2025-06-10-Jefferies-售后市场维修峰会要点_VAS_Aero探讨不断变化的退役格局_7页_93kb

Key Takeaways from Aftermarket MRO Summit: Discussions with VAS Aero CEO highlighted four main points: 1) Aircraft retirements decreasing to ~400 in 2024 vs. historical average of ~700, becoming less predictable due to commercial and maintenance factors; 2) Double-digit growth harder to achieve due to declining USM supply; 3) Narrow-body parts (e.g., A320) are top priority, though wide-body parts demand is resurging post-COVID; and 4) USM acceptance growing for cost savings and sustainability, with North America leading.

Company Overview: VAS Aero Services specializes in end-of-life aircraft and engine solutions, focusing on re-certifying OEM parts for both aircraft and engine components to reduce owner- costs, differentiating from peers who often concentrate on one area.

Growth and Market Trends: Last year's business grew 38% (consistent with 40% in 2023), with expected ~30% growth this year. However, supply issues have worsened, limiting growth opportunities. Aircraft values rose 30-40% for some types due to tight supply, but part prices have not increased proportionally.

Retirement Changes: Retirements are now highly variable, based on airline decisions for fleet modernization or deferred capital spending, with only about 130 targeted versus historical highs.

USM and Sustainability: USM adoption is increasing, driven by cost and environmental benefits; VAS avoids PMA activities, focusing solely on airworthiness. Sustainability is a key factor in growing acceptance.

Product Demand: A320 narrow-body parts remain the top focus, with significant investment in this area. Wide-body parts are seeing renewed demand, but narrow-bodies are primary.