《大行報告》高盛:聯想集團(00992.HK)管理層料復甦持續 目標價上調至11.79元
高盛發表報告指,聯想集團(00992.HK)截至9月底止次財季收入符合該行及市場預期,季度純利則勝該行及市場預期,管理層料現財季復甦持續。該行看到公司上季度PC出貨量按年跌幅收窄至5%,好過市場按年7.6%的跌幅,預計截至12月底止第三季度出貨量將按年轉正,料按年增6%,主要是得益於渠道庫存水平趨向健康及商用電腦敞口擴張。該行對供應鏈觀察所得,與其他品牌相比,聯想更積極地推動電腦出貨量。
基礎設施方案業務(ISG)方面,該行預計12月止季度收入會持續上升,按年跌幅收窄,主因通用伺服器渠道庫存水平更趨健康以及人工智能伺服器的採用增加。該行仍然認為聯想是PC產業復甦,以及GenA趨勢的主要受益者。該行對聯想2024至2026財年集團盈測大致不變,目標價由10.29元上調14.6%至11.79元,維持「買入」評級。
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