香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Lenovo Group Limited 聯想集團有限公司 (於香港註冊成立之有限公司) (港幣櫃台股份代號：992 / 人民幣櫃台股份代號：80992) 二零二四 / 二五年財政年度第一季業績公佈 季度業績 聯想集團有限公司 (「本公司」) 董事會 (「董事會」) 在此宣佈，本公司及其附屬公司 (「本集團」) 截至 二零二四年六月三十日止三個月未經審核業績及去年同期的比較數字如下： | --- | |----------------------------------------------------------------------------------------| | 本集團收入及權益持有人應佔溢利同比分別增長 20%及 38%，主要受計算、基礎設施及服務的加 | | 速增長所帶動。研發費用增加 6%，以支持關鍵人工智能創新，反映本集團致力維持其在個人及企 | | 業人工智能解決方案的領導 ...

[Table_MainInfo] 公司研究/信息设备/电脑与外围设备 证券研究报告 联想集团（0992）公司研究报告 2024 年 08 月 01 日 股票数据 0[7Ta月b3le1_日S收to盘c（kI港nf元o]） 10.08 52 周股价波动（港元） 6.97-12.26 总股本/流通 A 股（亿股） 124.05/124.05 总市值/流通市值（亿元） 1250/1250 [Table_QuoteInfo] 市场表现 恒生指数对比 1M 2M 3M 绝对涨幅（%） -3.39% 8.47% 30.97% 分析师:杨林 Tel:(021)23183969 Email:yl11036@haitong.com 分析师:杨蒙 Email:ym13254@haitong.com 分析师:魏宗 Email:wz16146@haitong.com | --- | |---------------------| | 证书:S0850517080008 | | Tel:(021)23185700 | | 证书:S0850523090001 | | Tel:021-23180000 | | 证书:S0850524040 ...

Investment Rating - The report maintains a "Recommend" rating for Lenovo Group, citing its leadership in the AI-driven PC and server markets and its potential to lead a new growth cycle in the industry [1][2] Core Views - Lenovo Group is positioned as a leader in the PC industry, with a strong focus on AI-driven transformation across its three core business groups: IDG (Intelligent Devices Group), ISG (Infrastructure Solutions Group), and SSG (Solutions & Services Group) [1] - The company is expected to benefit from the recovery of the PC and server markets, with AI PCs and AI servers driving future growth [1][2] - Lenovo's SSG business is a key profit driver, with an operating profit margin of 21.4% in FY2024, significantly higher than other business groups [1] Business Group Analysis IDG (Intelligent Devices Group) - Lenovo's IDG business, which accounts for 73.12% of FY2024 revenue, is leading the next growth cycle in the PC industry, with a 22.7% global market share in 2023 [1] - The company is well-positioned in the AI PC market, with new products expected to drive commercial orders in 2H24 [1] - Lenovo's PC shipments grew for the first time in eight quarters in 1Q24, signaling the end of the inventory reduction cycle [1] ISG (Infrastructure Solutions Group) - Lenovo's ISG business, contributing 14.63% of FY2024 revenue, is a key player in the AI server market, ranking as the third-largest global AI infrastructure provider [1] - The company has a strong presence in high-performance computing (HPC) and liquid cooling technologies, with its ThinkSystem servers leading in performance and reliability [1][12] - Lenovo's ISG business is expected to benefit from the growing demand for AI servers, with new products like the ThinkSystem SR780a V3 and SR680a V3 set to drive performance improvements [59] SSG (Solutions & Services Group) - Lenovo's SSG business, accounting for 12.25% of FY2024 revenue, is a major profit driver with a 21.4% operating profit margin [1] - The SSG business is focused on AI-driven solutions, with a "One Engine, Three Arrows" strategy to meet the intelligent needs of enterprises, SMEs, and consumers [1] - The company's SSG business is expanding its AI-native services, with a focus on vertical industry solutions and AI-enhanced customer service [65] Financial Projections - Lenovo Group is expected to achieve revenues of $60.92 billion, $66.06 billion, and $70.52 billion in FY2025, FY2026, and FY2027, respectively, with net profits of $1.22 billion, $1.55 billion, and $1.90 billion [2] - The company's PE ratio is projected to be 13x, 10x, and 8x for FY2025, FY2026, and FY2027, respectively, reflecting a recovery in the PC and server markets [2] Market Position and Competitive Advantages - Lenovo holds a 23% global market share in PC shipments as of 1Q24, maintaining its position as the global leader for multiple years [7] - The company is the third-largest global AI infrastructure provider, with a strong presence in HPC and liquid cooling technologies [1][12] - Lenovo's SSG business is a key differentiator, with a high operating profit margin and a focus on AI-driven solutions [1][65] Strategic Initiatives - Lenovo is focusing on AI-driven transformation across its business groups, with a particular emphasis on AI PCs and AI servers [1] - The company is leveraging its "One Engine, Three Arrows" strategy in the SSG business to drive AI adoption across various industries [1][65] - Lenovo is expanding its AI server product line, with new models like the ThinkSystem SR780a V3 and SR680a V3, which are optimized for generative AI and large language models [59]

