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].

Core Insights - 中银航空租赁 (02588) reported significant year-on-year growth in transactions for Q1 2025, with a record-high order book size, indicating strong operational performance and potential for long-term value [1][2]. Group 1: Operational Performance - In Q1 2025, the company executed 158 transactions compared to 54 in Q1 2024, including the delivery of 11 aircraft (up by 6 aircraft year-on-year) and commitments to purchase 125 new aircraft [2]. - The total fleet size increased by 15 aircraft year-on-year to 442, while the order book grew by 117 aircraft year-on-year to 339, marking a historical high [2]. - The company is expected to see an improvement in gross rental yield and stable net rental yield due to enhanced delivery rates and rising aircraft values [2]. Group 2: Market Conditions - The impact of "reciprocal tariffs" on global aviation demand is expected to be manageable, as the company has a strong fleet structure that can withstand uncertainties [3]. - The average age of the company's fleet is 5.1 years, with an average remaining lease term of 7.9 years and a utilization rate of 100%, indicating operational efficiency [3]. - The company has minimized exposure to Chinese airlines, with only 19% of its business related to this segment as of the end of 2024, and no plans to deliver aircraft from the U.S. to Chinese airlines before the end of 2026 [3].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a total revenue of USD 2.56 billion for 2024, a year-on-year increase of 4%, and a net profit of USD 924 million, up 21% year-on-year, marking a historical high [5] - The core net profit, excluding the impact of the write-down of Russian aircraft, was USD 633 million, reflecting a 16% year-on-year increase [5] - The company faces challenges in aircraft delivery due to supply chain issues, which may affect core rental income [6] - The aviation industry is experiencing a strong recovery, with a projected CAGR of 5.1% for passenger demand in the Asia-Pacific region over the next 20 years, significantly higher than North America and Europe [6] - The company benefits from a young fleet and a high remaining lease term, which positions it well to capitalize on the growth in the Asia-Pacific aviation market [6] Financial Data and Earnings Forecast - The company expects revenues to grow from USD 2.56 billion in 2024 to USD 2.82 billion by 2027, with net profits projected to decline to USD 671 million in 2025 before recovering to USD 754 million by 2027 [6][7] - The financial forecast includes a decrease in net profit estimates for 2025 and 2026 due to anticipated delivery issues and rising funding costs [6] - The company’s net asset return is expected to remain stable, with a projected return on equity of around 10.2% from 2025 to 2027 [6] Company Insights - The company has a fleet of 709 aircraft, with 445 owned, achieving a utilization rate of over 99% [6] - The average age of the fleet is 5.0 years, significantly younger than the global average of 15 years, which enhances its competitive position [6] - The company sold 29 aircraft in 2024 and signed 118 new lease commitments, indicating active fleet management [6] - The company’s order book stands at 232 aircraft, reflecting strong demand despite delivery challenges [6]

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 ...

利息收入增长驱动营收上升，订单指标显 示公司经营稳步进行 中银航空租赁 1H2024 业绩点评 核心观点 ⚫ 利息及手续费收入增长显著，受债务成本影响公司租金收益率仍处低位。1） 1H24，公司实现营业收入 11.74 亿美元，+10.67%YoY，实现归母净利润 4.60 亿美 元，+75.87%YoY。2）1H24 飞机出租率为 99.1%（去年同期为 99.0%）；受全球 高息影响，1H24 债务成本为 4.6%，+0.7pct YoY，租金收益率与净租赁收益率分别 为 9.75%与 7.00%（去年同期分别为 9.78%与 7.00%），仍处于历史低位。3） 1H24 公司年化 ROE 为 15.58%，净利率为 39.18%（去年同期年化为 9.91%与 24.66%）。4）1H24 公司实现飞机租金收入、利息及手续费收入及处置飞机收益分 别 9.28/1.32/0.56 亿美元，同比分别-1.31%/+118.71%/+300.72%。 ⚫ 飞机交付与出售数量回升，订单簿、新签租赁承诺等指标显示公司经营稳步进行。 1）1H24 公司完成资本开支 8 亿美元，同比-50%，2H24 已承诺资本支出 ...