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《大行報告》美銀證券升聯想集團(00992.HK)目標價至7.4元 評級「買入」
阿思達克 02-21 09:50
美銀證券發表研究報告指,聯想(00992.HK)今財年第三季盈利為2.58億美元,按年升11%,高於該行預期31%及其他券商預期13%。收入和稅前盈利均達歷史新高。因應第四季度受疫情影響,令其預期變得謹慎,但公司預期中國以外地區需求強勁。公司指其深圳和合肥廠動的產能已於2月底恢復至70%以上,高於預期,而非中國地區的廠房和部份外判生產亦抵銷影響。 該行指,公司個人電腦銷售的收入(110億美元)和稅前利潤率(6.2%)均錄新高,公司預期需求穩定,而更健康的組合可以支持毛利,預期公司於中國的市佔率可提升至50%。 該行又指,伺服器收入增長按年持平,按季升20%,而銷售量按年升18%,反映行業復甦。銷售至國內企業的伺服器按年升46%,第二季升47%,相信公司會繼續受惠中國市場本地化和競爭紓緩(華為和曙光的禁令)。 該行下調聯想2020年盈利預測,但2021年預測大致維持不變,目標價由6.8元升至7.4元,重申「買入」評級。
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