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《大行报告》摩通上调联想集团(00992.HK)目标价至11.6元 评级「增持」
阿思达克 02-04 11:04
摩根大通发表报告指,联想集团(00992.HK)业绩电话会议中主要讯息大致正面,一方面PC需求展望强劲,料今年将增长5-10%,而渠道库存维持低位,另外企业消费方面亦有复苏迹象,产品组合改善亦意味PC利润有上行空间,而数据中心方面市场份额有提升,在智能手机方面亦重返收支平衡,5G占比亦上升,另外软件及服务收入展望稳健。

该行指出,联想集团稍为负面的是零部件供应紧张,以及企业开支短期或会提升。整体而言该行认为短期联想将继续跑赢大市,将2021/2022财年盈利预测各升6%及12%,上调对其目标价由10元升至11.6元,维持「增持」评级。

摩根大通指出,联想集团管理层预期2021年PC市场将增长5-10%,而渠道库存在多个地区均维持健康水平。在数据中心业务方面短期料亏损将收窄,不过认为企业系统消费将在今年下半年复苏,而公司在Hyperscale方面市场份额将持续提升,估计有利盈利改善,总体而言料公司於2021及2022年相关收入将各升15及13%。

在MBG(移动业务)业务方面,该行料联想集团今年将有不错的反弹,不过考虑到行业竞争,对其盈利前景看法较保守,估计未来数季将在收支平衡点附近徘徊。而软件及服务分部贡献集团收入约8%,估计有望成为下一个盈利增长引擎,公司亦受惠在疫情下设备即服务(DaaS)服务方面的采纳。(el/w) ~

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