股 票 研 究 [Table_industryInfo] 计算机 [ Table_Main[联I Tnaf 想bol]e 集_Ti团tle]（ 0992） [评Tab级le_：Inv est] 增持 当前价格（港元）： 8.55 主业稳步复苏，AI PC 变革在即 2024.02.26 海 ——联想集团FY24Q3 业绩点评 [ 交Ta易bl数e_M据a rket] 外 秦和平(分析师) 梁昭晋(分析师) 52周内股价区间（港元） 7.04-11.04 当前股本（百万股） 12,405 公 0755-23976666 0755-23976666 当前市值（百万港元） 106,060 司 qinheping027734@gtjas.com liangzhaojin027677@gtjas.com 证书编号 S0880523110003 S0880523010002 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司FY24Q3业绩符合预期，IDG重回增长轨道，主业稳步复苏盈利持续改善。 联想集团 恒生指数 香 59% 摘要： 港 42% [T abl维e_S持um“m增ar ...

证券研究报告 | 季报点评 2024年02月24日 联想集团（00992.HK） PC 恢复增长，服务器扭亏尚需时间 23/24FYQ3营收同比增速转正、环比增长9%，净利润率环比进一步改善。Q3 买入（维持） 财季，联想集团收入 157 亿美元，同比/环比增长 3%/9%。智能业务业务集团 股票信息 （IDG）/基础设施方案业务集团（ISG）/方案服务业务集团（SSG）各实现收入 124/25/20亿美元，同比7%/-13%/+10%，环比+7%/+24%/+5%。公司Q3财 行业 海外 季的经营利润率录得3.9%，环比提升0.3pct，主要受ISG经营亏损率收窄影响。 Q3财季归母净利润3.4亿美元，同比下降23%、降幅大幅收窄，环比增长35%， 2月23日收盘价(港元) 8.55 归母净利润率2.1%，环比再次改善0.4pct，主要是由于公司积极控制费用，例如 总市值(百万港元) 106,059.84 财务费用同比/环比节约1000/1600万美元。但公司仍将持续投入研发，预计全财 总股本(百万股) 12,404.66 年研发投入占收入比重将创历史记录，为公司的长期发展奠定技术基础。 其中自由流通股(% ...

证券研究报告·海外公司点评·资讯科技器材(HS) 联想集团（00992.HK） FY2024 三季报业绩点评：短期业绩承压，期 2024 年 02月 26日 待 PC 周期复苏及 AI PC 渗透拉升业绩 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 FY2022A FY2023A FY2024E FY2025E FY2026E zhanglw@dwzq.com.cn 营业总收入（百万美元） 71,618 61,947 57,302 65,331 74,670 股价走势 同比 17.90% -13.50% -7.50% 14.01% 14.30% 联想集团 恒生指数 归母净利润（百万美元） 2,029.82 1,607.72 963.15 1,223.92 1,720.60 56% 同比 72.27% -20.79% -40.09% 27.07% 40.58% 47% 38% EPS-最新摊薄（美元/股） 0.16 0.13 0.08 0.10 0.14 29% 20% 11% P/E（现价&最新摊薄） ...

联想集团（0992.HK）FY3Q24业绩点评 23 年完美收官，24 年开启 AI 新征程 2024年02月25日 ➢ 事件：2 月 22 日，联想集团发布 2024 年财年三季报，FY3Q24 公司实现 推荐 维持评级 营收157.21亿美元，YoY+3%，QoQ+9%；实现净利润3.37亿美元，YoY-23%， 当前价格： 8.55港元 QoQ+35%。业绩超此前市场一致预期。 ➢ FY3Q24营收重启正增长，战略转型提速。FY3Q24公司营收结束连续六个 财季的同比下滑，首次开启增长；净利润同比跌幅由FY2Q24的-53.95%收窄至 [T able_Author] FY3Q24 的-22.92%，并连续三个财季实现环比增长。公司净利率达 2.39%， QoQ+0.38pct，连续三个财季环比提高，盈利能力持续修复。公司PC以外业务 占比达42%，YoY+1.3pct，战略转型效果显著。 ➢ ISG：全面投入AI，供货缓解后年内望扭亏。FY3Q24实现营收24.73亿美 元，YoY-13.38%，QoQ+23.59%，关键云和企业客户需求复苏带动ISG业务环 比回暖，其中存储、服务和软件合计收入同比增 ...

