巴黎航展首日：波音未进行供应链去库存；订单活动清淡

Paris Air Show Day 1: BA NotDestocking Supply Chain; LightOrder Activity U.S. Aerospace & DefenceNEUTRAL 105 new orders, all to Airbus. U.S. Aerospace & Defense David Strauss+1 212 526 5580david.strauss@barclays.comBCI, US We appreciate your5-star votein the2025Extel All-America Research Surveyin theAerospace &Defense Electronics category.View our analysts » Vote 5 Stars for Barclays » Across our meetings on Monday, suppliers sounded a positive tone on continued improvementat Boeing. In addition, while Boeing is clearly carrying high levels of supplier inventory, it is notyet destocking as it looks to secure the next MAX rate break and ramp to 42/mo. Joshua Korn+1 212 526 3283joshua.korn@barclays.comBCI, US 105 new day-one orders/commitments, all for Airbus:We count 105 new day-one o/c (allorders) for Airbus at Paris, compared to 277 day-one orders at Farnborough last year.AviLease announced an order for 30 A320neo Familyaircraftas well as 10 A350F freighters. Theagreement also foresees a future increase to 22 A350F freighters and 55 A320neo Familyaircraft.Riyadh Air placed a firm order for 25 A350-1000aircraft,with the potential to increase to 50. ANAHoldings finalized an agreement for 27 A320 Familyaircraft,split 24 A321neo and threeA321XLR. The order covers 14 additional A321neo for ANA, as well as 10 A321neo and threeA321XLR for its group airline Peach Aviation. LOT Polish Airlines placed its first-ever Airbus orderof 40 A220, split 20 A220-100 and 20 A220-300. Srividya Vinjamuri+1 212 526 7536srividya.vinjamuri@barclays.comBCI, US Benjamin Tomick+1 212 526 8926benjamin.tomick@barclays.comBCI, US Engine orders for A320neo Family:Frontier Airlines announced the selection of Pratt &Whitney's GTF to power 91 A321neoaircraft,bringing the airline's total commitment to 235 GTF-powered A320neo Familyaircraft. FIGURE 2. Previous Air Show Orders Using Dubai Air Show in 2021Source: Company reports and Barclays Research Analyst(s) Certification(s): I, David Strauss, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subjectsecurities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specificrecommendations or views expressed in this research report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT. Availability of Disclosures: Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072. The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst. Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits. Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise. In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm. Unless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication. Risk Disclosure(s) Master limited partnerships (MLPs) are pass-through entities structured as publicly listed partnerships. For tax purposes, distributions to MLP unitholders may be treated as a return of principal. Investors should consult their own tax advisors before investing in MLP units. Disclosure(s) regarding Information Sources Bloomberg® is a