在波音公司持續發生的一系列醜聞和結構性問題中，空中巴士正從控制飛機製造市場的一半走向成為主導者

現代世界未被充分認識的奇蹟之一是航空旅行的無所不在。每天有超過 10 萬架次商業航班。這不僅對商務和旅遊旅客運輸很重要，而且對於快速運送基本藥物、小包裹等也很重要。

Air Travel: A Booming Industry with New Challenges

航空旅行：一個蓬勃發展的產業，帶來新的挑戰

The world of air travel is constantly buzzing with activity, with over 100,000 commercial flights taking place each day. This vast network of air transport plays a crucial role in both passenger movement for business and leisure, as well as the swift delivery of essential goods, including medical supplies and small packages.

航空旅行世界始終充滿活力，每天有超過 10 萬架次商業航班起飛。這個龐大的航空運輸網絡在商務和休閒旅客運輸以及醫療用品和小包裹等必需品的快速運送方面發揮著至關重要的作用。

The air travel industry has largely recovered from the downturn caused by the COVID-19 pandemic, gradually returning to pre-2019 levels. During this period, which saw a steady rise in air travel for decades, the industry has continued to expand.

航空旅行業已基本從 COVID-19 大流行造成的低迷中恢復過來，並逐漸恢復到 2019 年之前的水平。在此期間，航空旅行數十年穩步增長，該行業持續擴張。

According to Airbus, the Covid period also saw the construction of 42 new airports and 43 new runways, with 7,250 new routes being opened since 2019. This highlights the sustained growth of the air travel industry as a whole.

據空中巴士稱，新冠疫情期間還建造了42個新機場和43條新跑道，自2019年以來開通了7,250條新航線。

When it comes to airplane manufacturing, the industry is essentially a duopoly, with the domination of 2 giants: Boeing and Airbus (AIR.PA +0.44%). For a long time, these 2 companies have largely controlled the production of commercial airplanes, especially following a series of mergers and acquisitions in the 1990s. During this period, Boeing absorbed its competitor McDonnell Douglas, while Airbus became the leading pan-European aerospace consortium. Meanwhile, competitors such as BAE Systems, Convair, Fokker, and Lockheed Martin withdrew from the market.

就飛機製造而言，該行業本質上是雙頭壟斷，由兩大巨頭主導：波音和空中巴士 (AIR.PA +0.44%)。長期以來，這兩家公司在很大程度上控制著商用飛機的生產，特別是在 1990 年代的一系列併購後。在此期間，波音公司吸收了其競爭對手麥道公司，而空中巴士公司則成為領先的泛歐洲航空航太財團。同時，BAE Systems、Convair、Fokker 和 Lockheed Martin 等競爭對手退出了市場。

From 2007-2016, the 2 companies shared the market rather equally, with Airbus receiving orders for 9,985 aircraft and Boeing receiving orders for 8,978 aircraft. Among smaller companies are Canadian Bombardier (BDRAF +0.48%), which is more heavily involved in business jets (138 deliveries in 2023), and Brazilian Embraer, which produces both business jets and short- to medium-range airliners. Also worth mentioning are the Irkut Corporation (Russia) and Comac (China), which are currently mostly focused on their respective domestic markets.

2007年至2016年間，兩家公司的市佔率相當平均，空中巴士獲得了9,985架飛機的訂單，波音獲得了8,978架飛機的訂單。規模較小的公司包括加拿大龐巴迪公司 (BDRAF +0.48%)，該公司更多地涉足公務機領域（2023 年交付 138 架），以及巴西航空工業公司，該公司生產公務機和中短程客機。另外值得一提的是伊爾庫特公司（俄羅斯）和中國商飛（中國），目前主要專注於各自的國內市場。

Airbus OverviewAirbus is a European multinational aerospace corporation that designs, manufactures, and sells civil and military aircraft, as well as space and defense systems. The company is headquartered in Leiden, Netherlands, and has a global presence with production and assembly facilities in several countries.

