美银证券近日发布联想集团研究报告，将联想目标价由9.9港元大幅上调至26.5港元，并将FY27-28E盈利预测上调70%-82%，以反映服务器业务利润的强劲扩张。 报告指出，PC周期和服务器利润是联想估值的两大关键驱动因素。美银证券给予联想16倍FY27E市盈率目标，该水平处于联想2019年以来历史交易区间峰值，主要由服务器业务扎实转型支撑。 在业务层面，报告重点提到联想ISG基础设施方案业务的改善。3月季度，ISG实现盈利，经营利润率达到创纪录的3.6%。美银证券认为，经过多轮重组、产品精简和资源优化，本轮利润恢复较过去周期更具可持续性。 报告还表示，除AI服务器在3月季度成功放量、占ISG收入双位数比例外，推理需求也有望继续支撑收入扩张，得益于联想在CPU服务器和存储领域的稳固位置。盈利能力方面，CPU短缺有望增强联想定价能力，AI服务器则有望带来规模效应和经营杠杆。
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