智通财经6月5日电，中银航空租赁在港交所公告，购买及长期租赁九架空客A320NEO飞机。 ...

Financial Performance - The company achieved a record net profit of $924 million in 2024, up 21% from $764 million in 2023[2]. - Total operating revenue and other income increased by 4% to $2.6 billion compared to $2.5 billion in 2023[9]. - The pre-tax profit rose by 21% to $1.04 billion, up from $861 million in the previous year[10]. - Operating cash flow (excluding interest) increased by 13% to $1.9 billion[9]. - The company’s core business generated a net profit of $633 million, reflecting a 16% increase compared to 2023[27]. - The net profit after tax for 2024 is $924 million, resulting in a return on equity of 15.3%[51]. - The company reported a net profit of $924 million for the year ended December 31, 2024, an increase of 20.9% from $764 million in 2023[90]. - Operating revenue and other income increased by 3.9% to $2.56 billion in 2024, driven primarily by a significant rise in financing lease interest income[75]. - The company achieved a pre-tax profit of $1.04 billion in 2024, an increase of 20.8% from $860.6 million in 2023[88]. Assets and Liabilities - Total assets reached a historical high of $25.1 billion, a 4% increase from $24.2 billion in 2023[10]. - Total assets increased by 3.7% to $25.05 billion as of December 31, 2024, up from $24.17 billion in 2023[91]. - The total equity rose by 10.7% to $6.36 billion in 2024, compared to $5.75 billion in 2023[91]. - The total liabilities increased by $300 million in 2024, with bank borrowings rising to 46% of total borrowings[59]. - Total debt as of December 31, 2024, was $16.668 billion, compared to $16.589 billion as of December 31, 2023[105]. - The total capital debt ratio decreased from 2.9 times as of December 31, 2023, to 2.6 times as of December 31, 2024[105]. Aircraft and Fleet Management - The fleet includes 709 aircraft and engines, with a utilization rate of over 99% for owned fleet aircraft as of December 31, 2024[18]. - The company executed 260 transactions in 2024, including commitments to purchase 47 aircraft and the delivery of 38 aircraft[18]. - The company delivered 38 new aircraft in 2024, although 27 planned deliveries were postponed to 2025[29]. - The company has a backlog of 232 aircraft orders, with future capital expenditure commitments amounting to $12.1 billion[58]. - The company plans to deliver 47 aircraft this year, all of which have been leased to airline customers at favorable rates[33]. Financing and Debt - The company raised new debt financing of $5.5 billion, including $4 billion in loans and $1.5 billion in bonds[9]. - The company has raised over $46 billion in debt financing and has a record liquidity of $5.8 billion in unutilized committed credit lines as of December 31, 2024[36][37]. - The company’s debt financing cost is projected to be 4.5% for 2024, benefiting from a strong investment-grade credit rating[36]. - Financial expenses increased by 11.6% to $710.3 million in 2024, primarily due to a rise in debt cost with an interest rate of 4.5% compared to 4.1% in 2023[85]. Corporate Governance - The company is committed to high standards of corporate ethics, transparency, and accountability to enhance shareholder value[148]. - The board of directors is responsible for strategic leadership and control, with a clear division of responsibilities between the board and management[154]. - The company has adopted and complied with the principles and applicable provisions of the corporate governance code for the year ending December 31, 2024[148]. - The company has a corporate governance policy that guides its directors and senior management in maintaining good governance practices[148]. - The company emphasizes risk management and internal control oversight as part of its governance practices[155]. Risk Management - The company has established a risk management and internal control system to achieve business objectives, providing reasonable assurance against misstatements or losses[179]. - The internal audit department conducts independent reviews of key risk areas and monitors compliance with accounting, financial, and operational procedures[182]. - The company evaluates the effectiveness of its risk management and internal control systems annually, covering all significant controls, including financial and operational controls[181]. - The audit committee is responsible for analyzing and independently assessing the adequacy and effectiveness of the company's risk management and internal control systems[182]. - The risk management committee and internal control committee oversee daily management matters related to risk management[180]. Diversity and Inclusion - The company achieved a total of four female directors, exceeding the board's gender diversity target[162]. - The proportion of female employees in the management team reached 20%, while the overall female employee ratio was 49%, surpassing the 45% target[162]. - The board has adopted a diversity policy, reviewed by the nomination committee in November 2024 and by the board in December 2024[160]. - The company is committed to maintaining at least two female directors on the board and a minimum of 45% female representation among employees[161]. Management Changes - Steven Townend appointed as Executive Director and CEO effective January 1, 2024[168]. - Liu Yunfei appointed as Non-Executive Director effective April 16, 2024[169]. - Liu Jin resigned as Non-Executive Director and Chairman on March 27, 2024[177]. - Robert James Martin retired as General Manager and CEO on December 31, 2023, and reappointed as Non-Executive Director on January 1, 2024[177].

