通过该计划，公司预计将加速在下一财年重回盈利轨道，并提升盈利能力，致力于在未来连续3 个财年 均实现每年净成本节省超过2 亿美元。 4、方案服务业务集团：潜在市场规模较大，助力公司相关收入保持长期增长。FY2026Q3，公司方案服 务业务集团季度营收同比增长18%，已连续19 个季度取得双位数增长。运营利润率提升至22.5%，接近 历史高位。该集团收入中，运维服务和项目与解决方案服务的收入占比不断提升，成为驱动方案服务业 务集团保持增长势头的关键因素。公司在IT 服务业增长最快速的领域进行策略性布局，潜在覆盖市场 规模达3600 亿美元。在数字化工作场所服务、混合云、人工智能和可持续发展等领域，方案服务业务 集团的增长速度则达到市场平均增速的2 倍。 盈利预测和投资评级考虑到公司混合式AI 进展显著，我们调整公司盈利预测，预计公司FY2026- FY2028 营收分别为801.44、876.00、932.35亿美元，non-HKFRS 净利润分别为17.96、19.73、21.11 亿 美元，对应non-HKFRS P/E 倍数为8.0x、7.2x、6.8x，维持"买入"评级。 1、调整后净利润显著增长，主要 ...

Core Insights - The company reported a revenue of $22.204 billion for FY26Q3, marking an 18% year-over-year increase and a 9% quarter-over-quarter increase, with AI-related business revenue growing by 72% and accounting for 32% of total revenue [1] - The net profit attributable to shareholders was $546 million, a 21% decrease year-over-year but a 60% increase quarter-over-quarter, while adjusted net profit under non-Hong Kong financial reporting standards was $589 million, reflecting a 36% year-over-year increase and a 15% quarter-over-quarter increase [1] IDG Business (Intelligent Device Group) - The IDG business generated $15.755 billion in revenue for FY26Q3, representing a 14% year-over-year increase and a 4% quarter-over-quarter increase, driven by rapid growth in AI PC revenue and increased sales of high-end products [2] - The PC business revenue increased by 18% year-over-year, with Lenovo's global PC shipment market share reaching 25.3%, up 1.0 percentage points year-over-year, and AI PC penetration in the Chinese market rising to nearly 20% [2] - Smartphone sales and activations reached historical highs, primarily driven by strong performance of high-end models such as Edge and positive market feedback for ultra-high-end models like Motorola razr fold and Motorola Signature [2] ISG Business (Infrastructure Solutions Group) - The ISG business reported revenue of $5.176 billion for FY26Q3, a 31% year-over-year increase and a 27% quarter-over-quarter increase, with AI server revenue experiencing high double-digit growth [3] - The company has a project reserve amounting to $15.5 billion, and it delivered NVIDIA's GB300 NVL72 designed rack-level solutions during the period [3] - The revenue from liquid cooling solutions increased by 300% due to higher customer adoption rates, and a one-time restructuring cost of $285 million was incurred to optimize product mix and enhance productivity [3] SSG Business (Solutions and Services Group) - The SSG business achieved revenue of $2.652 billion for FY26Q3, reflecting an 18% year-over-year increase and a 4% quarter-over-quarter increase, marking 19 consecutive quarters of double-digit year-over-year growth [4] - The operating profit margin was 22.5%, close to historical highs, with maintenance services revenue increasing by 22%, project and solutions revenue up by 16%, and support services revenue also rising by 16% [4] - The core growth engines for the SSG business are maintenance services and project and solutions [4]