空中巴士公司概述空中巴士公司是一家歐洲跨國航空航太公司，設計、製造和銷售民用和軍用飛機以及太空和國防系統。該公司總部位於荷蘭萊頓，業務遍及全球，在多個國家設有生產和組裝設施。

Airbus is divided into 3 major segments:

空中巴士公司分為 3 個主要部門：

Commercial Aircraft: This segment is responsible for the design, production, and sale of a wide range of commercial passenger and cargo aircraft, including the A220, A320 family, A330, A350 XWB, and A380.

商用飛機：該部門負責設計、生產和銷售各種商用客機和貨機，包括 A220、A320 系列、A330、A350 XWB 和 A380。

Helicopters: This segment занимается проектированием, производством и продажей вертолетов как для гражданского, так и для военного применения. Продукция включает в себя легкие однодвигательные вертолеты H125 и H130, средние двухдвигательные вертолеты H145 и H175, а также тяжелые трехдвигательные вертолеты H215 и H225.

直升機：該部門從事民用和軍用直升機的設計、生產和銷售。產品包括H125、H130輕型單發直升機，H145、H175中型雙發直升機，H215、H225重型三發直升機。

Defense & Space: This segment covers a broad spectrum of activities, including the design, production, and sale of military aircraft, such as the Eurofighter Typhoon and A400M transport plane, as well as satellite manufacturing, space exploration, and cyber defense solutions.

國防與航太：該部門涵蓋廣泛的活動，包括歐洲颱風戰鬥機和 A400M 運輸機等軍用飛機的設計、生產和銷售，以及衛星製造、太空探索和網路防禦解決方案。

FinancialsIn H1 2024, Airbus registered a €1.4B in EBIT (Earnings Before Interest and Taxes) and EPS (Earnings Per Share) of €1.38. This was generated by 323 aircraft delivered by Airbus, 124 helicopters delivered (split 49/51% between civilian and military orders), and €4.9B in defense & Space-related revenues.

財務狀況 2024 年上半年，空中巴士的 EBIT（息稅前利潤）為 1.4B 歐元，EPS（每股盈餘）為 1.38 歐元。這是由空中巴士公司交付的 323 架飛機、交付的 124 架直升機（民用和軍用訂單各佔 49/51%）以及 4.9B 歐元的國防和航太相關收入產生的。

Overall, the company expects for 2024 to deliver €3.5B in free cash flow, with 770 commercial aircraft delivered. With €31.9B in gross cash on the balance sheet (versus €13.9B in gross debt), a profitable business, and a massive backlog, the company appears very solid financially.

總體而言，該公司預計 2024 年將交付 770 架商用飛機，實現 3.5B 歐元的自由現金流。資產負債表上的現金總額為 31.9B 歐元（債務總額為 13.9B 歐元）、獲利業務以及大量積壓訂單，該公司的財務狀況似乎非常穩健。

Boeing's Troubles & GrowthThis duopoly situation felt like it could go on forever, but then Boeing started to flounder. Two fatal crashes in 2018 and 2019 put into question some of the design choices of the company, with decisions to cut corners for small savings. More recently, panel breaking mid-flight, landing gear breaking, and other similar issues have increased the perception of recently built Boeing planes being subpar.

波音的麻煩與成長 這種雙寡壟斷的局面似乎會永遠持續下去，但隨後波音開始陷入困境。 2018 年和 2019 年發生的兩起致命事故使該公司的一些設計選擇受到質疑，並決定走捷徑以節省少量資金。最近，飛行中面板損壞、起落架損壞和其他類似問題增加了人們對最近製造的波音飛機品質不合格的看法。

Meanwhile, the aerospace division of Boeing seems to suffer from similar reliability/safety issues, with a capsule to the ISS ultimately decided to be unsafe by NASA. The stranded astronauts will finally be rescued by a SpaceX capsule instead.

同時，波音公司的航空航天部門似乎也面臨類似的可靠性/安全問題，美國太空總署最終判定前往國際太空站的太空艙不安全。被困的太空人最終將被 SpaceX 的太空艙救起。

(We discussed in more detail the events related to Boeing

（我們更詳細地討論了與波音公司相關的事件