ReutersCodex · 实盘不做把握 7/10
北京时间·🕒 发布 18:26:36时区推断·⟳ 抓取 18:35:13·⚡ 决策 07-17 18:53:57 +18m44s·102.1 天前
中国国航及深航拟购买55架空客飞机
55架空客飞机目录价124亿美元，但交付期在2029-2032年，实际成交价还会大幅低于目录价。
📄 原文Reuters↗ 原文
Air China (601111.SS) and its unit Shenzhen Airlines will buy 55 Airbus (AIR.PA) aircraft for a total list price of $1…
不做 中国国航（601111.SH）
买飞机对国航是长期机队更新和资本开支，短线利润方向不明确，不做。
不做 空中客车（AIR.FR）
订单交付期长且目录价非实际成交价，相对空客全球订单簿难构成短线市值级惊喜，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-07-17 · 扩散 high · price-in 风险 medium ↗
关键理由
- 55架空客飞机目录价124亿美元，但交付期在2029-2032年，实际成交价还会大幅低于目录价。
- 对中国国航是长期机队更新和资本开支，不是短期利润增厚；对空客为大型订单但相对其全球订单和市值也非单一重大 surprise。
主要风险
- 航空公司融资和折旧压力增加；飞机交付周期长，需求和汇率变化会影响经济性。
原文全文
展开原文 · 1,481 字
Air China (601111.SS) and its unit Shenzhen Airlines will buy 55 Airbus (AIR.PA) aircraft for a total list price of $12.4 billion, as China's flag carrier moves to expand capacity and modernise its fleet with more fuel-efficient aircraft.
Air China agreed to buy 15 A350-900 wide-body jets, while Shenzhen Airlines will separately purchase 40 narrow-body A320neo-family aircraft, according to a filing by Air China with the Shanghai stock exchange.
The A350-900 jets, with a list value of about $6.09 billion based on Airbus's January 2025 list prices, are scheduled for delivery between 2030 and 2032. The 40 A320neo family aircraft, valued at about $6.35 billion based on January 2024 list prices, are slated for delivery between 2029 and 2032.
Air China said in the filing that the actual transaction prices will be lower than the listed values, with Airbus offering significant discounts, a standard practice for sizeable aircraft orders. Both airlines will fund the purchases through a mix of their own funds, commercial bank loans and other financing arrangements.
The order comes as Chinese carriers continue to rebuild and expand their fleets following the pandemic. Air China said the new aircraft would help optimise its fleet structure and route network, improve operational efficiency and reduce costs.
The A320neo family competes with the medium-haul Boeing 737 MAX (BA.N) , while the A350-900 is widely used on long-haul international routes.
Air China agreed to buy 15 A350-900 wide-body jets, while Shenzhen Airlines will separately purchase 40 narrow-body A320neo-family aircraft, according to a filing by Air China with the Shanghai stock exchange.
The A350-900 jets, with a list value of about $6.09 billion based on Airbus's January 2025 list prices, are scheduled for delivery between 2030 and 2032. The 40 A320neo family aircraft, valued at about $6.35 billion based on January 2024 list prices, are slated for delivery between 2029 and 2032.
Air China said in the filing that the actual transaction prices will be lower than the listed values, with Airbus offering significant discounts, a standard practice for sizeable aircraft orders. Both airlines will fund the purchases through a mix of their own funds, commercial bank loans and other financing arrangements.
The order comes as Chinese carriers continue to rebuild and expand their fleets following the pandemic. Air China said the new aircraft would help optimise its fleet structure and route network, improve operational efficiency and reduce costs.
The A320neo family competes with the medium-haul Boeing 737 MAX (BA.N) , while the A350-900 is widely used on long-haul international routes.
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