惠誉：预计波音(BA.N)减少传统737MAX库存将有助于逐步恢复更为正常的生产与交付节奏。 ...

惠誉对波音的预测：预计737MAX的生产速度将在2025年第三季度达到每月38架。 ...

Investment Rating - The investment rating for the company is "Buy" (Maintain) [1] Core Views - Boeing is a global aerospace duopoly, with operations spanning commercial airplanes (BCA), defense and space (BDS), and global services (BGS). Despite facing challenges in 2024, including a significant incident with Alaska Airlines and a prolonged IAM union strike, the company has demonstrated strong corrective capabilities [4][5] - The company reported a revenue of $66.52 billion in 2024, with a net loss of $11.82 billion. The BCA segment faced a revenue of $22.86 billion with an operating loss of $7.97 billion, primarily due to the 737-9 incident and the strike [4][5] - Boeing's order backlog remains robust, with a total backlog of $521 billion, involving 5,500 aircraft, indicating strong demand for new aircraft over the next 20 years [4][5] Summary by Sections Company Overview - Boeing operates in three major segments: BCA, BDS, and BGS, and is the largest commercial aircraft manufacturer globally [4] - The company has faced operational challenges but is implementing strategic reforms under new CEO Kelly Ortberg to enhance quality control and operational efficiency [4][5] Financial Performance - In 2024, Boeing's revenue was $66.52 billion, down 14% year-over-year, with a gross loss of $1.99 billion and a net loss of $11.82 billion. The company expects a revenue increase to $81.99 billion in 2025, with a projected return to profitability by 2026 [5][10] - The company’s cash and securities increased to $26.3 billion by the end of 2024, while total debt decreased to $53.9 billion [4][5] Market Demand and Orders - Global air travel demand has surpassed pre-pandemic levels, with IATA projecting industry net profits of $31.5 billion in 2024 and $36.6 billion in 2025. Boeing anticipates a demand for approximately 43,975 new aircraft over the next 20 years [4][5] - The company has a significant order backlog, with $521 billion in total orders as of the end of 2024 [4][5] Strategic Initiatives - Boeing is pursuing vertical integration by acquiring Spirit AeroSystems to strengthen its supply chain and quality control, with the deal expected to close in 2025 [4][5] - The company is addressing safety concerns related to the 737 program and has implemented enhanced inspection processes in collaboration with the FAA [4][5]