飞机租赁行业专题研究-211231（25页）.pdf

1、?1?3000?30%?20?9000?45%?6,300?4?1:1:1?50%?SPV?SPV?SPV?PXdYvZcZaVhWmMmMnP7N8Q8OtRnNoMpNeRmNpPkPrQpQ8OpOqQvPnQvNxNpOqO?2?2010?RPK?7%?50%?30%?50%?3?2.1?.9?2.2?.11?2.2.1?.11?2.2.2?.11?2.2.3?SPV?.12?2.3?.15?3.1?.17?3.2?.18?3.3?.19?1?.5?2?.5?3?.6?4?.6?5?.8?6?30%.9?7?.10?8?Top20?.10?9?.11?10?SPV?.12?11?SPV

2、?.13?12?0.6%?.15?13?.16?14?.17?15?2020?1-12?.18?4?16?.19?17?.20?18?.20?19?.21?20?20?39000?.21?21?2020?.22?22?.22?23?.22?24?.22?25?.23?26?.23?27?.23?5?1?Boeing?Airbus?2?AVITAS?Cirium?40%-45%?Cirium?2023-2024?50%?A31992.3737-70089.1A320101737-800106.1A320neo110.6737 MAX 8121.6A321neo129.5737 MAX 9128.

3、9A330-800(neo)259.9787-8248.3A330-900(neo)296.4787-9292.5A350-900317.4777-300ER375.5A380445.6747-8418.4?6?3?Cirium?4?12-20?5-8?(?)?(?)?30%-50%?10%?3?3%?1?3?6?2-3?2-3?7?30%-50%?10%?2-3?12-20?1?5%-15%?5-8?8?5?3?1:1:1?+?30%-50%?50%?30%?10%?67.1%/52.0%/61.2%?50%?/?+?30%?33.8%41.4%39.3%26.0%48.0%28.6%29.

4、8%30.0%33.9%6.9%0.0%10.2%35.4%28.6%26.8%67.1%52.0%61.2%0%10%20%30%40%50%60%70%80%90%100%?9?2.1?2010?30%?6?30%?FlightGlobal?IASC?10?7?150?3000?20?7?Avolon?Goshaw?8?Top20?Cirium Core?AerCap3041008?GECAS2061112?GE?BBAM193524?Onex?Avolon187549?Air Lease160382?149376?147412?SMBC Aviation Capital141414?Av

5、iation Capital Group91329?Tokyo CenturyCorporation?DAE Capital90348?Dubai AerospaceEnterprise?75232?70227?Jackson Square Aviation62173?Goshawk61182?ORIX Aviation60209?ORIX Group?Aircastle52283?Nordic Aviation Capital51486?40137?Standard CharteredAviation Finance40133?38108?11 2.2?2.2.1?SPV?ROE?50%?3

6、0%?50%?9?2.2.2?12?OEM?2.2.3?SPV?SPV?2009?SPV?10?SPV?13 SPV?SPV?SPV?SPV?SPV?SPV?SPV?8%-10%?7%-9%?SPV?11?SPV?SPV?5%0%12.5%(?)0%8?SPV?5%7%(?)0%(?)17%(?5%-10%)?4?1.6%?10%?SPV?5%0%16.5%(?)0%?SPV?25?1%4%?25?SPV?SPV?SPV?SPV?SPV?14?SPV?SPV?SPV?15 2.3?1?1%?0.6%?Air Lease?0.6%?IRR?6.7%(?)?