在波音公司持续发生的一系列丑闻和结构性问题中，空客公司正从控制飞机制造市场的一半走向成为主导者

现代世界未被充分认识的奇迹之一是航空旅行的无所不在。每天有超过 100,000 架次商业航班。这不仅对于商务和旅游旅客运输很重要，而且对于快速运送基本药物、小包裹等也很重要。

Air Travel: A Booming Industry with New Challenges

航空旅行：一个蓬勃发展的行业，带来新的挑战

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.

航空旅行世界始终充满活力，每天有超过 100,000 架次商业航班起飞。这个庞大的航空运输网络在商务和休闲旅客运输以及医疗用品和小包裹等必需品的快速运送方面发挥着至关重要的作用。

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.

航空旅行业已基本从 COVID-19 大流行造成的低迷中恢复过来，并逐渐恢复到 2019 年之前的水平。在此期间，航空旅行数十年稳步增长，该行业持续扩张。

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.

据空客称，新冠疫情期间还建设了42个新机场和43条新跑道，自2019年以来开通了7,250条新航线。这凸显了整个航空旅行业的持续增长。

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.

就飞机制造而言，该行业本质上是双头垄断，由两大巨头主导：波音和空客 (AIR.PA +0.44%)。长期以来，这两家公司在很大程度上控制着商用飞机的生产，特别是在 20 世纪 90 年代的一系列并购之后。在此期间，波音公司吸收了其竞争对手麦道公司，而空中客车公司则成为领先的泛欧洲航空航天财团。与此同时，BAE Systems、Convair、Fokker 和 Lockheed Martin 等竞争对手退出了市场。

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年间，两家公司的市场份额相当平均，空客获得了9,985架飞机的订单，波音获得了8,978架飞机的订单。规模较小的公司包括加拿大庞巴迪公司 (BDRAF +0.48%)，该公司更多地涉足公务机领域（2023 年交付 138 架），以及巴西航空工业公司，该公司生产公务机和中短程客机。另外值得一提的是伊尔库特公司（俄罗斯）和中国商飞（中国），目前主要专注于各自的国内市场。

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.

空中客车公司概述空中客车公司是一家欧洲跨国航空航天公司，设计、制造和销售民用和军用飞机以及太空和国防系统。该公司总部位于荷兰莱顿，业务遍及全球，在多个国家设有生产和组装设施。

Airbus is divided into 3 major segments:

空客公司分为 3 个主要部门：

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.

商用飞机：该部门负责设计、生产和销售各种商用客机和货机，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.

直升机：该部门从事民用和军用直升机的设计、生产和销售。产品包括H125、H130轻型单发直升机，H145、H175中型双发直升机，H215、H225重型三发直升机。

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.

国防与航天：该部门涵盖广泛的活动，包括欧洲台风战斗机和 A400M 运输机等军用飞机的设计、生产和销售，以及卫星制造、太空探索和网络防御解决方案。

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.

财务状况 2024 年上半年，空客的 EBIT（息税前利润）为 1.4B 欧元，EPS（每股收益）为 1.38 欧元。这是由空中客车公司交付的 323 架飞机、交付的 124 架直升机（民用和军用订单各占 49/51%）以及 4.9B 欧元的国防和航天相关收入产生的。

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.

总体而言，该公司预计 2024 年将交付 770 架商用飞机，实现 3.5B 欧元的自由现金流。资产负债表上的现金总额为 31.9B 欧元（债务总额为 13.9B 欧元）、盈利业务以及大量积压订单，该公司的财务状况似乎非常稳健。

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.

波音的麻烦与增长 这种双寡头垄断的局面似乎会永远持续下去，但随后波音开始陷入困境。 2018 年和 2019 年发生的两起致命事故使该公司的一些设计选择受到质疑，并决定走捷径以节省少量资金。最近，飞行中面板损坏、起落架损坏和其他类似问题增加了人们对最近制造的波音飞机质量不合格的看法。

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.

与此同时，波音公司的航空航天部门似乎也面临着类似的可靠性/安全问题，美国宇航局最终判定前往国际空间站的太空舱不安全。被困的宇航员最终将被 SpaceX 的太空舱救起。

(We discussed in more detail the events related to Boeing

（我们更详细地讨论了与波音公司相关的事件