<p>波音公司（Boeing Company (BA)）已举行其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>波音最新的财报电话会议传达了谨慎乐观的语气，管理层强调了复苏的收入、创纪录的订单积压和改善的工厂执行，尽管现金消耗、负商业利润率和认证延迟仍然对业绩造成压力。投资者被告知复苏仍然存在，但仍然高度依赖于关键项目和更广泛供应链的有序执行。</p>
<h2>广泛的收入增长推动顶线反弹</h2>
<p>合并收入同比增长 14%，达到 222 亿美元，反映出所有三个核心业务部门的增长，并确认尽管运营动荡，需求依然强劲。商用飞机、国防与航天以及全球服务均对顶线势头做出了贡献，强化了波音复苏现在涵盖其全部产品组合的叙述。</p>
<h2>创纪录的订单积压支撑多年的可见性</h2>
<p>管理层强调了接近 7000 亿美元的综合订单积压，提供了异常长的收入跑道，并支持对未来现金生成的信心。仅商用部门就报告了 5760 亿美元的订单积压，代表超过 6100 架飞机，而国防与航天和服务分别增加了 860 亿美元和 330 亿美元，得益于新的季度订单。</p>
<h2>各部门势头确认全系列需求</h2>
<p>国防与航天的收入激增 21%，达到 76 亿美元，商用飞机增长 13%，达到 92 亿美元，全球服务增长至 54 亿美元，报告增长 6%，剔除剥离影响后约为 13%。这一表现的广度表明波音的复苏并不依赖于单一平台或地区，这在宏观或地缘政治条件变化时可能显得尤为重要。</p>
<h2>运营指标显示工厂进展显著</h2>
<p>公司详细说明了车间生产力的可测量提升，指出关键项目的返工和缺陷大幅减少。737 的最终组装返工小时数较 2025 年初下降近 20%，787 的返工同比下降超过 25%，而 Renton 的工艺变更使 737 机翼尖缺陷减少超过 30%。</p>
<h2>737 产量稳定，明确的增产路线图</h2>
<p>737 的生产稳定在每月 42 架，季度交付 114 架，为现金流和利润提供了更可预测的基线。管理层概述了计划在今夏将产量提高到每月 47 架，并在埃弗雷特北部的另一条生产线完全投入使用后最终达到每月 52 架。</p>
<h2>大型飞机和 MAX 认证进展，但时间表至关重要</h2>
<p>监管里程碑持续累积，FAA 批准了 787-9 和 787-10 的更高最大起飞重量，以支持更大的航程和货物。777X 项目进入新的测试阶段，而 737-7 和 737-10 的认证工作也在推进，波音强调这些批准对解锁未来交付和收益至关重要。</p>
<h2>国防与航天实现增长和利润改善</h2>
<p>国防与航天部门交付了 29 架飞机和一颗卫星，同时将运营利润率提高了 60 个基点，达到 3.1%，凸显了在遗留问题项目上的更好执行。关键胜利包括 KC-46 生产力的提升、MQ-25 的进展、扩大的导弹寻的器奖项以及几项增强经常性收入的支持和维护合同。</p>
<h2>全球服务在效率提升中保持高利润率</h2>
<p>波音全球服务部门的运营利润率为 18.1%，展示了该部门在整体波动中作为利润支柱的角色。自动化和人工智能工具帮助将提案周期时间缩短了约 25%，支持了商用和政府服务线的双位数利润率。</p>
<h2>尽管现金流出，资产负债表修复仍在继续</h2>
<p>公司在季度末拥有 209 亿美元的现金和可交易证券，并将总债务削减至 472 亿美元，减少了 69 亿美元，同时保持了 100 亿美元的未动用信贷额度。管理层重申对今年恢复正自由现金流的信心，将当前的现金使用框架视为受季节性、资本支出和重大付款时机的驱动。</p>
<h2>自由现金流在短期内仍为负数</h2>
<p>本季度自由现金流为负 15 亿美元，反映出投资者将密切关注的结构性和季节性压力。管理层承认短期内的拖累，但认为改善的交付和订单积压转换应推动下半年转向正现金生成。</p>
<h2>商用飞机仍在亏损中运行</h2>
<p>商用飞机报告的运营利润率为负 6.1%，突显出单靠更高的产量尚不足以恢复盈利。该部门仍在应对稀释利润率的因素，包括新收购的结构业务的整合以及过去生产和质量问题的残留成本。</p>
<h2>737 电线问题导致短期交付中断</h2>
<p>与飞机电线相关的不合格问题迫使对 25 架 737 进行返工，并将一些第一季度的交付推迟到第二季度，暂时对现金流和客户时间表造成压力。波音表示返工已完成，并重申全年 737 交付目标仍然完好，但这一事件凸显了质量控制的微小容错空间。</p>
<h2>787 交付受限于座椅和发动机供应</h2>
<p>梦幻客机的交付受到高端座椅认证延迟和部分供应瓶颈（包括发动机）的影响，尽管生产已稳定在每月八架。管理层仍然目标在今年交付 90 到 100 架 787，并计划在 2026 年晚些时候将产量提升至每月 10 架，前提是供应商能够跟上进度。</p>
<h2>777X 发动机修复增加了 ramp 的复杂性</h2>
<p>777X 的发动机耐久性问题促使进行了检查和供应商修改，发动机制造商正在处理需要纳入已建成飞机的修复方案。波音预计将在数年内对大约 30 架飞机进行变更整合，这增加了复杂性和成本，首架交付仍定于 2027 年。</p>
<h2>Spirit AeroSystems 的整合对现金流和利润率造成压力</h2>
<p>Spirit AeroSystems 的整合增加了约 1.5 亿美元的销售额，但预计在 2026 年将对现金流造成约 10 亿美元的拖累，原因是性能问题和资本需求。管理层表示整合工作正在推进，但承认收购的业务在短期内对现金流和盈利能力构成了阻力。</p>
<h2>养老金影响和供应链结构塑造风险轮廓</h2>
<p>合并后的运营利润率部分下降是由于养老金相关调整降低，导致利润率压缩至 2%，并减少了与去年相比的报告盈利能力。管理层还指出，787 生产线的库存缓冲低于 737，使其在发生干扰时更容易受到发动机和内部供应商的影响。</p>
<h2>地缘政治不确定性增加了需求风险</h2>
<p>波音约 14% 的订单积压与中东地区相关，该地区持续的冲突和燃料价格波动可能会改变航空公司的机队和维护计划。尽管公司尚未看到交付延期，但承认与飞行小时相关的售后服务可能对任何持续的需求疲软敏感。</p>
