智通财经APP获悉，国泰海通证券发布联想集团 FY25Q4业绩点评报告，显示其营收达170亿美元，同比增长23%，各业务中，IDG收入118亿美元（+13%），ISG收入41亿美元（+63%）且扭亏为盈，SSG收入22亿美元（+18%）、经营利润创新高；AI PC 渗透率提升至16%，混合式人工智能推动需求增长；预测FY2026-FY2028年营收为751/797/837亿美元，目标价调整至14.7港元，维持 “增持”评级。
具体业务分析：
IDG业务持续领先,AI PC渗透率提高｡个人电脑业务,市场份额23.7%,持续领先第二名3.6个百分点;智能手机业务,创下收购摩托罗拉以来的收入历史新高,亚太/欧洲-中东-非洲区分别实现179%/32%的增速｡AI PC在第一年实现销量超目标,在FY25Q4占中国笔记本电脑总出货量的16%｡公司将持续推出AI 端侧产品, 通过构建AI 生态,提高个人端侧产品的市场竞争力｡
ISG业务扭亏为盈,SSG 经营利润创新高｡ISG业务连续两季度盈 利,受益于传统计算和人工智能计算的共同推动｡其中,云基础设施业务营收超百亿美元,yoy+92%;企业基础设施业务营收创历史新高,yoy+20%｡
SSG 业务经营利润达18 亿美元,yoy+15%,得益于数字化工作场所解决方案和混合云业务｡我们认为,混合式人工智能将持续推动解决方案与服务需求增长｡
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