计算机/计算机设备 公 司 研 联想集团（00992.HK） 跟踪 PC 复苏及利润率兑现，AI PC 仍是持续催化 究 2024年02月23日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） 李祎晗（联系人） wuliuyan@kysec.cn liyihan@kysec.cn 证 书编号：S0790521110001 证书编号：S0790123080037 日期 2024/2/22 港 当前股价(港元) 8.840  跟踪PC行业复苏力度及利润率兑现，AI PC密集发布仍是正向催化 股 一年最高最低(港元) 11.100/6.900 公司发布FY2024Q3财报，我们维持FY2024归母净利润预测9.29亿美元；考虑 公 到2024H1 PC行业复苏力度偏弱，ISG收入规模及盈利能力存不确定性，我们下 司 总市值(亿港元) 1,096.57 信 流通市值(亿港元) 1,096.57 调公司 FY2025-2026 归母净利润预测至 12.05/15.38 亿美元（前值：13.39/16.99 息 总股本(亿股) 124.05 亿美元）。FY2024-2026净利润同比分别为-42.2 ...

2024年2月23日 公司研究 FY3Q24 业绩超预期，PC 行业复苏短期有波折但长期趋势不改 ——联想集团（0992.HK）FY24Q3 业绩点评报告 要点 买入（维持） 事件：FY3Q24公司收入157.21亿美元，同比上升3.0%、环比上升9.1%， 当前价：8.84港元 收入自 FY2Q23 以来首次实现同比增长、且连续 3 个季度实现环比增长；归 母净利润3.37亿美元，同比下降22.9%、环比上升35.2%，超彭博一致预期 作者 的3.05 亿美元约10.5%，对应归母净利率 2.1%，环比上升 0.4pct。归母净 利润环比上升，由于：1）智能设备业务（IDG）/方案服务业务（SSG）税前 分析师：付天姿 溢利环比上升7.6%/7.5%；2）基础设施方案业务（ISG）税前亏损收窄约1,600 执业证书编号：S0930517040002 万美元；3）OPEX费率环比下降0.61pct。 021-52523692 PC行业复苏短期有波折，但长期趋势不改；IDG业务呈多元化增长：FY3Q24 futz@ebscn.com IDG业务收入123.62亿美元，同比上升6.7%、环比上升7.4%，其中非P ...

At Lenovo, we believe AI should live where you do. On your shop floor, sales floor, front desk, teacher's desk, home office, corner office, oh, and on your commute, beep, beep, AI should be personalized to you, always responsive and always protected, so we all can be safer, smarter, healthier, happier, more productive, less stressed, AI should be at your fingertips. We build and deploy AI solutions at the edge of the network and on premise, so they're immediate, private, and tailored to your business. And w ...

2月22日，联想集团(00992)公布第三财季业绩，整体营收1136亿人民币，同比增长3%，净利润近26亿人民币，盈利能力连续两个季度实现环比改善。在业务细分板块中，移动手机业务最为抢眼。 联想集团称，智能手机业务继续高歌猛进。得益于3年增长计划的有力执行，智能手机在亚太、EMEA和北美地区表现强劲，分别超出市场增速250、55、40个百分点。受摩托罗拉Razr大卖驱动，高端产品占比达到了创纪录的25%。 Canalys近日公布了2023年第四季度，欧洲地区（不含俄罗斯）智能手机出货量为3,780万部，同比下降3%，但摩托罗拉的增长率达到了惊人的73%！在欧洲已经冲到了市场的第四名。 Canalys研究分析师Brandon Gurney表示：“除了前三名之外，2023年厂商的格局发生巨大变化。少数厂商的强劲涨势抵消整体市场的下滑。2023年，摩托罗拉是增长最为强劲的厂商。其专注于在整个地区针对性地获取移动网络运营商的名额，以实现全年的持续增长。“ ...

