大行評級|建銀國際:上調聯想集團目標價至15美元 持續受益於AI PC增長勢頭
建銀國際發表研報指,將聯想集團(0992.HK)的目標價從12.5港元上調至15美元,維持“跑贏大市”評級,指其為AI PC增長勢頭和AI基礎設施投資的主要受益者。 研報指,聯想集團公佈,截至去年12月底止2025財年第三季度收入同比增長19.6%、環比增長5%至188億美元,淨利潤同比增長105.5%、環比增長93%至6.93億美元,超出該行和市場預期。 根據IDC的數據,聯想在傳統PC市場保持全球領先地位,2024年第四季度(相當於聯想2025財年第三季度)出貨量同比增長4.8%至1690萬台,市場份額為24.5%。受益於高端和遊戲PC比例的提高,聯想的平均售價同比增長4.9%、環比增長1.7%。鑑於向Windows 11的過渡和2024年推出的新型Al PC型號,該行預計2025年PC市場的復甦勢頭將增強。鑑於PC前景樂觀以及智能手機市場份額增加,該行預計2025財年智能設備業務集團(lDG)的銷售額將同比增長12%,2026財年將同比增長8%。另外,研報提及,聯想的AI PC產品繼續引領市場。該公司預計到2027年,AI PC將佔其PC總出貨量的約80%。目前聯想佔據了全球AI PC市場30%的市場份額。目前,聯想在國內銷售的AI PC配備了自研的人工智能LLM“小天”,該技術充分利用了公司在軟硬件集成方面的優勢。
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