Investment Rating - Buy (Maintained) [1] Core Views - Lenovo Group achieved strong double-digit growth across all three business groups for the first time in three years during FY2025H1, driven by the initial success of hybrid AI [1][3] - Revenue for FY2025H1 reached $33.297 billion, a 21.92% YoY increase, with net profit rising 41.37% to $602 million [1] - Q2 FY2025 revenue grew 23.87% YoY and 15.56% QoQ to $17.85 billion, with net profit increasing 43.85% YoY and 47.32% QoQ to $359 million [1] Business Segments Summary Intelligent Devices Group (IDG) - Revenue for FY2025H1 was approximately $24.9 billion, a 15% YoY increase, with operating profit growing 22% [3] - AI PCs accounted for 14% of total laptop shipments in China during Q2 FY2025 [3] - Smartphone revenue surged 43% YoY, driven by strong growth in APAC, EMEA, and North America [3] Infrastructure Solutions Group (ISG) - Revenue grew 65% YoY to $6.5 billion in FY2025H1, marking a historic high [3] - Operating losses narrowed by approximately $1 million QoQ in Q2 FY2025, moving closer to breakeven [3] - The Neptune liquid cooling solution attracted new orders, leveraging expertise in high-performance computing [3] Solutions and Services Group (SSG) - Q2 FY2025 revenue reached a record high of $2.165 billion, with an operating margin of 20% [3] - SSG contributed 32% of the total operating profit from the three business groups [3] - The group is well-positioned to capitalize on hybrid AI trends, driving future growth [3] Financial Forecasts - Revenue for FY2025E and FY2026E is projected at $66.127 billion and $71.493 billion, respectively, with YoY growth of 16.3% and 8.1% [7][8] - Net profit attributable to shareholders is expected to be $1.299 billion in FY2025E and $1.462 billion in FY2026E, with EPS of $0.10 and $0.12, respectively [7][8] - P/E ratios for FY2025E and FY2026E are forecasted at 11.24X and 10.00X [7][8] Market Performance - Lenovo Group's stock underperformed the Hang Seng Index over the past year, with a -16.0% return compared to the index's -4.4% [3] - Current stock price is HKD 9.17, with a 52-week range of HKD 7.80-12.26 [3] - Market capitalization stands at HKD 113.75 billion [3]

2024 年 11 月 18 日 公司研究 FY25Q2 业绩超预期，AI 赋能各业务板块稳健成长 ——联想集团（0992.HK）FY25Q2 业绩点评报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|---------------------------------------------------------------------------|-----------------------------------------------|----------------------------------|------------------ ...

Investment Rating - Buy (maintained) [2] Core Views - The report maintains a "Buy" rating for Lenovo Group (00992 HK) with a focus on the potential for FY2026 profit growth driven by external factors such as tariff policies and capacity relocation plans [2][6] - FY2025Q2 performance met expectations with revenue of $17 85 billion up 24% YoY driven by growth in PC smartphone and tablet segments [7] - AI PC penetration is boosting ASP in the PC business with Lenovo's PC shipments growing 3 0% YoY in 2024Q3 outperforming the market which declined 2 4% [7] - ISG business revenue grew 65% YoY with AI servers contributing to a moderate sequential increase while SSG business grew 13% YoY [7] - FY2025Q2 net profit was $359 million with IDG business operating margin stable at 7 33% and ISG business narrowing its operating loss margin to -1 08% [7] - FY2025 full year profit is expected to be supported by promotional seasons and improved customer acquisition in ISG business [8] - FY2025Q3-Q4 AI server business is anticipated to see faster order-to-revenue conversion due to leadership changes and market dynamics [8] Financial Projections - FY2025 revenue is projected at $67 749 million up 19 1% YoY with net profit expected to be $1 271 million up 25 8% YoY [8] - FY2026 revenue is forecasted at $73 642 million up 8 7% YoY with net profit of $1 462 million up 15 0% YoY [8] - FY2027 revenue is estimated at $80 285 million up 9 0% YoY with net profit of $1 723 million up 17 9% YoY [8] - FY2025-2027 diluted EPS is projected at $0 085 $0 098 and $0 116 respectively translating to HK$0 66 HK$0 76 and HK$0 90 [6] - Current stock price of HK$9 17 implies FY2025-2027 PE multiples of 13 8x 12 0x and 10 2x [6] Business Performance - PC business saw volume and price increases with AI PC penetration driving ASP growth [7] - ISG business experienced significant revenue growth but remains in a loss-making phase with a slight improvement in operating loss margin [7] - SSG business showed steady growth with a 13% YoY increase in revenue [7] - Americas accounted for 33% of FY2025Q2 revenue with potential tariff risks under the Trump administration prompting accelerated global factory and supply chain adjustments [8]

