《大行報告》大和下調聯想集團(00992.HK)目標價至11.4元 評級「跑贏大市」
大和發表的研究報告指,聯想集團(00992.HK)第四財季業績勝預期,主要受惠PC收入強勁及流動業務有改善,估計各個分部均會有穩健的勢頭,惟零部件短缺仍然是潛在憂慮。
該行指出公司第四財季淨利2.6億美元,好過市場預期29%,並較該行預期高45%,期內收入按年升48%至156億美元,較該行預測高12%,主要受惠PC及流動業務強勢,由於產品平均銷售單價有改善,期內毛利率升至17.2%,而經營利潤率3.1%亦高過該行預期。
在個人電腦和智能設備業務方面,儘管受季節性弱勢影響,期內收入仍達124億美元,按年增長46%,較該行預測高10%,而稅前利潤率亦達6.7%,該行估計公司2022財年首季收入將按季增長低單位數,公司則指由於渠道庫存較低,反映PC需求繼續穩健,惟仍料有20-30%訂單會因零件短缺受影響,而零件方面的困擾料將持續12-18個月。另外除受在家工作需求推動外,公司亦見到企業需求自年初出現復甦。
在移動業務集團方面,上季收入15.7億美元,按年升90%,較該行預測高22%,主要受惠5G機款的貢獻,而期內稅前利潤率亦達1.3%,2022財年首季該行料相關收入將按季溫和增長,並可受惠LG退出智能手機市場,不過包括5G晶片在內的零件供應問題將成潛在挑戰。在數據中心業務集團方面,上季收入15.8億美元按年升30%,較該行預測高9%,主要受惠雲服務供應商(CSP)需求改善,稅前利潤率企穩在-2%水平,而今季該行估計收入將按季持平,但受惠效率提升邊際利潤或有改善。
該行將公司2022-23財年每股盈測升3-14%,以反映收入利潤表現,不過認為基數較高等,故料聯想PC收入增長將由今季的19%至下半年轉為溫和下降,重申「跑贏大市」評級,目標價由12元降至11.4元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.