<h2>指导：自由现金流的扭转依赖于执行</h2>
<p>波音重申了今年正自由现金流目标为 10 亿到 30 亿美元，预计第二季度将出现适度流出，预计下半年将转为正值，并重申长期自由现金流目标接近 100 亿美元。前景依赖于在 2026 年交付大约 500 架 737，提升 787 产量至每月 10 架，并满足 737-7、737-10 和 777X 的认证时间表。</p>
<p>波音的财报电话会议描绘了一幅公司走出危机模式但仍在复杂恢复中前行的画面，强劲的需求和创纪录的订单积压被执行风险和持续的现金压力所抵消。对于投资者而言，故事现在不再主要依赖新订单，而是公司能否持续将其庞大的订单积压转化为盈利的、按时的交付，同时修复其资产负债表。</p>

波音

BOEG

标普航天与国防 ETF - SPDR

BOEU

美国航天国防股指数 ETF - iShares

BOED

航空国防投资组合 ETF - PowerShares

ARKX

<p>波音公司第一季度的财报电话会议强调了谨慎乐观的前景，收入增长 14%，达到 222 亿美元，得益于各个业务部门的强劲需求。公司报告了近 7000 亿美元的创纪录订单积压，支持未来的现金生成。然而，由于季节性压力，现金流仍然为负，达到 15 亿美元。商用飞机部门继续面临挑战，运营利润率为-6.1%。管理层专注于改善执行和交付时间表，以期在今年晚些时候实现正现金流</p>

<p>Boeing Company ((BA)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>波音公司（Boeing Company (BA)）已举行其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Boeing’s latest earnings call struck a cautiously optimistic tone, with management emphasizing resurgent revenue, record backlog and improving factory execution even as cash burn, negative commercial margins and certification delays continue to weigh on results. Investors were told the recovery is intact but still heavily dependent on disciplined execution across key programs and the broader supply chain.</p>
<div class="lb-trans"><p>波音最新的财报电话会议传达了谨慎乐观的语气，管理层强调了复苏的收入、创纪录的订单积压和改善的工厂执行，尽管现金消耗、负商业利润率和认证延迟仍然对业绩造成压力。投资者被告知复苏仍然存在，但仍然高度依赖于关键项目和更广泛供应链的有序执行。</p>
</div><h2>Broad-Based Revenue Growth Fuels Top-Line Rebound</h2>
<div class="lb-trans"><h2>广泛的收入增长推动顶线反弹</h2>
</div><p>Consolidated revenue climbed 14% year over year to $22.2 billion, reflecting growth in all three core segments and confirming that demand remains robust despite operational turbulence. Commercial Airplanes, Defense &amp; Space and Global Services each contributed to the top-line momentum, reinforcing the narrative that Boeing’s recovery is now spanning its full portfolio.</p>
<div class="lb-trans"><p>合并收入同比增长 14%，达到 222 亿美元，反映出所有三个核心业务部门的增长，并确认尽管运营动荡，需求依然强劲。商用飞机、国防与航天以及全球服务均对顶线势头做出了贡献，强化了波音复苏现在涵盖其全部产品组合的叙述。</p>
</div><h2>Record Backlog Underpins Multi-Year Visibility</h2>
<div class="lb-trans"><h2>创纪录的订单积压支撑多年的可见性</h2>
</div><p>Management highlighted a combined backlog approaching $700 billion, providing an unusually long revenue runway and supporting confidence in future cash generation. The commercial unit alone reported a $576 billion backlog representing more than 6,100 aircraft, while Defense &amp; Space and Services added $86 billion and $33 billion respectively, aided by fresh quarterly orders.</p>
<div class="lb-trans"><p>管理层强调了接近 7000 亿美元的综合订单积压，提供了异常长的收入跑道，并支持对未来现金生成的信心。仅商用部门就报告了 5760 亿美元的订单积压，代表超过 6100 架飞机，而国防与航天和服务分别增加了 860 亿美元和 330 亿美元，得益于新的季度订单。</p>