维持"买入"评级，维持目标价14 港币 根据公司披露，受混合式AI 推动，PC 营收+18%yoy，其中AI PC 渗透率超过30%且持续提升；Moto 品 牌智能手机销量和激活量双双创历史新高。 展望4Q 及FY27，我们预计联想能够发挥其规模和供应链优势，部分吸收存储涨价影响，AI 有望驱动 IDG 业务收入稳定增长。 ISG：Neptune 液冷营收同比大增300%，4Q 有望扭亏为盈ISG 3QFY26 收入+31% yoy 至51.8 亿美元， 主要受益于云基础设施和ToB的企业基础设施业务需求的双重驱动。3QFY26，公司AI 服务器业务营收 实现高双位数同比增长，项目储备高达155 亿美元，部署首个联想NVIDIAGB300 NVL72 机架级解决方 案，订单储备强劲。行业领先的Neptune 液冷技术营收3Q同比大增300%，继续巩固公司在节能AI 基础 设施的领导地位。 利润方面，受一次性重组费用2.85 亿美元影响，ISG 录得1,100 万美元经营亏损（环比收窄66%），营 业利润率环比改善0.6pct 至-0.2%，显示企稳回升。展望未来，ISG 业务或受益于：1）AI 进入推理兑现 ...

Core Viewpoint - The company is expected to achieve stable growth driven by the increasing penetration of AI PCs, strong orders for AI servers, and resilient supply chain management, leading to an upward revision of FY2026 earnings forecasts while maintaining projections for FY2027-2028 [1] Group 1: Financial Performance - For FY2026Q3, the company reported revenue of $22.204 billion, exceeding Bloomberg consensus estimates of $20.76 billion, with a year-on-year growth of 18.1% [1] - Non-GAAP net profit for FY2026Q3 was $589 million, surpassing Bloomberg consensus estimates of $463 million, reflecting a year-on-year increase of 35.5% [1] - The company has revised its FY2026-2028 non-GAAP net profit estimates to $1.81 billion, $2.07 billion, and $2.36 billion respectively, with year-on-year growth rates of 25.5%, 14.5%, and 13.9% [1] Group 2: Business Segments - In the IDG segment, revenue reached $15.755 billion, a year-on-year increase of 14.3%, with Lenovo's PC shipments growing 14.4% compared to the industry average of 9.6% [1] - The AI devices within the IDG segment saw a significant year-on-year growth of 71%, accounting for 40% of the segment's revenue [1] - The ISG segment generated revenue of $5.176 billion, up 31.4% year-on-year, driven by the deployment of GB300 NVL72 and a 59% increase in AI infrastructure revenue [1] Group 3: Operational Metrics - The operating profit margin (OPM) for the IDG segment was 7.32%, showing a slight year-on-year increase of 0.07 percentage points, demonstrating the company's supply chain resilience amid rising component costs [1] - The SSG segment achieved revenue of $2.652 billion, reflecting a year-on-year growth of 17.5%, with deferred revenue increasing by 20% to $3.78 billion, enhancing business predictability [2] - The OPM for the SSG segment was 22.48%, up 2.12 percentage points year-on-year, indicating strong operational resilience [2]

机构：申万宏源研究 研究员：黄忠煌/王开元 ISG 基础设施解决方案：AI 服务器双位数高增，首次披露在手订单155 亿美元。FY25/26Q3ISG 板块实 现营业收入51.76 亿美元，同比+31.42%。拆分来看，AI 服务器高两位数增长，且公司首次披露订单储 备金额155 亿美元，后续增长动能强劲。FY25/26Q3 ISG 板块的经营利润为-1085 万美元，较上一财季 继续缩亏，公司AI 服务器业务转型持续推进。预计在规模效应+全球供应链体系的加持下，ISG 板块有 望在下一财季实现扭亏。 市场逐步消化存储冲击预期，同时，预计公司后续将有效应对存储涨价带来的影响。公司供应链体系完 善，且为业内较大的采购商，在过去多轮部件涨价周期中积累了丰富且完备的应对方案。一方面，公司 对B 端客户具备一定的成本传导能力；另一方面，若涨价带来C 端需求的下滑，实际是利润的递延。市 场正在逐步消化存储涨价对公司带来的冲击。预计公司后续将有效应对存储涨价带来的影响。 维持"买入"评级。我们维持此前盈利预测，预计公司FY25/26-FY27/28 财年实现收入794.9、915.5、 1052.4 亿美元，实现归母净利 ...

