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《大行》麥格理降聯想集團(00992.HK)目標價至14.10元 評級「跑贏大市」
阿思達克 05-23 14:29
考慮到關稅不確定性,麥格理下調聯想集團(00992.HK)IDG業務的邊際利潤改善預期,維持「跑贏大市」評級,但將目標價下調6%至14.10元。 麥格理報告提及,受收入規模提升推動,聯想3月季度(即2025財年第四季度)營運利潤在智能設備業務集團(IDG)、基礎設施方案業務集團(ISG)及方案服務業務集團(SSG)均超過預期。收入按年增加23%至170億美元,分別較市場預期高出9%。營運利潤按年增長30%至4.97億美元,超出該行及市場共識4%、8%,主要因ISG業務轉盈。因認股權證公允價值虧損,非經營虧損按年擴大。非香港財務報告準則調整後純利按年增25%。 該行認爲,通用伺務器在通信服務提供商(CSP)客戶中需求持續強勁。面向企業客戶,受新興AI解決方案及新一代計算與儲存產品更新驅動,各地區業務板塊增長均衡,聯想認爲企業業務板塊善盈利水平正逐步改。 考慮到IDG業務邊際利潤下調但ISG業務收入上調,該行將2025至2026年淨利預測下調8%、15%。估值方面,該行基於2027財年非香港財務報告準則預測市盈率11倍(標準差從原1.5倍修訂爲1倍),目標價從15.00港元降至14.10港元。
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