优于大市 联想集团(00992.HK) 全球领先的 ICT 科技企业,AI PC 与服务器创造发展新动能 请务必阅读正文之后的免责声明及其项下所有内容 证券研究报告 | 2024年07月23日 公司研究·海外公司快评 电子·消费电子 投资评级:优于大市(首次) 证券分析师: 胡剑 021-60893306 hujian1@guosen.com.cn 执证编码:S0980521080001 证券分析师: 胡慧 021-60871321 huhui2@guosen.com.cn 执证编码:S0980521080002 证券分析师: 叶子 0755-81982153 yezi3@guosen.com.cn 执证编码:S0980522100003 证券分析师: 詹浏洋 010-88005307 zhanliuyang@guosen.com.cn 执证编码:S0980524060001 联系人: 李书颖 0755-81982362 lishuying@guosen.com.cn 联系人: 连欣然 010-88005482 lianxinran@guosen.com.cn 事项: 1)7 月 18 日,市场调查机构 Co ...

Financial Performance - Revenue for the fiscal year ending March 31, 2024, was $56.864 billion, a decrease of 8% year-over-year from $61.947 billion in 2023[6] - Gross profit for 2024 was $9.803 billion, down 7% from $10.501 billion in 2023, with a slight increase in gross margin to 17.2% from 17.0%[6] - Operating expenses remained stable at $7.797 billion, but the operating expense ratio increased to 13.7% of revenue, up 1.1 percentage points from 12.6% in 2023[6] - Net profit attributable to equity holders was $1.011 billion, a significant decline of 37% from $1.608 billion in 2023[6] - Cash and cash equivalents decreased by 16% to $3.626 billion, while net cash dropped sharply by 98% to $6 million[6] - Net profit in Q4 increased by 118% YoY to $248 million, marking the third-highest Q4 profit in history[17] - The company's gross margin reached a historical high, with R&D expenses as a percentage of revenue also hitting a record high[17] - Group revenue and net profit declined by 8% and 37% respectively in the fiscal year, but sales and net profit in Q4 grew by 9% and 118% year-over-year[21] - Total revenue for the fiscal year ending March 31, 2024, was $56.86 billion, a decrease from $61.95 billion in the previous year[72] - Gross profit margin increased by 0.2 percentage points to 17.2% in FY2024 compared to 17.0% in FY2023[72] - Operating profit for FY2024 was $2.01 billion, down from $2.67 billion in FY2023[72] - Net profit attributable to equity holders decreased to $1.01 billion in FY2024 from $1.61 billion in FY2023[72] - Basic earnings per share dropped to 8.41 cents in FY2024 from 13.50 cents in FY2023[72] - R&D expenses decreased to $2.03 billion in FY2024 from $2.20 billion in FY2023[74] - The company recorded a strategic investment fair value gain of $153 million in FY2024, down from $203 million in FY2023[75] - Net foreign exchange loss was $74 million in FY2024, compared to $118 million in FY2023[75] - The company incurred $55 million in severance and related costs in FY2024, down from $209 million in FY2023[75] - Advertising and promotional expenses increased by $32 million in FY2024 due to new product launches and special events[74] - Smart Devices Business Group revenue decreased to $44.6 billion in 2024 from $49.37 billion in 2023, with operating profit dropping to $3.18 billion from $3.6 billion[77] - Infrastructure Solutions Business Group reported a loss of $248.26 million in 2024, compared to a profit of $98.08 million in 2023[77] - Solutions and Services Business Group revenue increased to $7.47 billion in 2024 from $6.66 billion in 2023, with operating profit rising to $1.55 billion from $1.39 billion[77] - Total revenue for the company decreased to $56.86 billion in 2024 from $61.95 billion in 2023, with operating profit dropping to $3.16 billion from $3.88 billion[77] - Headquarters and corporate expenses increased to $1.34 billion in 2024 from $1.09 billion in 2023, driven by higher employee benefits and claims provisions[78] - Non-Hong Kong Financial Reporting Standards adjusted profit was $1.38 billion in 2024, compared to $1.1 billion under Hong Kong Financial Reporting Standards[81] - The company