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中银航空租赁(02588.HK):交付改善、订单簿大幅扩张 业绩同比双位数增长
Ge Long Hui· 2025-08-23 11:31
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 ...
中银航空租赁(2588.HK):上游产能修复 NLY改善
Ge Long Hui· 2025-08-23 11:31
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 ...
中银航空租赁(02588):交付改善、订单簿大幅扩张,业绩同比双位数增长
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 | | --- | --- | --- | --- | - ...
中银航空租赁(02588):中银航空租赁(2588HK):上游产能修复,NLY改善
HTSC· 2025-08-22 02:45
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]
中金:维持中银航空租赁(02588)跑赢行业评级 目标价81.40港元
Zhi Tong Cai Jing· 2025-08-22 02:17
智通财经APP获悉,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/26e 1.0x/0.9x P/B。维持跑赢行业评级及目标价81.40港币(对应25e/26e 1.1x/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。 公司1H25合计交付24架飞机(同比+6架、环比+4架),其中19架经营租赁飞机(同环比均+12架),对应公 司上半年完成资本支出19亿美元(同比+138%)。交付改善下: 1)总规模方面,公司经营租赁机队账面净值自2023年上半年以来首次实现边际扩表、较年初+1%至182 亿美元,增速偏低主因公司飞机处置进程亦加速(上半年出售飞机同比+3架至18架),涵盖融资租赁总机 队规模较年初+2%至222亿美元; 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。 ...
山河智能装备股份有限公司 关于全资子公司收到保险赔付款的公告
Core Viewpoint - AVMAX, a wholly-owned subsidiary of the company, has successfully reached an agreement with insurance underwriters for a compensation payment of $29 million, which will significantly impact the company's financials for the year [2]. Group 1: Insurance Compensation Details - AVMAX will receive a total insurance compensation of $29 million, with a net amount of $22.9651 million after deducting legal fees [2]. - The received insurance compensation, when converted at the exchange rate of 7.1382, amounts to approximately ¥163.9295 million [2]. - The impact on the company's net profit after tax from this insurance compensation is estimated to be ¥126.2257 million, which represents 172.92% of the company's audited net profit attributable to shareholders from the previous year [2]. Group 2: Background and Context - AVMAX had previously entered into three aircraft leasing contracts with Russian clients, but due to geopolitical conflicts since February 2022, the aviation industry has faced sanctions, making it impossible for AVMAX to recover the leased aircraft [1][2]. - The compensation received is classified as a non-recurring gain, as AVMAX had already fully provided for impairment on the three aircraft prior to this compensation [2].
渤海租赁股份有限公司2025年第四次临时股东大会决议公告
Meeting Overview - The fourth temporary shareholders' meeting of Bohai Leasing Co., Ltd. was held on August 11, 2025, with both on-site and online voting options available [3][4] - A total of 1,030 shareholders attended the meeting, representing 3,076,676,675 shares, which accounts for 49.7480% of the total voting shares [4][5] Voting Results - The proposal regarding the purchase of aircraft from Airbus by the company's subsidiary Avolon Holdings Limited was approved with 99.2985% of the votes in favor [9][10] - Among minority shareholders, 94.8536% voted in favor of the proposal [11] Legal Compliance - The legal opinions provided by Beijing Haotian (Urumqi) Law Firm confirmed that the meeting's procedures and resolutions were in compliance with relevant laws and regulations [13] Documentation - The resolutions from the fourth temporary shareholders' meeting and the legal opinion letter are available for review [14]
渤海租赁收盘上涨1.96%,滚动市盈率19.06倍,总市值225.74亿元
Sou Hu Cai Jing· 2025-07-18 08:28
Group 1 - The core viewpoint of the news is that Bohai Leasing's stock price has shown a slight increase, but its price-to-earnings (PE) ratio has reached a new low compared to the past 106 days, indicating potential undervaluation in the context of the multi-financial industry [1] - As of July 18, Bohai Leasing's closing price was 3.65 yuan, with a PE ratio of 19.06 times, significantly lower than the industry average of 43.72 times and the median of 31.74 times, ranking 9th in the industry [1][2] - The company's total market capitalization is 22.574 billion yuan, and it experienced a net inflow of 43.47 million yuan in main funds on July 18, although it has seen an overall outflow of 14.04 million yuan over the past five days [1] Group 2 - Bohai Leasing's main business includes leasing services and production for aircraft, containers, domestic infrastructure, high-end equipment, commercial properties, and renewable energy [1] - The latest quarterly report for Q1 2025 shows that the company achieved an operating income of 17.117 billion yuan, a year-on-year increase of 99.82%, and a net profit of 669 million yuan, up 72.21%, with a gross profit margin of 24.75% [1]
渤海租赁: 2025年半年度业绩预告
Zheng Quan Zhi Xing· 2025-07-14 12:20
Performance Forecast - The company expects a net loss attributable to shareholders of between 1.8 billion and 2.4 billion yuan for the current reporting period, compared to a profit of 716.4 million yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses is expected to be a loss of between 2.1 billion and 2.7 billion yuan, compared to a profit of 532.24 million yuan last year [1] - The basic earnings per share are projected to be a loss of between 0.2910 yuan and 0.3881 yuan, compared to earnings of 0.1158 yuan in the previous year [1] Reasons for Performance Change - The primary reason for the performance change is the signing of a share purchase agreement with Typewriter Ascend Ltd to sell 100% of Global Sea Containers Ltd (GSCL). The transaction price is below the net asset value of GSCL, indicating goodwill impairment [1] - The company anticipates needing to recognize a goodwill impairment provision of approximately 3.2 billion to 3.4 billion yuan, with the final amount to be disclosed in the 2025 semi-annual report [1] Aircraft Leasing Business - The aircraft market value, leasing rates, and renewal rates remain high due to sustained demand and limited production capacity from aircraft manufacturers [2] - The company completed the acquisition of 100% of Castlelake Aviation Limited and continues to optimize its aircraft asset structure, leading to improved yield levels in its aircraft leasing business [2]
渤海租赁(000415) - 关于境外子公司2025年第二季度主要运营数据的自愿性信息披露公告
2025-07-14 12:00
一、Avolon 主要运营数据 截至 2025 年二季度末,Avolon 机队规模为 1,076 架,包括自有飞机 599 架、 管理飞机 35 架、订单飞机 442 架,服务于全球 60 个国家的 142 家航空公司客 户。具体飞机机队组合如下: | 机队类型 | 自有飞机 | 管理飞机 | 订单飞机 | 总数 | | --- | --- | --- | --- | --- | | 空客 A320NEO 系列 | 142 | 3 | 283 | 428 | | 空客 A320CEO 系列 | 168 | 14 | 0 | 182 | | 波音 737 MAX 系列 | 39 | 0 | 117 | 156 | | 波音 737 NG 系列 | 86 | 10 | 0 | 96 | | 空客 A330-900NEO | 32 | 1 | 40 | 73 | | 空客 A330-200/300 | 45 | 7 | 0 | 52 | | 波音 787-8/9 | 35 | 0 | 0 | 35 | | 空客 A350-900/1000 | 24 | 0 | 0 | 24 | | E195-E2/E190-200 ...