Core Viewpoint - The global technology industry is experiencing a stark contrast, with major players like Microsoft, Google, and Amazon announcing significant AI capital expenditure plans, yet facing market declines due to ROI concerns, resulting in a collective market value loss of nearly $900 billion [1] Group 1: Lenovo's Performance Amidst Market Challenges - Lenovo Group's third-quarter performance for the fiscal year 2025/26, reported on February 12, 2026, showcased a record revenue of $22.2 billion (157.5 billion RMB), an 18% year-on-year increase, with adjusted net profit growth reaching 36%, double the revenue growth rate [1][2] - Lenovo's resilience during supply chain disruptions and the downturn of global tech giants is attributed to its strong delivery capabilities and operational discipline, allowing it to maintain steady performance [2][3] - The company has consistently demonstrated strong delivery resilience during past supply chain crises, regaining its position as the world's leading PC manufacturer even when the market faced stagnation [2][3] Group 2: Supply Chain Management and Operational Strategy - Lenovo's unique operational strategy, termed "global resources, local delivery," enables it to integrate resources across various regions, ensuring consistent procurement and delivery despite supply chain disruptions [4] - The company's "ODM+" model allows it to mitigate localized disruptions and maintain operational continuity, earning recognition as a global supply chain leader [4] - Lenovo's proactive asset management, including signing annual framework agreements with key suppliers, has secured supply and cost stability, providing a competitive edge during market volatility [7][8] Group 3: Market Position and Competitive Advantage - Lenovo's global PC market share increased from 23.7% in the fiscal year 2024/25 to 25.3%, enhancing its bargaining power with suppliers during periods of component shortages [6] - The company's scale advantage allows it to achieve optimal procurement prices, positioning it favorably against competitors amid rising costs [6][8] - Lenovo's customer base, predominantly composed of enterprise and government clients, enables it to absorb cost pressures more effectively than competitors reliant on price-sensitive consumer markets [8][9] Group 4: Long-term Operational Discipline - Lenovo's operational discipline and risk management culture have allowed it to avoid common pitfalls during supply chain disruptions, maintaining stable inventory levels and cash flow [9][10] - The company has successfully locked in low-cost components through strategic inventory management, preventing significant financial losses during price fluctuations [10] - Lenovo's ability to navigate supply chain challenges is attributed to its evolution beyond a traditional PC company, leveraging its position within the global supply chain and AI ecosystem [11][12] Group 5: Future Outlook and AI Integration - Lenovo is well-positioned to capitalize on the AI industry's growth, integrating hardware and software to meet emerging demands for computational power and infrastructure [12][13] - The company's strategy of combining AI PCs, smartphones, and servers with a robust service framework is expected to enhance its order stability and cash flow, solidifying its leadership in the global AI ecosystem [12][13]

Core Insights - The Chinese tablet market is projected to reach a shipment volume of 33.76 million units in Q4 2025, reflecting a year-on-year growth of 13.1% driven by the "national subsidy" policy and an increased willingness among users to upgrade their devices [1] - In Q4 2025, the market experienced a year-on-year growth of 7.2%, although the growth rate slowed compared to the first three quarters due to the gradual tightening of the "national subsidy" policy [1] Market Share Analysis - In Q4 2025, the top five tablet manufacturers in China and their market shares are as follows: - Apple: 26.7%, down 0.8% from Q4 2024 - Huawei: 24.9%, down 2.9% from Q4 2024 - Lenovo: 13.1%, up 4.9% from Q4 2024 - Xiaomi: 11.0%, down 2.8% from Q4 2024 - Honor: 7.7%, down 0.6% from Q4 2024 - Others: 16.6%, up 2.2% from Q4 2024 [1][2] Annual Market Share Overview - For the entire year of 2025, the market shares of the top five manufacturers are: - Huawei: 29.2%, down 3.1% from 2024 - Apple: 24.5%, down 2.0% from 2024 - Xiaomi: 13.1%, up 0.4% from 2024 - Lenovo: 9.7%, up 3.0% from 2024 - Honor: 8.6%, up 0.3% from 2024 - Others: 14.9%, up 1.4% from 2024 [3][4]

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (0992.HK) [1][11] Core Insights - The strategic restructuring is expected to accelerate the ISG business back to profitability, indicating a positive outlook for the company's future development [2] - In FY2026Q3, Lenovo achieved revenue of approximately $22.204 billion, representing an 18% year-over-year increase and an 8.6% quarter-over-quarter increase. The gross margin was around 15%, with a net profit of $546 million, down 21% year-over-year but up 60% quarter-over-quarter [5][6] Summary by Sections Financial Performance - In FY2026Q3, Lenovo's adjusted net profit was approximately $589 million, a 36% year-over-year increase, reflecting operational leverage improvements and a higher contribution from high-end product offerings [6] - The smart devices business group saw a 14% year-over-year revenue increase, with operating profit rising by 15%, driven by higher average selling prices and improved product mix [6] Business Segments - The infrastructure solutions group reported record revenue of $5.2 billion, a 31% year-over-year increase, aided by an expanding customer base in cloud infrastructure [7] - The solutions services group achieved an 18% year-over-year revenue growth, marking 19 consecutive quarters of double-digit growth, with operating profit margin reaching 22.5% [8] Profitability Forecast - Revenue projections for FY2026 to FY2028 are estimated at $80.144 billion, $87.600 billion, and $93.235 billion, respectively, with non-HKFRS net profits of $1.796 billion, $1.973 billion, and $2.111 billion [9][10]

