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《大行》里昂降中軟(00354.HK)評級至「跑贏大市」 料虛擬機業務貢獻需時顯現
阿思達克 08-20 10:25
里昂發表研究報告指,中軟國際(00354.HK)長期發展趨勢未變,預期華為鴻蒙個人電腦的推出,將推動虛擬機業務成為今年發展重心,但新增長動力需時體現,預期虛擬機業務需時更久才能貢獻收入。受惠於高利潤業務增速較快,里昂預期中軟今年毛利率可輕微改善,目前預測上半年收入及淨利潤分別按年增長10.5%及10.1%。 考慮到中軟現價估值並不便宜,里昂將其評級從「高度確信跑贏大市」下調至「跑贏大市」,但將目標價從6.5元上調至7.1元,預期政府和國企對華為新PC的大規模採購訂單要到今年底至明年才會出現,因此將2025年收入增長預測從10%下調至按年增長7.6%,反映其虛擬機產品的收入貢獻延遲。
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