【券商聚焦】国投证券国际维持联想集团(00992)“买入”评级 指人工智能相关业务已成为最核心驱动力

金吾财讯
Feb 24

金吾财讯 | 国投证券国际研报指出,联想集团(00992)25/26财年第三季度收入达222.0亿美元,同比+18%,突破财季历史最高纪录,且所有业务集团均实现双位数增长,增长成色十足。其中人工智能相关业务成为最核心驱动力,收入同比大增72%,占集团整体营业额比重提升至32%,标志着AI已成为公司增长的核心引擎。剔除非经营性非现金项目及一次性收益与费用后,调整后归母净利润达5.9亿美元,同比+36%,调整后净利润率提升至2.7%,盈利端核心表现亮眼。该机构指,26Q3公司受ISG战略性重组产生2.85亿美元一次性重组费用影响,净利润同比-21%至5.5亿美元,但剔除非经营性非现金项目及一次性收益与费用后的调整后归母净利润达5.9亿美元,同比+36%,调整后净利润率提升至2.7%,盈利端核心表现亮眼。从盈利拆解看,毛利率虽受成本端压力微降0.6pct至15.1%,但费用端管控成效显著,费用/收入比同比大幅下降1.3pct至10.8%;研发费用同比+3%至6.4亿美元,在持续加大AI等核心领域研发投入的同时,费用投放效率提升。该机构表示,展望后续业绩,预计2025/26财年和2026/27财年的经调整净利润分别为18.2亿美元(yoy+26.2%)和21.0亿美元(yoy+21.0%)。我们按2025/2026E的预计市盈率11.0x,给予公司12.6港元的目标价,相较于最近收市价有36.1%的涨幅,维持“买入”评级。

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