</div><h2>Segment Momentum Confirms Demand Across the Franchise</h2>
<div class="lb-trans"><h2>各部门势头确认全系列需求</h2>
</div><p>Defense &amp; Space revenue surged 21% to $7.6 billion, Commercial Airplanes rose 13% to $9.2 billion and Global Services advanced to $5.4 billion, up 6% reported and roughly 13% excluding a divestiture. The breadth of this performance suggests that Boeing’s recovery is not reliant on a single platform or region, which could prove important if macro or geopolitical conditions shift.</p>
<div class="lb-trans"><p>国防与航天的收入激增 21%，达到 76 亿美元，商用飞机增长 13%，达到 92 亿美元，全球服务增长至 54 亿美元，报告增长 6%，剔除剥离影响后约为 13%。这一表现的广度表明波音的复苏并不依赖于单一平台或地区，这在宏观或地缘政治条件变化时可能显得尤为重要。</p>
</div><h2>Operational Metrics Show Tangible Factory Progress</h2>
<div class="lb-trans"><h2>运营指标显示工厂进展显著</h2>
</div><p>The company detailed measurable gains in shop-floor productivity, pointing to substantial reductions in rework and defects on key programs. Final assembly rework hours on the 737 fell nearly 20% versus early 2025, 787 rework dropped more than 25% year over year and process changes at Renton cut 737 wing-tip defects by over 30%.</p>
<div class="lb-trans"><p>公司详细说明了车间生产力的可测量提升，指出关键项目的返工和缺陷大幅减少。737 的最终组装返工小时数较 2025 年初下降近 20%，787 的返工同比下降超过 25%，而 Renton 的工艺变更使 737 机翼尖缺陷减少超过 30%。</p>
</div><h2>737 Output Stabilizes With a Clear Rate-Ramp Roadmap</h2>
<div class="lb-trans"><h2>737 产量稳定，明确的增产路线图</h2>
</div><p>Production of the 737 stabilized at 42 aircraft per month with 114 jets delivered in the quarter, providing a more predictable baseline for cash and margins. Management outlined plans to raise output to 47 per month this summer and eventually 52 per month once an additional line in Everett North is fully brought into the system.</p>
<div class="lb-trans"><p>737 的生产稳定在每月 42 架，季度交付 114 架，为现金流和利润提供了更可预测的基线。管理层概述了计划在今夏将产量提高到每月 47 架，并在埃弗雷特北部的另一条生产线完全投入使用后最终达到每月 52 架。</p>
</div><h2>Widebody and MAX Certification Advances, but Timelines Matter</h2>
<div class="lb-trans"><h2>大型飞机和 MAX 认证进展，但时间表至关重要</h2>
</div><p>Regulatory milestones continued to accumulate, with the FAA approving a higher maximum takeoff weight for the 787-9 and 787-10 to support more range and cargo. The 777X program moved into a new test phase while 737-7 and 737-10 certification work progressed, with Boeing stressing that these approvals remain central to unlocking future deliveries and earnings.</p>
<div class="lb-trans"><p>监管里程碑持续累积，FAA 批准了 787-9 和 787-10 的更高最大起飞重量，以支持更大的航程和货物。777X 项目进入新的测试阶段，而 737-7 和 737-10 的认证工作也在推进，波音强调这些批准对解锁未来交付和收益至关重要。</p>
</div><h2>Defense &amp; Space Delivers Growth and Margin Improvement</h2>
<div class="lb-trans"><h2>国防与航天实现增长和利润改善</h2>
