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《大行報告》瑞銀下調聯想集團(00992.HK)目標價至5.6元 評級「沽售」
阿思達克 05-25 10:06
瑞銀發表報告指,聯想集團(00992.HK)截至3月底止2023財年末財季純利按年跌72%至1.14億美元,較市場及該行預期各低逾四成,而總收入按年跌24%至126億美元,較市場及該行預期各高出1%及4%。 該行指,管理層表示智能設備業務(IDG)的渠道去庫存取得進展,總庫存價值按季跌15%,管理層相信設備市場庫存的調整正接近尾聲,並預料個人電腦交付量回到增長,並於2024年加速,而方案服務業務(SSG)銷售將維持良好增長。 該行相信,集團於未來一至兩個季度個人電腦業務利潤率會持續承壓,主要是在需求疲弱下,集團透過減價或渠道回扣等促銷個人電腦產品;同時,該行相信,其服務器業務於2024財年增長有限,主要是它更適合企業和一般用戶的服務器,而不是AI服務器。 該行表示,將公司在2024財年及2025財年的每股盈測下調各14%及18%,同時將其目標價由6元下調至5.6元,維持其評級為「沽售」。
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