分析师指出，今年的企业硬件支出增长率可能在1.7%左右，较历史周期低20到160个基点。不过，分析师对明年的乐观态度在于，相信企业支出将加速增长，消费者市场也将复苏，个人电脑、个人电脑外设、存储和服务器等领域将受益。此外，大摩最近的AlphaWise美国消费者调查显示，六个月的消费电子产品支出意愿为过去三年半以来“最不负面”的。Morgan Stanley Analysts stated: "We expect Hardware growth to accelerate in 2025, with a more Bullish outlook for the enterprise terminal market rather than the consumer terminal market."
According to Zhitong Finance APP, as 2025 approaches, Morgan Stanley indicated that investors in the IT Hardware sector should "Hold on" in the second half of this year. Morgan Stanley Analysts stated: "We expect Hardware growth to accelerate in 2025, with a more Bullish outlook for the enterprise terminal market rather than the consumer terminal market."
Aside from Apple (AAPL.US), the PE ratio of the Hardware Industry has reached 19 times, marking a historical high. Although revenue and profit growth is projected to be between 4%-7%, a significant portion has already been absorbed by the market. Analysts added: "We are Bullish that spending growth in most Hardware terminal markets will improve in 2025. The growth in the enterprise Hardware terminal market should be around 3%."
Analysts pointed out that this year's growth rate of enterprise Hardware spending may be around 1.7%, which is 20 to 160 basis points lower than the historical cycle. However, the Analysts' optimism for next year lies in the belief that enterprise spending will accelerate, and the consumer market will also recover, benefiting fields such as personal computers, personal computer peripherals, storage, and Servers. In addition, Morgan Stanley's recent AlphaWise survey of USA consumers shows that the willingness to spend on Consumer Electronics over the next six months is the "least negative" it has been in the past three and a half years.
Morgan Stanley recommends investors continue to Hold Apple (AAPL.US)—which is also their preferred stock—and Dell Technologies (DELL.US), Seagate Technology (STX.US), and Kornit Digital (KRNT.US). Meanwhile, Morgan Stanley stated that the stock valuations of companies such as Garmin (GRMN.US), Cricut (CRCT.US), and GoPro (GPRO.US) are "too high," while the stocks of Other companies like Xerox (XRX.US) are in a "long-term declining terminal market."
Morgan Stanley stated that Other Hardware stocks, such as CDW (CDW.US), Insight Enterprises (INGM.US), and Logitech International (LOGI.US), may be "undervalued, or may experience a stronger cyclical recovery in 2025," while IBM (IBM.US) may face headwinds due to its valuation and "negative skewed risk/return."