Boeing(US:BA) Haitong Securities International·2025-04-30 11:12Investment Rating - The report does not explicitly provide an investment rating for Boeing but suggests limited impact from the delivery halt and potential for reallocation of aircraft [8][9]. Core Insights - The Chinese market's contribution to Boeing's annual aircraft deliveries has significantly declined from an average of 24% (2010-2019) to approximately 6% for 2025 planned deliveries, with a long-term projection of about 4% by 2030 [9][10]. - The estimated revenue impact from the 29 aircraft affected by the delivery halt is approximately USD 35.3 billion, which is a relatively small proportion of Boeing's total annual revenue [9][10]. - Boeing's ability to reallocate affected aircraft to other markets, particularly in regions with strong demand like India and Southeast Asia, is crucial for mitigating risks associated with the delivery halt [10][11]. Summary by Sections Event Overview - China has halted the delivery of Boeing aircraft and related parts as a response to ongoing trade tensions, but the financial impact is expected to be limited and manageable [7][8]. Impact Quantification - The contribution of the Chinese market to Boeing's deliveries has decreased significantly, with current estimates showing it accounts for about 6% of the 2025 planned deliveries [9]. - The revenue impact from the halted deliveries is estimated at USD 35.3 billion, which is not expected to significantly affect Boeing's overall revenue [9][10]. Aircraft Reallocation Feasibility - Boeing's capacity to reallocate affected aircraft to other customers is seen as a key factor in managing risks, with strong demand in markets like India providing alternative sales channels [10][11]. Supply Chain Considerations - Boeing's supply chain is more diversified compared to competitors, but there are still potential risks related to lower-tier components sourced from Chinese suppliers amid ongoing trade tensions [11].