证券研究报告 中银航空租赁 (2588 HK) 港股通 (%)中银航空租赁 恒生指数 (22) (12) (2) 9 19 Aug-23 Dec-23 Apr-24 Aug-24 资料来源：S&P 基本数据 预计 2024 年净租赁收益率不会低于 2023 年 1H24 年净租赁收益率 7.0%（1H23：7.0%），经营性租赁费率为 9.8%（1H23： 9.8%），2023 年全年净租赁收益率/租赁费率为 7.1/10%，隐含 1H24 的净 租赁收益率和租赁费率可能低于 2H23。我们认为这可能是由于延迟交付对 租赁费率的拖累，以及资金成本的上涨。1H24 资金成本涨至 4.6%（1H23： 3.9%）。1H24 公司交付 18 架飞机，出售 15 架飞机，签署 55 份租约承诺， 自有机队数量小幅上涨至 429 架（1Q24：427 架），平均剩余租期 7.9 年， 平均机龄 4.9 年。融资性租赁贡献提升，1H24 融租收入同比增长 380%， 融租租赁费率涨至 7.2%（1H23：6.2%）。未来随着有更高租赁费率的新飞 机交付以及全球高息压力部分释放，我们认为 2024 年的净租赁收益率可能 不 ...

海 外 公 司 （ 中 国 香 港 ） 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 盈利超预期，美联储降息预期利好成本改善 中银航空租赁(2588) [Table_Industry] 综合金融 [Table_Invest] 评级： 增持 ——中银航空租赁 2024 年半年报点评 股票研究 /[Table_Date] 2024.08.16 | --- | --- | --- | --- | |----------|--------------------|----------------------|-------------------------| | | 刘欣琦(分析师) | 谢雨晟(分析师) | 李嘉木(分析师) | | | 021-38676647 | 021-38674943 | 021-38038619 | | | liuxinqi@gtjas.com | Xieyusheng@gtjas.com | lijiamu026075@gtjas.com | | 登记编号 | S0880515050001 | S0880 ...

上 市 公 司 证 券 研 究 报 告 非银金融 -21% -1% 19% 39% HSCEI 中银航空租赁 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 15 日 | | 收盘价（港币） | 69.20 | | 恒生中国企业指数 | 6035.27 | | 52 周最高/最低（港币） | 70.25/47.15 | | H 股市值（亿港币） | 480.26 | | 流通 H 股（百万股） | 694.01 | | 汇率（人民币/港币） | 1.0914 | 财务数据及盈利预测 | --- | --- | --- | --- | --- | --- | |------------------------|-------|-------|-------|-------|-------| | | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入（百万美元） | 2,307 | 2,461 | | | | | 同比增长率（%） | 6 | 7 | 5 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 BOC AVIATION LIMITED 中銀航空租賃有限公司 * （於新加坡共和國註冊成立的有限公司） 股份代號：2588 截至2024年6月30日止六個月的 中期業績公告 財務摘要 我們截至2024年6月30日止六個月的財務摘要如下： • 經營收入及其他收入總額為11.74億美元，較去年的10.61億美元增長11% • 稅後淨利潤為4.60億美元，較2023年上半年的2.62億美元增長76% • 每股收益為0.66美元，較2023年上半年的每股0.38美元亦上升76% • 董事會宣派中期股息每股0.1988美元，2023年上半年為每股0.1131美元 • 截至2024年6月30日的資產總額為243億美元，與2023年12月31日持平，淨資 產有史以來首次超過60億美元 • 錄得上半年經營現金流量（扣除利息）9.08億美元 • 流動性保持強勁，截至2024年6月30日，除49億美元未動用已承諾貸款授信 ...

[Table_Title] 【广发非银&海外】中银航空租赁 （02588.HK） 利润弹性大于预期，估值稳健上行 [Table_Summary] 核心观点： ⚫ 2024 年 8 月 5 日公司发布正面盈利预告，公告显示公司 2024 年上半 年净利润同比增速在 70-80%，主因 2024 年 3 月初自俄罗斯收回的 2 架飞机带来的增量影响。 ⚫ 复盘 2023 年俄罗斯保险赔付金额，首先，2022 年俄乌冲突为公司带 来 5.07 亿美元的净亏损。2023 年 11 月俄罗斯保险公司针对滞留俄罗 斯的 8 架飞机赔付 2.08 亿美元，到 2023 年底俄罗斯保险公司已针对 11 架飞机赔付 2.58 亿美元。 ⚫ （1）飞机销售数量：公司 2024H1 销售自有飞机 15 架，2023 年 H1 同期仅销售 3 架飞机，参考同业公司，截至 24H1，AERCAP\AIRLEASE 共计销售 64、16 架，去年同期销售 49、10 架，亦有所增长，一定程 度反应波音交付下滑加快航司向飞机租赁公司购买飞机的动作，同时， 飞机销售数量的增长有望推高销售净额。 ⚫ （2）应收租赁款增长：公司应收租赁款在 2 ...

