研報掘金|國信證券:維持聯想集團“優於大市”評級 AI驅動業績增長
國信證券發表報吿表示,聯想集團持續發力AI,將AI同自身產品深度融合,根據公司財報披露,2025財年第二財季人工智能計算機(具有五大特徵,包括配備AI助理)在中國區筆記本計算機出貨量的14%,AI PC滲透率快速提升;智能手機在亞太地區、歐洲-中東-非洲、北美市場高速增長,公司摩托羅拉智能手機取得按年雙位數增長,摺疊屏手機打開高端市場。該行指,受AI需求拉動,疊加公司在液冷領域核心優勢(Neptune方案),公司基礎設施方案業務快速增長,2025財年第二財季實現收入33.05億美元,按年升65.1%、按季升4.6%,2025自然年有望實現盈利。該行上調營收預測,預計2025財年至2027財年營業收入各為660億、719億及767億(前值為623億、676億及721億),按年增速各16%、9%及7%。公司為全球AI PC龍頭,智能手機和服務器業務持續增長,維持“優於大市”評級。
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