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《大行报告》麦格理上调联想集团(00992.HK)目标价至12.78元 评级「跑赢大市」
阿思达克 01-22 09:57
麦格理发表的研究报告指,去年第四季PC市场出货量增长加速至逾26%,带来正面惊喜,联想集团(00992.HK)增长更达到29%。零部件短缺令生产推迟至今年首季,故料表现将较好。该行亦了解到,在部分地区渠道库存较低,认为今年上半年需求强劲及供应短缺情况将持续,虽然部分投资者对其可持续性存疑,不过该行看法较正面,将公司目标价由8.2元升至12.78元,评级「跑赢大市」。

该行指出去年次季PC及平板需求突然增加主要是受疫情下在家工作及在家学习带动,考虑到疫苗接种的步伐,料需求高企情况将持续至今年第四季。除疫情外,该行考虑到工作及学习的习惯已有改变,家庭渗透率亦较低,加上在已发展国家的企业及教育均有新的应用场景并会采用到云服务。最後该行认为消费者在手机方面消费减少,将带动消费转向。

该行将2021财年联想PC及平板出货量预测升5%,2022-23财年预测则升10%,而收入增长预测则分别升3%及7%,主要因为产品组合将转向较便宜的PC及Chromebooks等。该行料智能手机分部在2021-22财年将维持亏损,到2023财年才收支平衡。数据中心业务2021财年仍料会录亏损,不过2022财年或达收支平衡,2023财年则录轻微盈利。(el/u) ~

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