-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们将AER未来12个月的目标股价上调10美元至174美元，相当于2027年每股收益预期值的9.3倍，与AER过去三年的平均预期市盈率9.2倍相符。在强劲的第一季度业绩之后，我们将2026年每股收益预期值上调0.80美元至17.05美元，并将2027年每股收益预期值上调1.11美元至18.76美元。AER公布的第一季度调整后净利润创历史新高，达到8.89亿美元（每股5.39美元），超出市场预期45%，调整后净资产收益率为19.4%。管理层将2026年全年调整后每股收益预期（不包括额外资产出售）从之前的13-14美元上调至14.50美元，并宣布了一项新的10亿美元股票回购计划。 AER的飞机组合结构合理，其中81%的飞机采用新技术，即使燃油价格持续高企，也能有效降低老旧飞机退役带来的风险。管理层凭借其在发动机租赁领域的领先地位，成功获得110架A320neo飞机订单，并预定了极具吸引力的2028年及以后的交付时间。尽管面临地缘政治逆风，但航空资产需求依然强劲，租赁续约率高达87%，销售利润率也十分可观（未杠杆收益率达24%）。
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Sector Update: Energy
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March Trade Deficit Widens as Imports Outpace Record Exports
The US trade deficit grew in March as imports outpaced record-high exports, government data showed Tuesday.The goods and services deficit widened 4.4% sequentially to $60.31 billion in March on a seasonally adjusted basis, the Census Bureau and the Bureau of Economic Analysis said. The consensus was for a deficit of $61 billion in a Bloomberg-compiled survey.Exports increased 2% to $320.86 billion in March -- the highest on record -- with the goods component also reaching an all-time high, according to the official data. Imports jumped 2.3% to $381.17 billion."March's trade data point to solid underlying domestic demand," BMO Capital Markets Senior Economist Priscilla Thiagamoorthy said in a note. "Still, that strength is pulling in imports fast enough to widen the trade gap."The strength in exports was concentrated in energy-related goods amid the US-Israel war with Iran instead of "sturdy, broad-based" global demand, Thiagamoorthy said. Autos were a "key" driver of imports growth, while consumer goods and capital goods also logged strong gains, she said.The Iran war, which started at the end of February, sent energy prices surging amid the closure of the Strait of Hormuz, the world's most important chokepoint for crude flows. US Defense Secretary Pete Hegseth reportedly said Tuesday a recent ceasefire with Iran remains intact.The US ran a $20.6 billion deficit in goods trade with Taiwan in March, compared with a $21.12 billion gap the month prior, official data showed. The deficit with China grew to $14.01 billion from $13.09 billion. The goods trade deficit with the European Union swelled to $9.24 billion from February's $5.09 billion. The shortfall with Vietnam grew to $19.24 billion from $16.55 billion.In the year through March, the goods and services deficit dropped 55% year over year, according to the report.