本报告仅供 Choice 东方财富 使用，请勿传阅。 haying@essence.com.cn 相关报告 [Table_Finance1] (百万元) 2022A 2023A 2024E 2025E 2026E 营业收入 483,663 436,012 453,452 483,834 525,927 归母净利润 1,167 -3,874 564 1,227 1,584 公司快报 2024 年 09 月 05 日 联想控股(03396.HK) 业绩表现环比修复，产业聚焦科技创新 ■事件：公司披露 2024 年中报，上半年实现收入 2334 亿元（YoY+16%）， 归母净利润 2.86 亿元（YoY-57%），环比显著改善。净利润同比下滑主 因：1）产业运营板块：受市场及行业波动影响，2024H1 贡献归母净利 润达 14.33 亿元（YoY-17%），其中联想集团实现归母净利润同比+70%， 佳沃实现归母净亏损达 2.91 亿元。2）产业孵化与投资板块：受资本市 场波动、IPO 节奏收紧、减持进度放缓等影响，归母净亏损 4.51 亿元。 ■产业运营：联想集团受益于 AI 科技爆发，水产业务拖累佳沃亏损。 2 ...

Financial Performance - The company's revenue for the six months ended June 30, 2024, was RMB 233,364 million, representing a 16% increase from RMB 201,286 million in the same period of 2023[3]. - The net profit attributable to equity holders of the company decreased to RMB 286 million, down 57% from RMB 668 million in the prior year[5]. - The basic earnings per share for the first half of 2024 was RMB 0.12, compared to RMB 0.29 for the same period in 2023[3]. - Lenovo Group achieved revenue of RMB 233,364 million, representing a year-on-year growth of 16%[11]. - The net profit for Lenovo Group was RMB 2,805 million, while the net profit attributable to equity holders decreased by 57% to RMB 286 million due to market volatility and unfavorable investment conditions[11]. - Total revenue for the six months ended June 30, 2024, was RMB 233.36 billion, an increase of 15.9% from RMB 201.29 billion in the same period of 2023[83]. - Gross profit for the same period was RMB 40.38 billion, up from RMB 35.75 billion, reflecting a gross margin improvement[83]. - Net profit for the six months ended June 30, 2024, was RMB 2.80 billion, compared to RMB 2.22 billion in 2023, representing a 26.3% increase[84]. Research and Development - The company invested RMB 7.3 billion in research and development, an increase of 3.4% year-on-year, focusing on AI, biomedicine, new materials, and new energy[8]. - Research and development investment increased by 3% year-on-year, reflecting Lenovo's commitment to technological innovation[13]. - The company is actively developing new materials and green industry projects, with several projects already completed in the first half of the year[10]. - The company has cumulatively invested in over 250 AI enterprises, positioning itself at the forefront of the industry[9]. Technology and Innovation - The company launched the world's first AI PC with five key features and multiple AI servers during the reporting period[8]. - Lenovo's AI PC offerings have gained significant traction, with non-personal computer business revenue reaching a historic high of nearly 47% in the second quarter[13]. - The company aims to strengthen its core competitiveness by accelerating the development of new productive forces and fostering emerging industries[7]. - Lenovo Group's intelligent devices and solutions business achieved revenue growth driven by AI[15]. Market Performance - The revenue contribution from the industry operations segment was RMB 231,139 million, with a 16% increase from RMB 199,279 million in the previous year[4]. - The company reported a significant increase in revenue from the Lenovo Group, which rose by 17% to RMB 207,998 million[4]. - The global market share for Lenovo Group in the personal computer segment reached 23%, with a notable increase in shipment and activation volumes[19]. - Smartphone revenue in the Asia-Pacific and Europe/Middle East/Africa regions grew by 252% and 62% respectively, with high-end smartphone revenue accounting for a record 30%[20]. Investments and Acquisitions - Lenovo has invested over RMB 20 billion in the manufacturing sector, supporting more than 2,000 growth-oriented manufacturing enterprises[9]. - The company aims to enhance its product competitiveness and delivery capabilities in the AI infrastructure sector, focusing on high-margin and high-value-added products[22]. - Future strategies include increasing investment in non-PC areas such as electronic accessories and collaborative office solutions to drive further growth[20]. - The company plans to pursue strategic acquisitions to enhance its