Core Viewpoint - Lenovo is gaining market share in the US PC market, challenging traditional leaders HP and Dell, with a significant year-on-year growth rate of 12.8% compared to HP's 0.6% and Dell's -4.1% [1][4]. Market Performance - In 2024, the US PC market shipped 69.21 million units, a 5.2% increase from 2023 [2]. - Lenovo's shipment volume reached 11.872 million units, increasing its market share from 16.0% in 2023 to 17.2% in 2024 [2][4]. - The gap between Lenovo and HP has narrowed from 10.4 percentage points in 2023 to 8.1 percentage points in 2024 [4]. Growth Drivers - The commercial demand surge is driven by the impending end of Windows 10 support, leading to an early release of enterprise upgrade needs, with a projected 9% growth in the commercial market in the second half of 2024 [2][4]. - Lenovo's comprehensive product range across all price segments has effectively diverted users from HP and Dell [4]. Competitive Landscape - Lenovo's growth rate of 12.8% is 2.5 times the industry average of 5.2% [4]. - The competitive dynamics among leading manufacturers are shifting, with Lenovo's strategic positioning in the commercial sector and flexible supply chain providing a competitive edge [5]. Supply Chain Advantages - Lenovo's supply chain resilience, particularly through its Mexican factory, allows it to capitalize on the USMCA's zero-tariff policy, reducing end-user prices and enhancing competitiveness [4][5].

"DeepSeek等更高效率、更低成本的人工智能技术正在推动 AI应用的加速普及，充分彰显了科创引领下的新质生产力对社会经济发展的杠杆效应。"杨元 庆指出，"随着技术迭代不断提速，我们必须与时俱进，才能永葆创新活力，勇立市场潮头。" 第二是加强产业链协同合作，打造徽商发展新生态。他提出，无论国内国际，都应加强徽商企业之间，尤其产业链上下游之间协同合作，共同成长、共筑 生态，充分发挥产业链龙头企业带动作用，形成产业集群效应，为安徽制造、中国制造的高质量发展创造更多社会经济价值。 第三是把握新一轮出海机遇，从"走出去"进阶到"走进去"和"走上去"。近两年，随着全球贸易格局、产业链价值链重构，越来越多中国企业正在以更加自 信的姿态"走出去"。联想、奇瑞、迈瑞医疗、阳光、蔚来等徽商企业，通过"技术+品牌"双轮驱动，不仅拓展了海外业务布局，提升了全球市场地位，并 且反哺安徽和中国经济的高质量发展。 第四是弘扬徽商精神，共同书写回报桑梓新篇章。当前，安徽正在打造具有重要影响力的"三地一区"上持续发力，也为徽商企业发展创造了很好的机遇。 （青云） 杨元庆：中国企业"走出去"要扎根"中国制造"大本营 【环球网科技综合报道】3 ...

不同于上一代智慧城市以"城市大脑"为核心，联想"城市超级智能体"作为革新迭代产物，通过L3智 能体与多模态高效开源大模型技术的深度融合，能够有效支持限定范围内通用人工智能技术的实现。根 据联想集团的技术报告，城市超级智能体可使场景开发综合成本降低70%以上，极大推动了AI技术的普 惠化应用。 联想集团负责人表示，未来，公司将继续推动城市超级智能体在全国范围内的推广和应用，助力更 多城市实现智能化转型。 （文章来源：证券日报） 首个城市超级智能体项目落地武夷山 联想集团发力 智慧城市领域 近日，联想集团有限公司（以下简称"联想集团"）与武夷山市政府正式签署"武夷山城市超级智能 体"合作协议，标志着全球首个城市超级智能体项目在武夷山全面落地。作为人工智能技术与城市治理 深度融合的创新实践，该项目将依托联想集团全栈AI能力，整合武夷山文旅、茶产业等特色资源，构 建覆盖城市管理、民生服务、产业升级等层面的智能化中枢，为区域高质量发展注入科技动能。 联想集团高级副总裁、中国方案服务业务群总经理戴炜表示："联想将与武夷山市一起，以城市超 级智能体作为开启未来城市普惠AI新形态的钥匙，将AI能力源源不断输送给武夷山以文旅为 ...