</div><p>The Defense &amp; Space unit delivered 29 aircraft and one satellite while improving operating margin by 60 basis points to 3.1%, underscoring better execution on legacy problem programs. Key wins included stronger KC-46 productivity, progress on MQ-25, expanded missile seeker awards and several support and maintenance contracts that enhance recurring revenue.</p>
<div class="lb-trans"><p>国防与航天部门交付了 29 架飞机和一颗卫星，同时将运营利润率提高了 60 个基点，达到 3.1%，凸显了在遗留问题项目上的更好执行。关键胜利包括 KC-46 生产力的提升、MQ-25 的进展、扩大的导弹寻的器奖项以及几项增强经常性收入的支持和维护合同。</p>
</div><h2>Global Services Maintains High Margins With Efficiency Gains</h2>
<div class="lb-trans"><h2>全球服务在效率提升中保持高利润率</h2>
</div><p>Boeing Global Services posted an 18.1% operating margin, demonstrating the segment’s role as a profit anchor within the portfolio even amid broader volatility. Automation and AI tools helped cut proposal cycle times by roughly 25% year to date, supporting double-digit margins across both commercial and government service lines.</p>
<div class="lb-trans"><p>波音全球服务部门的运营利润率为 18.1%，展示了该部门在整体波动中作为利润支柱的角色。自动化和人工智能工具帮助将提案周期时间缩短了约 25%，支持了商用和政府服务线的双位数利润率。</p>
</div><h2>Balance Sheet Repair Continues Despite Cash Outflow</h2>
<div class="lb-trans"><h2>尽管现金流出，资产负债表修复仍在继续</h2>
</div><p>The company ended the quarter with $20.9 billion in cash and marketable securities and trimmed total debt to $47.2 billion, a $6.9 billion reduction, while keeping $10 billion of credit facilities undrawn. Management reiterated confidence in returning to positive free cash flow this year, framing current cash usage as driven by seasonality, capital spending and the timing of major payments.</p>
<div class="lb-trans"><p>公司在季度末拥有 209 亿美元的现金和可交易证券，并将总债务削减至 472 亿美元，减少了 69 亿美元，同时保持了 100 亿美元的未动用信贷额度。管理层重申对今年恢复正自由现金流的信心，将当前的现金使用框架视为受季节性、资本支出和重大付款时机的驱动。</p>
</div><h2>Free Cash Flow Remains Negative in the Near Term</h2>
<div class="lb-trans"><h2>自由现金流在短期内仍为负数</h2>
</div><p>Free cash flow was a negative $1.5 billion in the quarter, reflecting both structural and seasonal pressures that investors will monitor closely. Management acknowledged the near-term drag but argued that improving deliveries and backlog conversion should drive a swing to positive cash generation in the second half of the year.</p>
<div class="lb-trans"><p>本季度自由现金流为负 15 亿美元，反映出投资者将密切关注的结构性和季节性压力。管理层承认短期内的拖累，但认为改善的交付和订单积压转换应推动下半年转向正现金生成。</p>
</div><h2>Commercial Airplanes Still Running at a Loss</h2>
<div class="lb-trans"><h2>商用飞机仍在亏损中运行</h2>
</div><p>Commercial Airplanes reported an operating margin of minus 6.1%, highlighting that higher volume alone is not yet enough to restore profitability. The unit continues to grapple with margin-dilutive factors, including integration of newly acquired structures operations and residual costs from past production and quality issues.</p>
