《大行報告》花旗:聯想集團(00992.HK)利潤改善季績勝預期 上調目標價至10.9元
花旗報告指出,聯想集團(00992.HK)第二財季業績勝預期,主因智能設備業務(IDG)的利潤率在庫存正常化後有所改善,而基礎設施方案業務(ISG)的營運虧損收窄。儘管基於宏觀經濟存在不確定性,第三財季的指引似乎較弱,但聯想對2024/25財年人工智能電腦(AI PCs)的行業復甦和發展持謹慎樂觀態度,並相信更換週期和消費者升級產品組合將有助於推動更好的利潤率和盈利。
該行指,儘管聯想內地伺服器業務和供應鏈靈活性尚不清楚,但其公司業務佈局全球應該有助於抵銷上述情況。該行料集團第三財季指引或拖累股價,但建議投資者不應只關注短期波動。
花旗下調集團2024財年每股盈測14%,反映季績表現及第三財季指引較弱,2025/26財年每股盈測則上調1%及2%,因料電腦業務利潤率有所提升。基於需求改善,相信電腦及伺服器業務明年起見底回升,目標價由8.8元上調至10.9元,維持「買入」評級。
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