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14:17","market":"sh","language":"zh","title":"国投证券国际：联想集团估值处于全球同业洼地","url":"https://stock-news.laohu8.com/highlight/detail?id=2674835270","media":"中金财经","summary":"　　近日，国投证券国际发布《算力扩张下的港股硬件链价值研究》，将联想集团列为港股AI服务器及整机领域的核心标的，认为其正从全球PC龙头向AI基础设施企业转型，随着AI服务器业务规模扩大、基础设施方案业务盈利能力改善，ISG价值重估有望成为公司估值提升的重要催化因素。　　报告明确指出，联想是港股算力硬件链的底仓型核心资产。　　在国投证券国际看来，AI服务器业务并非单纯依赖硬件组装。","content":"<html><body>　　全球AI基础设施投资持续扩张，港股算力硬件产业链的投资价值正受到机构关注。\n\n　　近日，国投证券国际发布《算力扩张下的港股硬件链价值研究》，将<a href=\"https://laohu8.com/S/00992\">联想集团</a>列为港股AI服务器及整机领域的核心标的，认为其正从全球PC龙头向AI基础设施企业转型，随着AI服务器业务规模扩大、基础设施方案业务盈利能力改善，ISG价值重估有望成为公司估值提升的重要催化因素。\n\n　　报告明确指出，联想是港股算力硬件链的底仓型核心资产。\n\n　　这一判断背后，是全球云厂商持续扩大的AI资本开支。国投证券国际统计，亚马逊、微软、Alphabet及Meta四大云厂商2026年资本开支指引合计达到7200亿至7450亿美元，较2025年的3592.5亿美元增长约100%至107%。随着AI计算需求持续增长，服务器整机、液冷散热及算力基础设施解决方案迎来新的市场机会。\n\n　　作为全球重要的AI服务器供应商，联想基础设施方案业务已进入收入增长与盈利改善同步兑现的阶段。\n\n　　2026/27财年第一季度，联想ISG营收达到约579亿元人民币，同比增长98%，占集团总营收的32%；集团AI相关收入约634亿元，占比35%。同期，联想AI服务器潜在业务机会储备(pipeline)达到540亿美元，环比增长157%，反映全球客户持续扩大的算力需求。该指标为潜在业务机会，并非已签订单。\n\n　　比收入增长更值得关注的是盈利能力的改善。\n\n　　国投证券国际指出，联想ISG业务正从\"规模优先\"转向\"盈利优先\"。最新季度ISG经营利润率达到9.1%，同比提升11.1个百分点，显示业务规模扩张正在转化为盈利增长。与此同时，海神液冷收入同比增长300%，成为高功耗AI服务器时代的重要差异化竞争优势。\n\n　　在国投证券国际看来，AI服务器业务并非单纯依赖硬件组装。随着整机柜功率密度提高，服务器竞争正进一步延伸至液冷、系统集成及规模化交付等环节，具备综合基础设施方案能力的厂商有望获得更多产业链价值。\n\n　　估值方面，国投证券国际测算，联想FY2026/27预测市盈率约11倍，而戴尔约为15倍，A股<a href=\"https://laohu8.com/S/000977\">浪潮信息</a>超过25倍。报告认为，联想全球服务器市场地位尚未获得相应估值溢价，ISG业务盈利能力持续改善，是推动公司价值重估的重要因素。\n\n　　值得关注的是，联想传统PC业务的全球领先地位也得到最新行业数据印证。10月8日，IDC发布2026年第三季度全球传统PC市场初步统计数据。联想以1490万台出货量、23.8%的市场份额继续稳居全球第一，领先第二名惠普7.3个百分点，较去年同期的5.5个百分点进一步扩大。同期全球PC出货量同比下降20.1%，联想依然保持明显的规模领先优势。\n\n　　在PC市场竞争优势持续巩固的同时，AI基础设施业务的高速增长与盈利改善，正为联想提供新的增长动力。传统业务的全球规模基础与AI服务器业务的增长潜力相结合，也成为资本市场重新评估联想长期价值的重要依据。\n\n　　 </body></html>","source":"zhongjincaijing_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>国投证券国际：联想集团估值处于全球同业洼地</title>\n<style 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href=\"http://sc.stock.cnfol.com/gushizhibo/20261009/32391358.