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"数据处理方法及电子设备"的专利，公 开号CN121501225A，申请日期为2025年11月。 专利摘要显示，本公开提供了一种数据处理方法，包括：确定目标数据，目标数据包括多个数据片段； 确定目标数据对应的第一指标、第二指标以及第三指标，第一指标表征各数据片段中满足目标数据格式 的占比，第二指标表征目标数据相对于运行内存的负载程度，第三指标表征目标数据被访问的并发量； 根据第一指标、第二指标以及第三指标，确定目标输入输出模型进行数据传输的目标输入输出方式；控 制目标输入输出模型以目标输入输出方式将目标数据传输至第二处理器。 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 ...

Core Viewpoint - Lenovo Group (00992) reported a solid performance in the third fiscal quarter, benefiting from stronger-than-expected revenue growth across various business segments and resilient operating profit margins, maintaining a "Hold" rating with a target price increase from HKD 9.7 to HKD 9.85 [1] Group 1: Financial Performance - The company has adjusted its net profit forecasts for the fiscal years 2026 to 2028, increasing them by 5.7%, 9.7%, and 4.3% respectively, to USD 1.833 billion, USD 1.77 billion, and USD 2.178 billion [1] - The revenue growth is attributed to the impact of PC and smartphone shipment volumes, as well as factors affecting the Solutions and Services Group (SSG) and Intelligent Devices Group (IDG) businesses [1] Group 2: Strategic Preparedness - Management indicated that the company is well-prepared to address the pressures from rising memory and chip costs by increasing average selling prices, improving product mix, and enhancing inventory management [1]

智通财经APP获悉，大华继显发布研报称，联想集团(00992)第三财季业绩表现稳健，主要受惠于各业务 板块收入增长较预期强劲，以及经营利润率具韧性，维持"持有"评级，目标价由9.7港元微升至9.85港 元。 管理层指，公司已做好充分准备以应对内存及晶片成本上升带来的压力，透过提高平均售价、改善产品 组合及存货管理来缓解影响。该行将2026至2028财年的经调整净利润预测分别上调5.7%、9.7%及 4.3%，至18.33亿美元、17.7亿美元及21.78亿美元，以反映PC和智能手机出货量，以及方案与服务业务 (SSG)与IDG和SSG业务的影响因素。 ...

Core Viewpoint - Lenovo Group reported strong financial results for Q3, with revenue reaching 157.5 billion RMB, a year-on-year increase of over 18%, and adjusted net profit of 4.07 billion RMB, up 36%, indicating a profit growth rate twice that of revenue growth [1] Group Performance - All major business segments of Lenovo achieved double-digit growth: IDG (Intelligent Devices Group) grew by 14%, ISG (Infrastructure Solutions Group) by 31%, and SSG (Solutions and Services Group) by 18% [2] - The AI-related revenue, including AI PCs, AI smartphones, AI servers, and AI solutions and services, grew by over 70% year-on-year, now accounting for one-third of the group's total revenue [2] AI as a Growth Driver - The AI server revenue increased by 59% year-on-year, with significant orders for new GPU-based servers [3] - Lenovo's AI server business achieved high double-digit revenue growth, driven by project order reserves and deployment of solutions based on NVIDIA's GB300NVL72 design [5] Supply Chain and Competitive Advantage - Lenovo's supply chain resilience and agility, along with its ability to manage diverse computing power, are key factors in outperforming the market [6] - The company has a significant order reserve of 15.5 billion USD for AI services, indicating strong future demand [5] Market Position and Valuation - Lenovo's transition from a PC-only valuation to a multi-product and multi-business valuation suggests that its current stock price is undervalued, with a potential increase of 60% to 70% based on a reasonable P/E ratio of 16 to 17 times [7]

Core Insights - The Chinese tablet market is projected to reach a shipment volume of 33.76 million units in Q4 2025, reflecting a year-on-year growth of 13.1%, with a 7.2% increase in Q4 alone [1] - The "National Subsidy" policy has positively influenced consumer confidence and purchasing decisions, leading to an improved willingness to upgrade devices [1] - Market growth is transitioning from being policy-driven to being driven by product features and consumer demand as the "National Subsidy" policy begins to tighten in some regions [1] Market Performance - In Q4 2025, the Chinese tablet market experienced a year-on-year shipment growth of 7.2%, supported by an ongoing device upgrade cycle and continuous product feature enhancements by manufacturers [1] - Huawei maintained its leading position with a market share of 29.2%, despite a decline of 3.1% from the previous year [2] - Apple ranked second with a market share of 24.5%, showing a year-on-year increase in shipment volume [3] Manufacturer Analysis - Xiaomi held the third position with a market share of 13.1%, achieving double-digit growth in annual shipments [3] - Lenovo and Honor ranked fourth and fifth, with market shares of 9.7% and 8.6% respectively, with Lenovo experiencing a notable increase of 3.0% year-on-year [2] - Huawei's new product, the MatePad Edge, integrates PC-level systems and enhances the tablet's positioning for office and multi-scenario use, maintaining high market attention [2] Future Outlook - The expansion of the user base provides a solid foundation for device upgrades, although rising costs are increasing market uncertainties [3] - There is an urgent need for deeper exploration of AI and scenario-based upgrade paths in the industry [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and market position [8]. Core Insights - The company reported better-than-expected earnings, with a significant order backlog of $15.5 billion for AI servers, showcasing strong growth potential in this segment [2][8]. - The company’s revenue for FY25/26Q3 reached $22.204 billion, reflecting an 18.13% year-over-year increase, while adjusted net profit rose by 35.54% [8]. - The PC segment continues to lead the industry, with revenue of $15.755 billion in FY25/26Q3, a 14.30% increase year-over-year, outperforming global PC shipment growth [8]. - The Infrastructure Solutions Group (ISG) reported revenue of $5.176 billion, a 31.42% increase, with AI servers showing double-digit growth [8]. - The company is expected to effectively manage the impact of rising storage costs due to its robust supply chain and procurement capabilities [8]. Financial Data and Earnings Forecast - Projected revenues for FY25/26, FY26/27, and FY27/28 are $79.485 billion, $91.551 billion, and $105.244 billion respectively, with corresponding net profits of $1.672 billion, $2.029 billion, and $2.433 billion [7][9]. - The company’s net profit margin is expected to improve, with a projected PE ratio of 8.5x for FY25/26, decreasing to 5.9x by FY27/28 [8].

