《大行报告》大和下调联想集团(00992.HK)目标价至11.4元 评级「跑赢大市」
大和发表的研究报告指，联想集团(00992.HK)第四财季业绩胜预期，主要受惠PC收入强劲及流动业务有改善，估计各个分部均会有稳健的势头，惟零部件短缺仍然是潜在忧虑。
该行指出公司第四财季净利2.6亿美元，好过市场预期29%，并较该行预期高45%，期内收入按年升48%至156亿美元，较该行预测高12%，主要受惠PC及流动业务强势，由於产品平均销售单价有改善，期内毛利率升至17.2%，而经营利润率3.1%亦高过该行预期。
在个人电脑和智能设备业务方面，尽管受季节性弱势影响，期内收入仍达124亿美元，按年增长46%，较该行预测高10%，而税前利润率亦达6.7%，该行估计公司2022财年首季收入将按季增长低单位数，公司则指由於渠道库存较低，反映PC需求继续稳健，惟仍料有20-30%订单会因零件短缺受影响，而零件方面的困扰料将持续12-18个月。另外除受在家工作需求推动外，公司亦见到企业需求自年初出现复苏。
在移动业务集团方面，上季收入15.7亿美元，按年升90%，较该行预测高22%，主要受惠5G机款的贡献，而期内税前利润率亦达1.3%，2022财年首季该行料相关收入将按季温和增长，并可受惠LG退出智能手机市场，不过包括5G晶片在内的零件供应问题将成潜在挑战。在数据中心业务集团方面，上季收入15.8亿美元按年升30%，较该行预测高9%，主要受惠云服务供应商(CSP)需求改善，税前利润率企稳在-2%水平，而今季该行估计收入将按季持平，但受惠效率提升边际利润或有改善。
该行将公司2022-23财年每股盈测升3-14%，以反映收入利润表现，不过认为基数较高等，故料联想PC收入增长将由今季的19%至下半年转为温和下降，重申「跑赢大市」评级，目标价由12元降至11.4元。
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