智通财经APP获悉，中银国际发布研报称，中银航空租赁(02588)上半年总收入及其他收益同比增长 5.8%，税后核心净利润同比增长20%。期内租赁租金收益率达到10.3%，较上年同期9.8%有所提升;净租 赁收益率亦升至7.5%，高于上年上半年的7%。该行指，中银航空租赁商业模式保持稳健，且股息收益 率颇具吸引力。截至6月末，其飞机市场价值较账面净值高出15%。该行将其目标价上调至83.9港元， 维持其评级为"买入"。 ...

Investment Ratings - Kuaishou Technology: HOLD, Target Price (TP) raised to HK$76.00 [5][7] - Bilibili Inc: BUY, TP set at US$28.00 / HK$219.00 [9][10] - ZTO Express: BUY, TP set at US$21.00 [13][14] - AAC Technologies: BUY, TP raised to HK$62.90 [16][17] - China Communications Services: BUY, TP raised to HK$5.15 [19][20] - BOC Aviation: BUY, TP raised to HK$83.90 [22][23] - MINISO Group: BUY, TP set at US$24.80 / HK$48.40 [24][25] Core Insights - Kuaishou Technology reported a 13% YoY topline growth and a historical high adjusted net profit of RMB5.6 billion, exceeding consensus estimates [5][6] - Bilibili Inc achieved a 20% YoY topline growth in 2Q25, with adjusted operating profit surpassing consensus by 16% [9][12] - ZTO Express experienced an 11% YoY growth in core express delivery revenue, although it missed consensus by 1% [13][15] - AAC Technologies reported an 18% YoY revenue increase, with a significant 62% surge in net income, despite some misses on expectations [16][18] - China Communications Services saw a 3.4% YoY revenue increase, with non-telco and international sales growing by 12.6% YoY [19][21] - BOC Aviation's total revenue increased by 5.8% YoY, with a 20% YoY rise in core net profit [22][23] - MINISO Group's revenue grew by 23% YoY, reflecting positive developments in various markets [24][26] Summary by Company Kuaishou Technology - 2Q25 topline growth of 13% YoY and adjusted net profit of RMB5.6 billion, beating consensus by 2% and 11% respectively [5][6] - AI strategies are enhancing monetization and efficiency, despite potential challenges in 2H25 [6][7] Bilibili Inc - 2Q25 revenue growth of 20% YoY met consensus, with adjusted operating profit exceeding expectations [9][12] - Anticipated sustainable profitability growth driven by diversified revenue streams [9][10] ZTO Express - Core express delivery revenue grew 11% YoY, but missed consensus by 1% [13][15] - Adjusted FY2025 parcel volume guidance reflects industry challenges [14] AAC Technologies - Revenue increased 18% YoY to RMB13 billion, with net income surging 62% [16][18] - Management's optimistic outlook for 2H25 suggests potential margin recovery [17] China Communications Services - 1H25 net profit increased by 0.2% YoY, with total revenue up 3.4% YoY [19][21] - Growth in non-telco and international sales indicates strong demand for digital infrastructure [20] BOC Aviation - Total revenue and other income rose 5.8% YoY, with core net profit increasing by 20% [22][23] - Attractive dividend yield and solid business model support investment thesis [22] MINISO Group - 2Q25 revenue growth of 23% YoY, exceeding guidance [24][26] - Positive developments in IP strategy and customer engagement [25]

