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聯想集團(00992.HK)曾升逾8%再創新高 獲麥格理升目標價至37.4元 指估值重估週期已開始
聯想集團(00992.HK)今日高開2.85%,曾升8.6%最高見27.42元,再創新高。現報26.04元,升3.17%,成交1.36億股,涉資36.17億元。麥格理發表研究報告指,聯想集團最近的業績確認了結構性拐點,基礎設施方案業務(ISG)在人工智能(AI)及傳統伺服器需求加速下扭虧為盈。該行相信,AI伺服器需求將繼續超越供應,支持強勁的ISG收入增長及...
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聯想集團(00992.HK)曾升逾8%再創新高 獲麥格理升目標價至37.4元 指估值重估週期已開始
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聯想集團(00992.HK)  +1.340 (+5.309%)    Short selling $2.05B; Ratio 25.521%   今日高開2.85%,曾升8.6%最高見27.42元,再創新高。現報26.04元,升3.17%,成交1.36億股,涉資36.17億元。

麥格理發表研究報告指,聯想集團最近的業績確認了結構性拐點,基礎設施方案業務(ISG)在人工智能(AI)及傳統伺服器需求加速下扭虧為盈。該行相信,AI伺服器需求將繼續超越供應,支持強勁的ISG收入增長及利潤率擴張。同時,記憶體供應緊張正成為利好因素,有助於伺服器定價、市佔率提升及營運槓桿顯現。該行將目前的股價上漲視為估值重估週期的開始。

麥格理指出,聯想集團的AI伺服器管線已增加至210億美元(截至2026年3月財年末),提供強勁的增長能見度。儘管該行在高端企業基礎設施市場的份額仍較小,但隨著上季度開始交付英偉達(NVDA.US)      GB300,並預計在2026年下半年及時交付英偉達Vera Rubin伺服器,預期將開始在高端市場奪取份額。此外,個人電腦(PC)業務在高端產品組合提升下保持韌性,方案服務業務(SSG)則在TruScale推動下持續提供穩定且高利潤率的增長。

由於調高了ISG收入及經營利潤率預測,麥格理將聯想集團2027至2029財年的調整後淨利潤預測上調4%至6%。該行將估值滾動至2028財年,將目標價由21.75元大幅上調72%至37.4元,此相當於2028財年預測市盈率18倍,並重申其「跑贏大市」評級,列為買入投資標的。(ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-02 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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