Company Overview - The company reported a 7% year-on-year increase in profit for 1H25, reaching 140 million HKD, driven by cost improvements and significant contributions from aircraft disposals [1] - The company plans to deliver 15 new aircraft in the second half of the year while selling 6-10 aircraft, which is expected to support rental income performance [1] Revenue and Income - Rental income decreased by 14.1% year-on-year to 1.91 billion HKD, accounting for 79% of total revenue, primarily due to a reduction in fleet size from aircraft disposals [1] - Net income from aircraft transactions surged by 1060.2% year-on-year to 290 million HKD, corresponding to the sale of 19 aircraft, an increase of 14 aircraft compared to the previous year [1] Cost Management - The company reduced its interest-bearing debt by 11.0% year-on-year, resulting in interest expenses decreasing by 17.6% to 1.1 billion HKD [1] - The company's leverage ratio improved from 9.1x at the end of 2024 to 8.4x, with a focus on optimizing debt and capital structure to lower financing costs [1] Fleet and Orders - As of the end of 1H25, the company had a fleet of 181 aircraft, with 151 owned and 30 managed, maintaining a leading position in high liquidity narrow-body aircraft [2] - The company has a robust order book of 114 aircraft, which supports future growth amid tightening supply chains [2] Market Position and Valuation - The company is maintaining its 2025 profit forecast and introducing a profit estimate of 475 million HKD for 2026, currently trading at 0.79x/0.75x P/B for 2025/2026 [2] - The target price has been raised by 22% to 5.0 HKD, reflecting an upward adjustment based on sustained high market conditions for aircraft [2]
中国飞机租赁(01848.HK)：行业高景气与公司战略共振 关注盈利能力修复