中國市場NPU>=40TOPS筆記本電腦出貨量激增 聯想AI PC領先市場
近日，國際數據公司(IDC)發佈最新數據，顯示 2025 年一季度(25Q1)，中國市場搭載 40TOPS 及以上 NPU 算力的筆記本電腦出貨量顯著增長，達到 24.1 萬台，佔中國筆記本電腦市場出貨量的 5.3%，而上季度這一份額僅為 1.4%。這一趨勢表明 AI 筆記本電腦作為新興的消費電子品類，正在快速打開市場，獲得消費者的認可。
AI 筆記本電腦(AI NB)在中國市場的蓬勃發展，離不開政策、產品和需求三端的共同驅動。政策上，政府補貼降低了消費者購機成本，推動了 AI 筆記本在高端價格段的滲透；產品端，廠商們通過硬件升級，如 50TOPS NPU、OLED 屏幕等，並結合端側大模型和智能交互功能，強化了 AI 筆記本的溢價能力；需求端，Z 世代對智能化、個性化體驗的追求，以及企業數字化轉型和政策換機週期的推動，進一步加快了 AI 筆記本電腦在中高端市場的擴張。
聯想作為全球領先的科技企業，在 AI 驅動的個人電腦(AI PC)領域佈局已久，且在 2024/2025 年年報中，其智能設備業務集團(IDG)業績表現強勁，為 AI PC 業務的發展奠定了堅實基礎。在 2024/2025 財年期間，聯想IDG全年營收實現雙位數強勁增長，PC業務進一步鞏固全球第一的市場地位，全年份額達23.7%，與第二名差距擴大至3.6個百分點。
聯想 AI PC 產品的市場表現尤為突出。AI PC銷售超額完成全年目標，在Windows AI PC類別中位居全球第一。第四財季AI PC在聯想中國市場筆記本總銷量中佔比達到16%。這一顯著的增長不僅反映了聯想在 AI PC 領域的技術實力和產品吸引力，也表明聯想在推動 AI 技術與個人電腦融合方面取得了顯著成效。聯想的 AI PC 產品線豐富多樣，如拯救者系列、ThinkPad 系列等，憑藉其高性能的 NPU、出色的 AI 功能和優質的產品設計，贏得了消費者的青睞，尤其在高端市場中佔據了重要份額。
近期，數家國內外知名投行券商密集發佈聯想集團看多研報，普遍看好其在AI PC與AI服務器領域的增長潛力，維持 "買入" 或 "增持" 評級。
其中，花旗、高盛等機構指出，聯想PC業務受益於AI PC滲透率提升與 Windows 10換機需求，服務器業務則憑藉 AI 服務器佈局和客户結構優化(如 CSP 佔比提升)有望實現盈利轉正，且全球產能佈局靈活性增強了抗風險能力。機構均認為其估值具備優勢(當前 PE 低於行業平均)，目標價普遍設定在11.4-15港元區間，看好長期增長邏輯與全棧 AI 能力釋放。
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