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]

Core Viewpoint - CICC maintains Lenovo Group's FY2026/27 profit forecast largely unchanged, with a target price of HKD 14.8, indicating a potential upside of 52% based on a non-HKFRS net profit metric [1] Group 1: Financial Performance - Lenovo Group reported 2QFY26 revenue of USD 20.452 billion, a year-on-year increase of 14.6%, and a non-HKFRS net profit of USD 512 million, up 25.2% year-on-year [2] - The net profit attributable to shareholders was USD 340 million, which included a non-cash fair value gain of USD 148 million related to warrants and nominal interest of USD 28.47 million from convertible bonds [2] - Overall performance exceeded expectations due to double-digit revenue growth across all three business groups and regions, with AI-related revenue accounting for 30% of total revenue, up 13 percentage points year-on-year [2] Group 2: AI PC and Market Position - The company's IDG revenue grew by 11.8% year-on-year to USD 15.107 billion, with an operating profit margin of 7.3% [3] - Lenovo's PC shipment growth of 17.3% outpaced the industry average of 9.4%, increasing its market share to 25.5% [3] - Lenovo holds a 31.1% share of the global Windows AI PC market, maintaining its leading position, with AI PC products accounting for 30% of notebook shipments in mainland China [3] Group 3: AI Infrastructure Growth - The ISG revenue for 2QFY26 increased by 23.7% year-on-year to USD 4.087 billion, with improved operating profit margins [4] - The cloud infrastructure business achieved record revenue for the period, with AI server revenue showing high double-digit growth and strong order reserves [4] - The enterprise infrastructure business is undergoing a transformation to cater to different business models for large enterprises and SMEs [4]

Core Viewpoint - CICC maintains Lenovo Group's FY2026/27 profit forecast largely unchanged, with the current stock price corresponding to 9.3x/8.0x P/E ratios for FY2026/27, and maintains an outperform rating with a target price of HKD 14.8, indicating a 52% upside potential [1] Group 1: Financial Performance - Lenovo Group reported 2QFY26 revenue of USD 20.452 billion, a year-on-year increase of 14.6%; non-HKFRS net profit was USD 512 million, up 25.2%; and net profit attributable to shareholders was USD 340 million, which included a non-cash fair value gain of USD 148 million related to warrants and nominal interest of USD 28.47 million from convertible bonds [2] - The overall performance exceeded expectations due to double-digit revenue growth across all three business groups and regions, with AI-related revenue accounting for 30% of total revenue, up 13 percentage points year-on-year [2] Group 2: Business Segments - The IDG segment's revenue grew by 11.8% year-on-year to USD 15.107 billion, with an operating profit margin of 7.3%. Lenovo's PC shipment growth of 17.3% outpaced the industry average of 9.4%, leading to a market share of 25.5% [3] - Lenovo holds a 31.1% share of the global Windows AI PC market, maintaining its leading position, with AI PC products accounting for 30% of notebook shipments in mainland China [3] Group 3: AI Infrastructure - The ISG segment's revenue increased by 23.7% year-on-year to USD 4.087 billion, with improvements in operating profit margins. The cloud infrastructure business achieved record revenue for the period, and AI server revenue saw high double-digit growth with strong order reserves [4] - The enterprise infrastructure business is undergoing a transformation to cater to different business models for large enterprises and SMEs [4]

11月20日，联想集团公布截至2025年9月30日的2025/26财年第二财季业绩：当季营收同比增长15%至 1464亿元（人民币，下同），创下财季历史新高，并显著超出市场普遍预期；经调整后的净利润同比增 长25%至36.6亿元，净利增速远超营收增速，展现了集团在复杂环境下稳健前行的经营韧性与战略确定 性。 值得关注的是，在第二财季，联想的AI相关业务营收在总营收中的占比已提升至30%，同比提升13个百 分点，标志着人工智能不仅成为联想创新核心驱动力，更成为业绩的实质性贡献来源。随着AI渗透加 速、应用场景落地愈发多样化，AI业务正在从辅助角色成长为联想业务版图中的核心增长主线。 第二财季，联想实现了全业务集团与全区域市场的双位数营收增长：IDG智能设备业务集团延续领先优 势，在全球PC市场加速复苏的大背景下实现营收1081亿元，同比增长12%，其中个人电脑市场份额更 是史上首次超过25%，进一步巩固在端侧AI市场中的领先地位；ISG基础设施方案业务集团实现营收约 293亿元，同比增长24%，其中AI基础设施营收显著跃升；SSG解决方案与服务业务集团营收同比增长 近20%，连续第18个季度实现双位数增长的同时 ...