研報掘金丨東北證券:首予聯想集團“買入”評級,AI賦能啓聯想新程
東北證券研報指出,如今,聯想集團(0992.HK)已是全球領先的科技公司,業務遍及180個市場,PC銷售量居全球第一。全球AI浪潮滾滾襲來,邁入第5個“十年”的聯想正在以“混合式AI”戰略開啓新的徵程。聯想的混合式AI戰略,融合個人、企業與公共智能,旨在推動AI普及。在個人智能領域,以AI PC爲基礎,將進一步打造 “個人超級智能體”,像ThinkPad X1 Carbon AI,集成多種交互方式,可離線處理複雜任務。在企業智能方面,通過混合式基礎設施、解決方案應用庫等,實現“企業智能雙胞胎”願景,利用BLP工具與英偉達等夥伴合作,其萬全異構智算平臺能統一調度資源,降低大模型訓練成本。得益於戰略轉型的成功和產品力的提升,2024/2025財年前三季度,聯想集團表現出色,實現收入約521億美元,同比增長21.06%。該行預計IDG、ISG、SSG業務在未來三年均保持強勁增長,同時取得更爲強勁的獲利能力。首次覆蓋,給予“買入”評級。
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