风险提示：美联储降息节奏不及预期；地缘政治和宏观经济拖累航空业复苏；航司客户发生风险事件导 致租金难以收回；飞机制造商供应交付不及预期。 收入端：量：亚太区需求领先；价：供需失衡推高飞机资产价值和租赁收益率；量价齐升背景下公司业 绩释放能力强劲。飞机资产增值：1H25 末公司机队市场价值较账面价值+15%，飞机资产价值的提升带 动公司租赁业务收益率上行，1H25 公司净租赁收益提升至7.5%（VS 1H24 是7.0%）。亚太航运需求领 跑全球：根据IATA 最新数据，2025 年6 月全球RPK yoy+2.6%，其中亚太市占率维持33.5%，IATA 预测 2025E 亚太RPK 增速达到9.0%（全球最高增速），贡献将进一步提升至52%。公司业务深耕亚太：公司 飞机资产亚太区占比37.2%/飞机租金收入亚太区占比42.7%，公司可以充分享受亚太地区航运需求高增 长机遇。 支出端：资金成本同比持平，新发债利差保持同业最低。公司经营成本中除相对刚性的飞机成本外，财 务费用变动是盈利的核心影响因子（财务费用占比总营业支出44%），1H25公司年化资金成本为4.6% （VS 2024 年为4.5%，1H24 年 ...

机构：华泰证券 研究员：李健/陈宇轩 中银航空租赁（BOCA）1H25 年税后净利润3.42 亿美元，可比口径同比上涨20%，基本符合Bloomberg 一致预期的3.37 亿美元。上半年行业环境逐步改善，上游飞机制造商产能开始修复，行业飞机总交付量 同比增加12%。 飞机产能修复一方面推动了公司资本开支同比提升150%达到19 亿美元；另一方面使得公司逐渐享受到 租金上涨的好处，1H25 资产端收益率同比提升50bps 至10.3%，带动净经营租赁收益率（NLY）同比提 升50bps 至7.5%，年化核心ROE 达到10.6%，同比提升1.0pct。我们预计产能修复短期内无法扭转飞机 供不应求现状，飞机租金和市场价值有望上涨。我们认为上游产能改善释放积极信号，将有利于公司享 受飞机租金上涨带来的收益，并将支撑未来的资本开支投放和机队扩张；另外近期美联储降息预期升温 可能部分缓解公司负债端压力。维持"买入"评级。 飞机制造商产能逐步修复 在供给修复的背景下，公司积极扩张机队并优化资产结构。1H25 飞机交付数量24 架（1H24：18 架），资本开支达到19 亿美元，同比增加150%，创2020 年以来半年度 ...

Core Viewpoint - BOC Aviation (BOCA) reported strong financial results for 1H25, with total revenue and other income increasing by 5.8% YoY to US$1,242 million, despite a significant drop in net profit due to the absence of non-recurring income from the previous year [1][2]. Financial Performance - Net profit decreased by 25.8% YoY to US$341.5 million in 1H25, primarily due to the lack of non-recurring income, which included US$175 million of write-backs related to aircraft in Russia in 1H24 [2]. - Excluding the impact of the Russia event, core net profit after tax increased by 20% YoY in 1H25 [2]. - Finance expenses rose by 2.3% YoY, with the cost of debt stabilizing at 4.6% in 1H25, unchanged from 1H24 [2]. - An interim dividend of US$0.1476 per share was declared in 1H25 [2]. Market and Operational Insights - The market values of aircraft exceeded net book value by 15% at the end of June 2025, which is favorable for BOCA's operating leased fleet [3]. - Lease rental yield increased to 10.3% in 1H25 from 9.8% in 1H24, while net lease yield rose to 7.5% from 7.0% in the same period [3]. - Core lease rental income increased by 24% YoY to US$276 million in 1H25 [3]. - Interest income from finance leases surged by 35.6% YoY to US$130.2 million, accounting for 10.5% of total revenues and other income [4]. - Net gain on the sale of aircraft increased by 8% YoY to US$60.3 million in 1H25 [4]. Fleet Utilization and Valuation - Owned aircraft utilization reached 100% at the end of June 2025, consistent with previous quarters [5]. - The average fleet age was reported at 5.0 years, with an average remaining lease term of 7.9 years [5]. - BOCA is positioned as a geared beneficiary of steady growth in the global airline industry, with a projected dividend yield of approximately 3.9% in 2025 [6]. - The target price for BOCA was increased from HK$83.84 to HK$83.9, based on a 1.1x 2025E P/B ratio [6].

