据WSJ消息，在被中国航司接连退回两架飞机后，波音公司CEO Kelly Ortberg威胁，将停止为中国生产客机。 Ortberg表示，如果中方航司因中美贸易战导致的高额关税而不接收飞机，波音将另寻买家。 "我们不会继续为那些不愿接收飞机的客户生产飞机。" 长期以来，中国航空公司一直是波音737、777和787机型的大客户。尤其是中国南方航空、中国国际航空和中国东方航空这"三大"国有航空公司，更是这 家美国制造商的重要买家。 Flight Master数据显示，中国三大航旗下波音飞机的总数大约616架。 南航：247架 国航：204架 东航：165架 这是一场双输的"战争"。 一方面，对于中国航空业来说，疫情后急需扩充机队，但却陷入贸易关税影响的漩涡之中。 而对近年来飞机事故频发、财务危机压顶的波音而言，中国市场每年本来可以贡献数十亿美元收入，如今却因为贸易风波，惨遭其最大客户"退货"。 01 印度、马来西亚航司想接盘，也要付出高额代价 就在波音面临中国难题之际，马来西亚航空与印度航空早已闻风而动，迅速盯上了中国退回的737 Max飞机。 马航母公司已连续三年盈利，急于扩张机队，3月再订购30架737 Ma ...

上行风险：潜在的激进股东参与，787和/或MAX项目的现金利润率好于预期，公司在777X过渡期间维 持777交付率的能力，低于预期的777X、单通道和中端市场飞机的未来开发成本。 下行风险：劳动力市场对人才的激烈竞争可能使新产品开发更具挑战性。新项目和量产项目 (737MAX、777X、KC-46)的执行风险可能导致成本超支和利润收缩。贸易政策的变化带来影响。如果 油价持续大幅飙升至每桶100美元以上，将对飞机需求产生负面影响。由于外部因素，商业航空的低迷 可能会对财务业绩产生不利影响。由于飞机以美元计价，美元意外的快速升值可能会显著影响订单活 动。此外，强势美元可以提高欧洲竞争对手的优势。787客机的修复可能需要比预期更长的时间。近期 事件引发的声誉风险可能导致增量订单减少。可能无法实现的资产出售。 尽管交付延迟，但生产显示出实质性进展。就生产而言，4月份的表现超出了AAP的预期，本月迄今为 止完成了24架737的出厂，接近25年第一季度约27架的平均水平。对于第二季度，AAP预计每月将有28 架新飞机投入使用，这虽然是一个温和的增长，但反映了这样一个事实，即第一季度的表现部分得益于 24年第四季度已经完成 ...

Group 1 - Boeing is facing challenges due to the US-China trade war, with approximately 50 planes worth over $1 billion in revenue that cannot be delivered to Chinese customers due to tariffs [1][2] - China constitutes 10% of Boeing's commercial backlog, prompting the company to seek alternative markets with more stable demand [1][3] - Boeing reported a first-quarter revenue of $19.5 billion, an 18% increase from the previous year, and narrowed its losses to $31 million [3] Group 2 - Chinese airlines have returned two completed planes to the US, with plans for a third return, while other customers are interested in taking over delivery slots due to previous delays [2] - Boeing executives are actively engaging with the US administration regarding tariffs and their potential impact on trade, emphasizing the significance of aircraft in the trade surplus [6][7] - The company estimates that higher tariffs could result in an annual cost of $500 million, despite most of its supply chain being based in the US and having tariff exemptions for imports from Mexico and Canada [8]

报道称，美国总统特朗普与中国和其他国家的贸易冲突对作为美国主要出口商的波音来说是一个不确定 因素。 据参考消息援引外媒4月23日报道，波音公司首席执行官凯利·奥特伯格23日证实，由于美中贸易战，中 国已停止接收新飞机。 奥特伯格说，波音计划在2025年向中国交付约50架飞机。他说，该公司不会"等太久"才把这些飞机交给 其他客户。 报道称，奥特伯格在接受采访时表示，"由于关税环境"，中国客户已经"停止接收飞机交付"。 ...

今天上午，一架尚未交付国航的波音737Max飞机从舟山波音完工中心起飞，目的地是波音总装厂所在 地西雅图。 在此之前，已有两架待交付厦航的波音飞机退回美国。由于"对等关税"，国内航司开始暂停接收波音飞 机，吉祥航空也确认推迟接收原本要交付的波音787飞机。 ...

个股方面，特斯拉涨5.3%，此前特斯拉首席执行官马斯克表示，他将大幅减少在美国政府效率部的 工作时间，投入更多时间经营公司。这家电动汽车制造商公布的季度净利润暴跌71%。 明星科技股中，亚马逊涨4.2%，Meta Platforms涨4.0%，英伟达涨3.6%，谷歌涨2.5%，苹果涨 2.2%，微软涨1.9%。 英特尔涨5.5%，有消息称该芯片制造商将裁员20%以上。 2025.04. 24 本文字数：1117，阅读时长大约2分钟 作者 | 第一财经 樊志菁 周三，美股全线上涨，特朗普政府连续就关税放风，贸易战缓和预期提振市场情绪，同时，美国总统 特朗普表示不打算罢免美联储主席鲍威尔。 截至收盘，道指涨419.59点，涨幅1.07%，报39606.57点，纳指涨2.50%，报16708.05点，标普500 指数涨1.67%，报5375.86点。 波音涨6.1%，公司季度亏损小于预期，一季度生产和交付了更多的飞机。 纳斯达克中国金龙指数涨2.9%，阿里巴巴涨2.7%，拼多多涨2.2%，网易涨1.6%，京东跌0.3%。 国际油价走弱，市场传言产油国组织（OPEC+）可能进一步增产。WTI原油近月合约跌2.20%， ...