<div class="lb-trans"><p>商用飞机报告的运营利润率为负 6.1%，突显出单靠更高的产量尚不足以恢复盈利。该部门仍在应对稀释利润率的因素，包括新收购的结构业务的整合以及过去生产和质量问题的残留成本。</p>
</div><h2>737 Wiring Issue Causes Short-Term Delivery Disruption</h2>
<div class="lb-trans"><h2>737 电线问题导致短期交付中断</h2>
</div><p>A nonconformance related to aircraft wiring forced rework on 25 737s and shifted some first-quarter deliveries into the second quarter, temporarily pressuring cash and customer schedules. Boeing said the rework is complete and reiterated that full-year 737 delivery goals remain intact, but the episode underscores the narrow margin for error on quality.</p>
<div class="lb-trans"><p>与飞机电线相关的不合格问题迫使对 25 架 737 进行返工，并将一些第一季度的交付推迟到第二季度，暂时对现金流和客户时间表造成压力。波音表示返工已完成，并重申全年 737 交付目标仍然完好，但这一事件凸显了质量控制的微小容错空间。</p>
</div><h2>787 Deliveries Constrained by Seats and Engine Supply</h2>
<div class="lb-trans"><h2>787 交付受限于座椅和发动机供应</h2>
</div><p>Dreamliner deliveries were held back by delays in certifying premium seating and by selected supply bottlenecks, including engines, even though production stabilized at eight per month. Management still targets 90 to 100 787 deliveries this year and plans to lift output to 10 per month later in 2026, contingent on suppliers keeping pace.</p>
<div class="lb-trans"><p>梦幻客机的交付受到高端座椅认证延迟和部分供应瓶颈（包括发动机）的影响，尽管生产已稳定在每月八架。管理层仍然目标在今年交付 90 到 100 架 787，并计划在 2026 年晚些时候将产量提升至每月 10 架，前提是供应商能够跟上进度。</p>
</div><h2>777X Engine Fix Adds Complexity to the Ramp</h2>
<div class="lb-trans"><h2>777X 发动机修复增加了 ramp 的复杂性</h2>
</div><p>An engine durability issue on the 777X prompted inspections and supplier modifications, with the engine maker working through a fix that will need to be incorporated into already built aircraft. Boeing expects change incorporation on roughly 30 aircraft over several years, adding complexity and cost before first delivery, which remains scheduled for 2027.</p>
<div class="lb-trans"><p>777X 的发动机耐久性问题促使进行了检查和供应商修改，发动机制造商正在处理需要纳入已建成飞机的修复方案。波音预计将在数年内对大约 30 架飞机进行变更整合，这增加了复杂性和成本，首架交付仍定于 2027 年。</p>
</div><h2>Spirit AeroSystems Integration Weighs on Cash and Margins</h2>
<div class="lb-trans"><h2>Spirit AeroSystems 的整合对现金流和利润率造成压力</h2>
</div><p>The integration of Spirit AeroSystems added about $150 million in sales but is expected to exert around a $1 billion cash drag in 2026 due to performance issues and capital needs. Management said integration work is progressing but acknowledged that the acquired operations remain a near-term headwind to both cash flow and profitability.</p>
<div class="lb-trans"><p>Spirit AeroSystems 的整合增加了约 1.5 亿美元的销售额，但预计在 2026 年将对现金流造成约 10 亿美元的拖累，原因是性能问题和资本需求。管理层表示整合工作正在推进，但承认收购的业务在短期内对现金流和盈利能力构成了阻力。</p>