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"80992":"联想集团-R","161027":"证券","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0049112450.USD":"FIDELITY PACIFIC \"A\" INC","LU0862451753.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","BK1193":"电脑硬件、储存设备及电脑周边","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD  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ACC"},"source_url":"http://sc.stock.cnfol.com/gushizhibo/20261009/32391358.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2674835270","content_text":"全球AI基础设施投资持续扩张，港股算力硬件产业链的投资价值正受到机构关注。\n\n　　近日，国投证券国际发布《算力扩张下的港股硬件链价值研究》，将联想集团列为港股AI服务器及整机领域的核心标的，认为其正从全球PC龙头向AI基础设施企业转型，随着AI服务器业务规模扩大、基础设施方案业务盈利能力改善，ISG价值重估有望成为公司估值提升的重要催化因素。\n\n　　报告明确指出，联想是港股算力硬件链的底仓型核心资产。\n\n　　这一判断背后，是全球云厂商持续扩大的AI资本开支。国投证券国际统计，亚马逊、微软、Alphabet及Meta四大云厂商2026年资本开支指引合计达到7200亿至7450亿美元，较2025年的3592.5亿美元增长约100%至107%。随着AI计算需求持续增长，服务器整机、液冷散热及算力基础设施解决方案迎来新的市场机会。\n\n　　作为全球重要的AI服务器供应商，联想基础设施方案业务已进入收入增长与盈利改善同步兑现的阶段。\n\n　　2026/27财年第一季度，联想ISG营收达到约579亿元人民币，同比增长98%，占集团总营收的32%；集团AI相关收入约634亿元，占比35%。同期，联想AI服务器潜在业务机会储备(pipeline)达到540亿美元，环比增长157%，反映全球客户持续扩大的算力需求。该指标为潜在业务机会，并非已签订单。\n\n　　比收入增长更值得关注的是盈利能力的改善。\n\n　　国投证券国际指出，联想ISG业务正从\"规模优先\"转向\"盈利优先\"。最新季度ISG经营利润率达到9.1%，同比提升11.1个百分点，显示业务规模扩张正在转化为盈利增长。与此同时，海神液冷收入同比增长300%，成为高功耗AI服务器时代的重要差异化竞争优势。\n\n　　在国投证券国际看来，AI服务器业务并非单纯依赖硬件组装。随着整机柜功率密度提高，服务器竞争正进一步延伸至液冷、系统集成及规模化交付等环节，具备综合基础设施方案能力的厂商有望获得更多产业链价值。\n\n　　估值方面，国投证券国际测算，联想FY2026/27预测市盈率约11倍，而戴尔约为15倍，A股浪潮信息超过25倍。报告认为，联想全球服务器市场地位尚未获得相应估值溢价，ISG业务盈利能力持续改善，是推动公司价值重估的重要因素。\n\n　　值得关注的是，联想传统PC业务的全球领先地位也得到最新行业数据印证。10月8日，IDC发布2026年第三季度全球传统PC市场初步统计数据。联想以1490万台出货量、23.8%的市场份额继续稳居全球第一，领先第二名惠普7.3个百分点，较去年同期的5.5个百分点进一步扩大。同期全球PC出货量同比下降20.1%，联想依然保持明显的规模领先优势。\n\n　　在PC市场竞争优势持续巩固的同时，AI基础设施业务的高速增长与盈利改善，正为联想提供新的增长动力。传统业务的全球规模基础与AI服务器业务的增长潜力相结合，也成为资本市场重新评估联想长期价值的重要依据。","news_type":1,"symbols_score_info":{"80992":0.6,"161027":1.5,"00992":1.5,"TCHI":0.6,"03431":1.5,"LNVGY":0.6}},"isVote":1,"tweetType":1,"viewCount":7,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"optionInvolvedFlag":false,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/616487177688296"}