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《大行報告》國泰君安:聯想集團(00992.HK)主業穩步復甦 AI PC變革在即
國泰君安發表報告指,聯想集團(00992.HK)第三財季業績符合預期,IDG重回增長,主業持續復甦盈利穩步改善。考慮到PC換機進度、服務器需求變化、AI PC出貨進度,調整2024至2026財年淨利潤分別至10.2/12.1/16.2億美元,原先預測為9.6/14.3/18.2億美元,新增目標價11.48元,維持「增持」評級。 國泰君安指,聯想集團的智能設備業務(IDG)第三財季實現收入123.62億美元,按年增長7%,按年增速轉正且好於市場預期,得益於PC出貨量增速遠高於市場增速、智能手機及平板電腦恢復大雙位數增長;實現經營利潤9.11億美元,經營利潤率7%,按年增長1%,IDC判斷市場收縮觸底且增長前景看好、Canalys預測AI PC問世有望重振市場並改變用戶體驗,聯想本季度PC市場份額接近24%再次鞏固全球第一地位,今年上半年AI PC正式發貨亦將引領市場新一輪換機周期。
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