聯想集團(00992.HK):關稅影響受控 料整體毛利率持續上升
聯想集團(00992.HK)日前公佈全年業績,高級副總裁兼首席財務官鄭孝明指,2025財年第四財季的盈利輕微受關稅影響,但仍然受控。如關稅一直維持於目前水平,2026財年首財季的盈利相信亦可受控。他指集團在全球30個地區都有生產基地,可靈活調整產能,反應速度較同業對手快。
價格方面,鄭孝明指集團去年已完成提價,亦未見到關稅令市場需求下降,集團2026財年首季的渠道訂單表現仍很強。隨着PC以外的業務營業額佔比越來越高,料整體毛利率會持續上升,但未有目標指引。
集團去年提出於中東設廠,目前該廠房已動工,料2026財年末可大量投產,可生產百萬件PC及數以十萬計的服務器(Server);鄭孝明認爲目前集團的生產基地已足夠,而中國製造仍然是最低成本、最高效率、最佳質量。他提到,目前供應予美國市場的PC產品主要於東南亞生產;又預期2026財年的資本開支會按年微升至約20億美元。
AI趨勢持續,鄭孝明指集團目前AI PC銷售佔比約爲15%,料到2027年,佔比可高於市場整體的60%水平。
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