瑞信-美股IT硬件行业-企业反弹将继续，而个人电脑的势头将减弱;保证金风险是一个关键焦点-2021.8.22-25页.pdfVIP

22 August 202 1 Equity Research Americas | United States IT Hardware July-Q Preview: Enterprise rebound set to continue vs. fading PC momentum; margin risks a key focus IT Hardware | Quarterly July-Q Preview: We forecast J uly-Q earnings in-line to modestly above FactSet consensus across our PC/ Enterprise coverage (ex-Dell where we’re restricted), with signs of improving Research Analysts Enterprise demand and resilient PC s against a backdrop of conservative guidance given 90 days Matthew Cabral ago. Tightening supply chains across HW end markets remain a swing factor, both on revenue 4 15 249 7929 and margins; we see relatively limited impacts on the J ul-Q given buffers in place, but think matthew.cabral@ margin risks will be a key focus ahead. Rising costs on major inputs (e.g., DRA M/ NA ND) are likely easiest to pass through, but the longer tail of components and elevated logistics / freight Dan Knauff, CFA costs are more of a concern; we’ll be watching closely, with risks most pronounced on less 4 15 249 7925 differentiated products like PC s and Servers vs. more SW-rich Storage offerings. daniel.knauff@ By end-market, PC shipments remained solid in C2Q (+ 13% y/y, per IDC) as supply remains Michael Allen the key bottleneck (albeit with some easing on Chromebooks vs. tightening on notebook PCs, 4 15 249 7926 per CDW); we continue to expect constraints will last into CY 22 . That said, we’re increasingly michael.allen@ cautious on the sustainability of Consumer demand that has been a key driver of the PC surge over the past year which, in turn, likely weighs on OMs that have held at well above-trend levels for the past 4 + quarters. Shifting