24年公司毛租赁收益率同比持平、主因经营租赁飞机交付受阻且老飞机出售加速，同时考虑飞机交付时 间较租赁合约签订时间的滞后性，24年新交付飞机的租赁收益率或主要为2022年末至2023年初所签订价 格、尚未充分体现近两年的飞机价值上涨。向前看，考虑经营租赁机队交付速度或迎边际改善(1Q25同 比已现显著提升)、同时新交付飞机价格仍将持续增长，2025年毛租赁收益率或步入上行通道、带动净 租赁收益率稳中有升。 "对等关税"波动影响或相对可控 全球航空业需求方面，"对等关税"通过影响全球贸易、或导致航空需求降低、进而压制飞机价值及租赁 利用率表现。鉴于新技术飞机能为航司带来较高经济效率，且当前市场存在较大供给缺口，该行预计公 司依托高吸引力的机队结构有望在不确定性环境中体现更强的稳健经营能力(截至1Q25末，公司自有机 队平均机龄5.1年、平均剩余租期7.9年、飞机利用率100%，且订单簿中100%为新技术机型)。 飞机租赁成本方面，考虑各国对美"对等关税"的反制措施、且当前来看上游供应商及租赁商或将关税成 本转嫁给下游航司，当前以波音飞机为代表的原产于美国的飞机、发动机及航材的境外贸易及租赁需求 或受到抑制，其中 ...

2025 年 03 月 13 日 中银航空租赁 (02588) ——滞俄飞机减计影响出清，交付掣肘与降息放缓成关键 变量 上 市 公 司 非银金融 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 13 日 | | --- | --- | | 收盘价（港币） | 61.85 | | 恒生中国企业指数 | 8640.61 | | 52 周最高/最低（港币） | 70.25/53.60 | | H 股市值（亿港币） | 429.25 | | 流通 H 股（百万股） | 694.01 | | 汇率（人民币/港币） | 1.0832 | 一年内股价与基准指数对比走势： -3% 17% 37% 57% HSCEI 中银航空租赁 资料来源：Bloomberg 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 研究支持 金黎丹 A0230123060002 jinld@swsresearch.com 联系人 金黎丹 (8621)23297818× jinld@swsresearch.com 事件：3 月 13 日，中银航空租赁披露 2024 ...

证券研究报告 中银航空租赁 (2588 HK) 港股通 保险赔偿拉高利润，NLY 有望改善 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 3 月 | 14 日│中国香港 | 租赁 | 中银航空租赁（BOCA）24 年归母净利润 9.2 亿美元（同比+21%），好于 我们预计的 7.5 亿美元，主要由于下半年与滞俄飞机有关的 1.15 亿保险赔 偿拉高了利润。剔除涉俄因素后的核心净利润为 6.3 亿美元。净租赁收益率 （NLY）同比提升 10bps 至 7.2%，主因经营租赁业务的资金成本逐渐下降。 预计未来飞机供不应求仍将带动飞机价值和租金提升，并利好公司租赁收入 和飞机处置收入。上游飞机制造商的产能边际好转亦将部分缓解交付压力。 同时倘若海外利率进一步下行，公司负债成本压力将进一步下降。"买入" 资本开支目标保持不变，25 年飞机交付有望边际好转 2024 年末自有飞机和引擎 445 架，在管飞机 32 架，已订飞机 232 架。飞 机资产的账面净值为 180 亿美元，同比下滑 5%，主因飞机出售数量增多， 以及上游飞机制造商产能短缺拖累交付（27 架飞机延期 ...

非银金融 上 市 公 司 变量 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 13 日 | | --- | --- | | 收盘价（港币） | 61.85 | | 恒生中国企业指数 | 8640.61 | | 52 周最高/最低（港币） | 70.25/53.60 | | H 股市值（亿港币） | 429.25 | | 流通 H 股（百万股） | 694.01 | | 汇率（人民币/港币） | 1.0832 | 一年内股价与基准指数对比走势： -3% 17% 37% 57% HSCEI 中银航空租赁 资料来源：Bloomberg 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 研究支持 金黎丹 A0230123060002 jinld@swsresearch.com 2025 年 03 月 13 日 中银航空租赁 (02588) ——滞俄飞机减计影响出清，交付掣肘与降息放缓成关键 证 券 研 究 报 告 联系人 金黎丹 (8621)23297818× jinld@swsresearch.com 本研究报告仅通过邮件提供给 ...