Core Viewpoint - UBS reports that China Aircraft Leasing Group (02588) achieved a net profit of $342 million in the first half of the year, which is broadly in line with market expectations but slightly exceeds UBS's forecast [1] Financial Performance - The company is expected to see a positive market reaction due to a renewed acceleration in revenue growth and stable core profit growth [1] - UBS has slightly raised its earnings forecasts for China Aircraft Leasing for the years 2025 to 2027 by 1% to 2%, reflecting the mid-term performance that exceeded expectations [1] - The firm anticipates an 11% growth in core profit for the current year, with a projected compound annual growth rate (CAGR) of 16% from 2024 to 2027 [1] Price Target and Rating - UBS has increased the target price for the company from HKD 85 to HKD 86.5, while reiterating a "Buy" rating [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][18]. Core Insights - The company reported a total operating revenue of USD 1.24 billion for 1H25, representing a year-on-year increase of 6%. The net profit after tax was USD 342 million, which is a 20% increase compared to the core net profit from 1H24 [6][8]. - The company has significantly expanded its order book, with a projected 26% year-on-year increase in deliveries for 2025. The fleet size at the end of 1H25 was 834 aircraft, with a utilization rate of 100% for owned aircraft [8]. - The company is well-positioned to benefit from strong demand in the Asia-Pacific region, which is expected to contribute significantly to its revenue growth [8]. Financial Data and Earnings Forecast - The projected operating revenue for the company from 2023 to 2027 is as follows: - 2023: 2,461 million - 2024: 2,557 million - 2025E: 2,586 million - 2026E: 2,715 million - 2027E: 2,828 million - The net profit forecast for the same period is: - 2023: 764 million - 2024: 924 million - 2025E: 702 million - 2026E: 739 million - 2027E: 763 million - The earnings per share (EPS) is expected to be: - 2023: 1.10 - 2024: 1.33 - 2025E: 1.01 - 2026E: 1.06 - 2027E: 1.09 [7][9]. Operational Insights - The company has signed new aircraft purchase commitments for 143 aircraft, expanding its order book to 351 aircraft. The average age of the fleet is 5.0 years, significantly younger than the global average of 15 years [8]. - The net leasing yield increased to 7.5% in 1H25, up from 7.0% in 1H24, driven by the appreciation of aircraft assets [8]. - The company’s annualized funding cost remained stable at 4.6%, with the lowest spread in the industry for newly issued bonds [8].

Core Points - The company reported total operating and other income of $1.242 billion for the six months ending June 30, 2025, representing a 6% year-on-year increase [1] - Net profit decreased by 26% to $342 million, with basic earnings per share at $0.49 [1] - The board approved an interim dividend of $0.1476 per share, which is 30% of the net profit after tax, consistent with the previous year's payout ratio [1] Revenue Breakdown - Operating lease income increased to $937 million, accounting for over 75% of total revenue [1] - The lease factor rose to 10.3% from 9.8% in the first half of 2024, while net lease yield improved from 7.0% to 7.5% [1] - Financing lease income grew by 36% to $130 million, following the addition of 5 new financing lease aircraft in the first half of 2025 [1] Additional Income Sources - Core leasing rental contributions increased by 24% to $342 million, with a profit margin of 32% [2] - Other interest and fee income surged by 80% to $65 million, driven by significant growth in pre-delivery payment financing fees [2] - Recent agreements with Avianca and Gulf Air for a total of 18 aircraft are expected to further enhance fee contributions [2]

Group 1 - The company, China Aircraft Leasing Group Holdings Limited (中银航空租赁), announced a mid-term dividend of $0.1476 per share to be distributed on October 13, 2025 [1]

Group 1 - Company Shanhe Intelligent has received an insurance compensation of $29 million for three aircraft that were stranded in Russia for three years due to the Russia-Ukraine conflict [1][3] - The net amount after deducting legal fees is $22.9651 million, which is expected to impact the company's net profit by approximately 126 million yuan, accounting for 172.92% of the company's audited net profit for the previous year [1][3][4] - AVMAX, the wholly-owned subsidiary of Shanhe Intelligent, operates a large fleet of over 100 aircraft and is recognized as a leading player in the global aviation leasing market [2][3] Group 2 - AVMAX has been unable to recover the stranded aircraft despite multiple attempts and negotiations, highlighting the challenges faced by aviation leasing companies due to ongoing geopolitical tensions [3][4] - The insurance compensation received is considered a non-recurring gain, as AVMAX had previously fully accounted for impairment on the stranded aircraft [4] - Other Chinese leasing companies have also faced similar challenges, with some receiving insurance payouts while others continue to negotiate for their stranded assets [6][7]

