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《大行報告》瑞銀上調聯想集團(00992.HK)目標價至10.75元 評級「中性」
阿思達克 05-28 09:44
瑞銀發表的研究報告指,聯想集團(00992.HK)第四財季銷售156億美元(下同),按年增長48%,較該行預測高11%,主要受惠PC業務方面的增長,期內毛利率升至17.2%,經營利潤率則為3.1%,低於該行預期的3.4%,主要因為開支較高。期內經營溢利達4.79億元,按年增長189%,與該行預測一致,值得留意的是受惠需求強勁,PC業務稅前利潤率達6.7%,期內淨利則為2.6億元,按年增512%,較該行預期高19%。

儘管受零件短缺問題影響,管理層對PC需求態度仍十分正面,估計需求仍較供應高約兩成,而零件短缺情況或持續12至18個月。公司指出其渠道庫存仍較低,部分地區僅有兩至三星期,而正常水平則為六至八星期左右,估計未來兩至三季渠道庫存會維持較低,並認為消費升級在未來數季將繼續支持PC需求,而企業需求潛在復甦亦會帶來幫助。

該行將公司2022財年銷售預測升5%至655億元,意味將按年增8%,主要受惠PC需求持續。該行估計PC及智能設備銷售在2022財年將按年增長7%,而毛利亦會擴張。同時該行估計數據中心集團銷售將按年增10%,受惠雲伺服器方面的強勢,而智能手機銷售則料會按年增11%。

該行相信受惠業績,公司股價將有正面反應,而管理層對收入及PC前景亦有正面看法,故將目標價由10.5港元升至10.75港元,評級「中性」,認為受疫苗推出及高基數影響,PC增長將減慢,加上零件短缺將限制股價上行,令股價將在區間上落。

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