2月22日，联想集团(00992)公布第三财季业绩，整体营收1136亿人民币，同比增长3%，净利润近26亿人民币，盈利能力连续两个季度实现环比改善。 其中，SSG业务表现抢眼，具体来看，支持服务的收入同比增长7%，主要归功于渗透率上升以及Premier Support和Premier Support Plus的服务订单量创新高。运维服务受惠于装置即服务及基础设施即服务解决方案的强劲需求，收入同比增长26%。基础设施即服务的总合约价值同比增加逾80%，支持长期增长轨迹。 联想集团表示，今年上半年，公司计划推出Care-of-One、智能可持续发展解决方案顾问(L.I.S.S.A)、网络安全即服务(CRaaS)等满足客户需求的AI解决方案。此外，联想正在与英伟达紧密合作，提供 AI 专业服务，帮助客户快速部署混合AI解决方案。 SSG方案服务业务集团于第三财政季度赢得迄今为止最大的TruScale基础设施即服务订单和第三财季最大的资产恢复服务订单。此外，联想的全球足迹大大加强其运维服务能力，令方案服务业务集团成为国际公司及计划向海外扩张业务的企业之首选。项目与解决方案服务的收入同比增长5%，主要得益于各垂直领域对 ...

Revenue Growth and Performance - Revenue increased by 9% quarter-on-quarter to $15.7 billion, marking the first year-on-year growth in the past year and a half[4][6] - Intelligent Devices Group revenue grew by 7% year-on-year and quarter-on-quarter, with a leading profitability of 7.4%[4] - Solutions and Services Group achieved a record revenue of over $2 billion, with a strong operating margin of 20.4%[4] - Infrastructure Solutions Group revenue increased by 24% quarter-on-quarter, with losses narrowing to $38 million[4] - Non-PC business accounted for 42% of total revenue across all business groups, reflecting successful diversification[6] - The company's service-led transformation achieved a milestone with the Solutions and Services Group contributing 12% and 32% to total revenue and profit, respectively[8] - The Intelligent Devices Group saw a 7% YoY increase in revenue and operating profit, with a global market share of 24% in PCs and 27% in commercial PCs[9] - Non-PC sales accounted for 21% of the Intelligent Devices Group's revenue, growing over 4 percentage points YoY, driven by strong smartphone sales in North America, EMEA, and Asia[10] - The Infrastructure Solutions Group recorded a 24% QoQ revenue growth for the second consecutive quarter, with storage, services, and software combined revenue exceeding $1 billion for the first time[11] - The Solutions and Services Group achieved record revenue of $2 billion and operating profit of $412 million, with a strong operating margin of 20.4%[12] - EMEA market revenue grew 20% YoY, driven by a rebound in PC demand and strong smartphone performance in certain countries[13] - APAC (excluding China) revenue increased 7% YoY, supported by a strong recovery in commercial PC sales, particularly in Japan[13] - Americas revenue grew slightly by 1% YoY, with strong performance in gaming laptops and premium smartphones offset by a decline in the Infrastructure Solutions Group[13] - China revenue declined 10% YoY, but the decline narrowed significantly compared to the previous quarter, with a double-digit growth in the Solutions and Services Group[14] - Revenue for the nine months ended December 31, 2023, was $43.031 billion, a 13% decrease year-over-year[18] - Total revenue for the nine months ended December 31, 2023, was $43.03 billion, a decrease from $49.31 billion in the same period last year[24] - Total sales for the three months ended December 31, 2023, were approximately $15.72 billion, a 3% increase from $15.27 billion in the same period last year[25] - Revenue for the nine months ended December 31, 2023, was $49.312 billion, with a gross profit of $8.358 billion[45] - Revenue from the Intelligent Devices Business Group was $34.14 billion, down from $39.58 billion in the previous year[58] - Revenue from the Infrastructure Solutions Business Group was $6.39 billion, compared to $7.56 billion in 2022[58] - Revenue from the Solutions and Services Business Group increased to $5.65 billion from $5.01 billion in 2022[58] - Revenue from China decreased to $9.91 billion from $12.42 billion in 2022[58] - Revenue from the Americas was $14.84 billion, down from $16.80 billion in 2022[58] - Revenue recognized at a point in time was $40.82 billion, compared to $47.45 billion in 2022[59] Profitability and Margins - Net income attributable to equity holders grew by 35% quarter-on-quarter, but decreased by 23% year-on-year due to a high base effect[4][6] - The company's net profit for the quarter was $337 million, down 23% YoY but up 35% QoQ, with the Intelligent Devices Group's profit margin increasing by 5 basis points to 7.4%[8] - Gross profit margin increased by 0.2 percentage points to 17.1% for the