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《大行报告》瑞银上调联想集团(00992.HK)目标价至10.75元 评级「中性」
阿思达克 05-28 09:44
瑞银发表的研究报告指,联想集团(00992.HK)第四财季销售156亿美元(下同),按年增长48%,较该行预测高11%,主要受惠PC业务方面的增长,期内毛利率升至17.2%,经营利润率则为3.1%,低於该行预期的3.4%,主要因为开支较高。期内经营溢利达4.79亿元,按年增长189%,与该行预测一致,值得留意的是受惠需求强劲,PC业务税前利润率达6.7%,期内净利则为2.6亿元,按年增512%,较该行预期高19%。

尽管受零件短缺问题影响,管理层对PC需求态度仍十分正面,估计需求仍较供应高约两成,而零件短缺情况或持续12至18个月。公司指出其渠道库存仍较低,部分地区仅有两至三星期,而正常水平则为六至八星期左右,估计未来两至三季渠道库存会维持较低,并认为消费升级在未来数季将继续支持PC需求,而企业需求潜在复苏亦会带来帮助。

该行将公司2022财年销售预测升5%至655亿元,意味将按年增8%,主要受惠PC需求持续。该行估计PC及智能设备销售在2022财年将按年增长7%,而毛利亦会扩张。同时该行估计数据中心集团销售将按年增10%,受惠云伺服器方面的强势,而智能手机销售则料会按年增11%。

该行相信受惠业绩,公司股价将有正面反应,而管理层对收入及PC前景亦有正面看法,故将目标价由10.5港元升至10.75港元,评级「中性」,认为受疫苗推出及高基数影响,PC增长将减慢,加上零件短缺将限制股价上行,令股价将在区间上落。

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