The Boeing CompanyBoeing波音公司-公司周读11

Aerospace & DefenseIndustrials

Boeing波音公司-公司周读11

The Boeing CompanyBA约 10 分钟阅读

公司历史及生意模式

Early Years

1916: William E. Boeing founded Aero Products Company, made first airplane. 75 mph, 350 mile range.

1917: Sold 51 Model 2 (Model C) to US Navy during WW1(1914-1918), and Boeing Airplane was incorporated.

1918: WW1 ended, Boeing explored commercial airplane.

1919: B1 Seaplane, 1 pilot, 2 passengers, mail and cargo

1920: PW9 fighter, 157 built and sold to US Army, establish its leading

Position of the fighter airplane manufacture in the next decade. 159 mph.

1927: Boeing introduced the Model 40, first successful commercial airplanes, carried 2 passengers, mail and cargo. 77 sold

1929: Model 80,138 mph, 400 miles.12passengers. First flight attendant. 16 produced.

Modern Airplanes

1930: Commercial: Monomail, 6 passengers. Military: YB9, 2400 pound bomb load. More streamlined and aerodynamic

1930: Boeing merged with United Airpline, Pratt and Whitney (Enginer maker), Hamilton Standards (propeller maker)to form a monopoly of aviation called United Aircraft, covering services from civilian, cargo, mail, military. It was split under law in 1934.

1933: First Morden civilian airplane: Model 247, 18 passengenrs, 60 made and sold

1934: Boeing reincorporated in Delaware. William Boeing sold all his shares and exit.

1937: Boeing 314 Clipper. 199mph, 5200 miles. The first commercial flight across the Pacific.4 engines. Carried up to 10 crews and 74 passengers during the day and 36 passengers at night. Luxurious. 12 built.

1938: Boeing 307 stratoliner, 1st pressurized cabin, 33 passengers, 10 made

1939-1945: WW2 , Boeing produced 12,731 B-17 Flying Fortress bombers during World War 2, long range, large bomb load

Advanced model B 29, super fortress. Atomic bomb, hiroshima and nagasaki. 3970 built.

Postwar: Revenue decline, 70,000 layoff. B47 stratojet, B50 bomber, B52 stratofortress. Commercial market, long range airliner.

1945: Boeing 377 Stratocruiser, double deck, luxurious,114 passengers, 56 built without order. Problematic propellers by Hamilton Standards, non compatible with 28 piston engines. Multiple accidents.

1954: boeing 367-80,dash 80, 707 prototype, first jet propulsion. Invested 2/3 post war net profit.

1956: Boeing introduced the Boeing 707, grounding breaking jetliner, created a new success era for Boeing. 600 mph, 3000miles range, 181 passengers. Sold 856.

1960: Boeing 720. 154 built .

Boeing 727 1832 built.

1967 Boeing 737, most successful commercial airpliners.11,889built.

737 Series: original (1967), Classic (1984-2000), Next Gen(1997-now), Max (2017)

Fuel economy, range, capacity, cost per seat

1970-2022: Boeing's 747 jumbo jet. “Bet the company” 410 passengers, 5000-9000 miles range. 640 mph. 1574 built. 61 involved in accident.

1986: Boeing 767. 9/11 attacks

Boeing Commercial Airplanes:

Boeing Space

Boeing Operates under 3 main units:

llCommercial Airplanes (BCA);

llDefense, Space & Security (BDS);

llGlobal Services (BGS).

llCommercial Airplanes Segment

This segment develops, produces and markets commercial jet aircraft principally to the commercial airline industry worldwide. We are a leading producer of commercial aircraft and offer a family of commercial jetliners designed to meet a broad spectrum of global passenger and cargo requirements of airlines. This family of commercial jet aircraft in production includes the 737 narrow-body model and the 767, 777 and 787 wide-body models. Development continues on the 777X program and the 737-7 and 737-10 derivatives.

