《大行报告》美银证券上调联想集团(00992.HK)目标价至13.5元 评级「买入」
美银证券发表的研究报告指,联想集团(00992.HK)2021财年第四财季盈利2.6亿美元(下同),按年增512%,较该行及市场预期高41%及21%,期内税前利润3.8亿元亦按年增长392%,较该行及市场预期高32%及19%,主要受惠期内销售强劲及毛利率稳健。
第四财季公司PC销售强劲,税前利润率表现破纪录达6.7%,管理层认为现时需求强劲,加上全球渠道库存均较低,而零部件供应维持紧张。另外公司亦留意到企业PC亦有复苏,该行相信随着越来越多国家自疫情重启,势头将加快,而企业方面由於毛利较高,加上有更多服务提供,亦有利维持高利润水平。
期内移动集团是税前溢利创收购摩托罗拉以来新高,达2,100万元,主要因为产品组合改善及市场份额提升,相信LG自智能手机市场退场将为联想在北美及拉美带来更多机遇。在伺服器方面,该行预期亏损将持续收窄,主要受惠云及伺服器市场稳定复苏,以及企业需求增加等。
该行将公司2022-23财年盈利预测升8-16%,但就将市盈率预测下调,估计2022-23年的盈利将正常化,目标价由13元升至13.5元,重申「买入」评级,认为将受惠PC需求强劲、企业PC加快及移动、伺服器业务改善等。(el/k) ~
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