《大行》摩通料聯想集團(00992.HK)首財季業績勝預期 目標價13元籲「增持」
摩根大通研究報告指,預期聯想集團(00992.HK)6月底止2026財年首季業績將優於市場預期,主要因PC業務的強勁表現。雖然該行先前憂慮關稅成本上升影響PC需求,但實際影響似乎少過預期。該行認為,PC業務盈利的韌性表現是由於市佔率提升及靈活的供應鏈管理。雖然未來6個月關稅政策仍存在不確定性,但憑藉其產業領導地位,料集團表現將優於同行。
另外,集團的伺服器(ISG)業務近期有多筆新訂單,帶動增長。雖然重整可能令該業務僅達盈虧平衡狀態,但隨著重整成本影響減退,2026年盈行有上行空間。中長期而言,進軍AI伺服器領域可能為該股帶來重新評級機會。考慮到PC市佔率擴張,該行將26及27財年的盈利預測上調2至3%,維持「增持」評級,目標價13元。
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