Group 1 - The core viewpoint of the report is that Lenovo Group is expected to see adjusted net profit growth of 25.1%, 12.3%, and 11.3% for FY25/26 to FY27/28, reaching $1.8 billion, $2.03 billion, and $2.25 billion respectively, with a corresponding PE of 8.2, 7.3, and 6.5, maintaining a "Buy" rating [1] Group 2 - The company's revenue increased by 18.1% year-on-year to $22.2 billion, exceeding institutional expectations by 7%, with a gross margin of 15.1%, slightly below expectations by 0.31 percentage points [2] - Adjusted net profit grew by 37.1% year-on-year to $590 million, surpassing institutional expectations by 27.2% [2] Group 3 - AIPC segment reported revenue of $15.76 billion, exceeding expectations by 5.3%, with a year-on-year growth of 14.3% and a quarter-on-quarter growth of 4.3%, achieving an operating margin of 7.3%, which is above expectations by 0.16 percentage points [2] - Motorola's smartphone business achieved record highs in both sales and activations [2] Group 4 - ISG segment generated revenue of $5.18 billion, exceeding expectations by 15%, with a year-on-year growth of 31.4% and a quarter-on-quarter growth of 26.6%, driven by strong demand for AI server business, with a project reserve of $15.5 billion [2] Group 5 - SSG segment achieved revenue of $2.65 billion, exceeding expectations by 3.6%, with a year-on-year growth of 17.5% and an operating margin of 22.5%, above expectations by 0.6 percentage points, driven by accelerated growth in TruScale and infrastructure services [3]

Core Viewpoint - The report from Caitong Securities projects Lenovo Group's adjusted net profit growth of 25.1%, 12.3%, and 11.3% for FY25/26 to FY27/28, reaching $1.8 billion, $2.03 billion, and $2.25 billion respectively, with corresponding PE ratios of 8.2, 7.3, and 6.5, maintaining a "Buy" rating [1] Group 1 - Company revenue increased by 18.1% to $22.2 billion, exceeding institutional expectations by 7%, with a gross margin of 15.1%, slightly below expectations by 0.31 percentage points [2] - Adjusted net profit rose by 37.1% to $590 million, surpassing institutional expectations by 27.2% [2] - AIPC segment reported revenue of $15.76 billion, exceeding expectations by 5.3%, with a year-on-year growth of 14.3% and a quarter-on-quarter growth of 4.3% [2] Group 2 - ISG segment achieved revenue of $5.18 billion, exceeding expectations by 15%, with a year-on-year growth of 31.4% and a quarter-on-quarter growth of 26.6%, supported by strong AI server business growth [2] - SSG segment reported revenue of $2.65 billion, exceeding expectations by 3.6%, with a year-on-year growth of 17.5% and an operating margin of 22.5%, which is 0.6 percentage points above expectations [3] - TruScale and infrastructure as a service segments are experiencing accelerated growth, contributing to the overall revenue increase [3]

报道称，这一系列动作已引起部分北美合作伙伴的不满。一位不愿具名的联想顶级合作伙伴公司的CEO 表示，这封信给了供应商一个涨价的"借口"："他们实际上是在说，'我们会接你的订单，但如果我们不 能及时发货，就要重新定价。'这给了他们一个逃避责任的办法。"不过，这位CEO也对OEM厂商的处境 表示"理解"。 这一消息已得到联想方面的证实。联想北美区总裁瑞安.麦考迪(Ryan McCurdy)在接受CRN采访时表 示："我们不得不且将继续调整条款，这是无法回避的。我们已经制定了一些非常明确的政策，规定了 本季度将如何接收订单、如何定价以及如何履行交付时间表。" 和很多厂商一样，联想的成本压力源于全行业内存的短缺与涨价。科技媒体TechRadar去年已爆料称， 包括戴尔、联想、惠普和HPE在内的主要OEM厂商将大幅提价，预计服务器成本将上涨约15%，PC价 格将上涨约5%。 根据TrendForce集邦咨询存储器产业调查，2026年第一季度，AI与数据中心需求持续加剧全球存储器供 需失衡，原厂议价能力有增无减，预估第一季度整体Conventional DRAM合约价将上涨90-95%，NAND Flash合约价也将上涨 ...

