金吾财讯 | 联想集团有限公司（LNVGF）公布季度财报之后，美国银行将该股评级从“中性”上调至“买入”，同时调整目标价，由67.20美元上调至117.69美元，对应港股目标价自26.50港元上调至46港元。分析师RobertCheng团队给出评级上调的核心依据来自服务器业务交付成果，2027财年第一季度（截至6月）各项经营数据实现强劲扩张，经营杠杆效应充分显现。该季度联想实现收入269亿美元，环比增长25%，同比增长43%，较美银预期高出22%，较市场一致预期高出20%。调整后盈利达到11亿美元，环比增长92%，同比增长176%，分别超出美银以及市场共识预期56%、68%。联想官方表示，2026?2027财年第一季度创下近五年最高季度收入增速，是集团历史上经营表现最强的季度之一。基础设施方案业务集团（ISG）交出创纪录的经营数据，印证该板块已经成为拉动联想收入与盈利水平的核心增长引擎。市场后续将持续跟踪服务器业务订单持续性，以及基础设施板块能否继续释放经营杠杆，带动集团整体业绩继续走高。
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