Core Viewpoint - The company reported a 6% year-on-year increase in revenue to $1.24 billion for 1H25, while net profit decreased by 26% to $342 million, primarily due to a one-time impact from the return of two Russian aircraft in 1H24. Excluding this impact, core net profit increased by 20%, aligning with expectations [1]. Group 1: Financial Performance - The company achieved a capital expenditure of $1.9 billion in 1H25, marking a 138% year-on-year increase, with a total of 24 aircraft delivered, an increase of 6 aircraft year-on-year and 4 aircraft quarter-on-quarter [1]. - The operating lease fleet's net book value increased by 1% year-to-date to $18.2 billion, with a total fleet size of $22.2 billion, reflecting a 2% increase from the beginning of the year [2]. - The net leasing yield for operating leases rose by 0.5% year-on-year to 7.5%, driven by the introduction of high-rent value new aircraft [2]. Group 2: Growth Prospects - The company signed its largest aircraft order in history during 1H25, increasing the order book by 132 aircraft year-on-year to 351 aircraft, with a total capital expenditure of approximately $20 billion [2]. - The company maintains a 100% utilization rate for its fleet, with an average aircraft age of 5 years and an average remaining lease term of 7.9 years, ensuring a robust and predictable rental income structure [2]. - The current market value of the operating lease fleet is at a 15% premium to its book value, amounting to approximately $2.8 billion, which supports the company's asset stability and potential performance [2]. Group 3: Financing and Cost Structure - The company's funding cost remained stable at 4.6% year-on-year, with total debt increasing by 2%, benefiting from internal cash flow and low-interest debt refinancing [3]. - A potential easing of overseas monetary policy could lead to a reduction in financing costs, with a projected increase in net profit of approximately $2.5 million for every 10 basis points decrease in financing costs [3]. Group 4: Valuation and Outlook - The company maintains its earnings forecast, currently trading at 1.0x and 0.9x P/B for 25e and 26e, respectively, with a target price of HKD 81.40, indicating a 13% upside potential [3].

Group 1 - Ningxia Jinling Technology Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Wu Qiong [1] - The business scope includes retail of fireworks and firecrackers, which requires approval from relevant authorities [1] Group 2 - The company also engages in general projects such as retail of computer software and hardware, information technology consulting services, and integrated circuit design [1] - Additional services offered include container leasing, non-residential real estate leasing, and container manufacturing and sales [1] - The company is involved in various activities including advertising production, cultural and artistic exchange organization, and agricultural scientific research and experimental development [1]

Group 1 - The core point of the news is that China Aviation Capital Holding Co., Ltd. has updated the status of its 10 billion yuan public bond project to "accepted" as of August 22, 2025 [1][2] - The bond issuance is aimed at professional investors, with a total planned issuance amount of 10 billion yuan [2] - The funds raised from the bond will be primarily used for the company's operational liquidity needs in air cargo services, air cargo station services, integrated logistics solutions, and leasing business, with at least 9 billion yuan allocated for equity investments [2] Group 2 - The controlling shareholder of the company is China Aviation Group Co., Ltd., and the actual controller is the State-owned Assets Supervision and Administration Commission of the State Council [3]

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"。 ...

智通财经APP获悉，瑞银发布研报称，中银航空租赁(02588)上半年净利润录3.42亿美元，大致符合市场 预期，但略胜于瑞银预测。该行相信，市场或对公司收入增长重新加快和稳固的核心利润增长作出正面 反应。瑞银微升中银航空租赁2025至27年各年盈测1%至2%，主要是反映中期业绩略胜于预期。该行预 计集团今年核心利润增长11%，而2024至27年的年复合增长率预料为16%。该行又将公司目标价由85港 元上调至86.5港元，重申"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's net profit after tax for 1H25 was USD 342 million, a year-on-year increase of 20%, aligning closely with Bloomberg's consensus estimate of USD 337 million [1] - The aviation leasing industry is gradually improving, with aircraft manufacturers' production capacity starting to recover, leading to a 12% year-on-year increase in total aircraft deliveries [2] - The company is expected to benefit from rising rental prices and market values due to the ongoing supply-demand imbalance in the aircraft leasing market [1][2] Summary by Sections Financial Performance - In 1H25, the company's capital expenditure increased by 150% year-on-year to USD 1.9 billion, the highest semi-annual figure since 2020 [3] - The net lease yield (NLY) improved by 50 basis points year-on-year to 7.5%, driven by the sale of older, low-yield aircraft and the introduction of higher-yield new models [4] Market Outlook - The global demand for air travel is expected to continue recovering, with IATA projecting a 5.8% increase in global RPK for 2025, supporting the leasing market [2] - The report anticipates that the total value of new aircraft deliveries globally will reach USD 100 billion in 2025, the highest since 2019 [2] Capital Expenditure and Growth - The company has a total aircraft order reserve of 351 aircraft, with committed capital expenditure reaching USD 20 billion [3] - The company aims to achieve an asset scale growth target of USD 40 billion by 2030 [3] Profitability Forecast - The report adjusts the forecast for net profit attributable to the parent company for 2025, 2026, and 2027 to USD 710 million, USD 800 million, and USD 830 million respectively, with target price raised to HKD 85 [5][6]

