According to the Zhitong Finance APP, Minsheng Securities released a research report stating that the successful path of Honda Motor shows that motorcycle companies need to simultaneously build a &#34;technological moat + product explosiveness + cultural adaptability&#34; for globalization. Currently, domestic motorcycle companies are at a critical juncture of transformation and breakthrough. Domestic motorcycle companies represented by CFMOTO, LONCIN, and QJMOTOR are exploring globalization development through different paths. It is expected that by 2025, exports of medium and large displacement motorcycles will exceed 500,000 units, a year-on-year increase of 50.4%, with an overseas market share of 9%. Domestic motorcycle companies are focusing on medium and large displacement product platforms, popular product model compounding, regional breakthrough strategies, and brand cultural narratives, gradually shifting from &#34;manufacturing export&#34; to &#34;system output,&#34; and are expected to find a sustainable path for global upgrading.
<h2>The main points of Minsheng Securities are as follows:</h2>
Honda Motor's Global Journey: Resonance of Technological Accumulation, Product Layout, and Market Resilience
With over 70 years of technological accumulation and continuous innovation, Honda has maintained the number one global market share for a long time, with sales of 18.819 million units in 2024, accounting for over 30% of the global market; the operating profit of the motorcycle business in the 2024 fiscal year is 1.2125 trillion yen, with a gross profit margin of 21.5%. In terms of technology, Honda Motor leads the industry with core technologies such as four-stroke engines and DCT dual-clutch systems, and is the first to lay out hydrogen energy and electrification platforms, promoting simultaneous optimization of cost and performance.
Product Dimension: Classics Forge Legends - How Does Honda Motor Define the Industrial Benchmark?
Since its establishment, Honda Motor has always been at the forefront of global motorcycle technology and market evolution, achieving multiple growths through popular models. The Super Cub series, with its low fuel consumption and high durability, doubled the company's global sales within ten years; the Gold Wing series entered the large-displacement long-distance cruising market, enhancing the profit margin of high-end products; the CBR series pioneered the civilian large-displacement racing segment, expanding the young user base. The current product matrix covers scooters, street bikes, racing replicas, cruisers, etc., maintaining sales scale for entry-level models while enhancing brand image with high-end models.
Strategic Dimension: How Does Honda Motor's Globalization Synergy Evolve from Point Breakthrough to Systematic Strategy?
The combination advantage of &#34;performance leadership + cost control&#34; gives Honda Motor confidence to promote its products to a broader international market. Honda Motor constructs a global operating system with phased and regionally differentiated strategies. In the United States, Japan's labor costs are much lower than those of European and American peers, giving Honda Motor a price advantage. By breaking the rebellious image of motorcycles through a &#34;good person culture,&#34; it achieves a brand turnaround; in Europe, it builds a technical brand through event endorsements and high-performance models; in Asia, through joint ventures, local procurement, and channel penetration, it maintains an absolute advantage in manufacturing costs.
Learning from History: Honda's Experience Empowers Domestic Motorcycle Companies to Break Through Globally
Technology is the underlying driving force for Honda Motor to traverse cycles and is also the first threshold for motorcycle companies to go global. Product strength is the carrier that connects users, and the ability to create explosive products determines whether the brand can penetrate the market. The globalization strategy is the key lever for Honda Motor to expand its influence and profit pool. Honda Motor's successful path shows that motorcycle companies need to simultaneously build a &#34;technological moat + product explosiveness + cultural adaptability&#34; for globalization
Currently, domestic motorcycle companies are at a critical juncture of transformation and breakthrough. Represented by CFMOTO, LONCIN, and QJMOTOR, these companies are exploring globalization through different paths. It is expected that by 2025, exports of medium and large displacement motorcycles will exceed 500,000 units, a year-on-year increase of 50.4%, with an overseas market share of 9%. Domestic motorcycle companies are focusing on medium and large displacement product platforms, popular product model compounding, regional breakthrough strategies, and brand cultural narratives, gradually shifting from &#34;manufacturing export&#34; to &#34;system output,&#34; and are expected to find a sustainable path for global upgrading.
Investment Recommendations
The overseas medium and large displacement market has vast potential, with relatively mild competition. Benchmarking against Honda, domestic leading motorcycle companies represented by CFMOTO, LONCIN, and QJMOTOR have significant advantages in product strength and cost performance. The subsequent brand building and globalization strategy are key to breaking through. In the wave of globalization among motorcycle companies, they are expected to achieve rapid market share expansion, driving a new round of growth. It is recommended to invest in CFMOTO (603129.SH), LONCIN (603766.SH), and QJMOTOR (000913.SZ).
Risk Warning
Risks of intensified competition in the motorcycle industry; changes in overseas tariff policies; intensified market competition

000913

603129

603766

Minsheng Securities released a research report indicating that domestic motorcycle companies such as CFMOTO, LONCIN, and QJMOTOR are at a critical transformation period. It is expected that by mid-2025, exports of large-displacement motorcycles will exceed 500,000 units, with an overseas market share reaching 9%. The successful experience of Honda Motor shows that globalization needs to combine technology, products, and cultural adaptability. Domestic brands are gradually shifting from "manufacturing export" to "system output," achieving sustainable global development

Zhitong

Honda Motor

QJMOTOR

CFMOTO

LONCIN

Minsheng Securities: The overseas medium and large motorcycle market has vast potential, and domestic leading motorcycle companies are expected to achieve rapid expansion