Core Viewpoint - Lenovo's CEO Yang Yuanqing believes there is no AI bubble, emphasizing that AI encompasses various fields beyond large language models, including computer vision, autonomous driving, and industrial automation, with its widespread application just beginning [1] Group 1: AI Development and Market Impact - The rapid development of AI technology has significantly increased global demand for key components such as memory, flash storage, and solid-state drives, leading to short-term price fluctuations that may persist into next year [1] - Lenovo has launched over 200 AI technologies and hybrid AI products, with its self-developed X-Engine optimizing AI generation speed and energy consumption, reinforcing its leadership in the AI PC sector [3] - AI-related business revenue has increased to 30% of total revenue, up 13 percentage points year-on-year, indicating that AI is evolving from a supportive role to a core growth driver for Lenovo [3] Group 2: Supply Chain Management and Financial Performance - Lenovo's industry-leading supply chain management, ranked 8th globally and 1st in Asia, allows the company to secure key component supplies through long-term agreements, ensuring cost control and profit stability [2] - For the second fiscal quarter of 2025/26, Lenovo reported a revenue increase of 15% year-on-year to 146.4 billion RMB, marking a historical high for the quarter, with adjusted net profit rising 25% to 3.66 billion RMB, significantly exceeding market expectations [3] - The company is confident in maintaining double-digit growth in both gross and net profit margins, supported by flexible pricing strategies and the ongoing upgrade cycle of Windows 10 PCs [2]

Core Insights - Best Buy Canada has launched its Black Friday sale, offering discounts of up to 80% on various products [2][3] Product Discounts - Significant savings include $250 off the Apple iPhone 16 Pro Max 256GB, now priced at $1,199 [3] - A $430 discount on the Roku Select Series 75" 4K UHD HDR QLED Smart TV, bringing the price down to $1,069 [3] - Discounts on laptops include $300 off the HP 15.6" Laptop, now $699 [3] - The PlayStation 5 Slim Digital Edition is available with a $130 discount, priced at $469 [3] - Apple iPad A16 11" 128GB is discounted by $100, now $599 [3] - The Garmin fēnix 7 Pro Sapphire Solar smartwatch sees a $620 reduction, now $779 [3] - Samsung Galaxy S25 FE 128GB is available with a $170 discount, priced at $629 [3] - Sony WH-1000XM4 headphones are discounted by $152, now $298 [3] - Dyson V8 Origin Cordless Vacuum is available with a $150 discount, now $349 [3] - The Philips 800 Automatic Espresso Machine is discounted by $550, now $1,199 [3] - Lenovo IdeaPad Slim 3 15.6" Touchscreen Laptop sees a $250 discount, now $699 [3] - Samsung 65" S84F Series 4K UHD HDR OLED TV is available with a $700 discount, now $2,299 [3] - Razer BlackWidow V3 Gaming Keyboard is discounted by $50, now $149 [3] - Beats By Dr. Dre Studio Pro headphones are available with a $180 discount, now $319 [3] - Google Pixel 9a 128GB is discounted by $180, now $419 [3] - Sony BRAVIA Theatre System is available with a $400 discount, now $599 [3] - Heritage Infrared Steam Air Fryer sees an 80% discount, now $49 [3] - Starlink Mini Kit is available with a $300 discount, now $199 [3] - Dyson Airwrap i.d. Multi-Styler is discounted by $200, now $499 [3] - Bosch 100 Series Built-In Dishwasher sees a $550 discount, now $1,199 [3] - MotionGrey Ergo2 Adjustable Electric Standing Desk is available with a $170 discount, now $329 [3]

Investment Rating - The investment rating for Lenovo Group is maintained at "Buy" [2] Core Views - Lenovo Group's revenue for FY25/26Q2 increased by 14.6% year-on-year to $20.45 billion, exceeding Bloomberg's expectations by 1.7% [8] - The company's adjusted net profit rose by 26.7% year-on-year to $510 million, surpassing Bloomberg's forecast by 0.3% [8] - The AI PC segment is accelerating its penetration, with a penetration rate reaching 33% [8] - The mobile phone business achieved record sales, with revenue of $15.11 billion, exceeding expectations by 3.7% and showing a year-on-year growth of 11.8% [8] - The Infrastructure Solutions Group (ISG) reported strong order reserves, with revenue of $4.09 billion, a year-on-year increase of 23.7% [8] - The Solutions and Services Group (SSG) achieved record quarterly revenue of $2.56 billion, marking 18 consecutive quarters of double-digit growth [8] - Future adjusted net profit growth is projected at 16.9%, 9.9%, and 13.3% for FY25/26, FY26/27, and FY27/28, respectively [8] Financial Performance Summary - Revenue projections (in million USD): - 2024A: 56,864 - 2025A: 69,077 - 2026E: 77,184 - 2027E: 82,925 - 2028E: 89,545 - Net profit projections (in million USD): - 2024A: 1,011 - 2025A: 1,384 - 2026E: 1,649 - 2027E: 1,891 - 2028E: 2,137 - EPS projections (in CNY): - 2024A: 0.08 - 2025A: 0.11 - 2026E: 0.13 - 2027E: 0.15 - 2028E: 0.17 - PE ratios: - 2025A: 11.89 - 2026E: 9.38 - 2027E: 8.18 - 2028E: 7.23 [5][9]

