《大行報告》瑞信上調聯想集團(00992.HK)目標價至11.5元 評級「跑贏大市」
瑞信發表的研究報告指,聯想集團(00992.HK)第三財季表現好過預期,主要因為收入、利潤率均有改善,特別是PC業務表現跑贏大市,值得留意的是公司宣布首席營運官Gianfranco Lanci將於9月份退任。該行指出2021年PC較佳表現料將持續,而管理層亦指今年首季需求維持強勁,渠道庫存維持在紀錄低位僅2至3星期,展望2021年公司預計整體PC銷量將升5%至10%,相信公司將是規模優勢中的主要受益者。
另外發行CDR料將支持公司長期轉型,聯想亦料CDR發行將在獲監管審批後在未來數月完成,並計劃投資於新科技及軟件/服務業務擴張,相信將助長期轉型並改善盈利結構。該行將公司目標價由9.6元升至11.5元,評級「跑贏大市」,並將2021至2023財年每股盈測升5%至16%以反映PC需求改善及服務貢獻增加。
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