Core Insights - The potential cancellation of NASA's Space Launch System (SLS) program could significantly impact Boeing and its partners, while also creating opportunities for competitors like SpaceX and Blue Origin [1][10]. Group 1: Boeing and SLS Program - Boeing's SLS program manager warned employees that up to half of the 800 jobs could be at risk due to potential contract cancellations by the Trump administration [3][4]. - NASA has not indicated plans to cancel the SLS program, stating it is "essential" to Project Artemis, although job security for Boeing's SLS workers remains uncertain [5][6]. - NASA spends approximately $3 billion annually on the SLS program, which constitutes about 12.5% of Boeing's defense, space, and security division's revenue [7]. Group 2: Financial Implications - If the SLS program is canceled, the government could save more annually than the total cuts made by the Trump administration based on recommendations from the "Department of Government Efficiency" [8]. - Over the duration of Project Artemis, the potential revenue loss for Boeing and its partners could reach $82 billion due to the cancellation of the SLS program [9][10]. Group 3: Opportunities for Competitors - The cancellation of the SLS program does not equate to the end of Project Artemis, as funds could be redirected to other companies for lunar missions [11]. - SpaceX is positioned to benefit significantly, having existing NASA contracts for moon landers and rockets capable of lunar missions [12]. - Blue Origin and other smaller companies like Intuitive Machines and Rocket Lab could also gain from the reallocation of funds, with Blue Origin already having launched a competitive rocket [13][14].

Core Viewpoint - Boeing is facing mixed news regarding its operations, particularly concerning delays in key programs, which may impact investor confidence and the company's recovery trajectory [1]. Group 1: Air Force One Delays - The Air Force One program is one of four problematic fixed-price development programs at Boeing Defense, Space & Security, alongside the KC-46 refueling tanker, T-7 training aircraft, and MQ-25 refueling drone [2]. - Although these programs account for only 15% of BDS revenue, they have resulted in multibillion-dollar losses and charges in recent years [3]. - If Boeing had to choose a program to delay, it would likely prefer Air Force One due to potentially greater long-term demand for the other aircraft types [3]. Group 2: Boeing 777X Timeline - Deliveries of the two Boeing VC-25B planes for Air Force One could be delayed until 2029, following previous delays to 2027 or 2028 [4]. - Emirates, a key customer for the Boeing 777X, now expects deliveries of its 205 ordered jets to begin no sooner than Q2 2027, possibly extending to 2028 [4]. - The 777X was initially expected to enter service in 2020, and delays could lead to compensation payments to airlines and negatively impact Boeing's cash position [6][7]. Group 3: 737 MAX Production Outlook - Safran's CEO expressed confidence that Boeing will achieve a delivery rate of 38 per month for the 737 MAX in H1 2025 and 42 per month by year-end [4]. - GE's CEO anticipates a 15% to 20% increase in LEAP engine production, aligning with Boeing's production plans [8]. - Achieving a delivery rate of 42 per month for the 737 MAX would allow for more optimistic assumptions regarding Boeing Commercial Airplanes' profitability and cash flow, enhancing the stock's near-term prospects [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that Boeing is a dual-monopoly enterprise in the aerospace sector, with operations spanning commercial airplanes (BCA), defense and space (BDS), and global services (BGS). Despite facing challenges in 2024, including a significant drop in delivery volumes and a net cash flow loss, the company demonstrates strong corrective capabilities and strategic management adjustments [5][6] - The report anticipates a recovery in revenue and profitability, projecting a revenue increase to $81.99 billion in 2025, with a return to profitability by 2025 [6] Summary by Sections Company Overview - Boeing operates in three major segments: BCA, BDS, and BGS, and is the largest commercial aircraft manufacturer globally. The company faced a 51% quarter-on-quarter drop in delivery volumes in Q4 2024 due to operational disruptions [5][6] Financial Performance - In 2024, Boeing reported revenues of $66.52 billion and a net loss of $11.82 billion. The BCA segment generated $22.86 billion in revenue but incurred an operating loss of $7.97 billion, primarily due to the 737-9 incident and labor strikes [6] - The company ended 2024 with cash and securities totaling $26.3 billion and reduced total debt to $53.9 billion [6] Market Demand and Orders - Global air travel demand has surpassed pre-pandemic levels, with Boeing's backlog reaching $521 billion, involving 5,500 aircraft. The International Air Transport Association (IATA) projects industry net profits of $31.5 billion in 2024 and $36.6 billion in 2025 [6] Management Strategy - The new CEO, Kelly Ortberg, is implementing significant reforms to address quality control issues and streamline operations. The company aims to vertically integrate its supply chain through the acquisition of Spirit AeroSystems, expected to complete in 2025 [6] Production Adjustments - Boeing has adjusted its production rates in response to safety investigations and labor strikes, with plans to ramp up production of the 737 series once conditions allow [6] Future Projections - The report forecasts a recovery in deliveries and revenues, with expected deliveries of 544, 656, and 786 aircraft from 2025 to 2027, respectively. Revenue is projected to grow to $81.99 billion in 2025, with a return to profitability anticipated by 2025 [6]