</div><h2>Pension Effects and Supply Chain Structure Shape Risk Profile</h2>
<div class="lb-trans"><h2>养老金影响和供应链结构塑造风险轮廓</h2>
</div><p>Consolidated operating margin fell partly because of a lower pension-related adjustment, which compressed margins to 2% and reduced reported profitability compared with last year. Management also noted that the 787 line carries less inventory buffer than the 737, making it more exposed to engine and interior suppliers when disruptions occur.</p>
<div class="lb-trans"><p>合并后的运营利润率部分下降是由于养老金相关调整降低，导致利润率压缩至 2%，并减少了与去年相比的报告盈利能力。管理层还指出，787 生产线的库存缓冲低于 737，使其在发生干扰时更容易受到发动机和内部供应商的影响。</p>
</div><h2>Geopolitical Uncertainty Adds a Layer of Demand Risk</h2>
<div class="lb-trans"><h2>地缘政治不确定性增加了需求风险</h2>
</div><p>Around 14% of Boeing’s unit backlog is linked to the Middle East, a region where ongoing conflict and fuel-price volatility could alter airlines’ fleet and maintenance plans. While the company has not yet seen delivery deferrals, it acknowledged that aftermarket services tied to flight hours could be sensitive to any prolonged demand softness.</p>
<div class="lb-trans"><p>波音约 14% 的订单积压与中东地区相关，该地区持续的冲突和燃料价格波动可能会改变航空公司的机队和维护计划。尽管公司尚未看到交付延期，但承认与飞行小时相关的售后服务可能对任何持续的需求疲软敏感。</p>
</div><h2>Guidance: Free Cash Flow Turnaround Hinges on Execution</h2>
<div class="lb-trans"><h2>指导：自由现金流的扭转依赖于执行</h2>
</div><p>Boeing reaffirmed its target for positive free cash flow of $1 to $3 billion this year, with modest outflows expected in the second quarter and a swing to positive in the second half, and reiterated a longer-term free cash flow ambition near $10 billion. The outlook rests on delivering roughly 500 737s in 2026, ramping 787 output to 10 per month and meeting certification timelines for the 737-7, 737-10 and 777X.</p>
<div class="lb-trans"><p>波音重申了今年正自由现金流目标为 10 亿到 30 亿美元，预计第二季度将出现适度流出，预计下半年将转为正值，并重申长期自由现金流目标接近 100 亿美元。前景依赖于在 2026 年交付大约 500 架 737，提升 787 产量至每月 10 架，并满足 737-7、737-10 和 777X 的认证时间表。</p>
</div><p>Boeing’s earnings call painted a picture of a company exiting crisis mode but still navigating a complex recovery, with robust demand and record backlog offset by execution risk and ongoing cash pressures. For investors, the story now hinges less on new orders and more on whether the company can consistently convert its vast backlog into profitable, on-time deliveries while repairing its balance sheet.</p>
<div class="lb-trans"><p>波音的财报电话会议描绘了一幅公司走出危机模式但仍在复杂恢复中前行的画面，强劲的需求和创纪录的订单积压被执行风险和持续的现金压力所抵消。对于投资者而言，故事现在不再主要依赖新订单，而是公司能否持续将其庞大的订单积压转化为盈利的、按时的交付，同时修复其资产负债表。</p>
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波音财报电话会议：订单积压的强劲与现金流压力