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聯想集團(00992.HK):2021財年上半年業績好於預期,給予“收集”評級,目標價5.20港元
格隆匯 11-04 17:14

機構:國泰君安

評級:收集

目標價:5.20港元

聯想集團(“公司”)公佈了 2021 財年上半年未經審計的業績。主要指標表現如下:

聯想集團(“公司”)2021 財年上半年業績好於我們預期。個人電腦和智能設備業務收入同比上升 8.8%至 220.65 億美元,主要是由於在家辦公和在線教育及娛樂增加帶來的強勁 PC 和平板電腦需求。此外,個人電腦和智能設備分部的除税前溢利率同比增長 0.7個百分點至 6.3%。移動業務收入同比下降 13.3%至 26.12 億美元,同時該分部錄得除税前虧損 7,200 萬美元,主要是由於 2021 財年一季度新冠肺炎疫情對智能手機業務帶來的衝擊。由於雲市場的強勁需求,數據中心業務收入同比上升 15.0%至 30.91 億美元。此外,公司的費用率大幅下降,因此股東淨利同比上升 43.5%。由於在家辦公和在線教育及線上娛樂帶來的需求仍然存在,我們預計2021 財年 3 季度的 PC 業務仍將強勢,同時,新冠肺炎疫情對於全球智能手機市場的影響有所緩和,我們預計 2021 財年下半年移動業務較 2021 財年上半年將有所恢復。

公司目前的投資評級為“收集”,目標價為每股 5.20 港元。由於高於預期的收入增長,我們將在下一份公司報告中上調公司的盈利預測, 並檢討相應的目標價和投資評級。

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