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《大行報告》美銀證券降聯想集團(00992.HK)目標價至9.1元 評級「中性」
美銀證券發表研究報告指,聯想集團(00992.HK)截至去年12月底止2024財年第三季純利按季增長35%至3.37億美元,較該行預測高8%,並較市場普遍預期高10%,主要來自經營槓桿改善。期內營業額大致符合預期;惟毛利率錄16.5%,低於市場預期的17.4%水平。 美銀表示,期內IDG業務銷售維持穩固,經營溢利率保持在7.4%較高水平,管理層表明看好人工智能個人電腦(AI PC)發展前景,預期未來幾年滲透率可提升。考慮到集團今年下半年將有更多AI PC產品面市,美銀預期在產品轉型期階段聯想的增長或會較緩慢,但相信盈利能力可維持強勁。 因應伺服器業務持續虧損,美銀將聯想2024至2026財年盈利預測下調9%至19%,目標價由11.2元下調至9.1元,重申「中性」評級。
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