《大行報告》中金料PC行業進入去庫存尾聲 重申對聯想集團(00992.HK)「跑贏行業」評級
中金發表報告指,聯想集團(00992.HK)2023財年總營收按年下降13.5%,純利按年跌20.8%。單計第四財季,營收按年跌24.3%,該行認為主要由於個人電腦(PC)尚處於行業去庫存階段、需求較疲弱;純利按年下滑72.4%,差過中金預期,該行認為主要是由於公司持續加大研發投入,以及計提一次性重組及其他費用。
中金指,由於PC渠道庫存仍在消化中,短期收入和利潤端有所承壓,且公司研發費用持續增加,因此將2024財年和2025財年盈利預測分別下調25%和17%至15.38億美元及19.3億美元。考慮到AIGC超預期發展有望驅動服務器市場尤其是AI服務器長期加速向好,PC行業進入去庫存尾聲,並有望在下半年迎來溫和復甦,維持「跑贏行業」評級,下調目標價16%至8.8元。
另外,中金認為PC周期或有望在第三季見底,公司作為全球PC龍頭或優先受益。
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