《大行報告》星展降聯想集團(00992.HK)目標價至8.4元 需更多時間恢復增長
星展發表研究報告指,聯想集團(00992.HK)在強勁的行業趨勢的支持下,方案及服務業務集團(SSG)的營業利潤預計將在今明兩財年分別增長12%和17%。營業利潤率料由現財年預計3.4%提升至2026財年的4.4%,而SSG的營業利潤率達21%。該行維持聯想的「持有」評級,目標價由9元下調至8.4元。
該行表示,疲弱的個人電腦和伺服器終端市場或需要更多時間恢復增長,預計由於宏觀經濟不確定導致消費者信心和IT開支復甦速度放緩,今年底前個人電腦出貨量增長將持續低迷。在出貨量恢復增長之前,硬件業務的利潤率料將持續低迷。該行預計,隨著硬件業務復甦,2025和26財年的利潤將在2024財年料降41.8%後,分別恢復增長29.8%和29.6%,又預計商用電腦更換週期將從明年初開始。
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