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大和下调联想集团(0992.HK)目标价至6.5港元重申“跑赢大市”评级
格隆汇 08-16 11:50
大和发表的报告指,联想集团(0992.HK) 公布首财季业绩,经营利润强过预期,认为第二财季将可受季节性因素带动,主要受益于针对手提电脑及智能手机的10%关税获延迟实施,惟包括产能转移的成本难免会受影响。 不过,由于联想有其他位于中国以外的产能,故与其他同业比较更具优势。
该行指出首财季业绩稳健,净利为1.62亿美元,表现符合市场预期,并高于该行早前的预测,收入表现符预期,而毛利率则改善至16.4%,主要受惠产品组合提升。另外,期内经营利润率 为2.7%,高于该行及市场预测。该行将公司2020财年每股盈利 预测升9%,反映首财季业绩表现,但将2021财年每股盈测下调2%以反映关税影响,目标价由6.9港元降至6.5港元,重申“ 跑赢大市 ”评级。
在业务表现方面,期内电脑市场受惠市场份额提升,收入增长稳健,管理层对商业市场增长看法维持正面。而手机业务则连续三个季度录得盈利,反映公司聚焦拉美及美国的策略奏效。公司计划在2019年第三季尾推出新手机产品,料可带动第四季收入强势。
在数据中心业务方面,期内收入按季升8%,惟按年计算下跌17%,主要因为大规模伺服器群组(Hyperscale server)库存上升及平均销售单价下跌拖累,相信短期大型伺服器需求仍乏善可陈,但联想估计储存及网络产品可有稳健增长,而受惠一线客户订单增加,料今年第四季超大规模伺服器的销售有望复苏。
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