具备显著优势，抗行业周期能力较强。管理层在业绩会上表示，凭借与供应商的长期合作关系，未来两 个季度以及明年 PC 业务盈利或不受影响。 因此维持"买入"评级，给予目标价14港元。 近日，联想集团公布 2QFY26 业绩：公司营收为 204.52 亿美元，同比增长 14.6%；non-HKFRS 净利润 5.12 亿美元，同比增长25.2%；归母净利润 3.40 亿美元，同比下降 5.1%，其中与认股权证相关的非现 金公允价值收益为 1.48 亿美元、可换股债券的名义利息为 2847 万美元。 对此，华泰证券发布点评研报称，通过业绩会，华泰认为和其他PC/服务器厂商相比，联想在 1）出货 量规模（全球 PC 市场份额第一）、2）采购规模和供应链管理能力上（Gartner 全球供应链排名第 8、 亚洲第 1） 具体到各业务板块： SSG：持续释放混合式 AI 增长潜力 SSG（方案服务业务）2QFY26 营收+18.3% yoy，连续第 18 个季度保持双位数增长，运营利润率超过 22%（+2.3pct yoy），稳居集团利润率最高业务单元。其中，项目与解决方案业务及运维服务合计在 SSG 整体营收中占比同比+1 ...

Core Insights - Lenovo Group reported a revenue of $20.452 billion for 2QFY26, representing a year-over-year growth of 14.6% [1] - Non-HKFRS net profit reached $512 million, up 25.2% year-over-year, while net profit attributable to shareholders declined by 5.1% to $340 million [1] - The company maintains a "Buy" rating with a target price of HKD 14, citing strong competitive advantages in shipment volume and supply chain management [1] IDG Segment - The Intelligent Devices Group (IDG) saw a revenue increase of 11.8% year-over-year, with an operating profit margin of 60% [1] - Lenovo's global PC market share rose by 1.8 percentage points year-over-year to 25.6%, leading the second-place competitor by 5.7 percentage points [1] - AI-driven PC revenue grew by 17% year-over-year, with AI PC penetration increasing by 16 percentage points to account for 33% of total PC shipments [1] ISG Segment - The Infrastructure Solutions Group (ISG) reported a revenue increase of 23.7% year-over-year, driven by demand for cloud and enterprise infrastructure [2] - AI server business experienced high double-digit revenue growth, with Neptune liquid cooling technology revenue soaring by 154% year-over-year [2] - Despite a $32.04 million operating loss, the operating profit margin improved by 0.3 percentage points year-over-year, indicating stabilization [2] SSG Segment - The Solutions and Services Group (SSG) achieved an 18.3% year-over-year revenue growth, marking the 18th consecutive quarter of double-digit growth [3] - Operating profit margin exceeded 22%, reflecting a 2.3 percentage point year-over-year increase [3] - Projects and solutions, along with operational services, accounted for 60% of SSG's overall revenue, showing a 1 percentage point increase year-over-year [3]

9.4%，联想增速高于行业，PC 出货量同比增长 17.3%，龙头优势持续扩大，市占率达到 25.5%，主要 得益于 AI PC 加速渗透和全球化供应链布局下的效率优势。根据公司官微，联想在全球 Windows AI PC 市场份额为 31.1%，稳居全球第一；具有 五大 AI 特征的 AI PC 产品在中国内地笔记本中的出货占比达到30%。展望后市，上游存储供应紧张、 涨价压力下，公司拥有灵活的供应链管理、与关键元器件供应商长期合作关系，也建立了灵活的价格调 整机制，具备较强的风险吸收能力，公司对 2026下半财年 PC 收入实现双位数同比增长保有信心。 AI 基础设施业务强劲增长，运营利润亏损进一步收窄。2QFY26 ISG 收入同比增长 23.7%至 40.87 亿美 元，运营利润率为0.78%，同、环比提升 0.3ppt、1.2ppt，减亏明显。其中，云基础设施业务营收创下同 期历史新高，AI 服务器收入实现高双位数增长，订单储备强劲；企业基础设施业务则针对大企业和中 小企业客户的不同业务模式持续转型。 估值方面，维持 FY2026/27 盈利预测基本不变。基于 non-HKFRS 净利润口径，当前股 ...

联想集团公布 2QFY26 业绩：公司营收为 204.52 亿美元，同比增长 14.6%；non-HKFRS 净利润 5.12 亿 美元，同比增长25.2%；归母净利润 3.40 亿美元，同比下降 5.1%，其中与认股权证相关的非现金公允 价值收益为 1.48 亿美元、可换股债券的名义利息为 2847 万美元。 对此，中金公司发布观点称，整体业绩超出预期，主要由于：1）三大业务集团和全区域市场均实现双 位数营收增长，AI 相关收入业务营收占比同比提升 13ppt 至 30%；2）运营利润率提升。 发展趋势来看，AI PC 推动结构性需求升级，积极应对上游核心元器件涨价。2QFY26 公司 IDG 收入同 比增长 11.8%至 151.07 亿美元，运营利润率为 7.3%。根据 IDC，3Q25 全球 PC 出货量同比增长 9.4%，联想增速高于行业，PC 出货量同比增长 17.3%，龙头优势持续扩大，市占率达到 25.5%，主要 得益于 AI PC 加速渗透和全球化供应链布局下的效率优势。根据公司官微，联想在全球 Windows AI PC 市场份额为 31.1%，稳居全球第一；具有 五大 AI 特征的 AI ...

