金吾财讯 | 太平洋证券发研指，联想集团(00992)24/25财年前三季度公司毛利率为15.96%，相对于去年同期下降了1.18个百分点，主要原因是基础设施方案集团增长迅速，而其毛利率相对较低；销售费用率为5.10%，相对于去年同期下降了0.62个百分点；管理费用率为4.05%，相对于去年同期下降了0.20个百分点。净利润包括其中含2.82亿美元一次性所得税抵免。该行指，从设备端来看，个人AIPC将日益普及，公司也陆续发布了多款产品。从基础设施端来看，各大IT厂商的资本支出仍然高企，有望带动服务器行业快速增长，公司亦发布了相对应的液冷产品Neptune。该行表示，公司的收入持续保持复苏态势，面向AI领域公司呈现了积极的变化，收入增速和盈利增速均保持良好态势。该行预计FY24/25E、FY25/26E、FY26/27E年公司的EPS分别为0.12美元、0.12美元、0.14美元，维持买入评级。
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