nine months ended December 31, 2023[18] - Net profit attributable to equity holders decreased by $731 million to $763 million for the nine months ended December 31, 2023[18] - Basic and diluted earnings per share were 6.38 cents and 6.09 cents, respectively, a decrease of 6.19 cents and 5.59 cents year-over-year[18] - Net profit attributable to equity holders for the three months ended December 31, 2023, was $337 million, down from $437 million year-over-year[25] - Gross margin for the three months ended December 31, 2023, decreased to 16.5%, down 0.6 percentage points from 17.1% in the same period last year[25] - Basic and diluted earnings per share for the three months ended December 31, 2023, were $0.0281 and $0.0264, respectively, down from $0.0365 and $0.0344 in the same period last year[25] - Net profit for the three months ending December 31, 2023, was $376.813 million, a decrease from $481.943 million in the same period last year[46] - Net profit attributable to equity holders for the nine months ended December 31, 2023, was $1.494 billion[45] - Basic earnings per share for the nine months ended December 31, 2023, was 12.57 cents[45] - Operating profit for the nine months ended December 31, 2023, was $2.378 billion[45] - The company's pre-tax profit for the nine months ended December 31, 2023, was $1,056,789 thousand, a decrease from $2,005,566 thousand for the same period in 2022[95] Financial Expenses and Debt Management - Financial expenses were reduced by $16 million quarter-on-quarter and $10 million year-on-year through prudent debt management[7] - Financial expenses increased by 22% year-over-year, primarily due to a $144 million increase in factoring costs, partially offset by a $23 million decrease in bank loan and overdraft interest and a $7 million decrease in convertible bond interest[21] - Financial expenses decreased by 6% year-over-year, primarily due to a $6 million reduction in convertible bond interest and a $9 million reduction in note interest, partially offset by a $9 million increase in factoring costs[27] - The company has a revolving loan facility of $2 billion issued on July 4, 2022, with a 5-year term[39] - Trade credit facilities available as of December 31, 2023, amounted to $3.872 billion, with $2.026 billion utilized[40] - The company's outstanding notes and convertible bonds as of December 31, 2023, include $965 million in 2025 notes with a 5.875% interest rate[41] - Net debt position as of December 31, 2023, was $88 million, compared to a net cash position of $366 million as of March 31, 2023[42] - The company's forward foreign exchange contracts outstanding as of December 31, 2023, totaled $10.373 billion[43] - The company's financial expenses for the nine months ended December 31, 2023, were $562,256 thousand, an increase from $460,046 thousand for the same period in 2022[95] - Total financing liabilities decreased from $4,359.35 million as of March 31, 2023, to $4,002.85 million as of December 31, 2023, reflecting a reduction of $356.5 million[96] - Short-term loans decreased from $57.03 million to $46.39 million, a reduction of $10.64 million[96] - Convertible bonds (current) significantly decreased from $214.58 million to $10.71 million, a reduction of $203.87 million[96] - Lease liabilities (current) decreased from $123.72 million to $119.02 million, a reduction of $4.7 million[96] R&D and Innovation - R&D investment as a percentage of revenue is expected to reach its highest level in the 2023/24 fiscal year[4][7] - The company showcased over 40 new AI devices and solutions at CES 2024, advancing its "AI for All" vision[15] - The company is focusing on AI innovation in devices, expanding from hardware to components and software, including AI Core chips and AI Now solutions[15] - The Infrastructure Solutions Group is leveraging hybrid AI trends, with a diversified and balanced participation in public and private clouds[16] - The company is expanding its service business, particularly its TruScale as-a-service portfolio, to address hybrid work, multi-cloud management, and cybersecurity challenges[17] ESG and Sustainability - The company was recognized as an EPEAT Climate+™ Champion for integrating climate