波音：公司进行裁员调整，危机中蕴含复苏机遇

Investment Rating - The report assigns a "Buy" rating to Boeing (BA) with a target price of $220.00, representing a potential upside of 27.14$173.03 [2][5]. Core Insights - Boeing is undergoing significant restructuring, including a planned 10% workforce reduction (approximately 17,000 employees) to enhance efficiency and competitiveness. The CEO emphasized the need for a cultural transformation and improved execution discipline [4][13]. - Despite facing challenges such as a decline in revenue and significant operating losses, the company has a backlog of orders valued at $500 billion, indicating sustained demand for its aircraft [4][36]. - The report anticipates a potential recovery for Boeing by 2025, driven by the duopoly in the commercial aircraft market and ongoing demand from airlines [4][36]. Financial Summary - For Q4 2024, Boeing reported revenues of$17.84 billion, a year-over-year decline of 1.5%, and a GAAP net loss of $6.17 billion, equating to a loss of$9.97 per share, which was worse than market expectations [3][9]. - The company's operating loss for the quarter was $5.76 billion, with a negative operating margin of 32.3$7.44 billion in revenue, down 5.5% year-over-year, with an operating loss of 4.02 billion [4][17]. Segment Performance - The Defense, Space & Security (BDS) segment reported revenues of 5.48 billion, a slight increase of 1.0%, but faced an operating loss of $2.38 billion due to cost overruns on fixed-price development projects [25]. - The Global Services (BGS) segment achieved revenues of$4.90 billion, up 1.8%, with an operating profit margin of 17.0%, driven by increased maintenance orders from commercial airlines [29]. Valuation - The report utilizes a Discounted Cash Flow (DCF) model to estimate Boeing's fair value at $220.00 per share, based on a Weighted Average Cost of Capital (WACC) of 8.5% and a perpetual growth rate of 2% [5][36].