Core Viewpoint - Citigroup predicts that Lenovo's upcoming quarterly financial report will reflect a solid fundamental performance, with double-digit year-on-year growth in IDG shipments and stable profit margins [1] Group 1: Business Performance - IDG's shipment volume has achieved double-digit year-on-year growth, indicating strong market demand [1] - Profit margins remain stable, showcasing Lenovo's robust operational efficiency in the PC sector [1] - SSG is experiencing steady expansion driven by recurring revenue growth [1] Group 2: Financial Outlook - ISG shows improvements in scale and cost control, with stable execution capabilities in server and server-related businesses contributing to net profit growth [1] - Overall, Lenovo's core business operations align with management's guidance for the second quarter of fiscal year 2026, with growth prospects unaffected [1] Group 3: Investment Rating - Citigroup maintains a "Buy" rating for Lenovo's stock, projecting a target price of HKD 13.6, reflecting confidence in the company's future execution capabilities [1]

总体而言，花旗认为联想集团的核心业务运营符合管理层此前对 2026 财年第二季度的指引，增长前景 未受影响。维持对该股的 "买入" 评级，并预计其未来执行能力将继续保持强劲，给予目标价13.6港 元，维持"买入"评级。 近日，知名大行花旗发布观点称，对于联想(00992)即将发布的下一季财报进行了预测，认为其基本面 依旧稳健，IDG的出货量实现了两位数的同比增长，同时利润率保持稳定，PC领域强劲的市场领导力无 可撼动；SSG则依托经常性收入的增长势头，保持稳步扩张；ISG则出现规模改善和成本控制向好，服 务器和服务器业务中稳定的执行能力，都会成为净利润稳步增长和股价上升的助推器； ...

Core Viewpoint - International investment bank Citi expects Lenovo's revenue for FY2Q26 to grow by 13% year-on-year and 7% quarter-on-quarter, reaching $20.1 billion, driven primarily by higher PC revenue [1] Group 1: Revenue and Profitability - Lenovo's PC shipments are projected to increase by 17% year-on-year and 14% quarter-on-quarter [1] - The IDG segment is expected to see revenue growth of 11% to $15 billion, with an operating profit margin stable at 7.1% [1] - The ISG segment is anticipated to grow by 20% to $4 billion, with improved operating profit margins [1] - The SSG segment is forecasted to grow by 17% [1] - Adjusted net profit margin is expected to improve to 2.2% both quarter-on-quarter and year-on-year, with adjusted net profit projected to increase by 14% year-on-year to $436 million [1] - Reported net profit is estimated at $260 million, which includes a non-cash warrant fair value loss of $176 million and convertible bond interest [1] Group 2: Target Price and Rating - Citi has raised its target price for Lenovo to HKD 12.8 and maintains an "outperform" rating [1]

Core Viewpoint - UBS expects Lenovo Group's upcoming earnings report to meet expectations, with adjusted profits increasing year-on-year and stable sales growth [1] Financial Performance - ISG (Infrastructure Solutions Group) is projected to grow by approximately 20% year-on-year [1] - SSG (Solutions and Services Group) is expected to see high double-digit growth [1] - Lenovo's PC business growth is anticipated to exceed market levels, with a year-on-year increase in the mid to low double digits [1] - Operating profit margin is expected to remain stable at 7% to 7.5% [1] - The net profit forecast is maintained at $440 million, up from a previous estimate of $435 million, with adjusted net profit expected to exceed prior estimates by $150 million to $200 million due to the impact of warrants and convertible interest [1] Strategic Initiatives - The company is focused on adjusting its enterprise product mix in the infrastructure business to achieve profitability, although higher storage costs will delay significant positive contributions [1] - Lenovo aims to expand its AI business, which currently accounts for a low single-digit percentage of sales [1] Target Price Adjustment - UBS has raised Lenovo Group's target price to HKD 12 [1]

Core Viewpoint - UBS expects Lenovo Group's upcoming performance report to meet profitability expectations, with adjusted profits showing year-on-year growth and stable sales figures [1] Financial Performance - Adjusted profit is anticipated to increase year-on-year, with net profit projected at $440 million, up from a previous estimate of $435 million [1] - Infrastructure Solutions Group (ISG) is expected to grow approximately 20% year-on-year, while Solutions and Services Group (SSG) is projected to see high double-digit growth [1] - Lenovo's PC business growth is expected to exceed market levels, with a year-on-year increase in the mid to low double digits [1] Operational Insights - Operating profit margin is expected to remain stable at around 7% to 7.5% [1] - The company is focusing on adjusting its enterprise product mix in the infrastructure business to achieve profitability, although higher storage costs may delay significant positive contributions [1] Strategic Outlook - Lenovo is working to expand its AI business, which currently accounts for a low single-digit percentage of sales [1] - UBS has raised Lenovo's target price to HKD 12 [1]

