Core Viewpoint - The report from Credit Lyonnais indicates an upward revision of Lenovo Group's net profit forecasts for 2026 to 2028, driven by stable profit margins in personal computers and an increase in average selling prices [1] Group 1: Financial Projections - Lenovo Group's non-Hong Kong financial reporting net profit forecasts for 2026, 2027, and 2028 have been increased by 7%, 11%, and 13% respectively [1] - The target price for Lenovo Group has been slightly raised from HKD 10.3 to HKD 10.4 while maintaining an "outperform" rating [1] Group 2: Performance Insights - The third-quarter performance for the fiscal year 2026 exceeded market expectations, benefiting from strong revenue in the personal computer segment and a 7.3% operating profit margin [1] - The company anticipates positive growth in its smart devices business group for 2026, driven by increased demand for AI personal computers and high-end models, which will elevate average selling prices [1] Group 3: Strategic Outlook - The company is expected to pass on rising memory costs to consumers through retail price increases and improve its bargaining power with suppliers [1] - The infrastructure solutions business group is projected to return to profitability, contributing to overall earnings growth [1]

2月13日，联想智库正式发布"2026企业AI十大趋势"。该趋势指出，2026年，人工智能技术正经历从"概念验 证"到"产业深度融合"的关键转折，企业面临的核心挑战不再局限于技术应用，而是如何将AI与业务战略、组织架 构、产业生态协同演进，实现从"效率提升"到"价值创造"的跨越。 该趋势基于对2025年第四季度开展的企业AI趋势行业观察，调研了百余位企业AI领域的联想智库专家。其核心洞 察在于，企业应用AI的方式正发生根本性升级，并由此牵引出涵盖组织建设、商业模式、AI治理、基础设施等十 大趋势。 这十大趋势具体包括：从"+AI"到"AI+"，涌现AI原生企业；从大模型token付费到智能体结果付费；"模算效能"成 企业选择和应用大模型第一准则；AI-Ready成为企业知识治理新标准；AI治理从被动应对进入主动构建；企业推 理需求爆发，AI工厂加速落地；软硬一体，推动算力效率革命；算电协同，降低AI总拥有成本；RaaS，物理AI业 落地第一步；国产&开源，中国企业AI创新新动能。 十大趋势亦与联想的判断和实践十分契合。早在2017年，联想就前瞻式布局人工智能，并于2023年提出混合式AI 战略，在个人AI和企 ...

Core Viewpoint - Lenovo Group reported strong financial results for FY2026Q3, with significant revenue growth driven by efficiency optimization and a high-end product mix, despite a decline in net profit year-over-year [1] Group Summaries Revenue and Profit Performance - The company achieved revenue of approximately $22.204 billion, representing an 18% year-over-year increase and an 8.6% quarter-over-quarter increase [1] - Adjusted net profit reached $589 million, a 36% year-over-year increase, indicating a growth rate double that of revenue [1] - The adjusted net profit margin improved by 34 basis points to 2.7%, reflecting enhanced operational leverage and efficiency [1] Smart Devices Business Group - Revenue for the smart devices business group grew by 14% year-over-year, with operating profit increasing by 15% [2] - The profitability of personal computers, tablets, and other smart devices remained strong due to rising average selling prices and improved product mix [2] - The personal computer peripherals business experienced high double-digit revenue growth, significantly enhancing overall profitability [2] Infrastructure Solutions Group - The infrastructure solutions business group achieved record revenue of $5.2 billion, a 31% year-over-year increase, driven by an expanding customer base in cloud infrastructure [3] - A strategic restructuring plan was implemented, incurring a one-time restructuring cost of $285 million, aimed at optimizing product mix and improving operational capabilities [3] - The company anticipates this plan will accelerate its return to profitability in FY2027, with a goal of achieving annual net cost savings exceeding $200 million for the next three fiscal years [3] Solutions Services Business Group - The solutions services business group reported a quarterly revenue increase of 18%, marking 19 consecutive quarters of double-digit growth [3] - Operating profit margin improved to 22.5%, nearing historical highs, with maintenance and project solution services driving growth [3] - The company is strategically positioned in the fastest-growing areas of the IT services market, with a potential market size of $360 billion [3] Profit Forecast and Investment Rating - The company adjusted its profit forecast, expecting revenues of $80.144 billion, $87.600 billion, and $93.235 billion for FY2026 to FY2028, respectively [3] - Non-HKFRS net profits are projected to be $1.796 billion, $1.973 billion, and $2.111 billion for the same period, corresponding to non-HKFRS P/E multiples of 8.0x, 7.2x, and 6.8x [3] - The investment rating is maintained at "Buy" due to significant progress in hybrid AI [3]

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]

