证券时报·e公司记者注意到，北京产权交易所近日挂出了一则湾流G450型飞机出租的信息。据挂牌信息，该资产租赁期为6个月，租金为319.83万元/季度，约合 106.61万元/月。 | 北京产权交易所 CHINA BEIJING EQUITY EXCHANGE | | | 愿景:建设规范高效的新型资市市场 | | | | Q 输入关键词,搜项目、公告、规则 ... | 搜索 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 首页 | 项目 | 公告 竟价 | | 专栏 | 规则 | 服务 | 会员 | 我们 | | 首页 > 项目 > 房屋出租 > 正式披露 | | | | | | | | | | 一架湾流G450型飞机出租 | | | | | | | | | | 请关注: ■ 委托找房【优质项目精准推送】 | | | | | | | | 意向承租申请 | | 项目名称 | | 一架湾流G450型飞机出租 | | | 项目编号 | | GL2025BJ1001685 | | | 出租方名称 | | 中国民用航空飞行校验中心 | | | | | ...

Core Viewpoint - The article discusses the implications of the ongoing Russo-Ukrainian War on aircraft leasing companies, particularly focusing on the seizure of leased aircraft by Russia and the subsequent insurance claims made by affected companies [1][5][6]. Group 1: Aircraft Leasing Context - Aircraft leasing is a common practice in the aviation industry, allowing airlines to operate without the high upfront costs of purchasing aircraft [3][4]. - As of the onset of the Russo-Ukrainian War, Russia had a fleet of 980 passenger aircraft, with 777 being leased, and 515 of those from foreign leasing companies [4][5]. Group 2: Impact of the Russo-Ukrainian War - Following the war's outbreak, Russia nationalized all foreign-leased aircraft as a countermeasure against Western sanctions, leading to significant losses for Western leasing companies, particularly AerCap [5][6]. - The article notes that some aircraft were seized and held in foreign jurisdictions, complicating the return process for leasing companies [5][6]. Group 3: Insurance Claims and Compensation - Leasing companies have pursued insurance claims for the seized aircraft, with some successfully receiving compensation, such as the $22.96 million received by AVMAX, a subsidiary of Shanhe Intelligent [1][8]. - The article highlights that the resolution of these claims often involves lengthy legal processes, with some companies opting for settlements with insurance providers [8][12]. Group 4: Future of Seized Aircraft - The article suggests that the resolution of remaining seized aircraft issues will be a prolonged process, potentially requiring the normalization of relations between Russia and Western countries post-war [14][15]. - It also mentions that some aircraft have been returned or compensated through insurance settlements, allowing for legal ownership transfer to Russian airlines [12][14]. Group 5: Market Dynamics - Despite the challenges posed by the war, the aircraft leasing market has seen increased rental rates due to supply chain constraints and a recovering aviation industry, benefiting leasing companies financially [16].

