联想集团：PC市占率超25% 积极应对零部件涨价

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机构：中金公司研究员：李诗雯/郑欣怡/陈昊/彭虎/朱镜榆3QFY26 业绩高于我们的预期联想集团公布3QFY26 业绩：公司营收为222.04 亿美元，同比增长18%；non-HKFRS 净利润5.89 亿美元，同比增长36%；归母净利润5.46 亿美元，同比下降21%，其中与认股权证相关的非现金公允价值收益为1.86 亿美元、与ISG 相关的一次性重组费用2.85 亿美元。整体业绩超出我们预期，...

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展上，联想正式推出个人智能体Qira，打通了联想PC、平板及摩托罗拉智能手机的生态壁垒，可以实现无缝流转的跨设备交互体验。在存储等上游零部件涨价环境下，公司预期2026 年全球PC 出货量或将同比持平或略有下降，但ASP 有望增长。凭借优越的供应链管理能力和全球运营，3QFY26 IDG OPM 同环比持平为7.3%；展望后市，我们预计公司有望通过长协锁量等措施保障关键零部件供应，并基于产品创新和灵活价格策略维系盈利能力的稳定性。ISG：AI 服务器项目储备达155 亿美元。3QFY26 公司ISG 实现营收51.76 亿美元，同比增长31%，AI 服务器收入实现高双位数同比增长，储备订单达到155 亿美元，夯实成长基础。ISG 进行一次性重组以提升效率，公司预计4QFY26 有望实现盈利。盈利预测与估值基于PC 市占率连续提升、公司控费得当带来的降费效应，我们上修FY26 non-HKFRS 净利润6.5%至18.01 亿美元，基本维持FY27 盈利预测。当前股价对应FY26/27 non-HKFRS 口径8.2 倍/7.5 倍市盈率。维持跑赢行业评级和14.8 港元目标价，对应FY26/27 non-HKFRS 13.1/12.0 倍市盈率和60%上行空间。风险AI PC销量不及预期；中美贸易摩擦；上游原材料涨价超预期。本文来自和讯财经，更多精彩资讯请下载“和讯财经”APP","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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