星展发表研究报告指，联想集团(00992.HK) 截至去年12月底止2025财年第三季收入按年升20%至188亿美元，纯利按年升105.6%至6.93亿美元，营运利润率按年跌0.2个百分点至3.7%，主要是服务器业务收入占比较高，经调整纯利按年升6.5%，超出预期。
该行预料，将DeepSeek融合于联想个人电脑AI助理“小天”，能有助提高公司在中国AI个人电脑市场的普及率，向中国客户提供更好AI功能。该行相信，DeepSeek将透过降低专有AI模型开发的进入门槛和加速企业AI的采用来推动长期AI服务器需求。
该行表示，将集团2025财年盈利预测上调8.4%，反映一次性递延税收抵免，惟2026财年盈测则下调6.5%。该行认为受惠2025年升级周期，服务增长及PC复苏将驱动估值重评，将联想目标价由18.4元下调至17.2元，评级“买入”。(ca/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-24 12:25。)
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