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《大行》高盛一舉升聯想集團(00992.HK)目標價至27元 評級「買入」
高盛報告指出,聯想集團(00992.HK)3月底止季績強勁,印證該行正面看法,即記憶體成本上升影響可控。聯想集團作為全球PC龍頭,對客戶及供應商都有強大議價能力,同時受惠於市佔擴張及銷售均價上升。上季聯想PC付運按年升8.6%,跑贏全球2.5%按年增幅,全球PC市佔擴至25.2%。報告提到,聯想在AI伺服器領域正不斷擴張,其單價高於25萬美元的伺服器平均售價...
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《大行》高盛一舉升聯想集團(00992.HK)目標價至27元 評級「買入」
Recommend
14
Positive
16
Negative
5
 
 

高盛報告指出,聯想集團(00992.HK)  +2.440 (+15.492%)    Short selling $2.84B; Ratio 28.752%   3月底止季績強勁,印證該行正面看法,即記憶體成本上升影響可控。聯想集團作為全球PC龍頭,對客戶及供應商都有強大議價能力,同時受惠於市佔擴張及銷售均價上升。上季聯想PC付運按年升8.6%,跑贏全球2.5%按年增幅,全球PC市佔擴至25.2%。

報告提到,聯想在AI伺服器領域正不斷擴張,其單價高於25萬美元的伺服器平均售價已由去年9月底止第二財季的約57.6萬美元,顯著提升至上財季的140萬美元,反映集團向高端AI訓練伺服器轉型。集團目前擁有每年1.1萬架液冷AI伺服器機架的產能,並計劃於2026財年下半年開始交付下一代RubinAI伺服器機架。

在存儲業務方面,聯想於2026年4月完成了對Infinidat的收購,進一步增強其在高端企業存儲市場的地位。高盛預計聯想的存儲收入在2026至2028財年間的複合年增長率將達25%。該行預測,到2028年,ISG業務佔總收入的比例將從2025年的23%提升至35%。

該行調升了聯想伺服器及存儲業務的市場份額預測,預期到2028年伺服器的全球市場份額將達到8%,存儲則達9%。雖然預計2028至2029財年的毛利率或因消費電子產品競爭及轉向高端型號(需承擔昂貴GPU成本)而略微受壓,但整體營運效率提升將抵銷部分影響。

高盛料AI持續驅動聯想未來增長,上調2027至29財年各年non-HKFRS盈測分別5%、6%及5%,目標價由12.53元大幅升至27元,評級「買入」。(da/a)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-26 16:25.)

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