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《大行报告》麦格理下调联想集团(00992.HK)评级至「中性」 目标价降至9.18元
阿思达克 06-07 15:57
麦格理发表研究报告下调联想集团(00992.HK)投资评级,由「跑赢大市」降至「中性」,估值基础并由2023财年预测市盈率11倍降至10倍,目标价相应由14.25元降至9.18元。该行下调其截至明年3月底止2022财年个人电脑(PC)付运预测,由8,600万降至8,000万台;料上财年8,500万台已见顶。该行亦将2023财年经营利润率由4.5%下调至4.1%。

报告称,去年PC付运受半导体短缺影响,PC销售均价增加,毛利率扩张,短期料属正面,该行认同疫情下消费、工作模式改变,教育PC及搭载Google Chrome OS系统的个人电脑更趋普及。不过,经历两年强劲增长後,该行不预期PC付运2022年不会倒退。报告料2022年半导体供应将改善,元件及PC销售均价将下滑。

该行料联想集团2022财年纯利按年升35%属健康,料今财年按季及按年增长放缓;2023财年纯利则料倒退3%。该行下调公司2022及2023财年盈测分别12%及29%,以反映PC付运收缩、毛利率下滑及更高非经营开支的预测。

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