Daily Spotlight 22 August 2025 Michael MENG (852) 3988 6433 michael.meng@bocigroup.com Index Performance | | Last close | % 1D | % YTD | | --- | --- | --- | --- | | HSI | 25,105 | (0.2) | 25.1 | | HSCEI | 8,975 | (0.4) | 23.1 | | HSCCI | 4,360 | 0.3 | 15.3 | | MSCI HK | 13,388 | (0.0) | 26.7 | | MSCI CHINA | 82 | (0.0) | 26.4 | | FTSE CHINA A50 | 14,465 | 0.5 | 7.0 | | CSI 300 | 4,288 | 0.4 | 9.0 | | TWSE | 23,962 | 1.4 | 4.0 | | SENSEX | 81,858 | 0.3 | 4.8 | | NIKKEI 225 | 42,610 | (0.6) | 6.8 | | KOSPI | ...

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。 ...

非银金融 2025 年 08 月 22 日 中银航空租赁 (02588) 上 市 公 司 ——交付改善、订单簿大幅扩张，业绩同比双位数增长 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 21 日 | | --- | --- | | 收盘价（港币） | 71.95 | | 恒生中国企业指数 | 8974.77 | | 52 周最高/最低（港币） | 76.90/53.20 | | H 股市值（亿港币） | 499.34 | | 流通 H 股（百万股） | 694.01 | | 汇率（人民币/港币） | 1.0958 | 一年内股价与基准指数对比走势： -15% 35% 85% HSCEI 中银航空租赁 资料来源：Bloomberg 相关研究 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | - ...

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].

Core Viewpoint - The article discusses the challenges faced by aircraft leasing companies in recovering leased planes from Russian clients due to ongoing geopolitical tensions, highlighting the financial implications and insurance claims associated with these situations [2][3][4]. Summary by Sections Aircraft Leasing and Insurance Claims - Shanhe Intelligent's subsidiary, Avmax Group Inc. (AVMAX), has been unable to recover three leased aircraft from Russian clients since February 2022 despite multiple attempts [3][4]. - AVMAX has reached an agreement with its insurance provider for a compensation of $29 million, with a net payout of approximately $22.97 million, equivalent to about RMB 164 million after currency conversion [4]. Financial Impact - The insurance payout is classified as a non-recurring gain, as AVMAX had previously fully impaired the value of the aircraft [5]. - The net profit impact from this insurance compensation is estimated at RMB 126 million, representing 172.92% of the company's audited net profit from the previous year [4]. Industry Context - Other domestic aircraft leasing companies, such as Bank of China Aviation Leasing and Guoyin Financial Leasing, have also faced similar challenges with aircraft stranded in Russia, leading to significant asset impairments and insurance claims [8][9]. - For instance, Bank of China Aviation Leasing reported a $791 million asset impairment and received approximately $258 million in insurance compensation for 11 aircraft [8]. - Guoyin Financial Leasing has successfully recovered some aircraft and received a total of RMB 1.562 billion in insurance compensation for five aircraft leased to Russian airlines [9]. Legal Actions - Some companies, like Airwork Holdings Limited, have resorted to legal action against insurance providers due to disagreements over compensation for aircraft that remain in Russia [11][12]. - Airwork has attempted to recover five aircraft but has only succeeded in retrieving one, leading to litigation as a means to resolve the insurance claim disputes [12].