研報掘金|開源證券:維持聯想集團“買入”評級 四季度PC業務有望重回正增長
開源證券發佈研究報吿稱,維持聯想集團“買入”評級,考慮到其AIPC研發進展順利,FY2024/FY2026歸母淨利潤預測分別為9.29/16.99億美元不變。PC行業庫存出清結束,2023Q4PC業務有望重回正增長,芯片及終端硬件龍頭廠商加速AIPC研發及鋪貨進展,有望驅動AIPC在中高端市場滲透,驅動PC業務收入增長加速以及聯想集團整體利潤快速釋放。研報指,聯想基於AI加速算力硬件、具備自然語言交互能力、內置個人大語言模型與AI助理的AIPC計劃於2024年推出,配合相關AI應用開啟“AIOn”新紀元。IDC預測中國大陸AIPC滲透率將於2027年接近85%,波士頓諮詢預測2028年全球AIPC滲透率達到80%。考慮到AIPC處理器升級及存儲容量提升、我們預計AIPC售價有望相比同系列PC高約70-80美金,AIPC作為核心賣點、疊加2025年Windows 10停更催化換機週期,有望帶動聯想IDG業務集團收入與利潤穩健增長。
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