大行評級|摩根大通:上調聯想集團目標價至13港元 上調2025及26財年盈測
摩根大通發表報吿指出,聯想集團截至3月底止2024財年第四季的盈利超出預期約40%,主要由於智慧設備業務集團(IDG)的盈利穩健。基礎設施方案業務集團(ISG)收入按年增長15%,主要受中國雲服務供應商(CSP)復甦及存儲業務份額提升所推動。受惠於歐洲和亞太區市場份額的提升,移動業務收入按年增長14%;高端解決方案於方案服務業務集團(SSG)的佔比提高至55%。
該行引述聯想管理層對AI PC和AI伺服器前景保持樂觀,下半年將推出更多型號。而集團的2025財年首季收入按季小幅增長,顯示企業支出正逐步恢復。
該行將聯想2025及2026財年盈利預測上調3%及8%,以反映PC及伺服器強勁的前景,目標價由10港元上調至13港元,評級“增持”。該行相信,隨着聯想盈利勝預期,加上IT開支提高及市場更為關注AI PC的情況下,預期聯想未來六個月的市盈率有重估機會。
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