Bohai Leasing (000415) Q4 2024 earnings summary

Executive summary

• Revenue reached RMB 38.43 billion, up 14.12% year-over-year, driven by increased aircraft sales income.

• Net profit attributable to shareholders was RMB 903.94 million, down 29.45% year-over-year, mainly due to one-off goodwill impairment and tax policy changes.

• Aircraft leasing and sales contributed 83.2% of revenue, with aircraft sales up 61.08% year-over-year.

• Company remains the world's second-largest aircraft lessor and a top-five container lessor by fleet size.

• Avolon subsidiary received RMB 1.26 billion in insurance settlement for Russia-related aircraft, positively impacting net profit.

Financial highlights

• Operating income: RMB 38.43 billion, up 14.12% year-over-year.

• Net profit attributable to shareholders: RMB 903.94 million, down 29.45% year-over-year.

• Adjusted net profit (excluding one-off goodwill impairment): RMB 1.409 billion.

• Total assets: RMB 286.40 billion, up 9.5% from previous year-end.

• Basic and diluted EPS: RMB 0.1462, down 29.44% year-over-year.

Outlook and guidance

• 2025 will focus on expanding core leasing business, optimizing debt structure, and maintaining liquidity.

• Aircraft leasing market expected to remain robust due to supply-demand imbalance; container leasing faces cyclical and structural adjustments.

• Company plans to leverage Avolon's scale and CAL acquisition to enhance fleet returns and market position.

• Domestic leasing business to cautiously resume new investments as liquidity improves.