BOC AVIATION(HK:02588) 智通财经网·2025-04-14 01:59Core 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].