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匯豐研究:下調聯想集團(0992.HK)目標價至7.1港元 評級“買入”
格隆匯 11-08 11:49

匯豐研究發表報告指,聯想集團(00992.HK)第二財季度每股盈利為1.7美元,勝該行預期。收入按年升1%,或按季升8%,符預期。毛利率為16.1%,勝預期,主因個人電腦的產品組合改善。公司亦提高了手機業務利潤。經營溢利為3.3%,高於預期,純利為2.02億美元,亦高於預期。

該行指,管理層重申公司目標增長是高於市場。個人電腦方面,公司希望維持市場維持領導地位,推動高端業務銷售增長;手機業務方面,公司希望聚焦核心市場,以改善盈利能力;數據中心方面,加強內部設計/製造能力並擴大客户羣。雖然數據中心收入因需求減少而下跌,但管理層仍對行業前景樂觀,相信下半財年可有更好表現。

該行對公司個人電腦業務增長維持正面看法,但於第三財季中,因CPU短缺,故會有負面因素影響。同時預期數據中心轉盈需要更長時間,調整2020-22財年的每股盈利預期,分別上調0.5%、下調2.2%及下調1.6%,目標價由7.8港元降至7.1港元,評級“買入”

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