product portfolio, with a budget of 500 million RMB allocated for this purpose[156]. Financial Position and Liabilities - The total assets of the company as of June 30, 2024, were RMB 678,942 million, reflecting a 2% increase from RMB 665,733 million at the end of 2023[6]. - The total liabilities of the company reached RMB 580,608,455 thousand, compared to RMB 565,613,611 thousand, indicating an increase of approximately 2.6%[90]. - The company's current liabilities were approximately RMB 459,095 million, exceeding current assets by about RMB 152,840 million as of June 30, 2024[98]. - The company has a core Tier 1 capital adequacy ratio of 13.88% as of June 30, 2024, indicating a stable financial position[76]. Operational Efficiency - The company is focusing on enhancing its technology and product offerings to drive future growth[91]. - The company aims to reduce operational costs by 15% through efficiency improvements in the supply chain[156]. - The company plans to enhance its operating cash flow and working capital situation by accelerating the collection of receivables and deferring discretionary capital expenditures if necessary[99]. Future Outlook - The company provided a future outlook, projecting a revenue growth of 25% for the second half of 2024[156]. - The management expects stable or improved operating performance in the next twelve months, supporting continued cash inflows[99]. - Future outlook includes continued investment in technology startups and expansion into new markets, aiming for sustainable growth[112].

Financial Performance - Lenovo Holdings reported a revenue increase of 15% year-over-year, reaching RMB 100 billion in 2023[1]. - The company achieved a sales revenue of RMB 436 billion in 2023, a year-on-year decline of 10%[9]. - Lenovo Holdings reported a revenue of RMB 436,012 million for 2023, a decrease of 10% compared to RMB 483,663 million in 2022[30]. - The net profit for Lenovo Holdings in 2023 was RMB 630 million, down 94% from the previous year[33]. - The attributable net loss to equity holders was RMB 3,874 million, a significant decline from profit in the previous year, primarily due to market and industry factors affecting the performance of Lenovo Group and Legend Holdings[33]. - The revenue from the industry operations segment was RMB 431,589 million, also reflecting a 10% year-on-year decline[35]. - The attributable net profit from the industry operations segment was RMB 3,078 million, down 36% from RMB 4,820 million in 2022[35]. - The company reported a net profit margin of 12%, an increase from 10% in the previous year[9]. - The industrial operations segment generated revenue of RMB 431.59 billion, also down 10% year-on-year, with a net profit attributable to Lenovo Holdings' equity holders of RMB 3.08 billion, a decline of 36%[20]. Market and Business Strategy - The company expects a revenue growth forecast of 10% for the next fiscal year, driven by new product launches and market expansion[3]. - Lenovo is investing RMB 2 billion in R&D for new technologies, focusing on AI and cloud computing solutions[4]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2025[5]. - Lenovo has completed the acquisition of a local tech firm, enhancing its capabilities in smart devices and IoT[6]. - Lenovo's strategic partnership with a leading cloud service provider aims to enhance its service offerings and drive growth in the enterprise segment[10]. - The company remains the leader in the global PC industry and ranks among the top three in the server industry[10]. - The company launched the world's first AI PC, showcasing its commitment to innovation[10]. - The company is focused on enhancing its risk resistance capabilities and integrating into high-quality development[9]. Research and Development - The company achieved a research and development expenditure of RMB 14.8 billion in 2023, which is approximately six times its pre-tax net profit, with an R&D expense ratio increasing from 2.6% in 2021 to 3.4% in 2023[12]. - The company has invested in over 200 AI enterprises over the past 20 years, establishing a comprehensive