Financial Performance - Lenovo Group reported a 22% year-over-year increase in revenue, reaching $33.3 billion, and a 41% increase in profit attributable to equity holders[6]. - The group's total sales for the six months ended September 30, 2024, were approximately $33.297 billion, representing a 22% year-over-year increase from $27.310 billion[19]. - The net profit attributable to equity holders increased by $176 million to approximately $602 million, a 41% increase compared to $426 million in the same period last year[19]. - Total revenue for the three months ended September 30, 2024, was approximately $17.85 billion, a 24% increase compared to $14.41 billion in the same period last year[25]. - The net profit attributable to equity holders for the three months ended September 30, 2024, was $383 million, compared to $289 million for the same period in 2023, representing a growth of approximately 32.6%[50]. - The company reported a net profit margin increase of 0.3 percentage points to 2.0% for the three months ended September 30, 2024[26]. - The company reported a net profit for the period of $636,771,000, compared to $472,467,000 for the same period last year, representing a year-over-year increase of approximately 34.7%[54]. Business Segments Performance - The infrastructure solutions business group saw a revenue surge of 65%, achieving $6.5 billion, driven by strong cloud computing opportunities and a recovery in enterprise business[6]. - The smart devices business group experienced a 15% revenue growth, benefiting from the popularity of AI-enabled personal computers, which accounted for 14% of China's laptop shipments in Q2[7]. - The solutions services business group achieved a record revenue of $4 billion, with a 12% year-over-year increase, driven by strong demand for "as-a-service" and AI-driven solutions[6]. - The smart devices business group generated revenue of $24,935,700 thousand for the six months ended September 30, 2024, up from $21,775,171 thousand in the same period of 2023, marking a growth of approximately 9.9%[59]. - The infrastructure solutions business group reported revenue of $6,465,167 thousand for the six months ended September 30, 2024, compared to $3,915,525 thousand in the same period of 2023, representing an increase of approximately 65.5%[59]. Cash Flow and Liquidity - Free cash flow for the first half of the year was nearly three times that of the same period last year, with net cash balance increasing to $595 million[2]. - Free cash flow for the first half of the year rose by $800 million year-on-year, resulting in a net cash position of $595 million[8]. - Cash and cash equivalents totaled $4.239 billion as of September 30, 2024, up from $3.626 billion as of March 31, 2024, with a notable increase in cash held in USD[42]. - The company has maintained a conservative strategy regarding cash generated from operating activities, with 80% of cash held in bank deposits as of September 30, 2024[42]. - The net cash generated from operating activities for the six months ended September 30, 2024, was $2,322,711 thousand, compared to $1,811,768 thousand for the same period in 2023, marking an increase of about 28.1%[53]. Investments and R&D - R&D expenses increased by 8% year-over-year to support key AI innovations[2]. - The company plans to issue $2 billion in zero-coupon convertible bonds and 1.15 billion warrants to accelerate growth and transformation initiatives[8]. - The company launched a series of AI products, including AI personal computers, to meet the growing market demand for AI computing[10]. - The company established a strategic partnership with Saudi Arabia's Public Investment Fund subsidiary Alat to capitalize on growth in the Middle East and Africa markets[2]. Dividends and Shareholder Returns - The company declared an interim dividend of 8.5 HK cents per share, totaling approximately $135.5 million, up from 8.0 HK cents the previous year[4]. - The company paid dividends totaling $474,331,000 during the period, consistent with prior distributions[54]. Operational Efficiency - Operating expenses increased by 9% year-over-year, with employee benefits costs rising by $137 million due to increased performance bonuses and sales commissions[21]. - The gross profit margin decreased by 1.4 percentage points to 16.1%, primarily due to lower profit margins in the infrastructure solutions business group[19]. - The company recorded an impairment and write-off of $67 million during the period[21]. Market Expansion and Strategy - The Asia-Pacific region (excluding China) saw a revenue increase of 28%, while Europe, the Middle East, and Africa, and the Americas grew by 22% and 16%, respectively[13]. - The group aims to strengthen its end-to-end service solutions, particularly its TruScale as-a-service product suite, to address customer pain points in hybrid work, multi-cloud management, and cybersecurity[18]. - The infrastructure solutions business group is focusing on AI-driven edge, hybrid cloud, high-performance computing, and telecommunications solutions for growth[17]. - The group plans to expand its sustainability initiatives, aiming for net-zero emissions by 2050, incorporating innovative environmental, social, and governance features into its service offerings[18]. Governance and Compliance - The audit committee reviewed the unaudited financial performance for the six months ended September 30, 2024, ensuring compliance with accounting standards and internal controls[96]. - The company adhered to the corporate governance code as per the Hong Kong Stock Exchange rules during the reporting period, with the roles of Chairman and CEO not separated[97]. - William O. Grabe was appointed as the Chief Independent Director, tasked with overseeing the governance structure and ensuring effective checks and balances within the board[98].

