📰 Financial TimesFinancial TimesCodex · 实盘不做把握 6/10
北京时间·🕒 发布 00:31:32时区推断·⟳ 抓取 00:32:20·⚡ 决策 07-30 00:33:28 +1m08s·90.0 天前
空客二季度利润与交付反弹但全年指引维持不变
空客二季度调整后EBIT约24.3亿欧元、收入约205亿欧元，均受交付恢复推动并好于预期。
📄 原文Financial Times↗ 原文
Airbus profits climb as jet deliveries rise
Airbus’s profits surged in the second quarter after the world’s largest planemaker sharply increased deliveries of jets…
不做 空中客车（AIR.FR）
不做：财报虽好于预期但全年指引维持不变，中期目标和回购已提前一周明牌披露，欧洲盘后无法成交且次日开盘追多缺少足够新增edge。
不做 赛峰（SAF.FR）
不做：空客交付恢复对供应链只是二阶确认，且发动机供应仍是瓶颈，未出现赛峰自身订单、指引或利润上修的公司级催化。
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
消息传播链
- 空客一周前已披露2029年调整后EBIT目标120亿至130亿欧元、50亿欧元三年回购和2026年指引不变，是本次报道中部分强叙事的前置信息。
- 空客官网显示HY 2026业绩发布安排在2026年7月29日，财报属于预定日历事件而非突发订单或指引上修。
- FT报道二季度调整后EBIT同比增54%至约24亿欧元、收入同比增28%至205亿欧元、交付237架，利好来自交付恢复。市场反应:报道发生在欧洲收盘后，连续交易已结束。
- WSJ同日确认空客二季度业绩好于预期并重申2026年约870架交付、75亿欧元调整后EBIT和45亿欧元自由现金流目标。
关键理由
- 空客二季度调整后EBIT约24.3亿欧元、收入约205亿欧元，均受交付恢复推动并好于预期。
- 全年约870架交付、约75亿欧元调整后EBIT和约45亿欧元自由现金流目标维持不变，新增预期差主要集中在季度节奏而非全年上修。
- 中期2029年利润目标与50亿欧元回购已在7月21日投资者更新中提前披露，本次财报更多是确认交付恢复。
主要风险
- 财报为预定披露且欧洲市场已收盘，次日开盘可能直接反映业绩好于预期，追价风险高。
- A320发动机供应、生产缺陷和供应链瓶颈仍是全年870架交付目标的主要执行风险。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-07-29 · 影响 weakens
反向约束是全年指引未上修，且发动机短缺和供应链瓶颈仍影响A320产能爬坡；这削弱隔夜追多边际。
检索:Airbus Q2 2026 results unchanged guidance engine supply chain bottlenecks 原文 ↗
原文全文
展开原文 · 1,819 字
Airbus profits climb as jet deliveries rise
Airbus’s profits surged in the second quarter after the world’s largest planemaker sharply increased deliveries of jets as it began to shake off supply chain problems that had led to a record order backlog.
The company’s adjusted earnings before interest and tax, its preferred measure of profitability, rose to €2.4bn, a 54 per cent increase from a year earlier and ahead of analyst expectations. Revenues for the quarter were up 28 per cent to €20.5bn as deliveries accelerated after a poor start to the year.
Airbus delivered 237 aircraft in the second quarter, up 39 per cent from the same period last year. Demand for its defence products also helped to drive the strong performance, it said on Wednesday.
Chief executive Guillaume Faury said Airbus was “ramping up across all businesses to meet the growing demand for our civil and military solutions”.
He said the group’s “focus on steady execution is paying off, as demonstrated by strong deliveries” in the second quarter.
The results mark a sharp turnaround from a weak first quarter when Airbus delivered just 114 jets after delays in receiving engines for its best-selling A320 family of narrow-body aircraft.
The company has also struggled to overcome production defects and supply-chain bottlenecks over the past two years, making it difficult to meet soaring demand for its aircraft.
The upbeat results come a week after Airbus cheered investors by setting out ambitious profit targets for the midterm, along with a €5bn share buyback over the next three years.
Airbus said last week that adjusted earnings before interest and tax would grow between €12bn-€13bn in 2029, up from €7.13bn in 2025.
The company on Wednesday stuck to its full-year targets, including plans to deliver about 870 commercial aircraft.
Airbus’s profits surged in the second quarter after the world’s largest planemaker sharply increased deliveries of jets as it began to shake off supply chain problems that had led to a record order backlog.
The company’s adjusted earnings before interest and tax, its preferred measure of profitability, rose to €2.4bn, a 54 per cent increase from a year earlier and ahead of analyst expectations. Revenues for the quarter were up 28 per cent to €20.5bn as deliveries accelerated after a poor start to the year.
Airbus delivered 237 aircraft in the second quarter, up 39 per cent from the same period last year. Demand for its defence products also helped to drive the strong performance, it said on Wednesday.
Chief executive Guillaume Faury said Airbus was “ramping up across all businesses to meet the growing demand for our civil and military solutions”.
He said the group’s “focus on steady execution is paying off, as demonstrated by strong deliveries” in the second quarter.
The results mark a sharp turnaround from a weak first quarter when Airbus delivered just 114 jets after delays in receiving engines for its best-selling A320 family of narrow-body aircraft.
The company has also struggled to overcome production defects and supply-chain bottlenecks over the past two years, making it difficult to meet soaring demand for its aircraft.
The upbeat results come a week after Airbus cheered investors by setting out ambitious profit targets for the midterm, along with a €5bn share buyback over the next three years.
Airbus said last week that adjusted earnings before interest and tax would grow between €12bn-€13bn in 2029, up from €7.13bn in 2025.
The company on Wednesday stuck to its full-year targets, including plans to deliver about 870 commercial aircraft.
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