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《大行報告》美銀證券上調聯想集團(00992.HK)目標價至13.5元 評級「買入」
阿思達克 05-28 10:07
美銀證券發表的研究報告指,聯想集團(00992.HK)2021財年第四財季盈利2.6億美元(下同),按年增512%,較該行及市場預期高41%及21%,期內稅前利潤3.8億元亦按年增長392%,較該行及市場預期高32%及19%,主要受惠期內銷售強勁及毛利率穩健。

第四財季公司PC銷售強勁,稅前利潤率表現破紀錄達6.7%,管理層認為現時需求強勁,加上全球渠道庫存均較低,而零部件供應維持緊張。另外公司亦留意到企業PC亦有復甦,該行相信隨著越來越多國家自疫情重啟,勢頭將加快,而企業方面由於毛利較高,加上有更多服務提供,亦有利維持高利潤水平。

期內移動集團是稅前溢利創收購摩托羅拉以來新高,達2,100萬元,主要因為產品組合改善及市場份額提升,相信LG自智能手機市場退場將為聯想在北美及拉美帶來更多機遇。在伺服器方面,該行預期虧損將持續收窄,主要受惠雲及伺服器市場穩定復甦,以及企業需求增加等。

該行將公司2022-23財年盈利預測升8-16%,但就將市盈率預測下調,估計2022-23年的盈利將正常化,目標價由13元升至13.5元,重申「買入」評級,認為將受惠PC需求強勁、企業PC加快及移動、伺服器業務改善等。(el/k) ~

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