excluded $143.43 million in re-measurement gains from put option liabilities for non-Hong Kong Financial Reporting Standards purposes[80] - Restructuring and other expenses amounted to $132.21 million in 2024, which were excluded from non-Hong Kong Financial Reporting Standards calculations[81] - Amortization of intangible assets from acquisitions was $169.41 million in 2024, excluded from non-Hong Kong Financial Reporting Standards[81] - Fair value changes in financial assets resulted in a loss of $153.11 million in 2024, excluded from non-Hong Kong Financial Reporting Standards[81] - Operating profit for the year was $2,668.8 million, with a pre-tax profit of $2,135.9 million and a net profit of $1,607.7 million[82] - Non-current assets increased to $16,063.8 million, driven by investments in property, plant, and equipment, and intangible assets[83] - Property, plant, and equipment increased slightly to $2,010.2 million due to investments in machinery, leased equipment, and office equipment[84] - Right-of-use assets decreased by 13% to $571.3 million, primarily due to depreciation and exchange rate fluctuations[85] - Construction in progress decreased by 47% to $337.6 million, mainly due to the transfer of completed assets to property, plant, and equipment[86] - Intangible assets increased slightly, driven by the acquisition of patents, technology, and software development[87] - Equity in associates and joint ventures decreased by 27% to $318.8 million, mainly due to losses and loan repayments[88] - Deferred tax assets increased by 7% to $2,633.3 million, driven by tax losses and temporary differences[89] - Financial assets at fair value through profit or loss increased by 13% to $1,393.7 million, due to additional investments and fair value gains[90] - Cash and cash equivalents decreased by 16% to $3,559.8 million, primarily due to cash outflows for investing and financing activities[91] - Equity increased due to the conversion of approximately $219.5 million of 2024 convertible bonds[98] - Non-current liabilities decreased by $169.075 million, primarily due to the repurchase of $136 million in notes[99][100] - Warranty provisions decreased by 18% due to reduced business and exchange rate fluctuations[100] - Retirement benefit obligations decreased by 6% due to contributions, actuarial gains, and exchange rate changes[101] - Other non-current liabilities decreased by 8% due to reclassification of long-term lease liabilities to current liabilities[102] - Trade payables and notes increased by 7% due to higher business activity in Q4[103][104] - Provisions decreased by 10% due to lower warranty provisions and settlement of restructuring costs[106] - Current loans decreased by 81% due to the conversion of $219.5 million of 2024 convertible bonds[107] - Capital expenditures for the year were $1.286 billion, down from $1.578 billion in the previous year[108] - Cash and cash equivalents totaled $3.626 billion, with 90% held in bank deposits and 10% in investment-grade money market funds[110][111] - The company maintains high liquidity with a total credit facility of $4,970 million as of March 31, 2024, compared to $3,454 million in 2023[113] - The company has issued outstanding notes and convertible bonds totaling $9.65 billion for the 2025 notes, $900 million for the 2030 notes, $600 million for the 2028 notes, $563 million for the 2032 notes, and $675 million for the 2029 convertible bonds[114] - The company's net cash position decreased to $6 million in 2024 from $366 million in 2023, with a loan-to-equity ratio of 0.60 in 2024 compared to 0.65 in 2023[115] - The company has forward foreign exchange contracts totaling $11.555 billion as of March 31, 2024, up from $9.384 billion in 2023, used to hedge against currency fluctuations[116] AI and Technology Initiatives - Lenovo's AI-driven initiatives include the development of a hyper-realistic AI avatar in collaboration with DeepBrain AI, achieving 96% accuracy in replicating human traits[8] - The company continues to expand its AI-enabled product portfolio, including PCs, smartphones, servers, and edge computing solutions, as part of its "AI for