《大行報告》摩通微降聯想集團(00992.HK)目標價至10元 短期盈利受壓
摩根大通發表研究報告,參與聯想集團(00992.HK)截至去年12月底止第三財季業績會議後,指其季度純利略勝預期,但短期盈利受壓。因為智能設備業務集團(IDG)及基礎設施方案業務集團(ISG)收入勝預期,且財務成本減省抵銷毛利率轉弱有餘。報告引述管理層料今年3月底止末財季收入料按季跌15%至19%,因基數較高及個人電腦(PC)需求疲弱。管理層對短期PC需求持保守看法,但受惠AI PC及置換周期,料長遠潛力看法樂觀。
管理層料AI PC今年滲透率單位數,但未來兩年快速擴張,有利PC銷售均價及利潤率。在AI支持下,ISG業務收入今年料有雙位數上升,但料仍處虧損,因企業伺服器疲弱及經營開支上升。方案服務業務集團(SSG)收入增長料溫和,因企業IT開支預算緊張。
整體而言,該行削聯想集團2024及2025財年盈測分別6%及21%,以反映PC復甦弱過預期,及ISG業務減虧緩慢。目標價由10.3元微降至10元,評級「增持」,考慮同業或降其盈測,該行料其短期股價橫行。
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