海外公司跟踪报告 | 美股 证券研究报告 | 2 月 18 日收盘价（美元） | 184.97 | | --- | --- | | 总市值（百万美元） | 138,741 | | 总股本（百万股） | 750 | | 来源：聚源，兴业证券经济与金融研究院整理 | | 相关研究 【兴证海外汽车】波音（BA.N）：工会罢 工冲击短期业绩，新 CEO 多举或解债务 难题-2024.11.01 【兴证海外汽车】波音（BA.N）：收购供 应商、管理层更换、生产恢复，百年波 音再启航-2024.08.05 | 公司评级 | 增持（维持） | | --- | --- | | 报告日期 | 2025 年 02 月 19 日 | 基础数据 【兴证海外】波音 BOEING（BA.N) 2024Q1 业绩点评：额外安全检查影响交 付量、下半年产能有望恢复-2024.05.08 分析师：余小丽 S0190518020003 AXK331 yuxiaoli@xyzq.com.cn 分析师：张弘彬 S0190524080002 请注意: 张弘彬并非香港证券及期货事务 监察委员会的注册持牌人，不可在香港从 事受监管的活动。 zhangho ...

Core Points - Boeing has appointed Jeff Shockey as the new executive vice president of Government Operations, Global Public Policy & Corporate Strategy, effective February 24, 2025 [1][2] - Shockey will oversee Boeing's global public policy initiatives, including government operations and sustainability, and will lead the Boeing Global Engagement philanthropic organization [2] - He will report directly to Boeing President and CEO Kelly Ortberg and will be a member of the company's Executive Council [2] Leadership Experience - Jeff Shockey brings over 30 years of experience in government, government relations, and business development, which is expected to help restore trust with key government stakeholders [3] - His previous roles at Boeing include vice president of Global Sales and Marketing for Defense, Space & Security, and vice president of Federal Affairs and International Policy for Government Operations [3] - Shockey has also held significant positions in the U.S. House of Representatives, including staff director of the House Permanent Select Committee on Intelligence [3] Company Overview - Boeing is a leading global aerospace company and a top U.S. exporter, involved in the development, manufacturing, and servicing of commercial airplanes, defense products, and space systems for customers in over 150 countries [4] - The company emphasizes innovation, economic opportunity, sustainability, and community impact through its workforce and supplier base [4] - Boeing is committed to fostering a culture based on core values of safety, quality, and integrity [4]

Barclays Industrial Select Conference Copyright © 2025 Boeing. All rights reserved. FORWARD-LOOKING STATEMENTS Certain statements made today constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and other similar words or expressions, or the negative thereof, generally can be used to help identify these forward-look ...

Group 1 - President Trump is frustrated with the delayed delivery of the new Air Force One Boeing 747s, which are years behind schedule and have incurred over $2 billion in cost overruns [1][3] - The $4 billion contract for the aircraft was negotiated during Trump's first term, and it remains uncertain if the planes will be ready during his current term [1] - Boeing's CEO Kelly Ortberg mentioned that Elon Musk is assisting in expediting the delivery process by addressing non-value added constraints [2][3] Group 2 - Trump has expressed the possibility of exploring alternative options for acquiring a plane, indicating he may consider purchasing or obtaining a different aircraft [4] - During a recent tour, Trump inspected a 747 parked at Palm Beach International Airport, highlighting his active interest in the situation [4]

Group 1 - The Boeing Company is represented by Kelly Ortberg, who is making his first conference appearance as CEO [1] - The conference is hosted by David Strauss from Barclays Capital, indicating a long-standing relationship between the participants [3] - The discussion is focused on Boeing's key priorities and progress made since the CEO's initial call [9] Group 2 - Kelly Ortberg expresses a positive outlook on the company's progress, particularly in overcoming workforce stoppages that exceeded expectations [11] - The workforce is reported to be back to work with good attitudes, contributing to the company's operational goals [11]

This article has been reviewed according to Science X's editorial process and policies . Editors have highlighted the following attributes while ensuring the content's credibility: The current Air Force One jets face rising maintenance costs and use parts that are increasingly obsolete. Donald Trump said Wednesday his administration was "looking at alternatives" to Boeing following delays in delivering two new models of the US presidential Air Force One plane. "I'm not happy with Boeing," the president t ...

Boeing (BA -0.55%) has been plagued with challenges hurting its ability to build and sell planes.*Stock prices used were the afternoon prices of Feb. 13, 2025. The video was published on Feb. 15, 2025. ...