金吾财讯 | 联想集团（00992）逆市上扬1.89%，最新报36.70港元，成交额3.95亿港元。消息面上，中金新近发布研报，维持联想集团FY27/28non-HKFRS净利润预测40.6亿美元、49.8亿美元，维持“跑赢行业”评级及51.0港元目标价。当前股价对应FY27E/FY28Enon-HKFRS净利润口径13.3倍、10.8倍P/E，目标价对应FY27E/FY28E20.0倍、16.3倍P/E，较当前股价有51%上行空间。该机构研究指，AI服务器高速增长、ISG盈利能力改善，及AIPC、存储、服务等高利润率业务拓展，有望共同驱动净利率目标实现。同时，联想全栈产品及全球交付能力有望把握产业由单机向系统竞争升级的机会。此外，联想覆盖智能设备、基础设施和方案服务的全栈布局，有望充分受益于AI由训练向推理、由云端向企业及端侧渗透的长期趋势。
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