Bohai Leasing(000415)2024-04-01 16:00Financial Performance - The company achieved operating revenue of 33.675 billion yuan, a year-on-year increase of 5.49%[43]. - The net profit attributable to the parent company was 1.281 billion yuan, with earnings per share of 0.2072 yuan, marking a turnaround from loss to profit[43]. - The container leasing business generated operating income of 6.182 billion yuan, remaining stable compared to the previous year, while net profit decreased by 30.35% to 1.244 billion yuan[43]. - The company’s aircraft leasing revenue reached approximately 27.174 billion yuan, an increase of about 6.79% year-on-year[44]. - Aircraft leasing revenue was ¥19,309,252,000, accounting for 57.34% of total revenue, with a year-on-year increase of 19.81%[60]. - The net profit attributable to shareholders of the listed company increased by 3.268 billion RMB, a year-on-year growth of 164.50%[89]. - The net profit after deducting non-recurring gains and losses increased by 3.218 billion RMB, a year-on-year growth of 107.45%[89]. - The net cash flow from operating activities was ¥25,601,429,000, up 21.84% from ¥21,012,331,000 in 2022[105]. - The total operating costs amounted to ¥29,200,000,000, with a decrease of 7.31% from ¥31,000,000,000 in the previous year[63]. Aircraft Leasing Operations - The operating cash flow from aircraft leasing reached CNY 19.908 billion, a year-on-year increase of 36.50%, marking a historical high[30]. - The company signed a procurement agreement for 200 high-tech, energy-efficient aircraft, including 20 A330neo, 100 A321neo, and 80 737MAX, setting a record for the largest annual aircraft procurement order in its history[30]. - The overall fleet utilization rate remained at 99%, leading the industry, with all new aircraft scheduled for delivery in 2024 already under lease agreements[30]. - The company delivered 43 new aircraft and 30 second-hand aircraft to 22 customers during the reporting period, completing the sale of 31 aircraft and signing 25 sales intention agreements[30]. - The company plans to achieve a 96% leasing rate for new aircraft scheduled for delivery in 2025[30]. - The company signed 147 aircraft leasing agreements during the reporting period, including new leases, second-hand leases, and lease extensions[30]. - The average remaining lease term for the company's fleet is approximately 6.9 years, with an average aircraft age of about 6.4 years[47]. - The fleet size as of December 31, 2023, included 1,065 aircraft, with an average age of 6.4 years, serving 147 airline customers globally[110]. Container Leasing Operations - The company maintained a container leasing utilization rate of 97.8%, supported by a high proportion of long-term leases exceeding 91%[39]. - The company delivered approximately 46,000 new containers during the reporting period, a decrease of about 31.5% year-on-year, with an average lease term of approximately 5.5 years[43]. - Container leasing revenue was ¥5,181,462,000, showing a 5.45% increase year-on-year[52]. - The average selling price of second-hand containers decreased, contributing to a 17.79% decline in container sales revenue[60]. - The company operates approximately 4.0867 million CEU in container leasing, with an average utilization rate of 97.8%[113]. - The company's container fleet stood at approximately 4.0867 million CEU, with a rental rate of 97.8% and over 91% of long-term leases, indicating strong demand and operational efficiency[122]. Market Outlook - The aircraft leasing industry is expected to see an increase in the proportion of leased aircraft from 51.3% to 60% in the coming years[21]. - The global passenger fleet is projected to require an additional 23,000 aircraft from 2023 to 2042, with an average annual growth rate of about 3.2%[36]. - The global airline industry is projected to achieve a net profit of 25.7 billion in 2024[125]. - The global container leasing market is expected to see the proportion of containers held by leasing companies increase from 48.5% in 2023 to 52.6% by 2027[126]. Risk Management and Governance - The company focused on risk management and optimizing asset structure to enhance capital strength and consolidate competitive advantages[28]. - The company has established a robust risk management system, focusing on proactive risk identification and compliance to balance risk and profitability[119]. - The company has established a comprehensive internal control system to ensure compliance and safeguard assets, enhancing operational standards[139]. - The company has revised its governance documents, including the Articles of Association and various committee rules, to improve its governance structure[139]. - The company has maintained independence from its controlling shareholders in terms of assets, personnel, and operations[149]. - The company conducts annual internal control audits by an accounting firm to assess the effectiveness of its internal control design and execution[199]. - As of December 31, 2023, the company reported no significant deficiencies in internal control over financial reporting[199]. Corporate Developments - The company established a wholly-owned subsidiary GSC2 in September 2023, enhancing its operational structure[55]. - The company appointed Liu Lu as a director on August 24, 2023, following the resignation of two board members[144]. - The company has a cash dividend policy that was executed without adjustments during the reporting period[183]. - There were no fundraising activities reported during the reporting period[152]. - The company is expected to conduct daily related party transactions in 2023[160].