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Investing.com —— 即使波音公司（NYSE:BA）在工厂停工和质量审计方面举步维艰，航空公司仍在延长老旧飞机的使用年限。对旅客而言，这意味着登上一架更老旧的喷气式客机；但对为这些飞机提供服务的公司来说，维修收入得以持续流入。
Investing.com — Even as Boeing (NYSE:BA) struggles with factory halts and quality audits, airlines are flying older planes longer. For travelers, it means boarding an older jet, but for companies that service them, it keeps maintenance revenue flowing.
通用电气航空航天（NYSE:GE）正收获其中大部分红利。上一季度订单激增 49% 至 190 亿美元，并连续第四个季度上调全年展望。这指明了航空公司支出的去向：通过进厂检修和备件采购，让现有机队保持运营状态。
GE Aerospace (NYSE:GE) is collecting much of it. Orders jumped 49% to $19.0 billion last quarter and raised its full-year outlook for a fourth straight quarter. It points to where airline spending is going: keeping existing planes in service through shop visits and spare parts.
停滞的飞机生产与不断攀升的维修需求之间的差距，显示出航空业中更稳健的资金流向何方。ProPicks AI 的数据驱动型“跑赢标普 500”策略在 11 月 1 日的再平衡中加入了通用电气。通用电气与一家在线旅游龙头（11 月上涨 3.5%）、一家生物制药巨头（自模型首次识别以来上涨 30.1%）以及一家健康保险公司（上涨 15.3%）一同入选。
That gap between stalled aircraft production and rising maintenance demand shows where the steadier money in aviation sits. ProPicks AI’s data-driven Beat the S&P 500 strategy added GE at the November 1 rebalance. GE sits alongside an online travel leader up 3.5% in November, a biopharma giant up 30.1% since it was first identified by the models and a health insurer up 15.3%.
服务现役商用机队 商用板块收入在第三季度增长 21%，实现连续第六个季度以 20% 或更高的增速增长。服务收入增长 17%，板块订单激增 58%，高于全公司 49% 的增幅。
Servicing The Fleet That Is Already Flying Commercial segment revenue grew 21% in the third quarter, the sixth straight quarter of growth at 20% or better. Services revenue rose 17%, and segment orders jumped 58%, ahead of the company-wide 49%.
调整后营业利润攀升 30% 至 30 亿美元，利润率为 22.5%，扩大 220 个基点；调整后每股收益 2.25 美元，增长 36%，超出市场一致预期的 2.00 美元。管理层将 2026 财年调整后每股收益指引上调至 8.00 至 8.10 美元，此前为 7.65 至 7.85 美元。
Adjusted operating profit climbed 30% to $3.0 billion, a 22.5% margin that expanded 220 basis points, and adjusted EPS of $2.25 rose 36% and beat consensus estimates of $2.00. Management raised its 2026 adjusted EPS guidance to $8.00 to $8.10 from $7.65 to $7.85.
行业最大的装机量基数——超过 8 万台发动机——支撑着 1700 亿美元以上的服务积压订单，今年以来服务订单已增长 30%。第四季度备件收入中已有 95% 以上包含在该积压订单中。
The industry’s largest installed base, more than 80,000 units, sits behind a services backlog above $170 billion, and services orders are up 30% so far this year. More than 95% of fourth-quarter spare-parts revenue is already in that backlog.
航空公司也在保留老旧飞机：CFM56发动机的退役率已降至约1.5%至2.0%，远低于原先预测的3%至4%，这延长了对零部件和维修的需求。这些业务来自已在役的飞机，因此不必等待波音的交付延迟解决。
Airlines are also holding on to older aircraft: CFM56 retirement rates have fallen to roughly 1.5% to 2.0%, well below the 3% to 4% originally forecast, which extends demand for parts and repairs. That work comes from aircraft already in service, so it does not wait on the delivery delays at Boeing.
维修周期拥有数年的可视性 截至目前，LEAP发动机交付量同比增长26%，印尼狮航就超过1000台LEAP-1A发动机达成的协议是有史以来最大的LEAP订单。预计到2030年，LEAP和GEnx的在役量将大致翻倍，这应当会带动高利润率的车间维修进厂。预计2027年LEAP车间维修进厂量将增长约25%至26%，继今年40%以上的增长之后。
A Maintenance Cycle With Years of Visibility LEAP deliveries are up 26% year to date, and IndiGo’s agreement for more than 1,000 LEAP-1A units was the largest LEAP deal ever. The LEAP and GEnx installed bases are expected to roughly double by 2030, which should lift high-margin shop visits. LEAP shop visits are projected to grow about 25% to 26% in 2027 after 40%-plus growth this year.
管理层指引2027年商用发动机部门利润率大致持平，因为服务业务增长抵消了GE9X增产带来的亏损，并预计利润率将从2028年起恢复扩张。GE9X仍在等待美国联邦航空管理局（FAA）认证，管理层的目标是年底前获得。今年以来自由现金流转化率达到105%，上调后的指引要求2026年自由现金流达到91亿至94亿美元。
Management guides to roughly flat commercial segment margins in 2027, as services growth offsets losses on the GE9X ramp, and expects expansion to resume from 2028. The GE9X still awaits FAA certification, which management targets for year-end. Free cash flow conversion has run at 105% year to date, and raised guidance calls for $9.1 billion to $9.4 billion of free cash flow in 2026.
估值是制约因素。通用电气的前向市盈率为36.6倍，尽管业绩超预期，但在10月20日财报发布前的盘前交易中，股价下跌约4%，因为投资者质疑未来增长的步伐。最新的华尔街评级中除一家外均为“买入”，InvestingPro汇总的分析师共识预测显示，每股收益将从今年的8.24美元增至2028年的10.39美元，届时该市盈率将降至约29倍。
Valuation is the counterweight. GE trades at a forward multiple of 36.6 times, and the shares slipped about 4% in premarket trading on the October 20 results despite the beat, as investors questioned the pace of future growth. All but one of the latest Wall Street ratings are Buy, and consensus analyst projections compiled on InvestingPro have EPS rising from $8.24 this year to $10.39 in 2028, which would take that multiple to about 29 times.
股息在投资理由中占比较小，收益率为0.62%，不过InvestingPro的“专业提示”指出其已连续56年派息。通用电气航空航天专业研究报告对服务利润率、车间维修趋势和派息记录有更深入的分析。
The dividend is a smaller part of the case, with a yield of 0.62%, though InvestingPro’s ProTips note payments for 56 consecutive years. The GE Aerospace Pro Research Report goes deeper on service margins, shop-visit trends and the dividend record.
在航空领域之外寻找优秀表现者 通用电气的订单增长和清晰的订单积压支撑了运营基本面，下一个考验将在1月21日到来，届时公司将发布第四季度业绩和完整的2027年指引。
Finding Top Performers Beyond Aviation GE’s order growth and visible backlog support the operating case, and the next test comes on January 21, when it is due to report fourth-quarter results and full 2027 guidance.
ProPicks AI 的策略每月更新一次，更新后的“跑赢标普 500”组合现涵盖旅游、生物制药和健康保险板块。随着 11 月再平衡现已生效，访问所有 ProPicks AI 策略的完整权限费用为每月 9 美元。
ProPicks AI’s strategies refresh every month, and the updated Beat the S&P 500 lineup now spans travel, biopharma and health insurance. With the November rebalance now live, full access to all ProPicks AI strategies costs $9 a month.
披露：作者不持有文中提及股票的任何仓位。数据和财务指标截止至 2026 年 11 月 4 日。
Disclosure: The author holds no position in the stocks mentioned. Data and financial metrics as of November 4, 2026.