渤海租赁：飞机租赁收益率维持高位，流动性压力较为可控

Investment Rating - The investment rating for Bohai Leasing is "Buy (Maintain)" [4] Core Views - Bohai Leasing reported a revenue of 16.179 billion yuan for H1 2024, representing a year-on-year increase of 19.24%. The net profit attributable to shareholders was 716 million yuan, up 36.18% year-on-year [2][6] - The aircraft leasing business showed good growth, while the container leasing business faced slight pressure. The revenue from aircraft leasing and sales reached 9.489 billion yuan and 3.561 billion yuan, respectively, with year-on-year growth of 1.48% and 291.52% [6] - The annualized aircraft leasing yield for H1 2024 was estimated at 11.0%, maintaining a high level, supported by strong demand growth in the global aviation market [6] - Liquidity pressure is considered manageable, with 2 billion yuan in interest-bearing liabilities as of H1 2024, over 80% of which is borne by AVOLON and GSCL [6] Summary by Sections Financial Performance - For H1 2024, Bohai Leasing achieved operating revenue of 16.179 billion yuan, a 19.24% increase year-on-year, and a net profit of 716 million yuan, up 36.18% year-on-year [2][6] - The revenue from aircraft leasing and sales was 9.489 billion yuan and 3.561 billion yuan, with respective year-on-year growth rates of 1.48% and 291.52% [6] - The gross profit margins for aircraft leasing and sales were 59.44% and 9.61%, reflecting increases of 1.95 percentage points and 2.49 percentage points year-on-year [6] Business Outlook - The company expects revenues for 2024-2026 to be 35.9 billion yuan, 37.9 billion yuan, and 39.9 billion yuan, with year-on-year growth rates of 6.66%, 5.51%, and 5.17% respectively [6] - The net profit attributable to shareholders is projected to be 1.5 billion yuan, 1.8 billion yuan, and 2.1 billion yuan for the same period, with growth rates of 20.50%, 19.64%, and 15.50% respectively [6] Asset and Liability Management - As of H1 2024, the company had 20.03 billion yuan in overdue principal and interest, with 18.76 billion yuan already restructured [6] - The company is considering selling some overseas assets to alleviate liquidity pressure, with AVOLON holding non-restricted cash and available loan amounts totaling 8.2 billion USD [6]