大行评级|花旗:维持联想集团“买入”评级,首财季业绩强化AI驱动结构性增长叙事

格隆汇
Aug 13
花旗发表研报指,联想集团6月底止2026/27财年第一季业绩表现强劲,远胜预期,进一步强化了由人工智能驱动的结构性增长叙事。期内收入同比大增43%至269.43亿美元,创下季度历史新高,分别较花旗及市场预期高出24%及20%。非公认会计准则纯利同比急升176%至10.75亿美元,分别较花旗及市场预期高出64%及149%,非公认会计准则净利润率扩阔至4%。 花旗表示,基于分类加总估值法,将联想集团目标价定为31港元,对应2028财年预测市盈率约13.6倍,当中IDG及SSG业务以10倍市盈率估值,ISG业务以16.7倍市盈率估值,与同业水平一致。该行维持联想集团“买入”评级,看好强劲的服务器需求前景及盈利能力,以及个人计算机、手机和服务业务的稳定表现。

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