Core Viewpoint - Company maintains its profit forecast for China Aircraft Leasing Group (02588) with a target price of HKD 81.40, indicating a potential upside of 13% based on projected P/B ratios for 2025 and 2026 [1] Group 1: Financial Performance - In 1H25, the company's revenue increased by 6% year-on-year to USD 1.24 billion, while net profit decreased by 26% to USD 342 million, primarily due to a one-time impact from the return of two Russian aircraft [1] - Excluding this impact, the company's core net profit grew by 20% year-on-year, aligning with expectations [1] Group 2: Operational Metrics - The company delivered a total of 24 aircraft in 1H25, an increase of 6 aircraft year-on-year and 4 aircraft quarter-on-quarter, with capital expenditures reaching a five-year high of USD 1.9 billion, up 138% year-on-year [2] - The operating lease fleet's net book value increased by 1% to USD 18.2 billion, while the total fleet size rose by 2% to USD 22.2 billion [2] - The rental yield improved, with the net leasing yield increasing by 0.5% year-on-year to 7.5% [2] Group 3: Growth Potential - The company signed its largest aircraft order in history during 1H25, with the order book increasing by 132 aircraft year-on-year to 351 aircraft, representing a capital expenditure of approximately USD 20 billion [3] - The company aims to reach total assets of USD 40 billion by 2030, with a projected CAGR of 8% from 2024 to 2035 [3] - The fleet maintains a 100% utilization rate, with an average age of 5 years and an average remaining lease term of 7.9 years, indicating a strong and predictable rental income stream [3] Group 4: Financing Costs - The company's funding cost remained stable at 4.6% year-on-year, with total debt increasing by 2% [4] - The company is expected to benefit from potential reductions in short-term interest rates, particularly for its 32% floating-rate debt, which is the highest among listed leasing companies [4]

中金发布研报称，基本维持中银航空租赁(02588)盈利预测不变，当前公司交易于25e/26e1.0x/0.9x P/B。 维持跑赢行业评级及目标价81.40港币(对应25e/26e1.1x/1.0x P/B及13%上行空间)。公司1H25收入同比 +6%至12.4亿美元，净利润同比-26%至3.42亿美元，利润下行主因1H24收回两架俄罗斯飞机构成一次性 影响，剔除该影响、公司核心净利润同比+20%，符合该行预期。 依托庞大订单簿及高质量机队，公司中长期增长趋势稳健 1)订单簿方面，公司上半年完成签订历史上最大飞机订单，1H25订单簿同比+132架/环比+119架至351 架、对应合计资本支出~200亿美元，充足订单簿奠定公司中长期增长能力，公司目标2030年达到总资 产400亿美元、对应2024-2035CAGR~8%; 2)存量机队结构方面，截至1H25，公司机队保持100%出租率，平均机龄5年、平均剩余租期7.9年，机 队持续保持年轻、长久期的稳健架构，租金收益及价值曲线可预期性较强。同时公司当前经营租赁机队 评估价值较账面净值溢价15%(vs.24年末溢价14%)、溢价价值约28亿美元，高价值机队夯实 ...

格隆汇8月21日丨中银航空租赁(02588.HK)发布公告，截至2025年6月30日止六个月，经营收入及其他收 入总额为12.42亿美元，较去年的11.74亿美元增长6%；税后净利润为3.42亿美元，较2024年上半年的 4.60亿美元减少26%，后者包括有关滞俄飞机的非经常性拨回1.75亿美元，每股收益为0.49美元。董事 会宣派中期股息每股0.1476美元，2024年上半年为每股0.1988美元。 截至2025年6月30日，资产总额从2024年12月31日增至256亿美元，净资产为65亿美元。上半年经营现金 流量(扣除利息)创纪录，达10亿美元。流动性保持强劲，截至2025年6月30日，除55亿美元未动用已承 诺贷款授信外，还拥有5.33亿美元现金及现金等价物。 ...

2024年1至12月份，空港股份的营业收入构成为：建筑施工业占比71.5%，租赁占比21.76%，物业管理 及其他占比7.76%。 （文章来源：每日经济新闻） 空港股份（SH 600463，收盘价：11.71元）8月20日晚间发布公告称，公司第八届第六次董事会临时会 议于2025年8月20日在北京天竺空港工业区B区裕民大街甲6号公司一层多媒体会议室以现场方式召开。 会议审议了《公司2025年半年度报告》等文件。 ...