《大行》瑞银上调联想集团目标价至 12 元 评级「中性」

Lenovo Group (00992.HK) will announce its financial results for the quarter ending in September next month. UBS released a report, estimating that its sales will remain healthy, but profit margins will face new headwinds due to rising memory prices. The bank expects low double-digit (low-teens) year-on-year growth in sales and shipments for the quarter, with the Infrastructure Solutions Group (ISG) expected to grow approximately 20% to 23% year-on-year, and the Solutions and Services Group (SSG) anticipated to record high teens growth.

The bank expects Lenovo Group's personal computer segment to grow at a low single-digit rate, outperforming the market, with an operating profit margin expected to be between 7% and 7.5%. The performance of mobile phones may be weaker due to intensified competition from domestic smartphone brands. The bank generally maintains its earnings estimate for the quarter at $440 million (originally expected to be $435 million), but due to impacts from warrants accounted for at market value, it raises its adjusted net profit forecast to between $150 million and $200 million. The bank extends its valuation basis to the fiscal year 2027, generally maintaining its earnings per share estimates for fiscal years 2026 and 2027, predicting a price-to-earnings ratio of 11 times, and raises its target price for Lenovo Group from HKD 11 to HKD 12, with a rating of "Neutral."