You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
AI驅動需求增長! 國泰海通:調整聯想集團目標價至14.7港元

4日,國泰海通證券發佈聯想集團 FY25 Q4 業績點評報告,顯示其營收達 170 億美元,同比增長 23%,各業務中,IDG 收入 118 億美元(+13%),ISG 收入 41 億美元(+63%)且扭虧爲盈,SSG 收入 22 億美元(+18%)、經營利潤創新高;AI PC 滲透率提升至 16%,混合式人工智能推動需求增長;預測 FY2026-FY2028 年營收爲 751/797/837 億美元,目標價調整至 14.7 港元,維持 "增持" 評級。

具體業務分析:

IDG業務持續領先,AI PC 滲透率提高。個人電腦業務,市場份額 23.7%,持續領先第二名3.6 個百分點;智能手機業務,創下收購摩 託羅拉以來的收入歷史新高,亞太/歐洲-中東-非洲區分別實現 179%/32%的增速。AI PC 在第一年實現銷量超目標,在FY25Q4佔中國筆記本電腦總出貨量的16%。公司將持續推出AI 端側產品, 通過構建AI 生態,提高個人端側產品的市場競爭力。

ISG業務扭虧爲盈,SSG 經營利潤創新高。ISG業務連續兩季度盈 利,受益於傳統計算和人工智能計算的共同推動。其中,雲基礎設 施業務營收超百億美元,yoy+92%;企業基礎設施業務營收創歷史 新高,yoy+20%。

SSG 業務經營利潤達18 億美元,yoy+15%,得益於數字化工作場所解決方案和混合雲業務。我們認爲,混合式人工智能將持續推動解決方案與服務需求增長。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account