《大行報告》瑞銀下調聯想集團(00992.HK)目標價至5.1元 評級「沽售」
瑞銀發表研究報告指,聯想集團(00992.HK)首財季淨利潤按年跌66%至1.77億美元,較瑞銀及市場預期低20%及27%;總收入按年降24%至129億美元,較瑞銀預測高7%,惟較市場預測低6%;毛利率為17.5%,比瑞銀和市場預期高1.0及0.9個百分點。營業利潤為3.9億美元,較瑞銀及市場預測分別低19%和11%。
報告引述聯想管理層指,設備市場的庫存已降至健康水平,並預計由於市場開始出現穩定跡象,零部件價格觸底反彈,客戶端設備市場將在下半年起復甦並恢復增長。同時,聯想表示將在未來三年追加投資10億美元,以加速人工智能(AI)部署,並與多個主要合作夥伴合作開展新項目。不過,該行認為由於GPU短缺,集團目前的AI伺服器敞口非常有限。
該行下調集團2024及25財年的盈測31%及9%,目標價由5.6元下調至5.1元,重申「沽售」評級。
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