航天航空与国防领域须知：中国订单、A320生产速率、北约防空

EUROPE | Aerospace & Defense Electronics What You Need to Know in A&D — China Order,A320 Prod Rate, NATO Air Defense In this document, we present the key news impacting the European A&D sector.Today, we explore: China said to consider order for hundreds of Airbus aircraft,the Airbus CCO says A320 production rate in the 60s with supply chain showingsigns of stability, and Bloomberg reports NATO to push for a five-fold increasein air defense. Airbus (Buy): China said to consider ordering hundreds of Airbus aircraft Bloomberg reports this morning that China is considering ordering around 300 aircraft, coveringwidebody and narrowbody aircraft, with the discussions remaining "fluid". One of the Bloombergsources said that the order could range from 200-500 aircraft. The article does not mention theorder split per model, but flags that widebodies would be "a significant portion," including one sourcementioning the A330neo as getting some sales. Given the current backlog levels, and the focus on execution, orders tend to not matter as much as theyused to for Airbus. However, we flag that China was already said to be nearing an order for more than 100A330neo ahead of the Farnborough Airshow last year, which did not materialize. If this order materializes,it could trigger solid downpayment as China tends to order with shorter lead-times than airlines typicallydo. The July 2022 order from China for 292 A320neo thus came with a high level of downpayment, whichboosted Q3 22 FCF performance. A large share of widebody orders, if confirmed, would also be a keypositive forRolls-Royce (Buy). Airbus (Buy): CCO says A320 production rate in the 60s with supply chain stability In an interview on Tuesday withBusiness Standard, Airbus' Chief Commercial Officer said that thesupply chain is beginning to see its first signs of stability, saying that the current production rateon the A320 is in the 60s per month. We do not have full access to the article, but we flag that this mention of Airbus' production on the A320standing in the 60's is reassuring. The start of the year being always softer, even including our estimatefor gliders production YTD, we only reach an effective production YTD in the low 50's. European defense: Bloomberg reports NATO to push for five-fold increase in airdefense Bloomberg reported on Tuesday that NATO will urge its members to increase their ground-based defense capabilities five-fold, according to sources familiar with the matter. NATO defenseministers are expected to discuss the potential boost in a meeting in Brussels on Thursday, aheadof the NATO summit later this month. Europe's focus on increasing its air defense capabilities has been clear, however a five-fold increase is stilllikely to provide a boost for our names with air defense exposure. We note the key beneficiaries would beHensoldt (Underperform)through its TRML-4D radars, but alsoThales (Hold), through its GroundMasterradar family, and together withLeonardo (Buy)on the joint SAMP-T air defense system. This would alsobenefit the MBDA shareholders (BAE Systems (Hold)at 37.5%,Airbusat 37.5% andLeonardoat 25.%), through higher demand for missiles to equip these air defense systems, alongsideThalesas a keysupplier to MBDA. Chloe Lemarie, CFA * | Equity Analyst+33 1 8665 6326 | clemarie@jefferies.comBen Brown ^ | Equity Associate+44 (0) 20 7548 5070 | ben.brown@jefferies.com Unless specified, no company has commented on the press reports mentioned. Aerospace & Defense ElectronicsEquity ResearchJune 4, 2025 Company Valuation/Risks For Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300. Analyst Certification: I, Chloe Lemarie, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Ben Brown, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. Registration of non-US analysts:Chloe Lemarie, CFA is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as aresearch analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to theFINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst. Registration of non-US analysts:Ben Brown is employed by J