all" vision[2] - Lenovo's AI-driven Supply Chain Intelligence (SCI) solution has integrated over 800 data sources, covering 80% of the company's supply chain data[16] - SCI has contributed to a 4.8% increase in revenue and improved on-time full delivery performance by 5%[16] - The company reduced manufacturing and logistics costs by approximately 20% through the implementation of SCI[16] - Over 25% of Lenovo's employees are engaged in R&D, with R&D expenses as a percentage of revenue reaching a historical high[10] - Lenovo's AI infrastructure business is a global leader, focusing on the transition from traditional to AI-driven infrastructure[10] - The company is advancing hybrid AI, embedding AI models into personal devices and enterprise infrastructure to enhance productivity and security[11] - The company launched the first AI-powered PCs equipped with proprietary technology, defining 5 key functionalities for AI PCs[29] - Lenovo is heavily investing in its "AI for All" vision, supported by its AI strategy, to provide transparent and reliable AI solutions for individuals and businesses of all sizes[34] - Lenovo has appointed a Chief Security and AI Officer and is allocating significant organizational resources to ensure robust governance and compliance in AI system usage and production[34] - The company expects nearly 60% of PC shipments to be AI-enabled by 2027, creating new growth opportunities for its Intelligent Devices Group, with recent innovations like the "Lenovo Xiaotian" personal assistant and Trusted AI Controller[26] - The Infrastructure Solutions Group is focusing on hybrid AI, high-performance computing, and edge devices, with a unique ODM+ business model to capture AI-driven growth opportunities in cloud services and IT infrastructure[27] Sustainability and ESG - The company aims to achieve net-zero emissions by 2050, integrating ESG features like carbon offset services into its business[28] - The company plans to expand its sustainability initiatives, incorporating innovative ESG functionalities into its service offerings[28] - Lenovo has set science-based short-term emission reduction targets, validated by the Science Based Targets initiative (SBTi) in June 2020 and January 2023, aligning with the Paris Agreement's goal to limit warming to 1.5°C[47] - Lenovo commits to achieving net-zero greenhouse gas emissions by 2050, with long-term targets validated under SBTi's Corporate Net-Zero Standard[47] - Lenovo signed the SBTi commitment letter in March 2022, pledging to set net-zero targets, including long-term science-based goals[48] - Lenovo announced its commitment to achieving net-zero greenhouse gas emissions by 2050 after SBTi validated its emission reduction targets in January 2023[48] - Lenovo conducts annual environmental, social, and governance (ESG) reports, disclosing progress on Scope 1, 2, and 3 emissions and reduction targets[47] - Lenovo uses the GeSI-CDP scenario analysis tool to explore climate-related risks and opportunities, identifying financial impacts and cross-functional team engagement gaps[47] - Lenovo's climate and energy policy focuses on five key areas: internal operations, energy suppliers, supply chain, customers, and engagement with governments and NGOs[47] - Lenovo is part of the UNFCCC's Race to Zero campaign and supports the Business Ambition for 1.5°C initiative[48] - Lenovo ensures compliance with environmental laws and regulations through its Global ESG & Regulatory Compliance (GESG&RC) organization[49] - Lenovo's products undergo pre-shipment compliance assessments, including environmental, EMC, safety, and wireless standards, supported by internal and external experts[51] - Lenovo achieved EPEAT Climate+™ certification for over 400 products, meeting rigorous climate mitigation standards[65] - Lenovo received CDP leadership ratings for climate change (A-) and supplier engagement (A), and management level (B) for water security[65] - Lenovo eliminated plastic primary packaging for ThinkPad X1 and Z series in FY 2022/23, expanding to most ThinkPad series (except E series) and some smartphones in FY 2023/24[65] - Lenovo scored 100% on the 2023 Disability Equality Index, recognized as a top workplace for disability inclusion[66] - Lenovo ranked among Forbes' 2023 Best Employers for Diversity in the U.S.