Core Insights - The AI industry is transitioning from a capital-intensive model training phase to a monetization phase focused on commercial efficiency as of 2026 [1][13] - Lenovo is emerging as a key player in this new phase, leveraging its extensive installed base and end-to-end delivery capabilities to capitalize on the hybrid AI architecture [1][12] Financial Performance - Lenovo reported revenue of 157.5 billion RMB for the third quarter of the 2025/26 fiscal year, representing an over 18% year-on-year growth, significantly exceeding market expectations [2][14] - Adjusted net profit increased by 36% year-on-year, surpassing market expectations by 32%, with profit growth outpacing revenue growth [2][14] Market Challenges and Strategic Response - The industry is facing challenges such as rising prices of key components like storage chips and concerns over the sustainability of the AI cycle [2][14] - Lenovo has successfully fulfilled its commitment to double-digit revenue growth and profitability, demonstrating resilience and operational strength in a complex environment [2][14] Shift in AI Industry Focus - The focus of the AI industry is shifting from training to inference, with a greater emphasis on cost-effective and user-friendly solutions for daily AI functionality [4][16] - The market is moving away from purely cloud-based AI models due to high bandwidth costs and energy bills, necessitating more economical solutions [5][16] Competitive Landscape - Companies that can cover a broad customer base and possess global supply chain resilience are becoming increasingly favored in the AI commercial ecosystem [6][18] - Lenovo's extensive device installation base positions it as a critical player in the AI monetization phase, where hardware serves as the platform for AI interaction [6][18] Hybrid AI Strategy - Lenovo's hybrid AI strategy is not merely a hardware upgrade but a comprehensive approach to AI deployment, transferring inference costs from the cloud to local devices [7][19] - The integration of local NPU and heterogeneous computing in PCs enhances response speed and privacy for users while significantly reducing AI usage costs [7][19] Revenue Growth in AI Segment - In the third quarter, Lenovo's AI-related revenue grew by 72%, accounting for 32% of total revenue, with AI PC revenue increasing by 39% and AI smartphone revenue surging by 202% [11][22] - The average selling price of AI PCs reached 845 USD, significantly above industry averages, providing structural support for profitability [20][22] Long-term Business Model - The hybrid AI model is seen as a commercially optimal solution, addressing cost and trust issues associated with cloud-based AI [21] - Lenovo's business model is evolving from merely selling devices to offering comprehensive AI capabilities, positioning the company as a steady revenue generator in the AI monetization phase [21][22] Future Outlook - Lenovo aims to leverage its hybrid AI strategy and global supply chain to create sustainable, scalable, and profitable AI business opportunities [12][24] - The company is focused on integrating AI into everyday life and enterprise operations, ensuring long-term returns for shareholders [12][24]

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (0992.HK) [6] Core Insights - The overall impact of storage price increases is manageable, and the strategic restructuring plan is expected to accelerate the return of the ISG business to profitability [1] - For FY26Q3, Lenovo's revenue reached $22.204 billion, a year-on-year increase of 18% and a quarter-on-quarter increase of 9%. AI-related business revenue grew by 72% year-on-year, accounting for 32% of total revenue [1] - The adjusted net profit attributable to shareholders was $589 million, a year-on-year increase of 36% and a quarter-on-quarter increase of 15% [1] Summary by Sections IDG Business (Intelligent Devices Group) - In FY26Q3, IDG business revenue was $15.755 billion, up 14% year-on-year and 4% quarter-on-quarter, driven by high growth in AI PC revenue and increased sales of high-end products [2] - The PC business revenue increased by 18% year-on-year, with Lenovo's global market share reaching 25.3%, up 1.0 percentage points [2] - Smartphone sales and activations reached historical highs, supported by strong performance of high-end models [2] ISG Business (Infrastructure Solutions Group) - ISG business revenue for FY26Q3 was $5.176 billion, a year-on-year increase of 31% and a quarter-on-quarter increase of 27% [3] - AI server revenue saw high double-digit growth, with a project reserve amounting to $15.5 billion [3] - The company expects to achieve profitability in FY26Q4, with a target of over $200 million in annual net cost savings for the next three fiscal years [3] SSG Business (Solutions and Services Group) - SSG business revenue for FY26Q3 was $2.652 billion, up 18% year-on-year and 4% quarter-on-quarter, marking 19 consecutive quarters of double-digit year-on-year growth [4] - The operating profit margin was 22.5%, close to historical highs, with maintenance services and project solutions being the core growth engines [4] Financial Forecast and Valuation - The FY26 net profit forecast has been raised by 4% to $1.682 billion, while FY27 and FY28 net profit forecasts remain at $1.743 billion and $1.917 billion, respectively [4] - Revenue projections for FY2026E are $80.707 billion, with a growth rate of 16.8% [5]

作者：情报员 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 国家知识产权局信息显示，联想（新加坡）私人有限公司取得一项名为"基于模型的预测干扰管理"的专 利，授权公告号CN116057988B，申请日期为2020年6月。 ...