Core Viewpoint - The recent annual reports from China's three major airlines—China Southern Airlines, Air China, and China Eastern Airlines—highlight the growing significance of domestically produced aircraft, particularly the C919, with China Eastern Airlines becoming the first operator of the C919 fleet [1] Group 1: C919 Fleet and Operations - China Eastern Airlines has expanded its C919 fleet to 10 aircraft, having executed over 6,500 flights [1] - Among the 10 C919 aircraft operated by China Eastern, 4 are owned outright while 6 are held through financing leases [1] - In total, 16 C919 aircraft have been delivered in China over the past two years, with China Southern Airlines and Air China each operating 3 aircraft, all acquired through different leasing arrangements [1] Group 2: Financing and Leasing Institutions - Of the delivered C919 aircraft, 9 have been provided by financing leasing institutions, with China Southern's 3 aircraft delivered by China Everbright Leasing, ICBC Financial Leasing, and China Southern Leasing, while China Eastern's 6 aircraft were delivered by China Eastern Leasing, Zhuhai Financial Leasing, and ICBC Financial Leasing [2] - Numerous financial leasing companies have engaged in C919 aircraft leasing, with significant orders placed as early as 2010, including a 50-aircraft purchase intention agreement by Guoyin Financial Leasing [2] - Other notable financial leasing companies involved include Agricultural Bank of China Financial Leasing, CCB Financial Leasing, and Ping An Leasing, among others, with various orders totaling up to 50 aircraft [2] Group 3: Market and Policy Support - Approximately 600 out of 1,500 C919 orders received by COMAC are from financial leasing companies, indicating strong market interest [3] - The Chinese government has emphasized the importance of nurturing emerging industries, including commercial aerospace, which aligns with the growth of aircraft leasing as a financial strategy [3] - Financial leasing companies provide crucial support to the domestic aviation industry, helping alleviate financial pressures on airlines and facilitating technological advancements [3]

Investment Rating - The report assigns a "Buy" rating to Bohai Leasing (000415.SZ) with a target price of 4.39 CNY, marking the first coverage of the stock [4]. Core Views - The company is focusing on its core aircraft leasing business after divesting its container leasing assets, which is expected to lead to a revaluation of its asset value [1][39]. - Bohai Leasing has become the second-largest aircraft leasing company globally, with a significant advantage in aircraft orders, primarily for A320NEO and Boeing 737MAX models, aligning with market trends [1][44]. - The ongoing supply-demand gap in the aircraft market is expected to maintain high aircraft values and rental rates, benefiting the company's financial performance [2][3]. Summary by Sections Section 1: Focus on Aircraft Leasing - Bohai Leasing announced plans to sell its container assets in May 2025, allowing it to concentrate on its aircraft leasing business [1]. - The company’s aircraft leasing revenue has been improving, with aircraft leasing and sales accounting for approximately 80% of total revenue [24]. - The company’s aircraft leasing gross margin has been steadily increasing, reaching 61.5% in 2024 [30]. Section 2: Order Aircraft Advantage - As of Q1 2025, Avolon, a subsidiary of Bohai Leasing, operates a fleet of 1,096 aircraft, making it the second-largest aircraft leasing company globally [44]. - The average age of the fleet has increased to 6.7 years, with a stable remaining lease term of around 6.7 years [40]. - The company has a high fleet utilization rate, achieving 100% in 2024, with all new aircraft deliveries for 2025 and 2026 already leased [50]. Section 3: Aircraft Supply-Demand Gap - Aircraft manufacturers are facing significant production constraints, leading to longer delivery times, with the average delivery time reaching a record 5.3 years in 2024 [70]. - The rental rates for new aircraft have surpassed pre-pandemic levels, driven by the ongoing supply-demand gap [77]. - The global aviation market continues to show growth, with international passenger demand improving significantly, particularly in the Asia-Pacific region [86].