[66] - Lenovo received the Gold Award for "Most Sustainable Company and Institution" at the 2023 HKICPA Corporate Governance and ESG Excellence Awards[67] - Lenovo maintained an AAA rating in MSCI's ESG assessment in 2023, the highest possible score[67] Corporate Governance - Lenovo's Board of Directors consists of 12 members, including 1 executive director, 2 non-executive directors, and 9 independent non-executive directors[132] - The Board has established a clear governance framework to ensure accountability, fairness, and transparency in operations and stakeholder communication[124] - The Board has delegated key governance functions to three main committees: Audit Committee, Remuneration Committee, and Nomination and Corporate Governance Committee[126] - The CEO is supported by the Lenovo Executive Committee, which assists in executing strategies and managing operational performance[127] - The CEO Advisory Committee comprises external experts in geopolitics, economics, cybersecurity, and ESG, providing strategic and operational advice[128] - The ESG Oversight Committee, chaired by the Chief Legal and Corporate Responsibility Officer, promotes ESG excellence and coordinates ESG efforts across the group[129] - The Board reviews the company's performance and discusses corporate strategy annually, with the CEO and CFO presenting quarterly reports to the Board[131] - The Chairman and CEO roles are combined, with Yang Yuanqing serving in both positions to maintain strategic continuity and operational stability[123] - The Board has appointed William O. Grabe as the Lead Independent Director, with responsibilities including performance evaluations and feedback to the Chairman and CEO[134] - The company publishes quarterly financial results to help shareholders assess performance, financial position, and prospects, using consistent accounting standards[123] - The company's board composition exceeds the requirements of Listing Rules 3.10 and 3.10A, with three-quarters of the members being independent non-executive directors, demonstrating strong independence[140] - The company aims to increase the proportion of female directors to 20% by the 2025/26 fiscal year, with the current female representation at 16.67% (2 out of 12 directors)[142] - The company's global female employee ratio is 37%, with 29% of technical roles held by women, surpassing industry standards[144] - The company has set a new target to increase the global female management ratio to 27% by 2025, up from the current 22%[144] - The company has established a Diversity and Inclusion Committee, chaired by the Chief Diversity Officer, to lead the initiative for increasing female management representation[144] - The company has implemented a Women's Leadership Development Program, which has already trained its eighth cohort of potential female leaders in 2024[144] - The company's senior management team maintains a balanced diversity in terms of gender and age, as detailed in the annual report[143] - The company's board diversity policy emphasizes the importance of a wide range of skills, experience, knowledge, and independence for effective board performance[141] - The company's nomination and corporate governance committee conducts annual reviews of the board diversity policy, including progress on measurable goals[142] - The company's board has appointed William O. Grabe as the Lead Independent Director to strengthen corporate governance[140] - 50% of the board members are new, with 6 out of 12 members being newly appointed[148] - 66.7% of independent non-executive directors are new, with 6 out of 9 members being newly appointed[148] - The board's independence is strengthened by 75% of the board being independent non-executive directors[153] - The audit committee is 100% independent, while the remuneration and nomination & corporate governance committees are 80% independent[153] - The company has a formal and transparent process for appointing new directors, overseen