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《大行報告》中金:作為AI PC新時代引領者 聯想集團(00992.HK)可望受益產業變革
中金發表報告指,CES大會上,聯想集團(00992.HK)通過多款產品展示AI now、Yoga creator zone兩個支持離線運行的端側AI功能。例如個人PC AI助理,用戶可於桌面訪問AI now,在聊天窗口鍵入自然語言並進行交互,可實現調整參數設置、提取本地文檔信息、智慧會議數字替身等功能。 報告指,聯想集團從AI Ready邁向AI On,AI PC有望迎來規模化落地。AI Ready階段的PC產品具備基本的本地混合AI算力,但尚未內嵌本地模型。2023年11月,聯想董事長兼CEO楊元慶首次定義AI On階段AI PC的核心特徵。 該行認為,2024年AI PC將正式邁入AI On階段,迎來產品規模化落地,預期AI PC變革或將加速換機潮到來,2025至2026年AI PC出貨量有望實現快速增長,為PC市場注入增量;同時IDC數據顯示,2023年第四季全球PC出貨量按年降幅進一步收窄至2.7%,聯想單季度PC出貨量按季、按年均實現增長,PC市場呈現復甦態勢。 中金維持聯想盈利預測與評級不變,考慮到AI PC有望給行業帶來中長期積極催化,行業估值中樞上移,且公司或有望從終端廠商進階為新生態引領者,上調目標價28%至11.3港元,維持「跑贏行業」評級。
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