2025-06-05-Jefferies-空中客车集团（AIR）_空中客车5月交付与订单情况-交付51架_无订单_9页_280kb

Airbus May 2025 Performance Overview

Airbus delivered 51 aircraft in May 2025, representing a 4% decline year-over-year, in line with Jefferies' forecast. Year-to-date deliveries are down 5%, with the company needing approximately 13% growth in the remainder of the year to meet its 820 delivery target for 2025. This month saw no new orders or cancellations recorded, maintaining a position of no net change in backlog after back-to-back (B-t-B) adjustments.

Orders and Order Backlog

No orders were recorded in May, primarily due to the Paris Airshow upcoming in June. No cancellations were noted, keeping the YTD net B-t-B ratio at 0.8x. Widebody aircraft contributed significantly to backlog strength, with a B-t-B ratio of 2.3x, driving overall stability.

Production and Inventory

Production levels have been steady, including glider aircraft which support inventory numbers. Inventories at 47 aircraft remain stable since March 2025 but may be understated given ongoing glider production. Monthly delivery capacity for the A320 series is expected to reach the 60s per month, indicating production efficiency is improving.

Valuation and Analyst Recommendations

Jefferies maintains a "Buy" rating on Airbus with a 12-month price target of €175, up from the current trading price. This targets a potential upside of about 3% based on recent data. Risks include supply chain disruptions and airline bankruptcies, which could hinder growth, but overall production and backlog outlooks are positive.

Overall Outlook

Despite mixed monthly results, Airbus' focus on efficient production and widebody demand positions it well for 2025 goals. No major surprises are expected if production rates sustain the projected growth for the second half of the year.