《大行報告》瑞銀升戴爾(DELL.US)目標價至113美元 AI伺服器強勁支持更堅實估值
瑞銀發表研究報告指,戴爾(DELL.US)公布2024財年第四季收入按年下跌11%至2,230億美元,超出該行預測218億美元,當中ISG、伺服器及儲存業務收入均超出預期。
瑞銀指,季內人工智能(AI)優化伺服器訂單預期達到約21億美元,對比去年10月份僅錄約1億美元,令2024財年底止AI相關積壓訂單額達29億美元,按季增長約80%。
該行預料AI伺服器業務發展將有助抵銷個人電腦需求低迷的影響,並將支持估值穩健發展及推動評級向好。此外,H100 GPU出貨時間縮短將令戴爾本季度AI伺服器出貨量可從上季度5億美元,提升至8億美元,約佔服務器和網絡業務營收的15%,預測戴爾2025財年ISG及CSG收入將共增長8%,當中AI伺服器的增長將推動ISG收入實現十數個百分點的增長。
瑞銀將戴爾2025及2026財年每股盈利預測分別上調6%至7.41美元和7.79美元,目標價從99美元上調至113美元,評級為「買入」。
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