《大行报告》大摩上调联想集团(00992.HK)目标价至4.9元 评级「与大市同步」
大摩发表的研究报告指,尽管联想集团(00992.HK)下半年PC市场展望较好,但市场似乎只想看到数据中心业务盈利能力显着改善。该行相信9月份公司季度销售应轻微增长,主要受惠PC需求较好以及智能手机销售复苏,估计PC出货量按季将升4%,但产品组合方面或倾向Chromebooks层面,意味收入仅增约1%至107亿美元。而智能手机方面,该行料收入按季增长将达双位数至14亿美元。而数据中心业务或按季呈单位数跌幅至15亿美元,主要因为企业需求或会受压。
该行指出管理层在电话会议中对Chromebook需求看法亦乐观,但该行看法不如管理层乐观,估计下半财年仍受惠於Chromebook的需求,但2021财年订单或会受拖累。
大摩指出虽然管理层表明现时正转向软件、服务及DaaS这些利润较高的方向,惟相关贡献现时仍较细,认为策略需要时间才见效,现时来看上升的催化剂有限,将公司目标价由4.6元升至4.9元,评级「与大市同步」。(el/u) ~
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