《大行报告》大和上调联想集团(00992.HK)目标价至6.6元 评级「跑赢大市」
大和发表的研究报告指,联想(00992.HK)第三财季业绩稳健,预期新型冠状病毒疫情短期会为公司营运带来较大影响,但长远而言未见显着影响。该行指出公司第三财季净利达2.58亿美元胜该行及市场预期,期内收入按季增4%至141亿美元,较该行预测高6%,主要受惠PC、智能装置以及数据中心业务方面的强势,期内经营利润率升至3.5%。
按业务划分,公司在PC及智能装置方面收入较该行预期高6%,主要受惠高端产品贡献较高,而其税前利润率达6.2%,但该行认为季节性因素及疫情爆发等均会带来影响,故料第四财季相关收入将按季跌35-40%。而在流动业务方面期内收入按季跌8%至13.8亿美元,主要受零部件短缺所拖累,但相关业务连续第五个季度录得盈利,该行认为新机如Moto RAZR等将有助带动需求,但武汉闭关将带来忧虑,因为公司有约35%的流动业务产能是位於当地,估计第四财季相关收入将按季跌15-20%。而在数据中心业务方面相关收入按季增20%,公司估计订单势头将继续改善,该行则料第四财季受供应链拖累,相关业务收入将按季跌20-25%。
联想指出除武汉及成都外,已恢复内地的大部分营运,相信零部件供应方面无即时风险,而公司亦计划利用其海外产能及代工商等,该行预期供应链方面的问题将拖累公司第四财季的收入,现时估计将按季跌32%,但认同联想的看法认为疫情只是一次性事件,相信收入强势将很快回复。
该行将公司2020-21财年每股盈利预测下调5-13%,但将2022年预测上调4%,以反映疫情对收入及利润的影响,目标价由6.5元升至6.6元,重申「跑赢大市」评级。
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