Investment Rating - The report assigns an "Outperform" rating to Lenovo Group (00992 HK) [2] Core Views - Lenovo is a global leader in "New IT" technology, with a comprehensive product portfolio spanning "device-edge-cloud-network-intelligence" [2] - The company is well-positioned to benefit from the recovery of the PC market and the commercialization of AI PCs in 2024 [2] - AI-driven demand is expected to drive growth in both the IT hardware and software markets, with Lenovo's server and IT services businesses poised for expansion [2] - The shift from x86 to Arm architecture in AI PCs is expected to boost Lenovo's profitability [2] PC Market Recovery and AI PC Opportunities - The PC market is showing signs of recovery as inventory adjustments near completion, with global PC shipments expected to grow in 2024 [2] - 2024 is considered the first year of AI PC commercialization, with products featuring core AI capabilities being launched [2] - IDC predicts that AI PC sales in the consumer market will reach 130 8 billion by 2027, while the enterprise market will reach 100 9 billion [2] - Lenovo is among the first companies to enter the AI On phase, offering diverse and cost-effective AI PC options [2] AI-Driven IT Hardware and Software Expansion - The rise of AI applications, such as AIGC and large model training, is driving rapid growth in the AI server market [2] - Lenovo has launched the Lenovo Wentian server for the Chinese market, complementing its ThinkSystem brand with a dual-brand strategy [2] - Global IT spending is projected to reach 5 trillion in 2024, with IT services becoming the largest spending category for the first time [2] - Lenovo's TruScale service focuses on the "as-a-service" business model, offering solutions to facilitate AI commercialization [2] Arm Architecture and Profit Growth - The Arm architecture is gaining traction due to its low power consumption, addressing battery life concerns in AI PCs [2] - AI PCs based on Arm architecture offer advantages in energy efficiency, customization, integration, and flexibility, potentially replacing x86 as the mainstream choice [2] - Lenovo's Arm-based AI PCs are expected to drive higher profit margins due to cost advantages [2] Financial Projections and Valuation - Lenovo is expected to benefit from the recovery in global PC shipments, the commercialization of AI PCs, and the rapid growth of the AI industry [2] - Revenue for FY25/26/27 is projected at 62 33/67 61/72 14 billion, with net profit attributable to shareholders at 1 29/1 64/1 90 billion [2] - The company's valuation is supported by its leadership in the global PC and IT infrastructure solutions market [2] Industry Trends and Competitive Landscape - The PC market is recovering from a downturn caused by pandemic-driven demand shifts, with AI PCs expected to drive a new wave of growth [2] - Major PC manufacturers, including Lenovo, Dell, HP, Acer, Apple, and Asus, are actively launching AI PC products, intensifying competition [2] - Lenovo is a pioneer in the AI PC market, having entered the AI On phase ahead of competitors and offering a wide range of AI-enabled devices [2] Lenovo's AI PC Strategy - Lenovo has adopted a "four-end integration" strategy, focusing on AI PCs, AI tablets, AI phones, and AIoT devices [2] - The company's AI PCs feature embedded personal large models, local heterogeneous AI computing power, and robust data privacy protection [2] - Lenovo's AI PCs are competitively priced, with options starting at around 6000 RMB, catering to a wide range of consumer needs [2]

