +128.4% year-on-year, +43.2% month-on-month, the cumulative market share of 14.2% from January to May, and in the 400-500(including)cc, 500-800(including)cc and 800cc above three displacement are in the forefront of sales. Reflects the strong brand power and the upgrading of product structure since the second half of 2022. From January to May, the cumulative sales of 30,100 units, +56.3% year-on-year. If 250cc is considered, the spring breeze 250cc(including) and above sales volume of 13,700 units in May, +69.0% year-on-year, +19.3% month-on-month, cumulative sales of 51,500 units from January to May, +37.6% year-on-year, an increase higher than the same industry.
Qian Jiang: The decline is obvious due to the drag of exports, but there is still room for growth
In May, Qianjiang 250cc+ sales of 10,200 vehicles, -40.5% year-on-year, -30.3% month-on-month, year-on-year decline in addition to the above industry factors, but also due to the company's strong product cycle in May 2022 brought about by the base pressure increased. January-may cumulative sales of 53,900 units, +12.3% year-on-year, exports relatively drag, January-May 250cc+ cumulative exports of 10,400 units, -33.6% year-on-year. In 2022, the company's product definition ability has been significantly improved, flash 300S and Race 600 are better in line with the changes in consumer model preferences and the upgrading trend of imitation race displacement, and the continuation of demand is strong. Looking forward to 2023, Race 450, Flash 350, and Hong 150 (respectively corresponding to imitation race, cruise and pedal) have certain explosion potential, and are expected to take over the product cycle.
Longxin General: According to the data of China Motorcycle Chamber of Commerce, Longxin 250cc+ sales of 0.59 million units in May, +36.8% year-on-year, -10.0% month-on-month, cumulative sales of 25,900 units from January to May, +20.9% year-on-year. Wuji brand launched a number of new cars in 2023, SR4 MAX (350cc big pedal), RR525 (imitation race), CU525 (cruise Prince) and other models rich product matrix, all have a certain explosive potential; Electric brand Inwei's first model Real 5T (high-end electric pedal) was also mass-produced at the end of 2022.
Zongshen Power: According to the data of the China Motorcycle Chamber of Commerce, Zongshen sold more than 0.53 million units with 250cc displacement in May, +32.23% year-on-year, -4.54% month-on-month, and the cumulative sales of 23,100 units from January to April, +35.03% year-on-year. Zongshensekelon 2023 launched a number of new cars, RT1 (150cc big pedal), RA401 (retro cruise), RC401 (imitation race), RA560 (cruise Prince) and other models rich product matrix, all have a certain potential to burst; Secron manufacturing and other aspects of the efforts are getting a positive response from the market. Sunlan ES5, Zongshen's new energy brand product, is gradually delivered to users. In addition, Zong Shen launched the extraordinary intelligent system and the industry's first Seckelon used car certification at the Beijing Motorcycle exhibition, which has helped the Seckelon brand building.
Five books & New books: According to the data of China Motorcycle Chamber of Commerce, five books in May 250cc+ sales of 0.1,800 units, year-on-year -28.1%, month-on-month -19.8%, January-May cumulative sales of 0.8800 units, year-on-year -4.5%; The new 250cc+ sales of 0.26 million units in May, -3.0% year-on-year, -21.7% month-on-month, the cumulative sales of 11,400 units from January to May, +40.2% year-on-year. Since stable shipments in May 2021, Honda's share has basically maintained a range of 10-15%. For the impact of domestic Honda, we still continue to judge that the short-term impact on independent brands is relatively limited, mainly because of the difference in price and positioning between the two.
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