by the nomination and corporate governance committee[150] - Independent non-executive directors must confirm their independence every six months and notify the company of any changes that may affect their independence[155] - The nomination and corporate governance committee annually reviews the independence of all independent non-executive directors[156] - The company has established mechanisms to ensure the board receives independent views, including quarterly meetings for independent non-executive directors[156] - The chief independent director holds meetings with all non-executive directors at least once a year, without management present[156] - Independent non-executive directors can seek independent professional advice at the company's expense when necessary[156] - The company has established procedures to handle actual or potential conflicts of interest for directors, including individual consideration of appointments and disclosure of significant interests[157] - Directors are required to commit sufficient time and focus to the company's affairs, with guidelines provided on the expected time commitment and disclosure of other roles held[158] - Non-employee directors are guided to maintain a certain level of equity ownership during their tenure to align their interests with long-term shareholder interests[160] - The company has adopted a securities trading policy for directors and senior management, ensuring compliance with regulatory standards[161] - New directors receive customized induction training covering the company's business, operations, and governance policies[163] - The company provides ongoing professional development for directors, including updates on financial planning, corporate strategy, and regulatory changes[166] - Directors participated in the 2023 Lenovo Tech World event, focusing on AI-driven innovation and transformation, with global expansion of similar events in key markets[167][168] - The company's partnership with Formula 1 as a technology partner offers directors insights into the company's culture and business relationships with stakeholders[168] - The company organized visits for directors to Lenovo's Beijing Future Center and manufacturing bases in Wuhan and Tianjin, showcasing the latest technologies in smart IoT, intelligent infrastructure, and industry solutions[169] - Directors attended the 2024 Consumer Electronics Show in Las Vegas and the 2024 Mobile World Congress in Barcelona to stay updated on industry trends and product developments[170] - The company arranged internal and external expert briefings and lectures for directors on topics including global economics, geopolitical dynamics, AI, corporate strategy updates, and regulatory news[172] - Directors received ongoing training on new regulations and guidelines, with records maintained by the company secretary for review by the Nomination and Corporate Governance Committee[173] - The company has a formal and transparent process for determining the remuneration of directors and senior management, detailed in the Remuneration Committee Report[175] - The Board of Directors retains

2024年05月31日 公 司点评 公 买入 / 维持 司 联想集团(00992) 研 究 目标价: 昨收盘:11.52 第四季度经营持续向好，AI 成为发展新动力 公司发布 23/24 财年业绩报告，收入 568.64 亿美元，同比减少 ◼ 走势比较 8%；净利润10.11亿美元，同比减少37%。 70% 太 52% 毛利率及费用率小幅上升，四季度表现良好。23/24财年公司毛利 平 率为 17.24%，相对于去年同期提升了 0.29 个百分点；销售费用率为 34% 洋 5.82%，相对于去年同期提升了0.52个百分点；管理费用率为7.95%， 16% 证 相对于去年同期提升了 0.67 个百分点。第四季度销售收入同比增长 (2%) 券 (20%)03/5/32 11/8/32 32/01/32 4/1/42 71/3/42 92/5/42 8%，达到138.33亿美元，净利润2.48亿美元，同比增长118%。 股 联想集团 恒生指数 各项业务开始复苏。公司三项业务中： 份 有 ◼ 股票数据 ⚫ 智能设备业务集团实现收入445.99亿美元，同比减少10%， 限 第四季度，智能设备业务集团的收入增长7%，净利 ...

证券研究报告 | 年报点评报告 2024年05月28日 联想集团（00992.HK） AI PC 望改善盈利，AI 服务器进展顺利 23/24FYQ4业绩超出预期。Q4财季，联想集团营收138亿美元，同比/环比分 买入（维持） 别+9.5%/-12%，超出市场一致预期。智能设备业务集团（IDG）/基础设施方案 股票信息 业务集团（ISG）/方案服务业务集团（SSG）各实现收入105/25/18亿美元，同比 +7%/+15%/+10%。Q4 毛利率达到 17.6%，同比/环比分别+0.6pct/+1.0pct， 行业 海外 达到历史较高水平，主要受益于 SSG 等高毛利业务占比增加。Q4 财季的经营利 5月27日收盘价(港元) 12.04 润率录得3.5%，同比提升1.2pct；归母净利润2.5亿美元，同比大幅增长118%， 总市值(百万港元) 149,352.10 归母净利润率1.8%，同比/环比分别+0.9pct/-0.4pct。 总股本(百万股) 12,404.66 IDG：AI PC望改善盈利。Q4财季，IDG收入105亿美元，同比增长6.8%，OPM 其中自由流通股(%) 100.00 维持在 7.4 ...

