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大行評級|星展:上調聯想集團目標價至18.4港元 將受惠於PC更換週期
格隆匯 02-18 16:18

星展發表研報指,在Windows 11遷移及強大的人工智能個人計算機(AI PC)管道推動下,聯想集團將受惠於今年的更換週期。ThinkPad、Yoga、IdeaPad等主力機型將於今年初上市,進一步增強聯想的競爭優勢。星展提及,聯想已將DeepSeek人工智能融入其小天助手中,與DeepSeek的進一步合作將增強聯想的人工智能生態系統。該行預測,聯想的AI PC出貨量在2025財年及2026財年將分別增長125.9%及153.8%,佔總PC出貨量20%及47%。

星展預計,聯想2025及2026財年盈利將分別增長46.6%及45%,主要由於規格升級推動的商用PC更換週期,受惠於AI PC規格的標準化及Copilot+採用率的提高;服務業務不斷拓展,帶來營業利潤率提升;以及服務器業務預計在2025財年末實現盈利。另外,該行維持予其“買入”評級,目標價由12.7港元大幅上調至18.4港元。

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