[Table_Page] 公告点评|运输 证券研究报告 [Table_Title] 【广发非银&海外】中银航空租赁 (02588.HK) 经营数据同比改善,交付恶化提振租金 [Table_Summary] 核心观点: ⚫ 2024 年 7 月 8 日,公司公布 2024 年 Q2 经营数据。根据公告内容, 公司 24H1 合计交付 18 架,售出 15 架飞机,去年同期合计交付 16 架 飞机,其中一架代管飞机,合计售出 3 架飞机。 ⚫ 经营层面: (1)公司经营数据明显改善,尤其是飞机销售数据明显增加,高增的 飞机销售量可能带来上半年弹性增长的销售净收益。 (2)截至 24Q2,公司自有机队平均机龄在 4.9 年,较 23 年的 4.6 年 有所增加,反应供应商交付水平下降的同时,机龄的增加可能推动公司 加大老旧资产销售,带动全年飞机销售收益增长。 ⚫ 交付方面: 交付方面,24 年 1-5 月波音、空客分别交付 131、256 架,而 23 年 1 -5 月波音、空客分别交付 206、244 架,整体交付水平在波音安全性 问题频出的背景下持续恶化,而 24Q1RPK、ASK 均相较 2019 年同期 增 ...

证券研究报告 中银航空租赁 (2588 HK) 港股通 2Q24:飞机交付 13 架,售出 11 架 华泰研究 公告点评 2024 年 7 月 09 日│中国香港 租赁 | | | |-------------------------------|---------------------------| | 投资评级(维持): | 买入 | | 目标价(港币): | 78.00 | | 研究员 SAC No. S0570521010001 | 李健,PhDlijian@htsc.com | | SFC No. AWF297 | +(852) 3658 6112 | | 联系人 | 陈宇轩 | | SAC No. S0570122070171 | chenyuxuan020827@htsc.com | | | +(86) 21 2897 2228 | 稳健经营,发行公司史上最窄利差的美元债券 中银航空租赁(BOCA)7 月 8 日披露了 2Q24 运营数据。2Q24 末,公司 自有飞机数量提升至 429 架(1Q24:427 架),自有飞机利用率环比持平。 飞机机龄和剩余租期保持健康。在飞机价值的上升周期中,公 ...

股 票 研 究 [Table_industryInfo] 综合金融 [ Table_Main[ 中 TIna 银fbole] 航 _T 空itle 租] 赁（2588） [评Tab级le_：Inv est] 增持 当前价格（港元）： 57.55 资负两端共振驱动盈利改善 2024.05.26 海 ——中银航空租赁首次覆盖报告 [ 交Ta易bl数e_据M arket] 外 刘欣琦(分析师) 谢雨晟(分析师) 李嘉木(分析师) 52周内股价区间（港元） 48.10-66.35 公 021-38676647 021-38674943 021-38038619 当前股本（百万股） 694 当前市值（百万港元） 39,940 司 liuxinqi@gtjas.com Xieyusheng@gtjas.com lijiamu026075@gtjas.com 证书编号 S0880515050001 S0880521120003 S0880524030003 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 资产端需求提升，租赁费率有望提升，负债端利率下行资金成本有望下降，看好公司 中银航空租 ...

Investment Rating - The report initiates coverage on BOC Aviation (2588 HK) with an "Overweight" rating and a target price of HKD 69 92, representing a 24x PB multiple for 2024 [1][8] Core Views - BOC Aviation is a leading aircraft leasing company with a competitive edge in transaction structuring, low-cost financing, negotiation capabilities, and aircraft asset management [1][3] - The company's short-term profitability was impacted by the pandemic and the Russia-Ukraine conflict, but its cash flow remained stable due to robust legal frameworks in the aviation leasing industry [1] - With the recovery of global aviation demand and potential interest rate declines, BOC Aviation's profitability is expected to surpass pre-pandemic levels [1][4] Business Overview - BOC Aviation operates primarily in operating leases, sale-and-leaseback, and third-party asset management services, with a fleet of 426 owned aircraft as of December 2023 [1] - The company's fleet is well-diversified, with 80% consisting of narrow-body aircraft, and it has a strong order book of 224 aircraft as of December 2023 [30][51] - BOC Aviation's revenue and profitability have shown resilience, with 2023 revenue reaching USD 2 46 billion, up 6 7% YoY, and net profit recovering to USD 763 9 million [33] Competitive Advantages - **Transaction Structuring**: The company maintains an effective tax rate of around 10%, lower than peers, due to its expertise in structuring cross-border transactions [1][43] - **Low-Cost Financing**: BOC Aviation benefits from a strong credit rating, long operating history, and support from its parent company, Bank of China, enabling it to maintain a low debt cost of around 3% annually [1][45] - **Negotiation Power**: With a stable and experienced management team, the company has strong bargaining power with suppliers and customers, enhancing its competitiveness [1][52] - **Aircraft Asset Management**: The company's strategy of customer diversification, flexible operational adjustments, and active aircraft trading improves fleet utilization and investment returns [1][54] Financial Projections - Revenue is forecasted to grow to USD 2 5 billion, USD 2 68 billion, and USD 2 92 billion for 2024-2026, with net profit expected to reach USD 710 million, USD 770 million, and USD 880 million, respectively [1][71] - EPS is projected at USD 1 02, USD 1 10, and USD 1 27 for 2024-2026, with ROE stabilizing at around 11 4%-12 1% [1][71] Industry Outlook - Global aviation demand is recovering, with 2023 passenger traffic reaching 94 1% of 2019 levels, driving demand for aircraft leasing [61] - Aircraft values and lease rates have rebounded post-pandemic, benefiting lessors like BOC Aviation [63] - A potential decline in interest rates could further enhance the company's profitability by reducing financing costs [64] - Boeing forecasts a demand for 42,595 new aircraft globally over the next 20 years, with China accounting for 8,560 of these, indicating significant growth potential for the leasing industry [66]