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (0992.HK) [6] Core Insights - The overall impact of storage price increases is manageable, and the strategic restructuring plan is expected to accelerate the return to profitability for the ISG business [1] - In FY26Q3, Lenovo's revenue reached $22.204 billion, representing 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 adjusted net profit for FY26Q3 was $589 million, a 36% year-over-year increase and a 15% quarter-over-quarter increase, primarily due to the exclusion of one-time restructuring costs [1] IDG Business (Intelligent Devices Group) - In FY26Q3, IDG business revenue was $15.755 billion, up 14% year-over-year and 4% quarter-over-quarter, driven by high growth in AI PC revenue and increased sales of high-end products [2] - The PC business revenue grew by 18% year-over-year, with Lenovo's global market share reaching 25.3%, an increase of 1.0 percentage points [2] - Smartphone sales and activations reached historical highs, supported by strong performance from high-end models [2] ISG Business (Infrastructure Solutions Group) - ISG business revenue in FY26Q3 was $5.176 billion, a 31% year-over-year increase and a 27% quarter-over-quarter increase, with AI server revenue showing high double-digit growth [3] - The company has a project reserve amounting to $15.5 billion, and the deployment of NVIDIA's solutions has been initiated [3] - A one-time restructuring cost of $285 million was incurred to optimize the product mix and improve productivity [3] SSG Business (Solutions and Services Group) - SSG business revenue in FY26Q3 was $2.652 billion, up 18% year-over-year and 4% quarter-over-quarter, 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 and project solutions being the core growth drivers [4] Profit Forecast, Valuation, and Rating - The FY26 net profit forecast has been raised by 4% to $1.682 billion due to better-than-expected FY26Q3 performance, while FY27 and FY28 net profit forecasts remain at $1.743 billion and $1.917 billion, respectively [4]

本报讯 （记者向炎涛）2月12日，联想集团（以下简称"联想"）发布截至2025年12月31日的2025/2026财 年第三财季业绩。该财季集团营收达到1575亿元，同比增长超过18%，再创历史新高；经调整后的净利 润同比增长36%，远超市场预期。 本财季，联想集团三大业务全部实现双位数强劲增长：IDG智能设备业务集团营收超过1100亿元，同比 增长14.3%；ISG基础设施方案业务集团营收达到367亿元，同比增长超31%；SSG解决方案与服务业务 集团营收同比增长18%，运营利润率进一步提升至22.5%。 与此同时，AI相关业务已成为联想集团重要增长引擎。第三财季，联想AI相关营收同比增长72%，占集 团总营收比重提升至32%。 在个人智能领域，联想押注个人AI双胞胎，并以超级智能体构建差异化竞争壁垒。第三财季，联想正 式发布超级智能体联想Qira，标志着构建跨平台、跨设备统一AI终端入口迈出关键一步。在这个过程 中，联想集团持续巩固AI PC全球领先地位，并扩展AI设备装机规模，为个人超级智能体构建最广泛的 入口基础。 在企业智能领域，联想在混合式AI优势集的框架下，帮助企业打造企业超级智能体，释放AI商业 ...

（文章来源：每日经济新闻） 每经AI快讯，2月13日，联想集团(00992.HK)绩后涨近3%，截至发稿涨2.56%，报9.23港元，成交额9.04 亿港元。 ...

上 市 公 司 公 司 研 究 / 公 司 点 计算机 2026 年 02 月 13 日 联想集团 (00992) ——业绩超预期，AI 服务器在手订单 155 亿美元 报告原因：有业绩公布需要点评 | 市场数据： | 2026 年 02 月 12 日 | | --- | --- | | 收盘价（港币） | 9.00 | | 恒生中国企业指数 | 9175.18 | | 52 周最高/最低（港币） | 13.60/6.57 | | H 股市值（亿港币） | 1,116.42 | | 流通 H 股（百万股） | 12,404.66 | | 汇率（港币/人民币） | 0.8888 | 一年内股价与基准指数对比走势： -41% 9% 59% HSCEI 联想集团 资料来源：Bloomberg 相关研究 买入（维持） 《联想集团（00992）点评：业绩超预期， AI 服务器维持高增》 2025/11/22 《联想集团（00992）点评：PC 复苏超预 期，AI 服务器高速增长》 2025/08/14 《联想集团（00992）深度：被低估的 ICT 全 栈 供 应 商 （ GenAI 系列之 59 ） 》 2025/0 ...