llDefense, Space & Security Segment

This segment engages in the research, development, production and modification of manned and unmanned military aircraft and weapons systems for strike, surveillance and mobility, including fighter and trainer aircraft; vertical lift, including rotorcraft and tilt-rotor aircraft; and commercial derivative aircraft, including anti-submarine and tanker aircraft. In addition, this segment engages in the research, development, production and modification of the following products and related services: strategic defense and intelligence systems, including strategic missile and defense systems, command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR), cyber and information solutions, and intelligence systems, satellite systems, including government and commercial satellites and space exploration.

llGlobal Services Segment

This segment provides services to our commercial and defense customers worldwide. Global Services sustains aerospace platforms and systems with a full spectrum of products and services, including supply chain and logistics management, engineering, maintenance and modifications, upgrades and conversions, spare parts, pilot and maintenance training systems and services, technical and maintenance documents, and data analytics and digital services.

公司竞争对手及优势

Commercial Airplane Primary Rival: Airbus

Number of gross orders for Airbus and Boeing aircraft between 2006 and 2023

Deliveries

In 2023, Airbus delivered 735 aircraft, while Boeing delivered 528. Airbus has won the annual delivery title for five years in a row.

Orders

Forecast International predicts that Airbus will deliver 764 commercial jets in 2024, while Boeing will deliver 573.

Market share

Airbus controls about 60.4% of the commercial aircraft market, while Boeing controls 40.6%

Entry of COMAC (Commercial Aircraft Corporation of China) C919FAA, EASA(2025 exp) Certification pending.

Does Boeing still have leading advantages?

Boeing is one of the top five patent holders in the aerospace and defense sector, covering a range of technologies, including: avionics, structures, computing, satellites, energy, simulation technologies, and manufacturing.

Summary of commercial airplane future.

Defense Services Rivals

BDS faces strong competition primarily from Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, General Dynamics Corporation and SpaceX. Non-U.S. companies such as BAE Systems and Airbus Group continue to build a strategic presence in the U.S.A February 2022 study by the Department of Defense (DOD) found that after decades of consolidation, the number of defense prime contractors had shrunk from 51 to fewer than 10.

Companies that specialize in defense, may not know much about commercial sectors, but they know a lot about the art of selling to the government. They have invested in specialized accounting systems, cyber and information security systems, and sprawling teams of professionals who are trained to understand how the government buys and what it wants. The expertise to engage in complex government contracting is expensive to develop and maintain, and many commercial firms avoid it altogether. Financial analysts often refer to a “moat” as a dynamic that serves to deter new entrants to a given market; U.S. government compliance is a wide, deep, and shark-infested moat behind which defense specialists compete mainly against each other.

Defense specialists—firms with little or no commercial business—account for 61 percent of the DOD’s major programs by value in 2024.

Although defense contracts can be huge in dollar terms and associated revenue, they usually involve significantly lower profit margins than many other businesses.

公司治理结构以及管理

Kelly Ortberggraduated with a bachelor's degree in mechanical engineering from the University of Iowa in 1982. Ortberg started his career in 1983 as an engineer at Texas Instruments before joining Rockwell Collins in 1987 as a program manager. In 2001, he was promoted from vice president to vice president and general manager of communication systems at Rockwell Collins. He rose through the ranks at Rockwell Collins and became the president and CEO of the company in 2013. Ortberg held the position for five years until the company was acquired by United Technologies (UTC) in 2018. During his tenure, Rockwell Collins experienced significant growth and transformation:

Revenue Growth: Under Ortberg's leadership, Rockwell Collins' revenue grew from approximately $4 billion in 2013 to around $9 billion in 2018.

Strategic Acquisitions: Ortberg was known for his deal-making skills, and he led the acquisition of Arinc and B/E Aerospace, which expanded Rockwell Collins' capabilities and market presence.

Ortberg stayed on to lead the merger of Rockwell Collins and UTC Aerospace Systems to form Collins Aerospace, where he was again named CEO.Ortberg would remain with the company through its merger with Raytheon in 2020 to form the RTX Corporation. He retired from RTX in 2021.

Ortberg was chair of the board of governors of the Aerospace Industries Association.

公司财务及估值