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《大行報告》光證料下半年全球PC出貨量或迎復甦 重申聯想集團(00992.HK)「增持」評級
阿思達克 02-23 14:30
光大證券發表報告指,聯想集團(00992.HK)在2023財年第三季實現收入152.67億美元,按年下降24.1%,其中非PC業務收入佔比按季提升4個百分點至41%。按盈利能力來看,毛利率按年升0.4個百分點至17.1%;由於收入下降、疊加財務費用上升,歸母淨利潤按年跌31.6%至4.37億美元,對應歸母淨利率為2.9%,按年降0.3個百分點。 該行指,PC行業仍處於下行周期,而隨PC行業渠道去庫存有望今年中結束,預計全球PC出貨量增速將於下半年由負轉正,PC行業有望迎來復甦,今年全年公司PC出貨量或按年低個位數下降。 該行指,基於PC行業需求下降超預期,故將聯想集團今年、明年及2025年的淨利潤預測分別下調約22%至18.61億美元、26%至20.83億美元、以及27%至23.39億美元。該行指數字經濟及ChatGPT浪潮帶動服務器行業相關資本開支提升,該行給予聯想集團目標價為6.95元,維持「增持」評級。(ca/w) ~
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