证券研究报告 | 年报点评报告 2024年05月28日 联想集团（00992.HK） AI PC 望改善盈利，AI 服务器进展顺利 23/24FYQ4业绩超出预期。Q4财季，联想集团营收138亿美元，同比/环比分 买入（维持） 别+9.5%/-12%，超出市场一致预期。智能设备业务集团（IDG）/基础设施方案 股票信息 业务集团（ISG）/方案服务业务集团（SSG）各实现收入105/25/18亿美元，同比 +7%/+15%/+10%。Q4 毛利率达到 17.6%，同比/环比分别+0.6pct/+1.0pct， 行业 海外 达到历史较高水平，主要受益于 SSG 等高毛利业务占比增加。Q4 财季的经营利 5月27日收盘价(港元) 12.04 润率录得3.5%，同比提升1.2pct；归母净利润2.5亿美元，同比大幅增长118%， 总市值(百万港元) 149,352.10 归母净利润率1.8%，同比/环比分别+0.9pct/-0.4pct。 总股本(百万股) 12,404.66 IDG：AI PC望改善盈利。Q4财季，IDG收入105亿美元，同比增长6.8%，OPM 其中自由流通股(%) 100.00 维持在 7.4 ...

2024 年 05 月 27 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 业绩改善明显， 迭代将加快渗透进程 Q4 AI PC 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 联系人 ： 卢瑞琪 S0350123070054 ——联想集团（ ） 财报点评 00992 FY2023/24 lurq@ghzq.com.cn 最近一年走势 事件 : 联想集团于2024 年5月23日发布公告：FY2023/24 Q4（对应自然年 2024Q1）公司实现营业收入138.33亿美元（YoY+9%，QoQ-12%），毛 利润 24.28 亿美元（YoY+13%，QoQ-7%），归母净利润 2.48 亿美元 （ YoY+118% ， QoQ-26% ）。 FY2023/24 全 年 （ 对 应 自 然 年 2023Q2~2024Q1）公司实现营业收入568.64 亿美元（YoY-8.2%），毛 利润98.03亿美元（YoY-6.6%），归母净利润10.11亿美元（YoY-37.1%）。 投资要点 : 相对恒生指数表现 2024/05/24 表现 1M ...

公司研究 | 年报点评 联想集团 00992.HK 第四财季业绩同比高增，AI PC 将成新驱动 买入（维持） 力 股价（2024年05月24日） 11.06港元 目标价格 13.96港元 52周最高价/最低价 11.62/6.78港元 总股本/流通H股（万股） 1,240,466/1,240,466 H股市值（百万港币） 137,196 核心观点 国家/地区 中国 行业 电子 ⚫ 2023/2024财年，集团实现营业收入约569亿美元，同比下降8%，实现扣非归母 报告发布日期 2024年05月27日 净利润10.1亿美元，同比下降37%；毛利率再创新高，连续3年实现增长。其中， 第四财季营收同比增长9%至138亿美元，净溢利同比增长118%至2.5亿美元。 1周 1月 3月 12月 ⚫ 智能设备业务集团第四财季营收创新高，AI PC 将成新驱动力。智能设备业务集团 绝对表现% 8.22 27.86 29.36 59.63 全年营收约446亿美元，同比下降约10%；其中第四财季营收接近105亿美元。集 相对表现% 13.05 19.68 18.1 62.28 团近期推出个人智能体“联想小天”，可在设备上实现语 ...