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联想集团(00992.HK):2021财年上半年业绩好于预期,给予“收集”评级,目标价5.20港元
格隆汇 11-04 17:14

机构:国泰君安

评级:收集

目标价:5.20港元

联想集团(“公司”)公布了 2021 财年上半年未经审计的业绩。主要指标表现如下:

联想集团(“公司”)2021 财年上半年业绩好于我们预期。个人电脑和智能设备业务收入同比上升 8.8%至 220.65 亿美元,主要是由于在家办公和在线教育及娱乐增加带来的强劲 PC 和平板电脑需求。此外,个人电脑和智能设备分部的除税前溢利率同比增长 0.7个百分点至 6.3%。移动业务收入同比下降 13.3%至 26.12 亿美元,同时该分部录得除税前亏损 7,200 万美元,主要是由于 2021 财年一季度新冠肺炎疫情对智能手机业务带来的冲击。由于云市场的强劲需求,数据中心业务收入同比上升 15.0%至 30.91 亿美元。此外,公司的费用率大幅下降,因此股东净利同比上升 43.5%。由于在家办公和在线教育及线上娱乐带来的需求仍然存在,我们预计2021 财年 3 季度的 PC 业务仍将强势,同时,新冠肺炎疫情对于全球智能手机市场的影响有所缓和,我们预计 2021 财年下半年移动业务较 2021 财年上半年将有所恢复。

公司目前的投资评级为“收集”,目标价为每股 5.20 港元。由于高于预期的收入增长,我们将在下一份公司报告中上调公司的盈利预测, 并检讨相应的目标价和投资评级。

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