《大行報告》中金降聯想集團(00992.HK)目標價至9.7元 業績勝預期
中金發表報告指,聯想集團(00992.HK)季度業績高於該行及市場預期,主要因為PC業務回暖,智能手機、平板電腦收入均實現大雙位數按年增長;審慎減少有息借款,財務費用下降;行政管理等費用管控力度加大。
報告指,公司PC主業回暖,非PC多元化進展亮眼。ISG外部挑戰仍存,AI服務器供應鏈緊缺有望在下一財年緩解。考慮到ISG盈利能力繼續承壓,以及公司持續加碼研發創新投入,下調2024及2025財年盈利預測5.4%及14.5%,至9.18億及12.43億美元。當前股價對應2024及2025財年市盈率15.4倍及11.4倍,維持「跑贏行業」評級,下調目標價14%至9.7元。
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