《大行報告》大和上調聯想集團(00992.HK)目標價至12元 評級「跑贏大市」
大和發表研究報告指,聯想集團(00992.HK)第三財季表現勝市場預期,其PC銷售破紀錄而伺服器業務亦有改善,各個分部勢頭亦改善,大和對公司業務前景看法正面。公司第三財季淨利3.95億美元,好過市場預期約6%,並較該行預期高出39%,主要受惠PC及伺服器方面強勢,收入亦破紀錄達172億美元,較該行預測高16%,毛利率及經營利潤率分別改善至16.2%及4.1%。
期內PC分部受惠在家工作需求,而軟件/服務收入亦穩健,帶動相關收入按年升27%至140億美元,該行料第四財季PC收入將受季節性因素影響按季跌約20%,不過企業需求回升加上Chromebook訂單待因素亦有機會帶來在上行。在移動業務(MBG)業務方面,第三財季收入符預期,而第四財季該行則料受季節性因素影響收入將按季跌15%。另數據中心業務方面相關收入高該行預期8%,因為雲服務供應商需求有改善,而稅前利潤率亦有改善,估計第四財季相關收入將按季跌10%。
該行將公司2021至2023財年每股盈測升17%至28%,以反映第三財季業績強勁、收入及利潤勢頭改善,股價過去一至兩月表現亦強勁,加上受惠股份回A計劃等,將公司目標價由5.8元升至12元,評級「跑贏大市」。
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