Group 1: Company Updates - He Tongxue mentioned that his company might incur a loss of 1 to 2 million this year, attributing it to a controversial Weibo post that affected the brand image significantly [1] - Meizu responded to rumors about selling its headquarters, clarifying that it will not relocate as the lease is still long [2] - New Oriental's chairman, Yu Minhong, announced plans to take 20 outstanding employees and members to Antarctica next year, emphasizing the company's culture of allowing employee feedback [3] - Lenovo's CEO, Yang Yuanqing, revealed plans to launch a personal superintelligence system globally on January 6, which will integrate various devices and learn user habits [3] Group 2: Industry Developments - Guangdong province aims to strengthen the computing power industry and establish a significant semiconductor and integrated circuit hub by 2027 [4] - A report indicated that China's chip design industry sales are expected to reach 835.73 billion by 2025, growing by 29.4% year-on-year, driven by AI, electric vehicles, and rising memory prices [4] - Nvidia's CFO stated that the company is on track to achieve a revenue target of $500 billion from core AI chips over the next two years, with expectations for further growth [5] - NetEase reported Q3 revenue of 28.4 billion, with a net profit of 9.5 billion, driven by strong performance in gaming and AI services [5] - Lenovo's Q2 revenue reached 146.4 billion, marking a 15% year-on-year increase, with significant growth in its smart devices and infrastructure solutions [6] - Douyu reported Q3 revenue of 899.1 million, with a net profit increase of 232.8%, indicating improved profitability [7] Group 3: Financing and Market Activities - Newborn Intelligence completed over 100 million RMB in Series A financing, aimed at expanding sales and enhancing service systems [8] - Lingyi Technology submitted a listing application to the Hong Kong Stock Exchange [9] - WeRide's Robotaxi received a pure unmanned license in Switzerland, allowing it to operate on public roads, expanding its operational footprint internationally [10]

Core Viewpoint - Lenovo Group reported a 15% year-on-year revenue growth to 146.4 billion RMB for Q2 of the fiscal year 2025/26, exceeding market expectations and achieving a historical high for the quarter [1] - Adjusted net profit increased by 25% to 3.66 billion RMB, indicating strong operational resilience and strategic certainty in a complex environment [1] Group Performance Summary Intelligent Devices Group - Revenue grew by 12% quarter-on-quarter, accounting for 74% of total revenue; operating profit margin remained stable at 7.3% [2] - Lenovo's global PC shipment market share increased to 26%, a 17% year-on-year growth, outperforming the global market growth of 9% [2] - AI PC penetration reached 33%, with a 31% market share in global AI PC shipments within the Windows ecosystem [2] Infrastructure Solutions Group - Revenue declined by 5% quarter-on-quarter, representing 20% of total revenue; operating profit margin improved to -0.8% [3] - Despite the revenue decline, year-on-year growth remained robust at 24%, driven by AI server revenue growth, new cloud service provider clients, and ongoing enterprise and SMB transformations [3] Solutions and Services Group - Revenue increased by 13% quarter-on-quarter, making up 12% of total revenue; operating profit margin rose to 22.3% [3] - The growth was supported by higher adoption rates of high-end value-added services and stable penetration rates, with management services and project solutions outpacing support services in revenue growth [3]

Core Insights - Lenovo Group reported a 15% year-on-year revenue growth for Q2 of the fiscal year 2025/26, reaching 146.4 billion RMB, marking a historical high for the quarter and significantly exceeding market expectations [1] - Adjusted net profit increased by 25% year-on-year to 3.66 billion RMB, showcasing the company's operational resilience and strategic certainty in a complex environment [1] - Goldman Sachs maintained a "Buy" rating for Lenovo, setting a 12-month target price of 13.62 HKD, based on the expected EPS for 2026 under HKFRS, corresponding to a target P/E of 11.9 [1] Business Segment Performance - **Intelligent Devices Group**: Revenue grew by 12% quarter-on-quarter, accounting for 74% of total revenue; operating profit margin remained stable at 7.3%. Lenovo's global PC shipment market share increased to 26%, with a year-on-year growth of 17%, outpacing the global market growth of 9% [2] - **Infrastructure Solutions Group**: Revenue decreased by 5% quarter-on-quarter, representing 20% of total revenue; however, year-on-year growth remained robust at 24% due to AI application proliferation and new cloud service provider clients [3] - **Solutions and Services Group**: Revenue increased by 13% quarter-on-quarter, making up 12% of total revenue; operating profit margin improved to 22.3%, driven by higher adoption rates of high-end value-added services [3]