关税压力下 “飞机大户”如何应对？

Core Viewpoint - Fitch Ratings has adjusted the rating outlook of six Chinese state-owned banks' non-bank financial subsidiaries from "negative" to "stable" [1] Group 1: Company Ratings and Performance - The six financial subsidiaries include four leasing companies: ICBC Financial Leasing, Bank of Communications Financial Leasing, CCB Financial Leasing, and BOCA Aviation [1] - BOCA Aviation, a state-owned enterprise, focuses on aircraft leasing and has achieved a 100% aircraft utilization rate for the first time in five years, with a total of 829 aircraft and engines [1] - ICBC Financial Leasing owns over 500 aircraft, including four C919s, while Bank of Communications Financial Leasing has a fleet of 298 aircraft [1] Group 2: Industry Challenges and Risks - Aircraft leasing companies face risks from tariff changes, which can significantly impact procurement costs [3] - The recent announcement of a "reciprocal tariff" policy by the U.S. government could increase the cost of Boeing 737 MAX 8 aircraft from approximately $120 million to over $200 million [3] - In 2024, China is expected to import approximately $12.167 billion worth of helicopters, aircraft, and parts, with over 50% coming from the U.S. [3] Group 3: Strategic Recommendations - Aviation leasing companies should review existing contracts to assess tax cost implications and utilize tariff exclusion rules [5] - It is crucial for companies to clarify tax burden responsibilities in contracts to avoid disputes and renegotiations [5] - Companies are advised to negotiate supplementary agreements to address new tax burdens and reduce uncertainties [5]