considerations into over 400 products[7] - The company is committed to achieving net-zero emissions by 2050 and integrating innovative ESG features like carbon offset services into its service business[17] Awards and Recognition - The company won 105 product awards at CES 2024, including 61 awards for the ThinkBook Plus Gen 5 Hybrid[7] Operational Efficiency and Cost Management - Operating expenses decreased by 2% year-over-year, with reductions in advertising and promotional expenses by $54 million and R&D-related lab testing, services, and supply expenses by $52 million[20] - Operating expenses increased by 7% year-over-year, with an additional $26 million spent on advertising and promotional activities for new product launches and special events[26] - Strategic investment fair value gains amounted to $25 million, compared to $74 million in the previous year, reflecting changes in the value of the investment portfolio[26] - Net trade receivables impairment provision was $12 million, compared to a reversal of $13 million in the previous year, indicating a reassessment of bad debts[26] - Net foreign exchange loss was $15 million, compared to $1 million in the previous year, due to currency fluctuations[26] Cash Flow and Liquidity - Operating cash flow decreased to $1,467.7 million from $2,557.0 million in the previous year, a decline of 42.6%[49] - Net cash used in investing activities was $1,033.1 million, compared to $1,601.0 million in the prior year, a decrease of 35.5%[49] - Net cash used in financing activities was $1,181.6 million, a significant shift from net cash generated of $315.4 million in the previous year[49] - Cash and cash equivalents decreased by $747.0 million, compared to an increase of $1,271.4 million in the prior year[49] - Interest paid increased to $548.3 million from $406.3 million, a rise of 34.9%[49] - Taxes paid increased to $396.5 million from $262.9 million, a rise of 50.7%[49] - Proceeds from issuance of convertible bonds were $6,728.4 million, compared to $9,768.1 million in the previous year[49] - Repayment of borrowings was $6,740.3 million, compared to $9,750.9 million in the prior year[49] - Cash and cash equivalents at the end of the period were $3,466.2 million, down from $5,018.9 million in the previous year[49] - Exchange rate impact on cash and cash equivalents was a loss of $36.9 million, compared to a loss of $182.7 million in the prior year[49] - The company's operating cash flow for the nine months ended December 31, 2023, was $2,412,502 thousand, compared to $3,226,210 thousand for the same period in 2022[95] Acquisitions and Investments - The company completed the acquisition of Lenovo Leasing Co., Ltd. for approximately $124 million on July 7, 2023[98] - The company acquired certain assets and assumed certain liabilities from FCNT Corporation for approximately $14 million on September 29, 2023, to accelerate smartphone business growth in Japan[98] - Lenovo Leasing and FCNT businesses contributed $20 million and $8 million respectively to the group's revenue for the nine months ended December 31, 2023[99] - Lenovo Leasing contributed $0.8 million in pre-tax profit, while FCNT business incurred a pre-tax loss of $4.5 million for the nine months ended December 31, 2023[99] - The goodwill from business combinations was calculated at $18.2 million, with Lenovo Leasing contributing $9.613 million and FCNT contributing $8.587 million[99] - The total identifiable net assets acquired were valued at $119.262 million, with Lenovo Leasing at $113.934 million and FCNT at $5.328 million[99] - The group incurred $2 million in acquisition-related costs, recorded in administrative expenses and operating cash flows[100] - The company purchased 291,517,600 shares for employee incentive plans during the nine months ended December 31, 2023[101] Corporate Governance and Compliance - The audit committee reviewed the unaudited financial results for the nine months ended December 31, 2023, and regularly meets with management and auditors[102] - The company complied with the Corporate Governance Code except for the separation of the Chairman and CEO roles, which was deemed appropriate for strategic continuity[103] - The