瑞銀:降聯想集團(0992.HK)目標價至5.3港元 評級“中性”
瑞銀髮表的研究報告指,CPU短缺問題將影響聯想集團(00992.HK)的電腦出貨。報告指出,雖然近期供應有所改善,但Intel的CPU短缺問題將影響整個電腦行業,其亞洲供應鏈分析顯示,近期一條新的主要處理器供應鏈進展減慢,令今年第四季CPU供應緊張,短期將影響聯想的電腦出貨表現。
該行認為Intel的CPU短缺問題於明年初仍會持續,相信市場預期到明年中CPU供應將逐步改善,但仍要視乎實際情況。由於面對CPU短缺的瓶頸,該行將聯想電腦第四季出貨量預測下調至按年跌4%,而明年首季出貨量則料按年跌3%,估計出貨量下跌將為公司利潤帶來下行壓力,故預計其PC業務的税前利潤率第四季將跌至5.5%,明年次季將跌至5.4%。
該行認為2020年潛在商用升級週期減慢,加上CPU短缺的因素,該行將公司2020及2021財年每股盈利預測下調至0.056及0.061美元,將公司目標價由6.3港元降至5.3港元,評級“中性”。

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