大行評級|星展:上調聯想集團目標價至13.2港元 評級“買入”
星展發表研究報吿預計,在圖形處理器(GPU)短缺問題得以緩解的情況下,聯想2025財年的人工智能服務器出貨量將按年增加108%,並預計將帶動基礎設施方案(ISG)業務在2025財年第三季度錄得4,600萬美元利潤,及2026財年第三季錄得4.02億美元利潤。該行認為,人工智能服務器的增長將推動聯想2025及2026財年營業收入,分別增長6%及8%,同期的盈利亦分別被推動增長10%及14%。
該行認為聯想旗下服務及個人電腦業務復甦增長,將推動對公司股份評級的重新調整,並預計2025及2026財年的盈利增長,將分別達57.7%及33.3%。主要受惠於公司不斷增長的服務業務提高營運利潤率;由Windows 10遷移至Windows 11的商用個人電腦更換週期;服務器業務預計將實現盈利等因素。該行將聯想的目標價由10港元上調至13.2港元,並予以“買入”評級。
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