board appointed William O. Grabe as the Lead Independent Director to oversee governance matters and ensure checks and balances[103] - The board structure includes a majority of independent non-executive directors, with quarterly meetings to review operations[103] Financial Statements and Reporting - The financial statements for the fiscal year ending March 31, 2023, were submitted to the Companies Registry and received an unqualified audit opinion[51] - The company adopted Hong Kong Accounting Standard 12 (Amendment) related to deferred taxes on assets and liabilities arising from single transactions, effective from April 1, 2023, which narrowed the scope of initial recognition exemptions[52] - Deferred tax assets related to lease liabilities were reclassified, resulting in an impact of $70,336 thousand as of March 31, 2022, and $55,473 thousand as of March 31, 2023[54] - The company's deferred tax assets were $2,601,667 thousand as of April 1, 2022, and $2,537,367 thousand as of April 1, 2023, after reclassification adjustments[54] - Exchange adjustments and deferred tax asset impacts from the consolidated income statement for the year ended March 31, 2023, included a $287,000 exchange loss and $14,576,000 reclassified from deferred tax liabilities[54] - The company is evaluating the impact of new interpretations and revised standards, including Hong Kong Interpretation 5 (2020) and amendments to HKAS 1, which will be effective from January 1, 2024[56] - The company concluded that the adoption of these new standards and interpretations will not have a material impact on its consolidated financial statements[56] Segment Performance - The company's operating segments are determined based on the reporting reviewed by the Lenovo Executive Committee (LEC), including the Intelligent Devices Group, Infrastructure Solutions Group, and Solutions and Services Group[57] - The LEC evaluates segment performance based on operating profit/loss, excluding non-cash acquisition-related accounting expenses and non-recurring items such as restructuring costs[57] - Operating profit for the Intelligent Devices Business Group was $2.41 billion, down from $2.94 billion in 2022[58] - The Infrastructure Solutions Business Group reported an operating loss of $151.59 million, compared to a profit of $90.59 million in 2022[58] Assets and Liabilities - Total assets as of December 31, 2023, were $39.504 billion, up from $38.920 billion as of March 31, 2023[47] - Current assets as of December 31, 2023, were $23.228 billion, slightly higher than $22.941 billion as of March 31, 2023[47] - Total equity as of December 31, 2023, was $6.113 billion, compared to $6.047 billion as of March 31, 2023[48] - Non-current liabilities as of December 31, 2023, were $6.691 billion, down from $6.780 billion as of March 31, 2023[48] - Current liabilities as of December 31, 2023, were $26.701 billion, up from $26.093 billion as of March 31, 2023[48] - Trade receivables and bills as of December 31, 2023, were $6.219 billion, down from $6.372 billion as of March 31, 2023[47] - Cash and cash equivalents as of December 31, 2023, were $3.466 billion, down from $4.250 billion as of March 31, 2023[47] - Total liabilities as of December 31, 2023, were $33.391 billion, up from $32.873 billion as of March 31, 2023[48] - Inventory as of December 31, 2023, totaled $6,218,910 thousand, a decrease from $6,371,858 thousand as of March 31, 2023[74] - Trade receivables and bills receivable as of December 31, 2023, amounted to $8,944,694 thousand, up from $7,940,378 thousand as of March 31, 2023[75] - Overdue trade receivables net of impairment allowance as of December 31, 2023, were $908,974 thousand, compared to $888,758 thousand as of March 31, 2023[77] - Trade payables and bills payable as of December 31, 2023, totaled $10,258,486 thousand, an increase from $9,772,934 thousand as of March 31, 2023[79] - Other receivables, including deposits and prepayments, amounted to $4,143,353 thousand as of December 31, 2023, up from $3,945,153 thousand as of March 31, 2023[81] - Other payables and accrued expenses as of December 31, 2023, were $13,368,766 thousand, compared to $12,932,781 thousand as of March 31, 2023[82] -