中银航空租赁：3Q24：7架飞机交付

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 82.00 [2][7][10] Core Insights - In Q3 2024, the company delivered 7 aircraft, bringing the total owned aircraft to 430, a slight increase from 429 in Q2 2024. The company aims to actively seek opportunities for sale-leaseback and financing leases to expand capital expenditures [3][4] - The company sold 6 owned aircraft in Q3 2024, maintaining a stable utilization rate of 99% for its owned fleet. The average age of the fleet is 5.0 years, with an average remaining lease term of 7.8 years [4] - The company issued a 7-year USD 500 million bond at an interest rate of 4.625%, reflecting a decrease in financing costs compared to over 5% in the first half of the year [3][5] - The company slightly adjusted its net profit forecasts for 2024, 2025, and 2026 to USD 750 million, USD 705 million, and USD 780 million respectively, with a core net profit expectation of USD 570 million for 2024 [3][5] Financial Summary - The company reported revenues of USD 2.365 billion for 2024E, a decrease of 3.91% compared to 2023. The net profit attributable to the parent company is projected at USD 749.89 million for 2024E, a slight decrease of 1.83% [6][17] - The expected EPS for 2024E is USD 1.08, with a PE ratio of 7.44 and a PB ratio of 0.90 [6][17] - The forecasted ROE for 2024E is 12.52%, with a dividend yield of 4.55% [6][17] Market Context - The global air travel demand continues to recover, with a year-on-year increase of 8.6% in revenue passenger kilometers (RPK) as of August, which is expected to improve the profitability of airlines [5] - The ongoing Boeing workers' strike has intensified supply chain pressures, potentially leading to increased aircraft rental rates and values, while also affecting aircraft deliveries [4][5]