《大行报告》大和上调联想集团(00992.HK)目标价至12元 评级「跑赢大市」
大和发表研究报告指,联想集团(00992.HK)第三财季表现胜市场预期,其PC销售破纪录而伺服器业务亦有改善,各个分部势头亦改善,大和对公司业务前景看法正面。公司第三财季净利3.95亿美元,好过市场预期约6%,并较该行预期高出39%,主要受惠PC及伺服器方面强势,收入亦破纪录达172亿美元,较该行预测高16%,毛利率及经营利润率分别改善至16.2%及4.1%。
期内PC分部受惠在家工作需求,而软件/服务收入亦稳健,带动相关收入按年升27%至140亿美元,该行料第四财季PC收入将受季节性因素影响按季跌约20%,不过企业需求回升加上Chromebook订单待因素亦有机会带来在上行。在移动业务(MBG)业务方面,第三财季收入符预期,而第四财季该行则料受季节性因素影响收入将按季跌15%。另数据中心业务方面相关收入高该行预期8%,因为云服务供应商需求有改善,而税前利润率亦有改善,估计第四财季相关收入将按季跌10%。
该行将公司2021至2023财年每股盈测升17%至28%,以反映第三财季业绩强劲、收入及利润势头改善,股价过去一至两月表现亦强劲,加上受惠股份回A计划等,将公司目标价由5.8元升至12元,评级「跑赢大市」。
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