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中银航空租赁(02588):中银航空租赁(2588HK):供给略改善,出售14架飞机
HTSC· 2025-07-11 02:12
Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The supply of aircraft is slightly improving, with Boeing and Airbus delivering a total of 320 aircraft in 2Q25, up from 266 in 1Q25. The company delivered 13 aircraft in 2Q25, an increase from 11 in 1Q25, but sold 14 aircraft, resulting in a decrease in owned aircraft to 441 [1][2][3] - The company expects a core ROE of 10.6% for 2025, roughly in line with 10.5% in 2024, indicating stable performance despite potential challenges in the debt market due to fluctuating U.S. Treasury rates [1][4] Summary by Sections Supply Chain Improvement - The report highlights that the recovery of aircraft manufacturers' capacity is crucial for the company's performance. The increase in aircraft deliveries is expected to positively impact leasing rates and ROE if the trend continues [2] Fleet Management - In 2Q25, the company executed 75 transactions, including the delivery of 13 aircraft and the sale of 14 aircraft, leading to a net decrease in owned aircraft. The average age of sold aircraft was 10.4 years, which is higher than the overall fleet average of 5 years. The company maintains a strong order book with 351 aircraft on order [3] Financial Projections - The company forecasts a net profit of USD 702.62 million for 2025, with a slight decrease from 2024. The target price is set at HKD 82, based on a 1.06x 2025E PB ratio [5][10]
【中国飞机租赁(1848.HK)】收入增长平稳主营业务发展稳健,飞机交易创纪录——2024年年报点评(赵乃迪/胡星月)
光大证券研究· 2025-03-24 10:05
Core Viewpoint - The company reported a strong financial performance for 2024, with significant growth in both revenue and profit, alongside a robust dividend payout [2][3]. Financial Performance - The company achieved a revenue of 5,203.8 million HKD in 2024, representing a year-on-year growth of 9.2% [2]. - The profit attributable to shareholders reached 257.5 million HKD, showing an increase of over 800% compared to the previous year [2]. - A final dividend of 0.18 HKD per share was proposed, bringing the total dividend for the year to 0.30 HKD per share, including an interim dividend of 0.12 HKD [2]. Leasing Business Development - Total leasing income from financing and operating leases amounted to 4,349.7 million HKD, reflecting a year-on-year increase of 3.6% [3]. - The average rental yield for financing leases was 7.5%, while for operating leases it was 11.2%, with respective year-on-year changes of -5.7 and -0.2 percentage points [3]. - The weighted average rental yield decreased to 11.1%, down by 0.3 percentage points, primarily due to the sale of high-yield financing lease aircraft in Q4 2023 [3]. Aircraft Transactions - The company signed new leasing agreements or reached leasing intentions for a total of 48 aircraft in 2024, including new deliveries and renewals [4]. - A record number of 50 aircraft sale agreements were signed, with 25 owned aircraft and 2 managed aircraft successfully sold [4]. - A significant transaction with Dubai Aerospace Enterprise (DAE) involved a package of 17 aircraft, marking one of the largest aircraft transactions of the year [4]. Fleet and Orders - As of the end of 2024, the company operated a fleet of 189 aircraft, consisting of 159 owned and 30 managed aircraft, with 90% of the owned fleet being narrow-body aircraft [5]. - The average age of the owned fleet was 8.5 years, with an average remaining lease term of 6.1 years [5]. - The company holds 124 aircraft on order, including 97 Airbus and 27 COMAC aircraft, representing over 70% of the owned fleet size [5].