花旗发布研报称，上调联想集团（00992）2027至29财年各年收入预测分别15%、15%及18%，分别至1，070亿、1，240亿及1，470亿美元，经调整每股摊薄盈测上调55%、37%及31%，分别至31.4美仙、40美仙及49.7美仙，并将目标价由31港元一举上调61.3%至50港元，重申“买入”评级。
联想6月底止首财季业绩表现优于该行预期，旗下基建方案业务集团（ISG）需求强劲，尤其是新兴云端服务商（Neoclouds），以及更好的经营杠杆及效率改善，ISG经营利润率创9.1%纪录新高。AI服务器订单管道按季增长157%，对未来收入上行空间属正面讯号。
该行认为，联想受惠于平均售价及产品组合改善，以及市场份额增长，智能设备业务集团（IDG）下半财年及2027财年逆风可控。方案服务业务集团（SSG）的TAM（总潜在市场）更新为2029/30财年的8，500亿美元，AI带动的TAM扩张有望带来更好的收入及利润率上行空间。
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