Investment Rating - The investment rating for Lenovo Group is "Buy," with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [4]. Core Insights - Lenovo's TechWorld 2024 showcased significant advancements in AI, including the launch of AI Now, a personal AI assistant for PC platforms developed in collaboration with Meta, which enhances local processing capabilities [1]. - The introduction of AIPC products, specifically the Aura Edition PC, targets the mid-to-high-end market and features Smart Modes for dynamic performance adjustments based on user activity [1]. - The Neptune liquid cooling system was launched, demonstrating a 40% reduction in energy consumption compared to traditional air cooling systems, with significant revenue growth reported for the Neptune liquid-cooled servers [1]. Summary by Sections Company Overview - Lenovo hosted the TechWorld 2024 event in Seattle, featuring key industry leaders from Intel, NVIDIA, and AMD [1]. AI Developments - The AI Now product, based on Meta's Llama3 model, offers enhanced local AI capabilities, allowing users to operate without relying on cloud services [1]. Product Innovations - The Aura Edition PC, developed with Intel, includes features aimed at improving data security and user experience through intelligent performance adjustments [1]. - The Neptune liquid cooling system has shown impressive revenue growth, with a 50% increase in Q1 and a 55% increase in Q2 of FY25 [1].

总股本（万股） 1,240,465.93 《联想集团（00992）FY2024/25 Q1 财报点评： 2024 年 10 月 17 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 联系人 ： 陈重伊 S0350124090017 chency@ghzq.com.cn [Table_Title] 携手 Meta 发布 AI 智能体，迈出 AI 智能体实践 新纪元 ——联想集团（00992）点评报告 最近一年走势 事件: 联想集团于北京时间 10 月 16 日在 Tech World 大会上公布了下一阶段 Smarter AI for all 远景，并展示了全面的人工智能解决方案、服务和设 备组合。会上，联想宣布和英伟达在多个领域展开合作，包括联手推出 搭载液冷技术的服务器产品、车计算领域推出人工智能计算 DCU 等。 投资要点: 正式推出个人 AI 智能体，帮助实现横跨多个设备、生态系统的 AI 体验。 联想正式发布了联想 PC 上的个人 AI 智能体——AI Now。AI Now 基于 Meta Llama 模型进行构建， ...

[Table_StockNameRptType] 联想集团（00992） 港股深度 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_MainInfo] 公司研究/信息服务 证券研究报告 联想集团（0992）跟踪报告 2024 年 08 月 28 日 | --- | --- | |---------------------------------------|---------------| | 股票数据 | | | 0[8Ta月b2le7_日S收to盘c（k港In元fo）] | 9.57 | | 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） | 1187/1187 | | 市场表现 | | [Table_QuoteInfo] | --- | --- | --- | --- | --- | --- | |---------------|-------|---------|--------|-------|--------| | 沪深300 | 对比 | 1M | | 2M | 3M | | 绝对涨幅（%） | | -3.39% | 8.47% | | 30.97% | | 相对涨幅（%） | | -11.81% | 10. ...

证券研究报告 | 公司动态点评 2024 年 08 月 21 日 联想集团（00992.HK） FQ1 营收盈利同比双增长，看好混合式 AI 浪潮持续推动业绩高增 | --- | --- | --- | --- | --- | --- | |------------------------|---------|---------|---------|---------|---------| | 财务指标 | 2023FYA | 2024FYA | 2025FYE | 2026FYE | 2027FYE | | 营业收入（百万美元） | | | | | | | 增长率 yoy（%） | | | | | | | 归母净利润（百万美元） | | | | | | | 增长率 yoy（%） | | | | | | | ROE（%） | | | | | | | EPS 最新摊薄（美元） | | | | | | | P/E（倍） | | | | | | | P/B（倍） | | | | | | 资料来源：公司财报，长城证券产业金融研究院 事件：公司发布 2025 财年第一季度业绩公告，2025 财年 Q1 公司实现营收 1 ...