Investment Rating - The report assigns a "Buy" rating for Lenovo Group [9]. Core Insights - Lenovo Group, established in 1984, has become the largest player in the PC industry, with a strong position expected to continue in the AIPC era due to its early investments in smart PC technology and a focus on user experience [2][4]. - The company is leveraging its ISG and SSG businesses to create a comprehensive IT architecture that integrates edge, cloud, and AI solutions, which is anticipated to enhance profitability [2][7]. - The AIPC (AI PC) segment is expected to drive a new cycle of demand in the PC market, with Lenovo leading the way by launching over ten AIPC products [4][6]. Summary by Sections Company Overview - Lenovo Group has been a key player in the PC industry for over 40 years, growing significantly after acquiring IBM's PC business and becoming the global leader in PC sales since 2013 [4][16]. - The company has initiated a transformation towards intelligent technology since 2016, focusing on AIPC to enhance user experience and maintain its market leadership [4][6]. AIPC Development - AIPC is characterized by its ability to provide personalized services and improve user interaction, positioning itself as a revolutionary advancement in human-computer interaction [35][39]. - The AIPC market is projected to grow significantly, with global penetration expected to reach 18% by 2024 and 70% by 2028, driven by strong demand for AI capabilities in PCs [53][54]. Business Segments - The IDG (Intelligent Device Group) remains the core revenue source, encompassing PCs, smartphones, and other electronic devices, while the ISG (Infrastructure Solutions Group) and SSG (Solutions and Services Group) are rapidly growing segments [6][21]. - The ISG focuses on AI servers and cloud infrastructure, while the SSG provides IT services and customized solutions, contributing to a robust ecosystem that supports Lenovo's overall strategy [7][21]. Financial Performance - Lenovo's revenue for FY2024 was reported at $56.864 billion, a decline of 8.21% year-on-year, with a net profit of $1.011 billion, down 37.13% [28]. - Projections for FY2025 to FY2027 indicate a recovery in revenue and profit, with net profits expected to reach $1.515 billion, $1.813 billion, and $2.504 billion respectively [7]. Market Position and Strategy - Lenovo's global PC market share is projected to reach 25.5% in 2024, maintaining its leadership position [16]. - The company is strategically positioned to capitalize on the upcoming replacement cycle in the PC market, driven by the discontinuation of Windows 10 updates in 2025 and the increasing adoption of AIPC technology [6][7].

港股研究丨公司深度丨联想集团（0992.HK） [Table_Title] AIPC 风云至，大象起舞展新篇 research.95579.com %% %% 1 %% %% 丨证券研究报告丨 报告要点 [Table_Summary] 联想集团成立于 1984 年，深耕 PC 行业 40 余载，至今成长为 PC 行业第一大巨头。PC 行业 经历长时期的成熟期后，有望迎来 AIPC 的换机周期。联想提前布局智能 PC 行业，同时基于 "私人秘书"理念提出 AIPC 五大核心特征，以 AI Agent 为核心要素，更契合用户需求，在 AIPC 时代有望继续保持龙头地位，并改善盈利能力。ISG 与 SSG 业务在 AI 浪潮下完善联想 "端-边-云-网-智"新 IT 架构的全面布局，ISG 扭亏后 AI 服务器有望加速放量，结合 SSG 为 客户提供一栈式服务。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 2 / 35 %% %% %% %% research.95579.com 2 联想集团（0992.HK） cjz ...

证券研究报告 | 2025年03月13日 联想集团（00992.HK） 优于大市 FY2025Q3 财报点评：ISG 业务扭亏为盈，业绩稳健增长 基础设施方案业务（ISG）扭亏为盈，AI 驱动业绩增长。FY2025 前三季度公 司实现营收 520.93 亿美元，同比+21.1%；实现净利润 12.95 亿美元，同比 +69.7%。分季度看，FY25Q3 实现营收 187.96 亿美元，同比+19.4%、环比+5.3%； 实现净利润 6.93 亿美元，同比+105.5%、环比+93.2%,主要由于单季度获得 2.82 亿美金的一次性所得税抵免。其中，FY2025 前三季度智能设备业务集 团、基础设施方案业务集团、方案服务业务集团分别实现收入 387.20、 104.04、63.07 亿美元，分别同比+13.4%、+62.8%、+11.6%。分季度看，FY25Q3 智能设备业务集团、基础设施方案业务集团、方案服务业务集团分别实现收 入 137.84、39.38、22.57 亿美元，分别同比+11.5%、+59.2%、+11.7%，其 中基础设施方案业务集团（ISG）实现经营溢利 100.2 万美元，首次单季度 扭 ...

