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《大行報告》美銀證券降聯想集團(00992.HK)評級至「中性」 目標價下調至7.9元
美銀證券發表研究報告指,聯想集團(00992.HK)首財季盈利低於該行及市場預期分別27%及25%,即使個人電腦業務有所復甦,但伺服器業務放緩拖累盈利表現。該行將集團2024至26財年的盈測下調11%至27%,目標價由9元下調至7.9元,將其評級由「買入」降至「中性」。 該行表示,集團管理層作出指引,料出貨量自下半年起恢復增長,並且會經營利潤率會好於疫情之前。該行又預計,擴大規模和改善成本結構將會支撐利潤率,同時與其高利潤率的方案服務業務集團(SSG)業務產生協同效應。 不過,該行認為,儘管集團與英偉達(NVDA.US)及微軟(MSFT.US)合作,但其在人工智能領域的交付或會較同行慢。此外,三年期10億美元的人工智能投資可能會對基礎設施方案(ISG)的近期利潤造成壓力。
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