J.P.摩根-亚太地区-科技行业-亚洲科技行业美国超大型服务器触底反弹CPU供应紧张对近期pc造成压力-2020.1-32页.pdf
《J.P.摩根-亚太地区-科技行业-亚洲科技行业美国超大型服务器触底反弹CPU供应紧张对近期pc造成压力-2020.1-32页.pdf》由会员分享,可在线阅读,更多相关《J.P.摩根-亚太地区-科技行业-亚洲科技行业美国超大型服务器触底反弹CPU供应紧张对近期pc造成压力-2020.1-32页.pdf(34页珍藏版)》请在启牛文库网上搜索。
1、Asian TechnologySee the end pages of this presentation for analyst certification and important disclosures,including non-US analyst disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm mayhave a confli
2、ct of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making theirinvestmentdecision.Asia Pacific Equity ResearchJanuary 2020Albert Hung AC+886 2 2725- J.P.Morgan Securities(Taiwan)Limited US hyperscale servers bottoming out,
3、CPU supply tightness weighs on near-term PCsGokul Hariharan AC+852 2800- J.P.Morgan Securities(Asia Pacific)Limited 每日免费获取报告1、每日微信群内分享7+最新重磅报告;2、每日分享当日华尔街日报、金融时报;3、每周分享经济学人4、行研报告均为公开版,权利归原作者所有,起点财经仅分发做内部学习。扫一扫二维码关注公号回复:研究报告加入“起点财经”微信群。1Asia tech valuations(Alberts coverage)Source:Bloomberg,J.P.Morga
4、n estimates,Company data.Note:Market data as of Jan 9,2020 close.1Y forward data used for companies with FY ending in March for like-to-like comparisons.Past results are not an indicator of future performance.Gokul Hariharan is the lead analyst for Lenovo.Price Price targetMkt.capReturnDividend yiel
5、d(%)CompanyTicker(LC)(LC)($,mn)RatingYTDFY20E FY21E FY20E FY21E FY20E FY21EFY20ELenovo992 HK5.437.008,398 OW4%7.2 6.9 1.7 1.5 26%23%5.3%Quanta2382 TT63.172.08,140 OW-2%13.911.51.8 1.7 13%15%6.0%Pegatron4938 TT67.472.05,878 OW-1%11.711.21.1 1.1 10%10%7.1%Asus2357 TT235.0250.05,830 OW2%12.411.31.0 1.0
6、 8%9%4.3%Wiwynn6669 TT688.0690.04,011 OW8%16.713.55.1 4.3 32%35%3.4%Compal2324 TT18.816.12,767 UW0%10.410.50.8 0.8 7%7%5.9%Wistron3231 TT28.7024.402,724 N1%12.911.81.0 1.0 8%9%6.1%PEPBROE(%)2Industry section30.0%2.0%4.0%6.0%8.0%10.0%2017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q42019Q12019Q22019Q3L
7、enovoHPAsusDell-5%-1%-3%3%0%-1%3%10%3%6%3%-5%4%8%7%-17%-10%-7%-9%-4%-9%-10%-15%-8%-5%-3%-2%-15%-8%-5%-20%-15%-10%-5%0%5%10%15%1Q162Q163Q164Q161Q172Q173Q174Q171Q182Q183Q184Q181Q192Q193Q19Commercial PC YoYConsumer PC YoYPCs mild PC declines in 2019 due to consumer weakness and CPU shortagePC market in
8、 slightly declines in 2019Strong enterprise PC shipment growth with strength in Asia ex-China.Consumer PC demand remained weak due to lengthened replacementcycle.Intel CPU shortage also weighed on PC shipment in 1Q19/4Q19.Ongoing Industry consolidation bodes well for top 3 vendorsDell/HP/Lenovo have
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