Core Viewpoint - After three years of aircraft being stranded in Russia, the A-share listed company Shanhe Intelligent has received insurance compensation amounting to $29 million, with a net amount of $22.9651 million after deducting legal fees [2][5]. Group 1: Insurance Compensation Details - Shanhe Intelligent's subsidiary AVMAX reached an agreement with insurance underwriters, confirming a total insurance claim of $29 million, with a net payout of $22.9651 million [2][5]. - The insurance compensation, after tax deductions, is expected to impact the company's net profit by approximately 126 million yuan, representing 172.92% of the company's audited net profit for the previous year [2][5]. Group 2: Aircraft Leasing and Operations - AVMAX operates a wide range of aviation services, including aircraft leasing, sales, and charter services, with a fleet of over 100 aircraft, primarily focusing on regional aircraft [3]. - The aircraft involved in the insurance claim were leased to Russian airlines, with contracts signed in 2012 and 2019, and were affected by the Russia-Ukraine conflict, leading to their inability to be recovered [3][5]. Group 3: Industry Context and Other Companies - Other Chinese leasing companies have also faced losses due to aircraft being stranded in Russia, with some receiving insurance payouts while others have not been able to recover their aircraft [6][10]. - Companies like Dongfang Precision and Guoyin Financial Leasing have reported significant impairment losses related to their aircraft stranded in Russia, with some successfully negotiating insurance claims [9][10].

Core Viewpoint - The company Shanhai Intelligent (山河智能) has received an insurance compensation of approximately 164 million RMB due to the inability to recall aircraft leased to Russian clients, highlighting the ongoing challenges faced by the aviation leasing industry in the context of geopolitical tensions [1][2]. Company Summary - Shanhai Intelligent's subsidiary Avmax Group Inc. (AVMAX) has been unable to recover three aircraft leased to Russian clients since February 2022, despite multiple attempts [2]. - AVMAX has reached an agreement with the insurance provider for a compensation of 29 million USD, with a net payout of approximately 22.97 million USD, equivalent to about 164 million RMB after currency conversion [2]. - The insurance compensation represents a non-recurring gain for AVMAX, as the company had previously fully impaired the value of the leased aircraft [2]. Industry Summary - Several domestic aviation leasing companies, including Zhongyin Aviation Leasing and Guoyin Financial Leasing, have also faced similar issues with aircraft stranded in Russia, leading to significant financial losses and insurance claims [4][5]. - Zhongyin Aviation Leasing terminated leases for 18 aircraft with Russian airlines, resulting in a 791 million USD asset impairment, and has since received approximately 258 million USD in insurance claims for 11 of the stranded aircraft [4]. - Guoyin Financial Leasing reported a total impairment loss of 2.414 billion RMB for 9 aircraft stranded in Russia and has received insurance compensation totaling 1.562 billion RMB for 5 of those aircraft [5]. - Bohai Leasing has also disclosed a 298 million USD impairment due to 10 aircraft remaining in Russia, with a subsequent settlement of approximately 177 million USD received [6]. - Some companies, like Airwork Holdings Limited, have resorted to legal action against insurance providers due to unresolved compensation claims for aircraft that remain in Russia [7].

【#一公司飞机滞俄4年后收到1.6亿赔款#，这些受损公司也在追讨、起诉】租赁出去的飞机无法召回， 山河智能（002097.SZ）最近收到了保险赔付款，金额折算人民币1.64亿元。 根据披露，山河智能名下的子公司，曾与俄罗斯客户签订三份飞机租赁合同，从2022年2月以来，虽然 持续进行交涉与回收尝试，但仍无法成功收回涉事飞机。近日，这家子公司与飞机保险承保方，就赔付 方案达成了一致。 除了山河智能，国内多家经营航空租赁的租赁公司及飞机租赁商，都有租赁给俄罗斯客户的飞机无法取 回。其中不少机构当年就计提了减值，同时向保险公司索赔。4年来，部分租赁公司或飞机租赁商收到 了保险赔款、部分收回了飞机，也有一些出租方至今还在与保险公司对簿公堂。 ...