Performance Review - The company reported 4Q25 net revenue of $1.293 billion, a year-on-year increase of 9% but a quarter-on-quarter decrease of 1%, recovering to 89% of 4Q19 levels [1] - Adjusted property EBITDA was $331 million, up 12% year-on-year but down 13% quarter-on-quarter, recovering to 81% of 4Q19 levels, which was below the Visible Alpha consensus estimate of $341 million [1] - The performance was primarily impacted by rising operational costs and underperformance of overseas properties [1] Development Trends - Management indicated a strong start for 2026, with market share growth in Macau's gaming revenue, expecting strong performance during the 2026 Chinese New Year [1] - The marketing rebate environment in Macau's gaming industry remains competitive but is stabilizing, with no signs of intensified competition [1] - Details of the licensing fee contract with Melco International Development (200.HK) were disclosed: a 10-year term starting January 2024, with fees set at 1.5% of gross revenue from City of Dreams Macau (excluding the Hyatt Hotel), with no upper limit [1] - The average daily operational cost for the company's Macau business in 4Q25 was $3.3 million, primarily due to one-time expenses from various events, with expectations to decrease to $3.2 million in 1Q26 due to activities during the Chinese New Year and new brand promotion plans [1] - Management anticipates the renovation of the Nüwa Hotel at City of Dreams Macau to be completed by 3Q26, along with upgrades to the retail area [1] - The property sale plan for City of Dreams Manila has been paused, with the company waiting for valuation recovery before reassessment [1] Earnings Forecast and Valuation - The company has raised its EBITDA forecasts for 2026 and 2027 by 1% to HKD 8.754 billion and HKD 9.946 billion, respectively [2] - The current stock price corresponds to 7.2 times the 2026 EV/EBITDA [2] - The company maintains an outperform rating and a target price of HKD 5.60, reflecting a 21% discount to net asset value and a 16% upside potential from the current stock price [2]

Core Viewpoint - 2026 is projected to be the year of mass production for steer-by-wire (SBW) technology, aligning with the trend of autonomous driving, leading to an industry upgrade. The target price is set at HKD 10.2 based on an 18x PE valuation for 2026, with a buy rating [1]. Group 1: Industry Trends - The steering system in automobiles is transitioning from electric power steering (EPS) to steer-by-wire (SBW), with average selling prices (ASP) increasing from C-EPS at 1,000 yuan to R-EPS at 2,000 yuan, and further to SBW at 4,000 yuan [1]. - Currently, EPS remains the mainstream technology in the industry, with a domestic penetration rate reaching 99% [1]. Group 2: Company Developments - The company has seen a growing number of clients and orders for its steer-by-wire technology, being the exclusive supplier for Tesla's robotaxi and the supplier for the Li Auto L9 Livis, both set for mass production in the first half of the year [1]. - Tesla's Cybercab is a key vehicle for achieving Level 4 autonomous driving, aiming to eliminate human intervention through a combination of pure vision FSD solutions and steer-by-wire chassis [1]. Group 3: Regulatory Environment - The legal status of steer-by-wire technology has been clarified with the release of the national certification standard "Basic Requirements for Automotive Steering Systems," effective from July 1, 2026. This standard emphasizes safety requirements and introduces functional safety terminology and verification methods [3]. - The new regulations remove the mandatory mechanical connection between the steering wheel and the steering system, establishing the legal status of SBW and setting strict safety redundancy and failure response standards [3].

