美国航天军工行业研究报告4.pdf

North America Equity Research 04 October 2010 Aerospace and Defense Balance of Power - October 2010 We are updating the allocation of points in our “Balance of Power” short-term Aerospace/Defense outlook. We summarize our thoughts on the rankings below: Joseph B. Nadol IIIAC (1-212) 622-6548 • Airbus still might not re-engine, and risk/reward for Bombardier on this joseph.b.nadol@ subject looks favorable. The aerospace industry continues to buzz that Airbus is on the verge of re-engining, and an A320 NEO launch over the next few weeks would Seth M. Seifman, CFA not surprise us at all. On the other hand, we still see a decent chance that Airbus will (1-212) 622-5597 not re-engine, which would boost Bombardier as market share expectations for the seth.m.seifman@ CSeries would substantially improve. The stock remains third on our large cap list Rica D Mendoza as we believe an Airbus re-engining program is already heavily discounted. The (1-212) 622-8113 case for not re-engining is that Airbus has limited capacity for additional rica.d.mendoza@ development programs. We believe that both the Airbus sales and finance teams