里昂发表研报指，联想集团2026财年第三季业绩优于市场预期，受惠于个人计算机业务收入强劲及 7.3%的经营溢利率。凭借行业领先的盈利能力，公司预计2026年智能设备业务集团将录得正增长，由 AI个人计算机及高端型号需求带动平均售价上升所推动。公司预期基础设施方案业务集团将于2026财 年第四季扭亏，并在重组措施下维持盈利。展望2026年，该行预期，联想集团可通过上调零售价格转嫁 上升的存储器成本，并改善与供应商的议价能力；基础设施方案业务集团扭亏为盈亦将贡献盈利增长。 基于个人计算机利润率稳健及平均售价上升，里昂上调2026年至2028年非香港财务报告准则净利润预测 7%、11%及13%，目标价从10.3港元轻微上调至10.4港元，维持"跑赢大市"评级。 来源：滚动播报 ...

展望2026年，该行预期，联想集团可通过上调零售价格转嫁上升的存储器成本，并改善与供应商的议价 能力；基础设施方案业务集团扭亏为盈亦将贡献盈利增长。基于个人计算机利润率稳健及平均售价上 升，里昂上调2026年至2028年非香港财务报告准则净利润预测7%、11%及13%，目标价从10.3港元轻微 上调至10.4港元，维持"跑赢大市"评级。 里昂发表研报指，联想集团2026财年第三季业绩优于市场预期，受惠于个人计算机业务收入强劲及 7.3%的经营溢利率。凭借行业领先的盈利能力，公司预计2026年智能设备业务集团将录得正增长，由 AI个人计算机及高端型号需求带动平均售价上升所推动。公司预期基础设施方案业务集团将于2026财 年第四季扭亏，并在重组措施下维持盈利。 ...

联想集团在上季度的财务表现如何？ 上季度，联想集团实现了卓越的财务表现，全面兑现了各项承诺。集团营收达 到 220 亿美元，同比增长超过 18%，所有业务板块均实现两位数增长。调整 后净利润同比增长 36%，增速为营收的两倍。人工智能业务成为核心增长引擎， 相关营收同比激增超过 70%，目前占集团总收入的近三分之一。 集成设备集团（IDG）和基础设施解决方案集团（ISG）的具体业绩如何？ 联想集团 20260212 2026-02-12 摘要 联想集团营收同比增长，人工智能业务成为核心增长引擎，营收同比激 增超过 70%，占集团总收入近三分之一，驱动公司整体增长。 集成设备集团（IDG）营收同比增长 14%至近 160 亿美元，PC 出货量 连续 10 个季度跑赢市场，市场份额创历史新高，但需关注元器件短缺 和成本上涨的影响。 基础设施解决方案集团（ISG）营收达 52 亿美元，同比增长超 30%， 通过战略重组优化成本结构，把握 AI 推理从公有云转向边缘端的趋势。 解决方案与服务集团（SSG）营业利润率超 22%，营收同比增长 18%，托管服务和项目解决方案占营收近 60%，规模化设备即服务 （DaaS） ...

投身于AI从云端训练向端侧推理跃迁的浪潮之中，作为全球AI生态链领先企业的联想集团，已有了破 局进化之道。 2026年2月12日，联想集团（HKSE：992）（ADR：LNVGY）披露2025/26财年第三财季业绩，关键指 标均超市场预期。截至2025年12月31日，集团营收达1575亿人民币，同比增长超过18%；经调整后的净 利润同比增长36%，利润增速更是达到营收增速的两倍。多家投行如摩根士丹利称，毛利率符合市场预 期。在随后召开的业绩发布会上，联想集团董事长兼CEO杨元庆给出承诺：未来的几个季度，都可以继 续保持双位数增长。 同日下午，联想集团高级副总裁兼首席财务官郑孝明（Winston Zheng）接受媒体深度访谈，坦率回应 了市场关注的所有焦点：存储暴涨后的行业分化、AI军备竞赛及生态演化、ISG盈利修复之路等，由此 详解了联想集团的价值重估逻辑。 文/罗茜 当下的全球科技产业，正处于一个深度重构的关键时刻：一边是以存储器为代表的核心元器件，陷入近 乎疯狂的价格暴涨周期；一边是科技巨头们，不计成本地投身关于AI的战略豪赌和军备竞赛。 "我们的估值会从PC-only（仅依赖PC）的估值，转换成一个基于 ...