智通财经APP获悉，摩根大通发布研报称，予联想集团(00992)目标价13港元，重申“增持”评级。小摩上调对该集团2026/2027财年(3月31日止)盈利预测2-3%，主要考虑个人电脑(PC)强势。小摩指，针对本月13日公布的联想2026财年首财季业绩，预计由于PC的优势，集团也将好于预期。预测季度销售额为182.66亿元、毛利为28.21亿美元，毛利率15.4%。
小摩将PC盈利的强势归因于市场份额增长以及供应链管理灵活。联想在PC方面跑赢同行，主要原因是行业领导力。此外，联想在服务器业务方面也持续增长，也获得许多新订单。尽管由于业务重组持续推进，联想基础设施方案业务集团(ISG)净利润可能维持在盈亏平衡水平左右，但小摩预计，由于重组成本的影响较小，联想2026年的盈利将有望上升。中长期看，联想也可能进军人工智能(AI)领域，届时将迎重新估值机会。
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