《大行報告》匯豐研究升聯想集團(00992.HK)目標價至11.7元 業績勝預期
匯豐研究發表研報指,聯想集團(00992.HK)截至去年12月底止2024財年第三季度業績勝預期,經營利潤率超出該行及市場預期,每股盈利亦較該行及市場預期高出14%及17%。
報告指出,聯想IDG(個人電腦及流動)業務盈利能力持續改善,管理層預計IDG銷售額於第四財季將錄得約15%至19%的按季下降,但至2025財年料恢復中單位數百分比增長,同時高端及商用PC產品組合料改善,推動2025財年PC產品平均售價健康增長,並支持利潤率擴張。
受季節性因素影響,聯想ISG(伺服器業務)第四財季虧損可能擴大,惟管理層表示見到2025財年需求將復甦跡象,至2025財年底業務或扭虧。匯豐研究預期2024財年全球服務器出貨量將溫和復甦,出貨量增長可使聯想集團虧損收窄。
該行將聯想2025財年每股盈利預測上調2%,以反映PC及伺服器盈利能力恢復,並預測2024至2026財年間盈利年均複合增長率為45%,目標價由11.4元上調至11.7元,維持「買入」評級。
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