渤海租赁(000415) - 2017年12月05日投资者关系活动记录表

Group 1: Impact of U.S. Tax Reform - The U.S. tax reform is expected to reduce the corporate income tax rate from 35% to 20%, positively impacting the company's performance [3] - The company anticipates a decrease in tax expenses due to the tax reform, particularly for its U.S.-registered aircraft leasing entities [4] - As of Q3 2017, the company's overseas total assets exceeded $33 billion, accounting for over 70% of its net assets, which are approximately $4.3 billion [4][5] Group 2: Mergers and Acquisitions Strategy - The company's acquisition strategy focuses on global expansion in the leasing sector, having become the third-largest aircraft leasing company with nearly 950 aircraft [5][6] - The integration of Avolon has been successful, leading to significant operational cost savings through streamlined management and unified procurement [6][7] - The company has also expanded into container leasing, becoming the second-largest player in that market, with nearly 4 million CEUs under management [6] Group 3: Market Conditions and Future Outlook - The Baltic Dry Index (BDI) has reached a four-year high, indicating a recovery in the container leasing market, with an average utilization rate of 95.5% as of Q3 2017 [8][9] - The global aviation market is projected to grow at an annual rate of 4.5% over the next 20 years, with the number of aircraft expected to double by 2035 [9][10] - The company plans to enhance its aircraft leasing capabilities and expand its domestic leasing operations, leveraging synergies from its overseas subsidiaries [10] Group 4: Financing and Cost Implications - Domestic financing costs have increased due to stricter financial regulations, but overseas financing costs have decreased as the company's credit rating improves [10][11] - Avolon successfully renegotiated a $5 billion loan, reducing the interest rate from Libor + 2.75% to Libor + 2.25% [10][11] - The company's overseas assets and liabilities now exceed 70%, mitigating the impact of rising domestic financing costs [11]