Core Viewpoint - The company reported FY25/26 Q3 financial results that exceeded expectations, with significant growth in both revenue and adjusted net profit, indicating strong operational performance in key business segments [1][2]. Group 1: Financial Performance - For FY25/26 Q3, the company achieved revenue of $22.204 billion, a year-on-year increase of 18.13% [1]. - The adjusted net profit for the same period was $589 million, reflecting a year-on-year growth of 35.54% [1]. - The overall performance in terms of revenue and net profit surpassed market expectations [1]. Group 2: Business Segments - The IDG smart device business group reported revenue of $15.755 billion for FY25/26 Q3, marking a year-on-year increase of 14.30% [1]. - The PC segment within IDG generated approximately $11.6 billion in revenue for FY25/26 Q3, with a year-on-year growth of 14.4%, significantly outpacing the global PC shipment growth rate of 9.6% [1]. - The ISG infrastructure solutions segment achieved revenue of $5.176 billion for FY25/26 Q3, reflecting a year-on-year increase of 31.42% [2]. Group 3: Future Outlook - The company disclosed a backlog of orders amounting to $15.5 billion for the ISG segment, indicating strong future growth potential [2]. - The AI server business within ISG is experiencing double-digit growth, and the company is expected to leverage scale effects and a robust global supply chain to achieve profitability in the next fiscal quarter [2]. - The company has established a comprehensive supply chain system that positions it well to manage the impact of rising storage costs, with effective cost pass-through capabilities to B-end clients [3].

Core Insights - The article highlights the rapid growth and development of China's artificial intelligence (AI) industry, showcasing significant user adoption and innovation across various sectors [3][4][14][24][31]. Group 1: AI Industry Growth - By the end of 2025, China's generative AI user base is projected to reach 602 million, a 141.7% increase from the end of 2024, with a penetration rate of 42.8%, up 25.2 percentage points year-on-year [3]. - The AI industry in Beijing has surpassed 2,400 companies, including 46 listed firms and 36 unicorns, accounting for over half of the national total [4]. - Shanghai's AI industry is expected to exceed 550 billion yuan in scale by the end of 2025, with a year-on-year growth rate of over 30% [14]. Group 2: Key Players and Innovations - Major companies leading the AI sector include ByteDance, Baidu, and Huawei, focusing on areas such as large models, AI algorithms, and smart driving [5][24]. - Shenzhen has seen a 22.6% year-on-year growth in its core AI industry, with a total scale reaching 368.5 billion yuan in 2024, indicating a shift towards source innovation [24]. - Hangzhou's AI industry is projected to grow from 300 billion yuan in 2023 to 399 billion yuan in 2024, with 84 listed companies and 10 unicorns by the end of 2025 [31]. Group 3: Data and Infrastructure - Beijing has registered 123 large model products and established a data foundation with over 150 petabytes of data [4]. - Shanghai has completed 137 registrations for generative AI services, building a workforce of 300,000 in the AI sector [14]. - Shenzhen's AI industry encompasses a full range of the supply chain, from chips to applications, with 2,887 related enterprises [24].

国家知识产权局信息显示，联想（北京）有限公司申请一项名为"一种服务器"的专利，公开号 CN121501101A，申请日期为2025年10月。 本文源自：市场资讯 作者：情报员 天眼查资料显示，联想（北京）有限公司，成立于1992年，位于北京市，是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本565000万港元。通过天眼查大数据分析，联想（北京） 有限公司共对外投资了108家企业，参与招投标项目5000次，财产线索方面有商标信息1741条，专利信 息5000条，此外企业还拥有行政许可238个。 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。 专利摘要显示，本申请提供一种服务器。服务器包括机箱、存储单元结构、计算节点结构以及第一导电 线。存储单元结构可移动地设置于机箱内，且存储单元结构的至少部分可沿第一方向被移动伸出至机箱 的外侧，存储单元结构包括配电装置，配电装置用于与外部电源连接，存储单元结构用于装载存储介 质；计算节点结构设置于机箱内，且计算节点结构与存储单元结构位于机箱的不同高度区域，计算节点 结构用于装载服务器的计算节点；第一导电线连接计 ...

Core Insights - The core viewpoint of the article is that by 2026, artificial intelligence (AI) technology will transition from "concept validation" to "deep integration into industries," with companies facing challenges in aligning AI with business strategies and organizational structures to achieve value creation rather than just efficiency improvement [2][3]. Group 1: Key Trends in AI - The report identifies ten major trends in enterprise AI, including the shift from "+AI" to "AI+" leading to the emergence of AI-native companies [3][4]. - The payment model for AI services is evolving from token-based payments for large models to result-based payments for intelligent agents, emphasizing business value over technology costs [7]. - The criterion for selecting and applying large models is shifting to "model-computing efficiency," which considers both model performance and computing costs [8][9]. Group 2: Knowledge and Governance - The standard for knowledge governance is transitioning to "AI-Ready," where knowledge is structured and can be effectively utilized by AI systems [10]. - AI governance is moving from a reactive to a proactive approach, focusing on building trust and resilience through comprehensive governance frameworks [11]. Group 3: Infrastructure and Demand - There will be a significant increase in demand for reasoning power as AI applications move from proof of concept to large-scale deployment, marking 2026 as a pivotal year for enterprise computing power procurement [12]. - The integration of software and hardware is driving a revolution in computing efficiency, with a focus on end-to-end optimization [13]. Group 4: Cost and Sustainability - The evolution of AI infrastructure is shifting towards a unified approach that integrates computing and energy, emphasizing cost and carbon efficiency [14]. - The concept of "Robot as a Service" (RaaS) is facilitating the scaling of physical AI capabilities in industries like logistics [15]. Group 5: Innovation in China - The development path of AI in Chinese enterprises is characterized by a dual drive of "domestic innovation" and "open-source accessibility," leading to a unique paradigm for AI growth [16].