Financial Performance - Operating revenue and other income increased by 7% to $2.5 billion[6] - Record net profit after tax reached $764 million, compared to $20 million in 2022[8] - Core net profit after tax was $547 million, excluding the after-tax amount of $217 million from the recovery of Russian aircraft[6] - The company achieved a record net profit of $764 million in 2023, significantly up from $20 million in the previous year, surpassing the 2019 record of $702 million[23] - The net profit after tax for 2023 was $764 million, with a return on equity of 14.0%[44] - Pre-tax profit rose significantly to $861 million in 2023 from $29 million in 2022[86] - Net profit after tax increased to $764 million in 2023, up from $20 million in 2022[88] - The overall cost and expenses decreased by 29.7% to $1.6 billion in 2023, compared to $2.28 billion in 2022, primarily due to lower aircraft impairment and other operational efficiencies[70] Assets and Liabilities - Total assets as of December 31, 2023, amounted to $24.2 billion, a 10% increase from 2022[8] - Total assets grew by 9.5% to $24.2 billion as of December 31, 2023, from $22.1 billion in 2022[90] - Total liabilities increased by 9.2% to $18.4 billion in 2023 from $16.9 billion in 2022[91] - The company raised $4.1 billion in new debt financing, including $2.5 billion in loans and $1.7 billion in bonds[6] - The company increased its debt by $1.4 billion in 2023, with total liabilities rising by $1.6 billion[52] - Loans and borrowings rose by 9.2% from $15.1 billion on December 31, 2022, to $16.5 billion on December 31, 2023, driven by the issuance of $1.7 billion in notes and increased borrowings[99] Fleet and Operations - The fleet utilization rate reached 99% as of December 31, 2023[14] - The company executed a record 348 transactions in 2023, including commitments to purchase 95 aircraft[15] - The order book includes 224 aircraft, with a diverse customer base covering 91 airlines across 45 countries and regions[15] - The company successfully purchased 65 aircraft in 2023, bringing the total fleet to 460 owned and managed aircraft[24] - The average age of the fleet was 4.6 years at the end of 2023, with 77% of the fleet consisting of the latest technology aircraft[25] - The average remaining lease term for the company's aircraft is 8.1 years, with 76% of leases expiring in 2030 or later[39] Revenue Sources - The total operating revenue reached $2.46 billion in 2023, with lease rental income accounting for 78% of this total[34] - Lease rental income increased by 7.1% to $1.91 billion in 2023 from $1.78 billion in 2022, driven by improved aircraft utilization and favorable leasing terms[70] - Financing lease interest income surged by 69.4% to $0.69 billion in 2023 from $0.41 billion in 2022, with a rental yield of 6.6% in 2023 compared to 6.2% in 2022[73] - Other income increased by 220.4% to $0.317 billion in 2023, up from $0.099 billion in 2022, mainly due to insurance claims related to aircraft detained in Russia[78] Dividends and Shareholder Returns - The board proposed a final dividend of $0.2721 per share, with total dividends for 2023 reaching $0.3852 per share, representing 35% of net profit after tax[6] Management and Governance - Significant management changes occurred, with new appointments for CEO and CFO effective January 1, 2024[20] - The company is committed to high standards of corporate governance, adhering to relevant laws and regulations in Hong Kong and Singapore[154] - The board of directors is responsible for strategic leadership and control, ensuring effective oversight of management and compliance with corporate governance practices[162] - The company emphasizes risk management and internal control as part of its corporate governance strategy[163] Corporate Strategy and Future Outlook - The company expects further growth in 2024, driven by the recovery of cross-border travel in the Asia-Pacific region[27] - The company plans to implement cost-cutting measures aimed at reducing operational expenses by 5% in the upcoming year[138] - The company is exploring partnerships with key industry players to drive further growth and innovation[138] Employee and Diversity Initiatives - Female employees represent 50% of the total workforce and 26% of the management team, maintaining a stable gender ratio[170] - The company aims to maintain a female employee ratio of at least 45% in the workforce[170] - The company has adopted a board diversity policy, reviewed in December 2022 and December 2023, to ensure a balanced skill set and diverse perspectives[168]