《大行》摩通降聯想集團(00992.HK)目標價至13元 評級「增持」
摩根大通發表報告指,聯想集團(00992.HK)3月底止末財季核心業務營運利潤符合預期,但總部費用高於預期導致季度純利遠遜預期。該行下調對其2026至2027財年盈利預測各7%,以反映PC終端需求放緩,及基礎設施方案業務集團(ISG)盈利能力改善慢過預期,並延展估值基礎至2026財年,目標價則由14元下調至13元,因估值不高而維持「增持」評級。
報告指出,聯想集團末財季核心盈利與該行預測大致相符,但列賬純利不及預期,主要因衍生金融負債(認股權證)按市價計值虧損1.18億美元,以及可轉換債券名義利息2,500萬美元。另外,由於關稅影響持續,智能設備業務集團(IDG)利潤率可能仍面臨壓力。摩通對其2026財年IDG收入增長預測從14%下調至6%,以反映潛在價格彈性影響及宏觀經濟不確定性。
該行預期隨着重組成本收窄及規模效益提升,其ISG業務明年盈利將出現更顯着改善。主要上行風險在於中東AI服務器業務可能取得突破。
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