Core Viewpoint - 中银航空租赁（BOCA） reported a slight increase in aircraft deliveries in 2Q25, with a total of 13 aircraft delivered compared to 11 in 1Q25, while the total number of owned aircraft decreased to 441 due to the sale of 14 aircraft [1][2] Group 1: Operational Performance - In 2Q25, BOCA executed 75 transactions, including the delivery of 13 aircraft and the sale of 14 aircraft, resulting in a net decrease of 1 owned aircraft [2] - The company maintains a strong order book with 351 aircraft on order, supporting long-term growth despite a decrease in owned aircraft [2] - The utilization rate of the fleet remains stable at 100%, with an average remaining lease term of 7.9 years [2] Group 2: Market Conditions - The recovery of upstream aircraft manufacturers' production capacity is a positive signal, with Boeing and Airbus delivering a total of 320 aircraft in 2Q25, up from 266 in 1Q25 [1] - Despite improvements in aircraft supply, demand for air travel continues to rise, with global revenue passenger kilometers (RPK) increasing by 5% year-on-year in May, indicating ongoing pressure on aircraft availability and rental rates [2] Group 3: Financial Outlook - The company expects a core ROE of 10.6% for 2025, roughly in line with 10.5% in 2024, reflecting stable operational performance [1][2] - Profit forecasts for 2025, 2026, and 2027 are maintained at USD 700 million, USD 790 million, and USD 800 million respectively, with a target price of HKD 82 based on a price-to-book ratio of 1.06x for 2025 [3]

Financial Data and Key Metrics Changes - The company reported GAAP net income of $643 million and earnings per share (EPS) of $3.48 for Q1 2025, with adjusted net income of $679 million and adjusted EPS of $3.68, leading to an increase in full-year EPS guidance [5][13][18] - The net maintenance contribution was $82 million, significantly higher than the average of $30 million to $40 million due to lower leasing expenses [14] - The net gain on sale of assets was $177 million, with total sales revenue of $683 million, resulting in a 35% unlevered gain on sale margin [14] - The liquidity position was strong, with total sources of liquidity at approximately $20 billion, including over $1 billion in cash [16][17] Business Line Data and Key Metrics Changes - The company achieved a 99% utilization rate and an 84% extension rate during the period, indicating strong operational performance [5] - On the passenger side, there was strong demand for 787 aircraft, with successful transitions and increased rents [6][7] - The company executed a $7.87 million sale leaseback at attractive pricing with a new customer, highlighting the demand for its assets [8] - The company ordered 268 new LEAP engines in 2024, with over 120 already delivered, showcasing a focus on expanding operational capacity [9][10] Market Data and Key Metrics Changes - The company noted that the U.S. market represents only about 22% of the global market, emphasizing the importance of international markets [52][69] - There is a significant tailwind against falling yields in non-U.S. dollar denominated economies, insulating them from slowdowns [52] Company Strategy and Development Direction - The company announced a new $500 million share repurchase program, reflecting confidence in its financial position [5][18] - The management emphasized a long-term mindset in fleet management, contrasting short-term airline capacity adjustments with long-term fleet decisions [53] - The company is focused on profitability and risk-adjusted returns, indicating a disciplined approach to capital deployment [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in robust demand for the foreseeable future, despite macroeconomic uncertainties [11][19] - The company is seeing opportunities in the helicopter business and is adapting to changes in the leasing model [10][11] - Management acknowledged potential impacts from tariffs but noted that current contracts have fixed caps on escalation [42][43] Other Important Information - The company was upgraded to BBB+ by Fitch, indicating a strong credit rating across all three rating agencies [17] - The company has taken advantage of market volatility to repurchase over $1 billion worth of stock so far this year [20] Q&A Session Summary Question: Expectations for bilateral transactions in light of tariff uncertainty - Management expects to see more bilateral negotiations due to the company's scale and global reach [22][23] Question: Impact of freight conversion delays on EPS guidance - The increase in EPS guidance was primarily driven by gains on sale and higher net maintenance contributions, despite some delays in the freighter conversion program [24][26][28] Question: Deployment of excess capital in engines and helicopters - Management indicated ample capital availability for attractive opportunities, with potential deployment in the range of billions [32][33] Question: Indicators of demand trends going forward - Management noted that while U.S. airlines are adjusting capacity, long-term fleet decisions remain strong, and no reduction in demand is currently observed [51][55] Question: Composition