纯粹的飞机租赁龙头企业 渤海租赁（000415.SZ）动态报告 研究团队：非银金融&交运 报告日期：2026年2月25日 证券研究报告 * 请务必阅读最后一页免责声明 摘要 证券研究报告 * 请务必阅读最后一页免责声明 1 ➢ 公司出售集装箱资产，整体业务回归飞机租赁。近年来渤海租赁飞机租赁及销售收入占比持续提升，2025H1飞 机相关收入占比达到89%，集装箱相关收入占比为10%。2025年公司正式出售集装箱资产，2025年11月公司同 时转让天津渤海持有的皖江金租股份，公司主业将更加聚焦于飞机租赁。 ➢ 飞机子公司后续有望占据更大市场份额。2025年波音空客飞机产能逐步修复，整体交付水平已经优于2019年。 但当前供需缺口依旧较大，当前波音空客全部待交付订单超2万架。从行业格局来看，2025年末仍有155家航司 以及23家租赁商手里拥有波音空客的飞机订单，Avolon预计2030年末该数量将减少为70、11家。后续份额将 进一步向头部飞机租赁商集中。 ➢ 风险提示：利率上行，地缘政治，上游交付延期，债务展期风险，汇率风险，资产处置与业务转型风险，控制 权变动风险。 01 背景：公司出售集装箱资产 02 A ...

Group 1 - KKR has committed to invest $500 million to establish a new container leasing and financing company named Galaxy Container Solutions [1][3] - Galaxy will provide leasing and financing options for global shipping companies and will be led by industry veterans Jeffrey Gannon and Adrian Dunner, who previously co-founded Global Container International (GCI) [1][3] - The establishment of Galaxy is seen as timely due to market dynamics such as consolidation among leasing companies and ongoing demand, creating opportunities for new entrants [3] Group 2 - Triton International, the largest container leasing company, has acquired GCI for $1 billion, which had become the seventh largest container leasing company before the acquisition [3] - KKR's investment in Galaxy aligns with its growing asset-based finance portfolio, representing an exciting expansion into the container leasing industry [3] - KKR believes that Galaxy will provide dynamic solutions to meet the evolving needs of leading shipping companies [3]

证券代码：000415 证券简称：渤海租赁 公告编号：2025-077 渤海租赁股份有限公司 关于境外子公司 2025 年第三季度主要运营数据 的自愿性信息披露公告 3、2025 年 7 月，Avolon 向空中客车公司（Airbus S.A.S.）订购了 90 架飞机， 包括 75 架 A321NEO 及 15 架 A330NEO 飞机，上述飞机计划于 2033 年年底前陆 续完成交付。 二、GSCL 主要运营数据 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 为便于投资者及时了解渤海租赁股份有限公司（以下简称"公司"）主要境外 子公司生产经营情况，现将公司控股子公司 Avolon Holdings Limited（以下简称 "Avolon"）、全资子公司 Global Sea Containers Ltd（以下简称"GSCL"）2025 年 第三季度主要运营数据公告如下： 一、Avolon 主要运营数据 截至 2025 年三季度末，Avolon 机队规模为 1,159 架，包括自有飞机 601 架、 管理飞机 36 架、订单飞机 522 架，服务于全球 6 ...

Group 1: Avolon Key Operating Data - As of the end of Q2 2025, Avolon has a fleet size of 1,076 aircraft, which includes 599 owned aircraft, 35 managed aircraft, and 442 ordered aircraft, serving 142 airline customers across 60 countries [1] - The aircraft fleet composition includes various models such as 428 Airbus A320NEO series, 182 Airbus A320CEO series, and 156 Boeing 737 MAX series, among others [1] - 98% of the ordered aircraft scheduled for delivery in the next 24 months have already secured leases, with 54 aircraft sold but not yet delivered [1] Group 2: GSCL Key Operating Data - As of the end of Q2 2025, GSCL has a fleet size of approximately 4.068 million CEU, with an average container utilization rate of 97.9% [2] - The container fleet composition includes 1,740,956 dry containers (42.8% of total), 1,668,189 refrigerated containers (41.0%), 410,590 tank containers (10.1%), and 248,077 special containers (6.1%) [2] - GSCL serves around 750 leasing customers and has containers distributed across approximately 190 ports globally, supported by 23 operational centers [2]

Core Insights - The container leasing industry is a crucial pillar in the logistics sector, providing leasing services for various transportation modes including maritime, land, and air [1][14] - The industry has evolved from initial exploration to a mature market since the rise of containerized transport in the 1960s, experiencing rapid growth due to globalization and increased cross-border trade [1][14] - China, as the largest producer and consumer of containers, is witnessing a continuous increase in the market size of the container leasing industry, projected to reach approximately 30 billion yuan in 2024, reflecting an 8.3% year-on-year growth [1][14] Industry Overview - Container leasing involves agreements between leasing companies and lessees, typically shipping lines or transport companies, for the rental of containers, with responsibilities for maintenance and repair resting on the lessee [3] - The leasing methods can be categorized into three types: time charter, voyage charter, and flexible leasing [3] Market Dynamics - The Chinese container leasing market is expected to continue expanding, particularly driven by the rapid development of emerging markets [1][14] - Government policies have been introduced to promote the development of the container leasing market, including initiatives to encourage collaboration between rail and shipping companies and the establishment of container return points [5][12] Industry Chain - The container leasing industry chain consists of upstream raw material suppliers and container manufacturers, midstream leasing companies, and downstream users including maritime, rail, road, and air transport [8] Current Development - In 2024, China's metal container production is projected to reach 29.8956 million cubic meters, a 177% year-on-year increase, with continued growth expected into 2025 [10] - Container throughput in China is also on the rise, increasing from 26.4 million TEUs in 2020 to an estimated 33.2 million TEUs in 2024, indicating strong demand for container leasing services [12] Competitive Landscape - The industry exhibits a high degree of market concentration, with the top five companies controlling 84.8% of the total container fleet, and the top ten companies holding 92.7% [16] - Major players include China COSCO Shipping Corporation, China International Marine Containers, Bohai Leasing, and China Foreign Trade Development Company [16][18] Future Trends - The container leasing industry is expected to benefit from the rapid development of emerging markets in Asia and Africa, technological innovations, and supportive government policies [22]