Core Viewpoint - BofA Securities analyst Ronald J. Epstein maintains a Neutral rating on Boeing Company with a price target of $185, following stronger-than-expected first-quarter 2025 results [1] Financial Performance - Boeing reported a revenue increase of 18% year over year, reaching $19.496 billion, surpassing the consensus estimate of $19.43 billion [1] - The adjusted loss per share improved to 49 cents from $1.13 in the same quarter of 2024, beating the consensus estimate of a $1.27 loss per share [1] Delivery and Production Challenges - Boeing's 737 deliveries in April fell short of expectations, with only 16 units delivered compared to 22 units in the same period last month, which was already below projections [2] - Ongoing uncertainty regarding deliveries to China due to tariff-related issues has led Boeing to reposition aircraft, with two jets returning to Boeing Field and three moved to Moses Lake [3] - Despite these challenges, Boeing is expected to reallocate jets to markets with strong airline capacity demand, particularly in India [4] Production Outlook - Aero Analysis Partners anticipates Boeing will average 28 737 rollouts per month in the second quarter, a slight increase due to first-quarter output being boosted by previously completed aircraft [5] - The firm believes Boeing may reach a monthly production rate of 38 later this year, although maintaining that pace could be challenging [5] Stock Performance - Boeing shares increased by 5.9% to $172.27 on Wednesday [5]

Boeing CEO Kelly Ortberg said Wednesday that he will work to protect the aerospace giant's turnaround from the impact of the trade war between the U.S. and its trading partners, particularly China. Ahead of the company's quarterly earnings announcement, Ortberg sent a letter to Boeing employees outlining the company's progress on four areas of its recovery plan, which included comments about how the ongoing trade disputes could impact the company."While we are closely watching the developments in global tra ...

Financial Performance and Key Metrics - Revenue for Q1 2025 was $19.5 billion, an increase of 18% primarily driven by higher commercial delivery volume [31] - Core loss per share improved to $0.49, reflecting higher commercial deliveries and improved operational performance [31] - Free cash flow usage was $2.3 billion, better than expectations due to higher commercial deliveries and improved working capital [31][32] Business Line Performance Boeing Commercial Airplanes (BCA) - BCA delivered 130 airplanes in the quarter, with revenue of $8.1 billion and an operating margin of -6.6% [32] - The backlog for BCA increased to $460 billion, up more than $25 billion sequentially, including over 5,600 airplanes [33] - The 737 program delivered 105 airplanes, with production expected to ramp up to 38 per month in the coming months [34][12] - The 787 program stabilized production at five per month, with plans to increase to seven per month [14][38] Boeing Defense, Space & Security (BDS) - BDS booked $4 billion in orders, with a backlog of $62 billion [40] - Revenue was $6.3 billion, down 9% due to planned lower volume [41] - Operating margin improved to 2.5%, reflecting stabilizing operational performance [42] Boeing Global Services (BGS) - BGS received $5 billion in orders, with revenue stable at $5.1 billion and an operating margin of 18.6% [46][47] - BGS delivered the 100th 767-300 Boeing converted freighter [47] Market Data and Key Metrics - Approximately 70% of commercial deliveries are planned for customers outside the U.S., with a backlog of over $0.5 trillion [51] - China represents about 10% of the commercial backlog, with 50 deliveries planned for the year, but potential issues due to tariffs [52][27] Company Strategy and Industry Competition - The company is focused on stabilizing its business, improving development program execution, changing its culture, and building a new future [9][21] - The planned divestiture of portions of the digital aviation solutions business is part of a strategy to streamline the portfolio and strengthen the balance sheet [50] - Winning the F-47 program is seen as a transformational accomplishment for the defense business [8] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the recovery plan and noted that the operational KPIs are showing improvement [6][28] - The company is actively engaging with the administration regarding tariffs and their impact on the business [60] - Management remains optimistic about demand for aircraft despite challenges in the China market [92] Other Important Information - The company has a cash balance of $23.7 billion and a debt balance of $53.6 billion, with access to $10 billion in revolving credit facilities [48][49] - The company is committed to maintaining an investment-grade rating and managing its balance sheet prudently [49] Q&A Session Summary Question: Interaction with Washington on Tariffs - Management is actively engaged with the administration regarding tariffs and their implications for the aviation industry [58][60] Question: Delivery Expectations for 737 and 787 - The company expects to deliver around 400 737s and approximately 80 787s this year, with adjustments for the China situation [66][67] Question: Impact of Tariffs on Costs - The net annual impact of higher tariffs on input costs is manageable, estimated to be less than $500 million [77][78] Question: Free Cash Flow Outlook - The company expects free cash flow usage in Q2 to be in line with Q1, with a positive turnaround anticipated in the second half of the year [86][88] Question: Production Rate Increases - The company plans to increase production rates for both the 737 and 787, with stability in KPIs being a key factor [92][94] Question: F-47 Contract Structure - Details on the F-47 contract structure are limited, but management is focused on appropriate contract types to mitigate risks [100] Question: Status of Key Performance Indicators (KPIs) - Management reported improvements in KPIs for both the 737 and 787 programs, with ongoing efforts to stabilize production [105][106]

The Boeing Company (BA) incurred an adjusted loss of 49 cents per share in the first quarter of 2024, narrower than the Zacks Consensus Estimate of a loss of $1.54. The bottom line also improved from the year-ago quarter’s reported loss of $1.13 per share. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)Including one-time items, the company reported a GAAP loss of 16 cents per share, narrower than the year-ago quarter’s reported loss of 56 cents.The year-over-year improvement in the ...