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《大行報告》建銀國際上調聯想集團(00992.HK)目標價至11元 評級「跑贏大市」
建銀國際發表研報指,聯想集團(00992.HK)9月底止2024財年第二季收入按年跌16%,符合市場普遍預期,稅前利潤按年跌50%至3.58億美元,淨利潤按年跌54%至2.49億美元,兩者均勝於市場預期。 該行指,受惠於更健康的庫存水平,以及用戶正向Windows 11過渡,預測個人電腦(PC)市場將在明年3月底止末財季及全財年持續復甦,估計聯想PC出貨量跌幅將在現財年收窄。 移動業務方面,聯想上財季智能手機出貨量按年增幅達雙位數,當中高端機型佔比增至20%以上,目前預測IDG業務現財年(2024財年)的銷售額將按年下降13%,較2023財年的21%跌幅收窄。考慮到全球的雲端伺服器投資趨向保守,以及向Eagle Stream平台過渡的速度較預期慢,建銀國際料聯想ISG業務2024財年的銷售額將下降17%,而SSG業務則將繼續實現13%的按年穩健增長,將聯想2024至2026財年盈利預測下調15%%至24%,目標價則由8.5元上調至11元,評級「跑贏大市」。
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