《大行》匯豐研究降聯想集團(00992.HK)目標價至12.1元 維持「買入」評級
匯豐環球研究發表報告,考慮到聯想集團(00992.HK)PC出貨量增長放緩及20億美元可轉換債券的名義利息,分別下調2026至27財年(截至各年3月底止)每股盈測分別12%和18%。目標價由原先14.8元降至12.1元,維持「買入」評級。
該行認為,因預計聯想集團伺服器業務持續盈利,該行對其2026財年的營運預測比市場預測高出3%。該行看好聯想在AI電腦領域的領先地位,並預計其伺服器業務未來持續盈利。
該行指出聯想集團今年3月底止2025財年第四季每股盈利差於預期,主要原因是認股權證導致的大額非現金損失。不過季度毛利率16.4%超過該行及市場預期。
匯豐研究續指出,儘管出貨量前景走弱,但PC產品組合持續改善,預計6月底止首財季IDG業務(個人電腦及移動設備)銷售按季增長約5%。雖然出貨量存在不確定性,因聯想管理層仍預計商用電腦及AI電腦滲透率提升將推動增長動能。因此,該行預計個人電腦升級周期將加速IDG業務毛利率在2026 財年復甦。
該行看好聯想在ISG業務保持盈利,預計2026財年該業務轉錄營業利潤4,300萬美元(2025財年營業虧損6,900萬美元)。
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