《大行報告》高盛微升聯想集團(00992.HK)目標價至10.29元 評級「買入」
高盛發表報告指,聯想集團(00992.HK)截至6月底止季度的經營溢利按年跌50%,差過該行及市場預期,主要因為收入倒退,個人電腦及伺服器處於消耗庫存的狀態,而零件價格下跌帶動電腦設備售價下跌。不過,該行對公司前景仍然樂觀,料受惠人工智能發展機遇,將推動收入增長及毛利率提升。
高盛引述管理層預期,個人電腦市場的庫存現時處於健康水平,將會支持市場下半年復甦,估計2025年開始,個人電腦需要搭載新的處理器,以配合人工智能的需要,將會推動換機需求增加。
計及上季業績及新一季度的指引後,該行將2024年度的盈利預測下調24%,以反映研發開支增加及收入增長放緩。至於2025及2026年度的盈利預測,就分別上調9%及8%,維持「買入」評級, 目標價由10.22元上調至10.29元。
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