以下文章来源于极客公园 ，作者靖宇 极客公园 . 各家公司的想法和打法差异也很大。 小米在MWC的展馆中SU7 Ultra是绝对的主角｜图片来源：极 客公园 用极客视角，追踪你最不可错过的科技圈。欢迎同步关注极客公园视频号 同样打着AI旗号， 文 ｜ 靖宇 来源｜ 极客公园（ID：geekpark） 封面来源 ｜ IC photo 「某某公司租的机器狗，都累没电趴窝了。」 在世界移动通信大会MWC2025的群里，有人爆料了这个多少有一点喜感的画面。当地时间3月3日，MWC2025在巴塞罗那正式开幕。联想、华为、小 米、谷歌、三星、LG以及众多全球通信巨头公司，在CES之后，再次在伊比利亚半岛向大家展示自己的技术实力。 租来的「机器狗」可能是大公司将参展观众拉进自己展台的利器，但AI，才是各家公司用来展示的真正噱头。 大公司没赶上DeepSeek 「MWC越来越没有『通信』味儿，参展公司关注更多的是人们能用这些技术做什么。」联想集团智能设备业务商用事业部高级副总裁&总经理Steve Long，如此评价正在逐渐变化的移动通信大会。或者换句话说，MWC正在并且可能越来越像每年1月份举行的消费电子盛会CES。 小米展 ...

Investment Rating - The investment rating for Lenovo Group is "Buy" (maintained) [1] Core Views - Lenovo Group's performance is driven by AI, with the ISG segment turning profitable [1] - For FY25 Q3, Lenovo achieved revenue of $18.8 billion, a year-over-year increase of 19.6%, and a quarter-over-quarter increase of 5.3% [4] - The company reported a net profit of $690 million for FY25 Q3, reflecting a year-over-year growth of 105.6% and a quarter-over-quarter growth of 93.3% [4] Summary by Sections Financial Performance - For the first three quarters of FY25, Lenovo reported revenue of $52.09 billion, up 21.1% year-over-year, and a net profit of $1.3 billion, up 69.7% year-over-year [4] - The gross margin for FY25 Q3 was 15.74%, with a net margin of 2.15% [4] Business Segments - **IDG Segment**: Revenue reached $13.78 billion, growing 11.5% year-over-year and 2.0% quarter-over-quarter. Lenovo maintained a 24.5% market share in global PC shipments [5] - **ISG Segment**: Revenue was $3.94 billion, a significant increase of 59.2% year-over-year and 19.1% quarter-over-quarter, with operating profit turning positive [6] - **SSG Segment**: Revenue was $2.26 billion, with a year-over-year increase of 11.7% and an operating profit margin of 20% [7] Future Projections - Revenue projections for FY25-27 are $67.56 billion, $75.47 billion, and $81.03 billion respectively, with net profit estimates of $1.55 billion, $1.65 billion, and $1.91 billion [8] - The forecasted P/E ratios for FY25-27 are 13.2, 12.4, and 10.7 respectively [11]

Investment Rating - The investment rating for Lenovo Group is "Buy" (maintained) [1] Core Views - Lenovo Group's performance is driven by AI, with the ISG segment turning profitable [1] - For FY25 Q3, Lenovo achieved revenue of $18.8 billion, a year-over-year increase of 19.6%, and a quarter-over-quarter increase of 5.3% [4] - The company reported a net profit of $690 million for FY25 Q3, reflecting a year-over-year growth of 105.6% and a quarter-over-quarter growth of 93.3% [4] Summary by Sections Financial Performance - For the first three quarters of FY25, Lenovo reported revenue of $52.09 billion, up 21.1% year-over-year, and a net profit of $1.3 billion, up 69.7% year-over-year [4] - The gross margin for FY25 Q3 was 15.74%, with a net margin of 2.15% [4] Business Segments - **IDG Segment**: Revenue reached $13.78 billion, growing 11.5% year-over-year, with a global PC market share of 24.5% [5] - **ISG Segment**: Revenue was $3.94 billion, up 59.2% year-over-year, with a breakeven operating profit margin [6] - **SSG Segment**: Revenue was $2.26 billion, with a stable operating profit margin of 20% [7] Future Projections - Revenue projections for FY25-27 are $67.56 billion, $75.47 billion, and $81.03 billion respectively, with net profit estimates of $1.55 billion, $1.65 billion, and $1.91 billion [8] - The company maintains a "Buy" rating based on these projections [8]