Investment Rating - The investment rating for the company is "Buy" [7]. Core Views - The company faced challenges in aircraft deliveries due to upstream manufacturers' capacity constraints, resulting in a year-over-year decrease of 26 aircraft delivered in 4Q24. The total number of owned aircraft slightly increased to 435 [2][3]. - The company is exploring engine business opportunities, having acquired 10 engines by the end of 4Q24, which is expected to help mitigate capital expenditure gaps caused by aircraft delivery issues [2][3]. - The anticipated core ROE for 2024 is expected to remain roughly in line with 2023 levels, despite potential pressure from rising funding costs due to the Federal Reserve's interest rate policies [4]. Summary by Sections Aircraft Delivery and Operations - In 4Q24, the company executed 77 transactions, including the delivery of 13 aircraft and commitments to purchase 14 aircraft and 4 engines. The total aircraft delivered in 2024 was 38, falling short of the mid-term target of 55 due to manufacturing capacity issues and a Boeing worker strike [3]. - The owned aircraft utilization rate remained stable at 99%, with an average fleet age of 5.0 years and an average remaining lease term of 7.9 years [3]. Financial Projections - Revenue and other income are projected to be $2,365 million in 2024, a decrease of 3.91% from 2023. The net profit attributable to the parent company is forecasted at $749.89 million, a slight decrease of 1.83% [6]. - The company’s target price has been adjusted to HKD 78, based on a projected PB of 1.04x for 2025 and a BVPS of USD 9.65 [5][12]. Market Conditions - The demand for air travel continues to recover, with global RPK increasing by 8.1% year-over-year in November. This recovery is expected to drive growth in aircraft leasing demand [4]. - The company’s stock is currently trading at 0.82x 2025E PB and offers a dividend yield of 4.4% [5][8].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 82.00 [2][7][10] Core Insights - In Q3 2024, the company delivered 7 aircraft, bringing the total owned aircraft to 430, a slight increase from 429 in Q2 2024. The company aims to actively seek opportunities for sale-leaseback and financing leases to expand capital expenditures [3][4] - The company sold 6 owned aircraft in Q3 2024, maintaining a stable utilization rate of 99% for its owned fleet. The average age of the fleet is 5.0 years, with an average remaining lease term of 7.8 years [4] - The company issued a 7-year USD 500 million bond at an interest rate of 4.625%, reflecting a decrease in financing costs compared to over 5% in the first half of the year [3][5] - The company slightly adjusted its net profit forecasts for 2024, 2025, and 2026 to USD 750 million, USD 705 million, and USD 780 million respectively, with a core net profit expectation of USD 570 million for 2024 [3][5] Financial Summary - The company reported revenues of USD 2.365 billion for 2024E, a decrease of 3.91% compared to 2023. The net profit attributable to the parent company is projected at USD 749.89 million for 2024E, a slight decrease of 1.83% [6][17] - The expected EPS for 2024E is USD 1.08, with a PE ratio of 7.44 and a PB ratio of 0.90 [6][17] - The forecasted ROE for 2024E is 12.52%, with a dividend yield of 4.55% [6][17] Market Context - The global air travel demand continues to recover, with a year-on-year increase of 8.6% in revenue passenger kilometers (RPK) as of August, which is expected to improve the profitability of airlines [5] - The ongoing Boeing workers' strike has intensified supply chain pressures, potentially leading to increased aircraft rental rates and values, while also affecting aircraft deliveries [4][5]

Topic 1: Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8% due to increased marketing and R&D investments [3]. Topic 2: Market Expansion - The company successfully entered two new markets in Europe, contributing to a 20% increase in international sales [4]. - A new distribution center was opened in South America to support regional growth [1]. - Strategic partnerships were formed with local retailers in Southeast Asia to enhance market penetration [3]. Topic 3: Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [2]. - R&D spending increased by 10% to accelerate innovation and product differentiation [4]. - Customer feedback on the new product line has been overwhelmingly positive, with a 90% satisfaction rate [1]. Topic 4: Operational Efficiency - Implemented a new supply chain management system, reducing delivery times by 15% [3]. - Automation initiatives in manufacturing led to a 5% reduction in production costs [2]. - Employee training programs were expanded, resulting in a 10% improvement in operational productivity [4]. Topic 5: Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [1]. - Introduced eco-friendly packaging for all product lines, reducing plastic usage by 25% [3]. - Committed to achieving net-zero emissions by 2030, with a detailed roadmap published in the latest sustainability report [4]. Topic 6: Corporate Governance - Appointed two new independent directors to the board, enhancing oversight and strategic guidance [2]. - Strengthened compliance measures, resulting in zero regulatory violations this quarter [1]. - Shareholder engagement initiatives were expanded, with a focus on improving transparency and communication [3].

证券研究报告 港股公司|公司深度|中银航空租赁（02588） 资产负债两端共振，景气周期充分受益 glzqdatemark1 证券研究报告 |报告要点 公司营业收入中 80%来自于飞机经营性租赁，而飞机供需差格局短期难以扭转，公司资产端收 益水平有望持续提升。从需求端来看，2024 年 5 月全球市场 RPKs 同比+10.7%，需求端依旧呈 现较强的增长态势，全球机队新增+替换需求超 2000 架/年。从供给端来看，2024 年上半年空 客与波音的月均产能为 72 架，为 2015 年以来的第二低水平。供不应求状态下，飞机租金持 续提升，公司资产端收益水平有望持续上行。从负债端来看，公司 30%债务为浮息债务，若后 续美联储降息，公司资金成本有望走低。资产负债双重改善，公司业绩有望步入上行期。 |分析师及联系人 SAC：S0590522100001 刘雨辰 曾智星 陈昌涛 中银航空租赁(02588) 资产负债两端共振，景气周期充分受益 | --- | |-------------------| | 非银金融/多元金融 | | 买入（首次） | | 67.10 港元 | | | | 694.01/694.01 ...