---
title: "《大行》汇丰研究降联想目标价至 11.5 元  维持「买入」评级"
description: "汇丰研究将联想的目标价下调至 11.5 港元，维持「买入」评级。报告指出，联想 2026 财年第三季营业利润率超出市场预期，营业利润达 9.03 亿美元，分别高出该行和市场预期 19% 和 8%。尽管预计个人电脑出货量将下滑，但凭借市占率提升，营收仍具韧性。预计 2027 财年营业利润率为 3.4%。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/276026810.md"
published_at: "2026-02-16T02:38:20.000Z"
---

# 《大行》汇丰研究降联想目标价至 11.5 元  维持「买入」评级

> 汇丰研究将联想的目标价下调至 11.5 港元，维持「买入」评级。报告指出，联想 2026 财年第三季营业利润率超出市场预期，营业利润达 9.03 亿美元，分别高出该行和市场预期 19% 和 8%。尽管预计个人电脑出货量将下滑，但凭借市占率提升，营收仍具韧性。预计 2027 财年营业利润率为 3.4%。

汇丰研究发表报告指，联想 (00992.HK) 2026 财年第三季 (2025 年 12 月底止季度) 营业利润率胜市场预期。营业利润达 9.03 亿美元，较该行和市场预期分别高 19%/8%。

报告指，联想预期 2026 年个人电脑出货量将下滑，但凭藉潜在市占率提升，营收仍具韧性。该行维持联想「买入」评级，目标价由 11.7 港元下调至 11.5 港元。

报告指，联想管理层预期 2026 年个人电脑出货量将录中至高个位数百分比跌幅，随着产品组合向高端产品转移，平均售价将有个位数百分比的提升。该行预估公司 2027 财年营业利润率为 3.4%，略优於市场预期的 3.3%。

### Related Stocks

- [LNVGY.US - 联想集团(ADR)](https://longbridge.com/zh-CN/quote/LNVGY.US.md)
- [00992.HK - 联想集团](https://longbridge.com/zh-CN/quote/00992.HK.md)

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