Core Insights - Lenovo Group reported a double-digit growth in overall revenue and profit contribution in the China region for Q3 of FY 2025/26, with a year-on-year increase of 15% and 20% respectively [1] - The Tianxi AI has been upgraded to version 3.5, enhancing multi-modal experiences across devices and ecosystems, transitioning from an "assistant" to a "teammate" [1] Group 1: AI Development Strategy - Lenovo aims to leverage local computing resources more effectively as the cost of tokens for AI usage increases, promoting a hybrid architecture of "end-edge-cloud" for better user experience and cost balance [3] - The Tianxi ecosystem has seen significant growth, with over 3,200 AI applications and nearly 10,000 active developers, marking a 50% quarter-on-quarter increase [3] Group 2: User Engagement and Experience - The average weekly active rates for Tianxi AI on Lenovo AI PCs and AI phones reached 42% and 61% respectively, with an accelerating trend [4] - The company plans to continuously iterate on the personal super intelligent agent to enhance user engagement and leverage hardware advantages for ecosystem service momentum [4]

Core Viewpoint - Lenovo Group has achieved a record high in global PC market share, with accelerated growth in AI business, leading to overall performance exceeding expectations [1] Group 1: Performance Highlights - Lenovo reported a revenue of $22.204 billion for Q3 FY26, representing an 18% year-on-year increase; Non-HKFRS net profit reached $589 million, up 36% year-on-year [2] - AI-related business grew by 72% year-on-year, contributing 32% to total revenue, making it a key growth driver for the company [2] - The company demonstrated effective cost control, resulting in an operating profit margin increase of 0.6 percentage points to 4.3%, indicating ongoing recovery in profitability [2] Group 2: Market Position and Supply Chain - According to IDC, Lenovo's global PC market share reached 24.9% in 2025, a historic high, with Q4 2025 alone achieving 25.3% [3] - Lenovo has outpaced industry average PC sales growth for ten consecutive quarters, attributed to its strong global supply chain management and product innovation capabilities [3] - The company has implemented long-term contracts and flexible pricing strategies to mitigate cost pressures from rising prices of key components, maintaining a stable operating profit margin of 7.3% in the IDG business [3] Group 3: AI Server Business - The Infrastructure Solutions Group (ISG) reported a revenue of $5.176 billion for the quarter, a 31% year-on-year increase, with AI server revenue showing high double-digit growth [4] - The project order backlog for AI servers reached $15.5 billion, indicating strong demand and future growth potential [4] - ISG is undergoing a one-time restructuring to enhance efficiency, with expectations of achieving profitability in Q4 FY26 [4] Group 4: Profit Forecast and Valuation - Based on the continuous increase in PC market share and effective cost management, the profit forecast for FY26 Non-HKFRS net profit has been raised by 6.5% to $1.801 billion, while FY27 profit estimates remain largely unchanged [5] - The current stock price corresponds to Non-HKFRS P/E ratios of 8.2x and 7.5x for FY26 and FY27, respectively, significantly lower than some comparable companies [5] - The company’s valuation is expected to have upside potential driven by AI-driven growth and improved profitability [5]

盈利端虽受战略性重组一次性费用影响，净利润同比有所下滑，但剔除非经营性项目后，调整后归母净 利润达 5.9 亿美元，同比增长 36%，调整后净利润率提升至 2.7%，核心盈利表现亮眼。成本端，公司 费用管控成效显著，费用 / 收入比同比大幅下降 1.3 个百分点至 10.8%；研发端，在持续加大 AI 等核心 领域投入的同时，研发费用投放效率提升，研发费用同比增长 3% 至 6.4 亿美元，为长期发展筑牢技术 根基。 对于联想集团未来业绩，国投证券国际给出乐观预期，预计 2025/26 财年和 2026/27 财年的经调整净利 润分别为 18.2 亿美元(yoy+26.2%)和 21.0 亿美元(yoy+21.0%)。从长期财务预测来看，2026-2028 财年公 司收入将持续稳步增长，毛利率逐步回升，ROE 维持在 20% 以上的较高水平，盈利能力与运营效率持 续优化，存货、应收账款周转天数不断改善，整体财务状况向好。 2026 年 2 月 13 日，国投证券国际发布联想集团(992.HK)最新研报，公司 25/26 财年第三季度业绩交出 超亮眼答卷，收入突破财季历史最高纪录，所有业务集团均实现双位数增长， ...

