花旗研究报告指出，联想集团(00992.HK) 6月底止2026财年第一季业绩超出花旗及市场预期，受益于销售增长加快和税率下降，尽管毛利率因服务器对销售组合影响而低于预期。
花旗又表示，集团9月底止2026年第二季指引上，预计收入将实现高个位数百分比按年增长，展望稳健，应有助于缓解投资者对终端需求不确定性的担忧。联想对其个人电脑和服务器业务保持乐观，继续视商业替换、AI PC采用率上升，以及服务器产品组合扩展为关键驱动因素。此外，公司灵活性和多元化营运亦应有助于应对宏观波动。
鉴于毛利率疲弱及近期股价上涨，股价可能会暂时喘息，但基于公司稳健的基本面、强劲的执行力及具吸引力的估值，花旗予联想集团维持“买入”评级，目标价从13.3元升至13.6元。(hc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-15 12:25。)
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