Investment Rating - The report maintains a "Buy" rating for China Aircraft Leasing (1848.HK) with a target price of HKD 4.3 [2][5] Core Views - The company's revenue for 2023 met expectations, achieving HKD 4.76 billion, a year-on-year increase of 14.2%, driven by an increase in the number of aircraft leased from 97 to 113 [1][2] - The net profit attributable to shareholders for 2023 was HKD 28 million, significantly lower than the expected HKD 440 million, primarily due to higher interest expenses and a provision for impairment on shareholder loans [2] - The aircraft market is expected to experience a supply-demand imbalance, leading to an increase in aircraft values and rental yields, with the company holding a significant number of popular narrow-body aircraft [2][5] Financial Projections - Revenue projections for 2024-2026 are adjusted to HKD 5.15 billion, HKD 5.33 billion, and HKD 5.47 billion respectively, with net profit attributable to shareholders forecasted at HKD 230 million, HKD 500 million, and HKD 800 million [2][5] - The company's price-to-book (P/B) ratios for 2024-2026 are projected to be 0.57, 0.52, and 0.47 respectively [2][5] Market Position - The company has a total of 113 Airbus orders, with nearly half already leased out, indicating a strong market position and demand for its aircraft [2][5] - The report highlights that over 90% of the company's aircraft are popular narrow-body models, which are expected to see continued demand in the market [2][5]
2023年业绩点评：业绩不及预期；飞机供不应求有望带动租金收益率上行