服務器收入表現積極 里昂上調聯想目標價至12港元 維持跑贏大盤評級
近日，國際知名大行里昂證券發佈研報稱，繼7月5日上調預期後，進一步再度上調聯想集團4-6月的盈利預期。原因在於，聯想PC業務的出貨量及利潤率優於此前預期，服務器業務收入亦保持穩健。因此，將聯想集團目標價從 11 港元上調至 12 港元，並維持跑贏大盤評級。
聯想集團PC業務強勁，市場份額持續提升。里昂預計IDG收入在4-6月環比增長14%(此前預測為7%)，主要受美國市場因關税問題需求拉動；預計7-9月份，IDG業務將保持增長勢頭，環比增長10%，主要受中國市場需求推動。
區域來看，在美國、歐盟和中國市場份額提升。根據IDC數據，2Q25聯想全球PC出貨量為1,700萬台，同比增長15.3%，而市場整體增長為7.5%。其全球市場份額在2Q25達到24.6%，環比提升0.8個百分點，同比提升1.8個百分點。在2Q25，聯想在北美市場的份額同比增長1.0個百分點至18.7%，在西歐市場的份額同比增長0.6個百分點至27.7%。聯想在美國和歐盟市場從戴爾和惠普手中奪取份額，而在中國市場則從華為手中奪取份額。
里昂預計聯想PC業務的強勁增長勢頭將在2025年下半年持續，主要得益於：1)繼續從競爭對手手中奪取份額；2)企業因Windows 10在10月終止支持而產生的替換需求；3)新AI機型發佈。
在AI PC方面，聯想於6月發佈了一款高端AI PC機型。聯想還可能在2026年初推出基於英偉達和聯發科芯片組的AI PC新機型。
美國市場價格上升但需求未受影響，鑑於美國消費者強勁的購買力，零售價格的上升似乎並未影響聯想個人電腦在美國的銷量。
服務器收入表現積極，通用服務器業務穩健。里昂預計聯想服務器業務收入在4-6月環比持平，為41億美元，主要受雲服務提供商需求推動。對於7-9月，預計隨着微軟和美國新客户的中國數據中心需求增加，服務器業務將進一步環比增長。
認股權證帶來顯著財務收益：公司於2025年1月8日發行了11.5億份認股權證。里昂估計認股權證將帶來1.2億美元的收益。
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.