Core Viewpoint - Tiangong International is expected to see significant revenue and net profit growth in 2025, driven by its 3C titanium business and advancements in smelting technology [1][5]. Financial Performance - Revenue is projected to increase by 11.1% YoY to Rmb5.37 billion in 2025, while attributable net profit is anticipated to rise by 15.5% YoY to Rmb414 million [1]. - Revenue forecasts for 2025 and 2026 have been raised by 2.8% and 3.5% to Rmb5.37 billion and Rmb6.64 billion, respectively, with a new forecast for 2027 set at Rmb7.38 billion [5]. - Net profit forecasts for 2025 and 2026 have been increased by 13.3% and 29.6% to Rmb414 million and Rmb697 million, with a new forecast for 2027 at Rmb894 million [5]. Industry Trends - The 3C titanium business is expected to become a key earnings growth driver, with increasing demand for titanium alloys in consumer electronics, particularly after Apple's use of titanium in its iPhone 15 Pro series [1]. - Sales volume of high-end 3C titanium materials is projected to grow by 183% YoY in 2026 and 24% YoY in 2027 as demand from downstream consumer electronics sectors recovers [3]. Technological Advancements - The company has upgraded its smelting technology to produce various titanium alloy grades using green recycled materials, positioning itself as a leading supplier of 3C titanium materials in China [2]. - The establishment of titanium alloy powder metallurgy production lines ahead of competitors is expected to provide a long-term competitive advantage [3]. New Growth Drivers - The company's PM molds for integrated die-casting are anticipated to enter alternative-fuel vehicle supply chains valued at over Rmb1 trillion, potentially boosting sales volume [4]. - The company has developed a unique melting technology to control nitrogen content in high-nitrogen alloy materials, which is being utilized in high-end applications [5]. Valuation and Outlook - The company is expected to transition from a leading tool and die steel manufacturer to a high-end material supplier by 2026, leading to a valuation adjustment [6]. - The target price has been raised by 76% to HK$5.29, implying an 18.4x 2026e P/E, with a potential upside of 50% [6].

Core Viewpoint - The regulatory authorities in China are addressing compliance issues related to lending practices by major travel platforms, emphasizing the need for comprehensive rectification to protect financial consumers' rights [1][5][8] Group 1: Regulatory Actions - The National Financial Supervision Administration, along with the Market Supervision Administration and the People's Bank of China, has conducted a joint meeting with six major travel platforms, including Ctrip and Fliggy, to discuss compliance issues in their lending operations [1] - The regulatory bodies have outlined three key rectification requirements: to standardize marketing practices, ensure transparent disclosure of lending information, and improve complaint handling processes [5] Group 2: Industry Context - The integration of credit products into high-frequency travel scenarios has become common in the industry, but issues such as lack of transparency, misleading marketing, and slow dispute resolution have been prevalent [8] - The joint regulatory effort aims to enforce platform accountability and standardize the "travel + finance" cross-industry cooperation model [8]

Market Performance - The three major indices collectively declined, with the Shanghai Composite Index down by 0.7%, the Shenzhen Component down by 0.67%, and the ChiNext Index down by 0.96% [1] - Over 2,600 stocks rose in the two markets, with a total trading volume of 1.2 trillion [1] Sector Performance - The CPO concept experienced a decline of 2.23%, with Changxin Bochuang dropping by 9.19% and Guangku Technology down by 8.15% [3] - The port and shipping sector saw significant drops, with Zhongyuan Marine Energy and China Merchants Energy both experiencing substantial declines [3] - Small metals, photovoltaic equipment, mining industry, HIT batteries, glass fiber, and hot stocks from Dongfang Fortune also followed suit, with declines exceeding 1% [3] - The military industry sector showed strong performance, highlighted by Yaxing Anchor Chain hitting the daily limit [3] - The semiconductor sector was active, with concepts related to photolithography machines and photolithography adhesives rapidly rising, including Guofeng New Materials achieving two limits in four days [3] - The semiconductor equipment concept continued to strengthen, with Shenghui Integration hitting the daily limit and reaching a historical high [3] - The paper-making concept showed repeated strength, with Wuzhou Special Paper hitting the daily limit [3] Economic Indicators - In January, the month-on-month decline in commodity residential sales prices in first, second, and third-tier cities narrowed overall, with second-hand residential prices in first-tier cities decreasing by 0.5%, a reduction of 0.4 percentage points compared to the previous month [3] - The National Film Administration and the Ministry of Commerce organized a "Film+" consumption pilot program, with the first batch of 16 cities selected [3] - Federal Reserve Governor Milan indicated that policy adjustments and artificial intelligence will drive GDP growth in the United States [3]