研报掘金丨国投证券：首予粤港湾智算“买入”评级并看高至20港元，AI业务驱动估值重塑

格隆汇07-08

国投证券发布研报指，首次覆盖粤港湾智算(1396.HK)，给予“买入”评级及目标价20港元，对应2026E/2027E/2028E市盈率约57倍/35倍/20倍。该行指，粤港湾智算已全面转型为AI算力运营服务商成为港股市场较为纯正的AI算力标的，其AI业务驱动的高增长确定性将推动公司估值重塑。报告核心逻辑认为，AI算力业务全年并表将带来清晰的收入跃升。2025年AI业务仅并表约两个月即贡献...

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