《大行报告》瑞信上调联想集团(00992.HK)目标价至11.5元 评级「跑赢大市」
瑞信发表的研究报告指,联想集团(00992.HK)第三财季表现好过预期,主要因为收入、利润率均有改善,特别是PC业务表现跑赢大市,值得留意的是公司宣布首席营运官Gianfranco Lanci将於9月份退任。该行指出2021年PC较佳表现料将持续,而管理层亦指今年首季需求维持强劲,渠道库存维持在纪录低位仅2至3星期,展望2021年公司预计整体PC销量将升5%至10%,相信公司将是规模优势中的主要受益者。
另外发行CDR料将支持公司长期转型,联想亦料CDR发行将在获监管审批後在未来数月完成,并计划投资於新科技及软件/服务业务扩张,相信将助长期转型并改善盈利结构。该行将公司目标价由9.6元升至11.5元,评级「跑赢大市」,并将2021至2023财年每股盈测升5%至16%以反映PC需求改善及服务贡献增加。
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