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《大行》摩通一舉升戴爾(DELL.US)目標價至500美元 評級「增持」
摩通發表報告,指戴爾科技(DELL.US)再次大幅上調2027財年展望,需求環境持續遠超預期,且訂單管線進一步延伸,為下半財年收入預期提供能見度,儘管公司仍保持審慎,考量到供應因素及需求可能因提前交貨而放緩。誠然,提前交貨的情況仍在持續,但基本面強勁仍體現在多個驅動因素上:(1)戴爾自有IP的儲存業務前景改善,亦支撐非AI業務毛利率展望提升;(2)受惠於企業...
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《大行》摩通一舉升戴爾(DELL.US)目標價至500美元 評級「增持」
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摩通發表報告,指戴爾科技(DELL.US)      再次大幅上調2027財年展望,需求環境持續遠超預期,且訂單管線進一步延伸,為下半財年收入預期提供能見度,儘管公司仍保持審慎,考量到供應因素及需求可能因提前交貨而放緩。

誠然,提前交貨的情況仍在持續,但基本面強勁仍體現在多個驅動因素上:(1)戴爾自有IP的儲存業務前景改善,亦支撐非AI業務毛利率展望提升;(2)受惠於企業換機週期及為代理式AI工作負載做好準備,傳統伺服器產品組合強勁;(3)CSG業務市佔率提升,且受收入規模帶動,利潤率大幅提升;(4)AI訂單再錄強勁季度表現,達240億美元,目前支撐510億美元的積壓訂單,AI收入展望上調至600億美元,隨著供應能見度改善,該數字可能進一步上調。

儘管市場持續擔憂需求提前交貨,但該行認為強勁的整體訂單管道與積壓訂單,增加了今年需求不太可能回落的信心,而戴爾在傳統伺服器與個人電腦領域龐大的設備升級基數,為持續動能提供進一步空間。在需求之外,戴爾在定價上抵銷記憶體成本上漲的執行力持續超越其他IT硬體同業,最新展望已預期非AI業務毛利率將實現按年改善,優於先前預期。在AI收入驅動因素方面,戴爾最新600億美元的展望,意味著按年增長144%,儘管仍受供應限制,但這意味著市佔率提升,因為戴爾的產品組合及複雜系統的執行力持續鞏固其行業領導地位,同時成功維持利潤率,並實現顯著的經營槓桿轉化至盈利。

該行現在給予戴爾25倍的目標市盈率,基於更高的可持續盈利複合年增長率能見度,將目標價從280美元大幅上調至500美元,評級「增持」。(da/u)(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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