聯想集團(00992.HK):業務由於疫情承壓,給予“中性“評級,目標價4.60港元
機構:國泰君安
評級:中性
目標價:4.60港元
2020年第一季度的全球PC出貨量同比下降9.8%至5,324萬,由於新冠肺炎在中國的爆發導致供應減少(全球最大的PC供應市場)。
我們下調2020-2022財年收入預測5.2%/6.6%/3.9%。由於現階段的復工復產率較高,我們預計中國的供應正在迅速恢復。但是,新冠肺炎在全球的爆炸式蔓延給全球供應鏈帶來了巨大的不確定性,並給線下消費市場帶來了壓力。此外,疫情帶來的經濟壓力可能導致消費者和企業收緊在PC和智能手機上的支出。我們預計數據中心業務將保持穩定,因為疫情期間對互聯網服務的需求強勁。
我們下調2020-2022財年毛利率預測0.4個百分點/0.7個百分點/0.3個百分點。由於新冠肺炎疫情的影響,與物流和人工相關的成本在2020財年第4季度迅速上升。此外,由於出貨量下降導致規模縮小也給利潤率帶來負面影響。由於新冠肺炎在全球的蔓延,我們下調了利潤率預測。
我們將目標價從6.05港元下調至4.60港元,並下調公司的投資評級至“中性”。我們分別下調2020-2022財年的每股盈利預測17.8%/30.4%/12.6%。目標價相當於11.8倍、12.5倍和9.6倍2020-2022財年市盈率。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.