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《大行報告》摩通上調聯想集團(00992.HK)目標價至11.6元 評級「增持」
阿思達克 02-04 11:04
摩根大通發表報告指,聯想集團(00992.HK)業績電話會議中主要訊息大致正面,一方面PC需求展望強勁,料今年將增長5-10%,而渠道庫存維持低位,另外企業消費方面亦有復甦跡象,產品組合改善亦意味PC利潤有上行空間,而數據中心方面市場份額有提升,在智能手機方面亦重返收支平衡,5G佔比亦上升,另外軟件及服務收入展望穩健。

該行指出,聯想集團稍為負面的是零部件供應緊張,以及企業開支短期或會提升。整體而言該行認為短期聯想將繼續跑贏大市,將2021/2022財年盈利預測各升6%及12%,上調對其目標價由10元升至11.6元,維持「增持」評級。

摩根大通指出,聯想集團管理層預期2021年PC市場將增長5-10%,而渠道庫存在多個地區均維持健康水平。在數據中心業務方面短期料虧損將收窄,不過認為企業系統消費將在今年下半年復甦,而公司在Hyperscale方面市場份額將持續提升,估計有利盈利改善,總體而言料公司於2021及2022年相關收入將各升15及13%。

在MBG(移動業務)業務方面,該行料聯想集團今年將有不錯的反彈,不過考慮到行業競爭,對其盈利前景看法較保守,估計未來數季將在收支平衡點附近徘徊。而軟件及服務分部貢獻集團收入約8%,估計有望成為下一個盈利增長引擎,公司亦受惠在疫情下設備即服務(DaaS)服務方面的採納。(el/w) ~

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