BOC AVIATION(HK:02588) Ge Long Hui·2025-08-23 11:31Core Viewpoint - 中银航空租赁的1H25业绩符合预期，显示出强劲的业绩释放能力和市场需求的增长 [1][3] Financial Performance - 1H25 total revenue reached 1.24 billion USD, a year-on-year increase of 6% [1] - Taxed net profit was 342 million USD, a 20% increase compared to core net profit in 1H24 [1] - The interim dividend was set at 0.1476 USD, corresponding to a dividend payout ratio of 30% [1] Asset Side - The order book expanded significantly, with expected deliveries in 2025 projected to increase by 26% year-on-year [2] - As of the end of 1H25, the fleet size was 834 aircraft, with a 100% utilization rate for owned aircraft [2] - The average age of the fleet was 5.0 years, significantly younger than the global average of 15 years [2] - The company sold 18 owned aircraft and signed 43 new leasing commitments in 1H25 [2] - New aircraft deliveries in 1H25 totaled 24, accounting for 63% of the total expected deliveries for 2024 [2] Revenue Side - Demand in the Asia-Pacific region is leading, with a strong performance in both volume and pricing [3] - The market value of the fleet increased by 15% compared to book value, driving up leasing yields [3] - Net leasing yield rose to 7.5% in 1H25, compared to 7.0% in 1H24 [3] - The Asia-Pacific region accounted for 37.2% of the company's aircraft assets and 42.7% of rental income [3] Expenditure Side - The annualized funding cost remained stable at 4.6%, with the company maintaining the lowest spread in the industry [4] - Financial expenses accounted for 44% of total operating expenses, making them a key factor in profitability [4] Investment Analysis - Profit forecasts have been raised, with net profit estimates for 2025-2027 adjusted to 702, 739, and 763 million USD respectively [4] - The company maintains a buy rating based on improved net leasing yields [4]