聯想集團(00992.HK):非PC業務佔比提升 聯想迎來新增長引擎
1QFY23 業績符合我們預期 聯想集團公佈1QFY23 業績:營業收入為169.56 億美元,同比增長0.2%,環比提升1.6%;營業利潤為7.77 億美元,同比增長4.6%,對應4.6%的營業利潤率;税前利潤同比增長6.2%至6.91 億美元;歸母淨利潤同比增長10.7%至5.16 億美元,對應單季度淨利率為3.0%,同比提升0.3ppt。公司歸母淨利潤符合我們此前預期。 分業務來看,除智能設備業務(IDG)營業額同比下滑2.7%外,基礎設施方案(ISG)、方案服務(SSG)業務收入均實現雙位數的強勁增長,營業利潤率亦環比改善,助推公司連續第九個季度實現營收和盈利能力的雙重提升;公司持續強化研發投入力度,1QFY23 研發投入同比增長10%,研發人員數量同比增加29%,為公司可持續發展注入創新動能。 發展趨勢 非PC 業務佔比IDG 提升,移動業務成增長新引擎之一。1)PC:根據IDC 數據,2Q22 聯想PC 出貨量同比下滑12.1%,但與此同時公司的PC全球市場份額提升至24.6%,領先優勢擴大。1QFY23,公司PC 業務實現營收111.3 億美元,在缺芯、疫情的背景下同比下降7.4%,下滑幅度小於銷量縮減幅度,我們認為主要是由於公司遊戲本、工作站等高端品類的佔比提升驅動PC 業務ASP 增長。2)非PC:1QFY23,非PC 業務實現營收31.4 億美元,佔IDG 板塊比例達到22%,其中智能手機營收同比增長21%,在拉美、北美、歐洲、亞太市場均有較好的增長表現,成為驅動公司業績增長的新引擎之一;智能協作解決方案營收實現同比高雙位數成長。 SSG 延續高質量發展,ISG 盈利穩步改善。1QFY23,公司SSG 營收為14.56 億美元,支持服務、運維服務、項目和解決方案三大細分業務均實現同比雙位數增長,整體營業利潤率維持22.6%的高位。2022 年6 月,公司與電訊盈科達成戰略合作伙伴關係,我們認為此舉措有望加速公司在亞太地區新IT 服務市場的滲透,有助於SSG 業務的高質量可持續發展。ISG 連續第三個季度實現經營利潤盈利,且營業利潤率環比提升0.1ppt 至0.5%。其中,雲IT 基礎設施業務、服務器及存儲、邊緣計算業務營業額均創新高,同比增速超市場同期表現,已成長為存儲設備頭部供應商。 盈利預測與估值 我們基本維持2023 財年和2024 財年盈利預測不變。當前股價對應2023/2024 財年5.1 倍/4.2 倍市盈率。維持跑贏行業評級和8.80 港元目標價,對應6.5 倍2023 財年市盈率和5.3 倍2024 財年市盈率,較當前股價有27.5%的上行空間。 風險 芯片短缺影響超預期;疫情影響產品交付;雲廠商資本開支放緩。
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