of aircraft buyers - Recent sales were approximately a quarter to airlines, a third to other lessors, and a third to investors, with minimal part-out sales [72] Question: Future of tariffs and their impact on lessors - Management discussed the importance of ensuring that tariffs do not restrict the used aircraft market, which could negatively impact consumers [75][78] Question: Demand for wide-body aircraft - Management reported strong and unabated demand for wide-body aircraft, with a focus on 787 and A350 models [104][105] Question: Lobbying efforts regarding tariffs - Management confirmed that there is active lobbying in the aerospace industry to protect and grow U.S. manufacturing [109][111]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Views - The company is identified as a leading player in the aircraft leasing sector, with expected performance improvements in the current economic cycle [5]. - The report highlights strong growth in aircraft sales and an increase in rental yield, driven by rising aircraft market prices and strategic asset management [7]. - The company is projected to benefit from a tightening aircraft supply, leading to increased rental income and improved profit margins [7]. Financial Summary - Revenue projections for the company show a significant increase from 33,675 million RMB in 2023 to 47,621 million RMB in 2025, reflecting a compound annual growth rate (CAGR) of 23.91% [6]. - The net profit attributable to shareholders is expected to rise from 1,281 million RMB in 2023 to 1,913 million RMB in 2025, with a notable growth rate of 111.58% in 2025 [6]. - The earnings per share (EPS) is forecasted to increase from 0.21 RMB in 2023 to 0.31 RMB in 2025, indicating a positive trend in profitability [6]. Business Overview - The company has rapidly expanded through acquisitions and focuses on operational leasing, with aircraft and container leasing as its primary business segments [7]. - By the end of 2024, the company is expected to have a fleet of 1,158 aircraft, maintaining a 100% rental rate, which positions it as the second-largest aircraft leasing company globally [7]. - The company is exploring innovative business opportunities in emerging fields such as eVTOL, CTOL, and hydrogen aviation, aiming to diversify its growth avenues [7].

Core Viewpoint - Hainan Airlines Holding Co., Ltd. plans to lease three B737-800 aircraft through Tianhang Jinfeng No. 4 (Tianjin) Leasing Co., Ltd. for a total rental amount not exceeding $101 million, constituting a related party transaction due to shared ownership interests [1][5]. Summary by Sections Related Party Transaction Overview - The company intends to lease three B737-800 aircraft to meet operational needs, with the total transaction amount expected to be no more than $101 million [1]. - Tianhang Jinfeng No. 4 is a related party as it is controlled by entities holding over 5% of the company's shares [1][5]. - In the past 12 months, the company has engaged in related transactions with the same party exceeding 30 million yuan, accounting for over 5% of the latest audited net assets [1][5]. Related Party Information - Tianhang Jinfeng No. 4 was established on October 15, 2015, with a registered capital of 100,000 yuan and operates in the civil aircraft sales and leasing sector [2][6]. - As of December 31, 2023, Tianhang Jinfeng No. 4 reported total assets of approximately 70.75 million yuan and total liabilities of about 55.84 million yuan, with a net profit of approximately 2.22 million yuan [2][6]. Lease Details - The aircraft will be free of any mortgages or legal encumbrances at the time of lease commencement [3][4]. - The monthly rental price will be based on current market rates and will not exceed the average market rental price, ensuring fairness in pricing [4][12]. Impact of the Transaction - The lease of three B737-800 aircraft is expected to enhance the company's operational capacity and sustainability by optimizing the fleet structure [4][13]. Guarantee Provision - The company plans to provide a guarantee for Tianhang Jinfeng No. 4's payment obligations to the lessors, with the guarantee amount not exceeding the total rent for the three aircraft [1][7]. - The guarantee will be valid for three years following the lease agreement's expiration [7]. Employee Incentive Plan - The company proposes a performance incentive plan for employees based on achieving over 100% of the 2025 profit target, with 50% of the excess allocated for employee rewards [8][9]. Additional Leasing Agreements - The company's subsidiary, Yunnan Xiangpeng Airlines, plans to renew leases for two B737-800 aircraft and lease one A321NEO aircraft, with total rental amounts not exceeding $8 million and $63 million, respectively [10][13]. - These transactions also constitute related party transactions due to the ownership structure of the leasing companies involved [10][11]. Daily Operational Transactions - For 2025, the company anticipates engaging in daily operational transactions with related parties amounting to approximately 11.76 billion yuan, covering aircraft leasing, maintenance, and support services [23][24].