服务器业务方面，高盛看好公司通过扩大CSP客户渗透及提升AI服务器占比，实现收入规模与盈利能力 同步改善。基于收入上调及费用率优化，高盛将FY2026净利润预测上调13%。 近日，高盛发布研报称，联想FY3Q26业绩公布后维持积极看法，认为其在存储成本上行周期中受冲击 相对较小，得益于领先的市场地位、规模优势以及较高的商用机型占比。 ...

营收利润双升，AI业务贡献度持续提升 财报显示，FY26Q3公司实现总收入222亿美元，同比增长18%，显著高于市场一致预期；经营利润9.48 亿美元，同比增长38%，经营利润率提升至4.3%。在费用率下降1.3个百分点的带动下，盈利结构持续 优化。 值得关注的是，AI相关收入同比增长72%，占集团整体收入比重提升至32%，成为拉动公司增长的关键 动力。剔除一次性因素后，调整后归母净利润同比增长36%，净利率提升至2.7%，显示主营业务盈利质 量明显改善。 IDG稳居龙头，ASP提升对冲出货波动 智能设备业务(IDG)当季收入157.6亿美元，同比增长14%，经营利润率维持在7.3%的行业领先水平。根 据IDC数据，全球PC市场延续复苏趋势，公司全球份额提升至25.3%，连续第二个季度成为全球唯一份 额超过25%的厂商，龙头地位进一步巩固。 在AI算力需求加速释放、终端换机周期逐步开启的背景下，联想集团交出一份超预期的季度成绩单。 中信证券最新发布研报指出，公司FY26Q3营收与利润双双提速，盈利能力稳步提升，AI相关业务成为 核心增长引擎。在产业链议价能力与全球布局优势支撑下，公司有望在零部件涨价周期中保持 ...

国盛证券对联想集团未来发展作出积极预测，预计公司 25/26FY、26/27FY、27/28FY 营业收入分别为 802、871、929 亿美元，同比增长 16.1%、8.6%、6.6%；非香港财务报告准则归母净利润分别为 17.9、 19.7、23.1 亿美元，同比增长 24.3%、9.7%、17.3%。结合公司行业龙头地位与未来成长性，券商给予 公司合理市值 1537 亿港元，对应目标价 12.4 港元 / 股，维持 "买入" 评级。 作为全球智能设备与基础设施领域的领军企业，联想集团正凭借 AI 全产业链布局、核心业务的持续升 级以及精细化的运营管理，穿越行业周期实现高质量增长。随着 AI 技术的持续渗透、各业务板块的协 同发展，联想集团有望在人工智能时代持续抢占发展先机，迎来业绩与价值的双重提升。 PC 核心业务的竞争力进一步巩固，高端化与 AI 化双轮驱动发展。Q3 IDG 业务收入同比增长 14% 至 158 亿美元，AI PC 营收实现高双位数增长；据 IDC 数据，联想 PC 市占率同比提升 1 个百分点至 25.3%，出货量达 1930 万台，行业龙头地位愈发稳固。在 2026 CES 上， ...

Core Insights - Lenovo Group reported a record high revenue for the third quarter of the fiscal year 2025/26, achieving $22.2 billion, a year-on-year increase of 18% [1] - Adjusted net profit surged by 36% to $589 million, with profit growth outpacing revenue growth, indicating a significant improvement in profitability [1] - AI-related revenue became a key growth driver, soaring by 72% and accounting for 32% of total revenue, showcasing the successful implementation of the AI strategy [1] Business Segment Performance - The Intelligent Devices Group (IDG) generated approximately $15.755 billion in revenue, a year-on-year increase of 14.3%, with global PC market share rising to 25.3% [2] - The Infrastructure Solutions Group (ISG) reported revenue of about $5.176 billion, a substantial increase of 31.42%, with cloud infrastructure revenue reaching new highs and operational losses significantly improving [2] - The Solutions and Services Group (SSG) achieved revenue of approximately $2.652 billion, up 17.52%, with operating profit margin nearing historical highs at 22.5% [2] Future Outlook - Forecasts for adjusted net profit for fiscal years 2026-2028 are $1.731 billion, $2.023 billion, and $2.268 billion, with respective growth rates of 15%, 17%, and 12% [3] - The company is expected to maintain steady revenue and profit growth, with improving financial metrics such as decreasing debt-to-asset ratios and increasing liquidity ratios [3] - Lenovo's mixed AI strategy across AI terminals, infrastructure, and services is anticipated to continue benefiting from the global AI industry development [3][4]