《大行報告》摩通:聯想集團(00992.HK)PC品牌利潤率回升及AI伺服器具潛力 維持「增持」評級
摩通發表研究報告指出,到訪了聯想集團(00992.HK)在台灣的基礎設施方案業務集團(ISG),並與管理層就人工智能(AI)伺務器業務的進展作出討論。
該行引述聯想管理層指出,聯想伺務器收入的約20%與AI相關,但圖形處理器(GPU)伺務器佔2024財年上半年伺務器總收入的比例少於5%。然而,公司已迅速改進其產品供應,預計本季GPU伺務器積壓訂單約為10億美元。此外,管理層預期AI伺務器收入約為90億美元,意味著有20億美元的收入潛力。
該行認為,聯想的L40S GPU供應良好,交貨時間僅4至8周,公司可能很快推出8-GPU L40S伺服器,並目標於2023財年實現1.5億美元收入。此外,儘管公司已完成對H100伺服器的設計,但該行預期在GPU供應緊張及一線超大規模用戶敞口有限下,近期公司H100伺服器收入有限。相反,該行料聯想將受惠於向內地電訊商銷售H800 GPU伺服器,及未來幾季NVIDIA DGX伺服器的潛在分銷業務。
該行維持對聯想「增持」評級,指公司估值不高、PC品牌利潤率回升,以及AI伺服器具上行潛力,目標價9元。
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