《大行報告》瑞信:聯想集團(00992.HK)季績佳因錄一次性收益 料高基數限制明年PC增長
瑞信發表研報指,聯想集團(00992.HK)截至今年9月底止第二財季表現向好,主要受惠約5,100萬美元一次性收益,若撇除一次性收益,運營利潤將較該行預測低1.5%。
該行指,聯想集團對個人電腦(PC)前景樂觀,雖然年初至今的PC出貨量較高,但集團仍預計2020年PC全球市場規模將達到3億台,並在2021年可能進一步增長6%至7%。然而,該行認為明年首季以後前景未明,並相信今年高基數下明年的整體PC出貨量可能出現按年跌幅。
瑞信稱,考慮到聯想集團PC業務增長,該行將明年每股盈利預測提高9.6%,但同時被較低的毛利所抵消,目標價5.2元,維持「中性」評級。
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