研报掘金丨广发证券：予渤海租赁 “买入”评级，主业盈利能力显著提升

Core Viewpoint - Bohai Leasing is expected to report a significant divergence in its 2025 performance, with a projected net profit loss of 250 million to 500 million yuan, primarily due to a one-time goodwill impairment. However, excluding the impact of a 3.289 billion yuan goodwill impairment in the first half of the year, the net profit attributable to shareholders is estimated to be around 2.8 billion to 3.05 billion yuan, reflecting a substantial year-on-year increase of 210% to 237% [1] Group 1 - The core driving factors for the expected profit increase include strong global air passenger demand and limited production capacity from aircraft manufacturers, which have kept aircraft leasing rates and renewal rates at high levels [1] - Accelerated aircraft sales are also contributing positively to the company's performance [1] - A debt restructuring gain is anticipated to be confirmed in Q4 2025, further supporting the financial outlook [1] Group 2 - Looking ahead to 2026, the removal of impairment disturbances, combined with expectations of interest rate cuts by the Federal Reserve leading to lower financing costs, and the delivery of high-margin aircraft, is expected to result in a substantial reversal in the company's performance [1] - The strategic transformation focusing on aircraft leasing is expected to yield further positive results [1] - The company is assigned a valuation of 1x PB for 2026, corresponding to a reasonable value of 5.26 yuan per share, with a "Buy" rating [1]