Industry background
Since the new crown epidemic, a large number of aircraft have been retired around the world
The object of aircraft dismantling is often retired aircraft, theoretically the service life of the aircraft is 25~30 years before reaching the retirement age, but in actual operation, airlines will determine whether a certain model continues to work or retire according to comprehensive factors such as operation and maintenance costs, profitability, route changes, model changes, oil price changes, and changes in operating models, that is, whether to continue to use according to the economic use time limit of the aircraft.
According to relevant data from CH-Aviation and the Civil Aviation Administration of China, China's civil air transport fleet will have 4,165 aircraft in 2022, with an average age of 8-9 years, far lower than that of developed aviation countries such as the United States and Europe.
Aircraft dismantling and reuse efficiency is high
Aircraft dismantling and recycling refers to the repair, refurbishment, remanufacturing and inspection of engines, landing gear, avionics equipment and other parts after dismantling and decomposing the aircraft through professional technology and equipment, and flowing to the domestic and international second-hand aviation materials market after certification for sale or lease.
Taking the A320, a popular model for dismantling, as an example, the catalog price of a new Airbus A320 is about $130 million, but its retirement price is only about $1 million. Through aircraft dismantling, the Airbus A320 can dismantle at least 1,000 recyclable parts, with a recycling rate of more than 90%, and the overall utilization price can be doubled.
｜海内外飞机拆解产业现状
飞机拆解行业在国外是成熟的产业，而国内的飞机拆解业正处于发展初期，一方面国内掌握拆解资质的企业数量不足十家，另一方面由于海关、地方政府等政策和行业原因导致国内飞机拆解难以持续稳定形成规模。
｜飞机拆解件是二手航材的主要来源
国内航司的航材成本在维修成本中的占比会略高于国外，大概50-60%，主要是我们的航材采购、运输、海关成本会高于国外。其次，国内的OEM新件占比，也会高于国外，估计占80%，而二手航材5-10%，PMA件2-3%。
如果是发动机或起落架时寿件LLP，那价格取决于剩余寿命(循环数)，和新旧没多大关系；如果是拆下来翻修后的周转件，一般是新件价格的60%，其他拆下的可用件，一般是新件价格的20%。
随着疫情后航空需求迅速反弹，一方面，推动了飞机的维修需求和资产退役速度，拆解业务量增加；另一边，原始设备制造商（OEM）的原厂供应链却受到了材料短缺和劳动力生产停滞的负面影响。
产业链
｜飞机拆解产业链
从产业链来看，飞机拆解的本质是作为高价值资产的航空器在生命周期的末端如何进行价值最大化，即获取飞机零件和整机价值的一次权衡。在整个过程中具备一定进入门槛，需要有专业航空资产管理能力，涉及筹资、整机及零部件维修、工程管理、适航标准的理解、商务以及法务等能力。现代产业链里面更多是通过分工协作完成一项航空资产从最初的购买到最后的回收再利用整个过程。
｜飞机停放
一般而言，当出现航空公司部分机型出现故障并接到当地空管局停飞令、航空公司经营调整部分飞机停飞、战争及疫情等极端因素导致飞机停飞、重大事故引发同型号机型飞机停飞、在役飞机退役、飞机废弃等情况时，由于机场机位占用费、地面服务费用、检查和维护等停场费用高昂，需要在机场之外物色一个空间足够大、环境和条件理想、存放费用低的合适地点存放，等待下一步复飞、客改货、转租、转卖、退役和展示等经营指令。
2020年全球疫情蔓延期间，国泰航空旗下150 架客机中83 架处于停飞状态，占机队整体55%，停飞飞机被集中停放在澳大利亚中部的沙漠爱丽斯泉；波音737-MAX 由于设计缺陷被全球大部分国家停飞，导致各国此机型停飞选址长期停放。
开展飞机停放与管理业务有巨大的利润空间，可以开展飞机存放、飞机维修、零部件管理、飞机改装、飞机整机回收和发动机回收等业务。飞机停放基地一般要求气候环境相对干燥，空间较大且费用低廉，交通量较少的偏远机场。全球最大的飞机停放和拆解基地位于美国南部的干旱地区，如亚利桑那州，欧洲的飞机拆机基地则多位于英国和法国。
空客公司在法国南部的TARBES 和西班牙瓦伦西亚的TERUEL 两个子公司，是目前欧洲最大的飞机回收与存放服务提供商，能够停放250 架飞机，主营业务构成75% 来自飞机停放，25%来自飞机回收；在为空客飞机提供处置用地的同时，也为进军飞机存放及后续拆解再制造打下基础。
｜飞机拆解维修
拆解维修业务收入主要包括拆解工时收入，以及拆解件的保护、挂签、存放、发送等航材处理工时或手续办理收入，拆解维修业务收费标准相对透明，飞机拆解维修业务收入相对有限。飞机优先拆解维修发动机、航空仪表、紧急滑梯、起落架等高附加值可回收的航材零部件的同时，由于飞机的拆解维修流程复杂，技术密度高，拆解维修过程中的资产评估、基本维修或测试、进出口通关与保障等技术服务和伺服业务具有巨大价值创造空间。
从产业链思维角度来看，飞机拆解维修是获取零部件与整机价值比倒挂产生的溢价，是将退役飞机作为高价值资产处置的价值最大化，因此，开展飞机拆解维修业务还需要具备一定的专业航空资产管理能力，包括融资、零部件维修、工程管理、适航合规申报、商务拓展以及法务等服务能力。
Aircraft dismantling and remanufacturing
Aircraft dismantling and remanufacturing refers to the process of testing, repairing, troubleshooting, regular inspection, refurbishment and modification of airborne equipment, or professional repair or upgrading of fuselage structures that have been scrapped due to damage or life, and restoring their structural and functional characteristics to meet the reliability of service. It mainly includes the maintenance, repair and remanufacturing of aircraft and their technical equipment. The engine, fuselage, parts and accessories on the retired aircraft can be traded and continued to be used as second-hand aviation materials after being repaired and remanufactured by professional institutions such as aircraft dismantling and remanufacturing, MRO and other professional institutions.
Aircraft recycling