Core Viewpoint - UBS expects Lenovo Group (00992) to report earnings next month that meet expectations, with adjusted profits increasing year-on-year and sales remaining stable [1] Financial Performance - ISG (Infrastructure Solutions Group) is projected to grow by approximately 20% year-on-year [1] - SSG (Solutions and Services Group) is expected to see high double-digit growth [1] - Lenovo's PC business growth is anticipated to exceed market levels, with a year-on-year increase in the low to mid double digits [1] - Operating profit margin is expected to stabilize between 7% and 7.5% [1] - The net profit forecast is maintained at $440 million, up from a previous estimate of $435 million, with adjusted net profit expected to exceed prior estimates by $150 million to $200 million due to the impact of warrants and convertible interest [1] Strategic Initiatives - The company continues to adjust its enterprise product portfolio in the infrastructure business to achieve profitability, although higher storage costs will delay significant positive contributions [1] - Lenovo aims to expand its AI business, which currently accounts for a low single-digit percentage of sales [1] Target Price Adjustment - UBS has raised Lenovo Group's target price to HKD 12 [1]

预计ISG收入同比增长20%至40亿美元，营业利润率改善。 预计SSG收入同比增长17%。 总体而言，里昂预计调整后净利润率将环比和同比改善至2.2%，调整后净利润同比增长14%至4.36亿美 元。同时，里昂估计报告净利润为2.6亿美元，其中包含1.76亿美元的非现金权证公允价值损失和可转换 债券利息。 近日，国际知名大行里昂发布观点称，预计联想(00992)2026财年第二季度(FY2Q26)营收同比增长 13%，环比增长7%，达到201亿美元，高于之前估计的11%同比增长，主要受更高的PC收入驱动。联想 的PC出货量同比增长17%，环比增长14%。得益于其稳健的PC业务，将目标价上调至港币12.8元，维 持"跑赢大市"的评级。 里昂观点认为，按业务集团划分： 预计IDG收入同比增长11%至150亿美元，营业利润率基本稳定在7.1%。 ...

Core Viewpoint - International investment bank Credit Lyonnais expects Lenovo's revenue for FY2Q26 to grow by 13% year-on-year and 7% quarter-on-quarter, reaching $20.1 billion, driven primarily by higher PC revenue [1] Group 1: Revenue and Growth Projections - Lenovo's PC shipments are projected to increase by 17% year-on-year and 14% quarter-on-quarter [1] - Credit Lyonnais anticipates IDG revenue to grow by 11% to $15 billion, with an operating profit margin stable at 7.1% [1] - ISG revenue is expected to rise by 20% to $4 billion, with improved operating profit margins [2] - SSG revenue is projected to grow by 17% [2] Group 2: Profitability Metrics - Adjusted net profit margin is expected to improve both quarter-on-quarter and year-on-year to 2.2% [2] - Adjusted net profit is forecasted to increase by 14% year-on-year to $436 million [2] - Reported net profit is estimated at $260 million, which includes a non-cash warrant fair value loss of $176 million and convertible bond interest [2] Group 3: Target Price and Rating - Credit Lyonnais has raised the target price for Lenovo to HKD 12.8, maintaining an "Outperform" rating [1]

Core Insights - Lenovo's annual "Double 11" promotion emphasizes "AI upgrade, all in place," focusing on enhancing user experience through AI technology rather than just price discounts [1][2] - The company integrates a comprehensive AI technology stack, a wide range of smart devices, and full-cycle services to upgrade smart experiences, product pricing, and service guarantees [1][2] Group 1: Promotion Strategy - Lenovo has launched a multi-tier subsidy system and celebrity endorsement to create a seamless smart living experience for users, combining national, brand, and platform subsidies [2] - The promotion features over a hundred products eligible for national subsidies, with discounts up to 2000 yuan, and interactive activities to enhance consumer engagement [1][2] Group 2: Product Offerings - The YOGA series utilizes AI for battery management and multi-screen collaboration, catering to mobile office needs, while the Xiaoxin series addresses learning challenges with AI noise reduction and smart split-screen features [2] - Lenovo's "Double 11" service guarantees have been upgraded, showcasing the role of the "Silicon-based Store Manager + Star Store Manager" service model in enhancing customer experience [2] Group 3: AI Technology Expansion - The "Tianxi Personal Super Intelligent Body" is central to Lenovo's "one body, multiple ends" strategy, enhancing consumer experience through seamless integration and data-driven marketing [3] - The event serves as a significant milestone in Lenovo's smart consumption ecosystem, with plans to further expand AI applications in various scenarios, promoting a technology-driven, experience-first approach in the industry [3]

Group 1 - The Hong Kong stock market indices collectively declined, with the Hang Seng Tech Index experiencing a drop of over 1.5% in the afternoon session [1] - The largest ETF tracking the same sector, the Hang Seng Tech Index ETF (513180), fell by more than 2%, with major holdings like NetEase, BYD Electronics, JD Health, Kingsoft, Baidu, and Lenovo leading the losses [1] - The internet sector in Hong Kong faced pressure due to several factors, including a contraction in manufacturing PMI and a slowdown in social financing growth, which negatively impacted earnings expectations for tech companies [1] Group 2 - As of October 21, the latest valuation (PETTM) of the Hang Seng Tech Index ETF (513180) was 23.05 times, indicating that the current valuation is below 70% of the time since the index was launched [2] - The tech sector in Hong Kong is expected to benefit from the current trends in AI, with potential foreign capital inflows exceeding expectations due to a backdrop of Federal Reserve interest rate cuts [2] - Investors without a Hong Kong Stock Connect account can consider the Hang Seng Tech Index ETF (513180) as a means to gain exposure to core Chinese AI assets [2]