layout across various AI layers, enhancing its ecological advantages in the AI sector[13]. - The company’s innovation development center has established connections with over 60 tech enterprises, universities, and research institutions, identifying 40 technologies for further industrialization[14]. - Lenovo Group has been recognized as the largest computing power provider globally, applying its computing resources to over 300 enterprises to support the digital transformation of various industries[14]. Challenges and Risks - The external environment has posed significant challenges, including geopolitical conflicts and rising overseas debt costs[10]. - The global PC market shipment volume declined by nearly 15%, reaching the lowest point in nearly 20 years[10]. - The company is facing significant macroeconomic risks due to high interest rates in the US and Europe, geopolitical conflicts, and rising global trade protectionism, which could impact business and profitability[90]. - The company’s subsidiaries are exposed to raw material price fluctuations, including animal protein and coal, which could affect operational stability if not managed effectively[91]. - The company emphasizes strategic control over acquired businesses to mitigate post-merger integration risks, focusing on cultural compatibility and operational management[93]. Corporate Social Responsibility - The company has committed approximately RMB 150 million to social welfare and educational initiatives in 2023[28]. - Lenovo Holdings is actively aligning with national industrial planning and policies, focusing on key areas such as artificial intelligence and new materials to support the growth of emerging industries[23]. - The company has maintained a 100% compliance rate for pollutant emissions since its inception, adhering strictly to national environmental protection policies[95]. - The company has established a comprehensive environmental emergency system to prevent and manage environmental incidents, alongside improving production processes to reduce energy consumption[134]. Employee and Governance - The company employs approximately 89,577 employees as of December 31, 2023[108]. - The company has established a comprehensive compensation system for core management and general employees, aligning with market benchmarks to ensure competitiveness[108]. - The board of directors recommends not to distribute a final dividend for the year ending December 31, 2023, compared to a dividend of RMB 0.20 per share in 2022[111]. - The company emphasizes talent development and training, ensuring a smooth promotion pathway and providing ample training resources[110]. - The management team has extensive experience in financial management and investment, contributing to the company's strategic decisions[125]. Investment and Financial Strategies - The company plans to enhance its core competitiveness by leveraging its strengths in artificial intelligence and other fields[29]. - The company is focusing on innovation-driven development, enhancing product structure, and increasing the proportion of high-margin products in response to market challenges[21]. - The company has established a joint venture with NEC Corporation, holding a 66.6% stake, to operate personal computer businesses in Japan, enhancing market presence[177]. - The company has a financial support agreement with Better Education Group Corporation, allowing for up to ¥2.1 billion in financial assistance over a 36-month period, aimed at supporting operational and business development needs[178].

提起富二代，人们往往能联想到中国前首富王健林之子——王思聪。 他的生活可谓奢华至极，综合媒体报道，王思聪出行必得又百万级豪车为伴，顶级夜店有人专门为其空出车位，身边美女如云自是不用提，这种纸醉金迷 的梦幻生活，令多少人心生向往。 然而，富二代中也不乏独特之人。他不爱美女爱"丑女"，不爱奢华爱简单，这位别具一格的富二代，叫做刘鸣炜。 与富二代王思聪的"人尽皆知"相反，不少人对"刘鸣炜"三个字并没有多少感觉，但他的父母大家一定不陌生，因为他们皆是香港的超级大富豪。 其母宝咏琴，是个兼具学识与头脑的女强人，先后进军地产行业和股票投资领域，是当时的香港第二女富豪。其父刘銮雄更厉害，拥有4家上市公司，身 家超过200亿美元，一度比肩香港首富李嘉诚。 作为富二代，刘鸣炜在大众眼中不甚出名，但他从小到大可是个妥妥的学霸。 据了解，刘鸣炜出生于1979年，21岁21岁毕业于英国伦敦大学国王学院，不仅拿到了美国的注册律师，还考过了CFA（特许金融分析师），27岁拿到法律 博士学位，成为北京大学史上最年轻的名誉校董。 惊人的学习能力是一方面，刘鸣炜还继承了父亲的商业天赋。2006年，他进入父亲的企业，代替刘銮雄担任华人置业的执行 ...

财联社AI daily 4月19日讯 今日AI daily早新闻主要内容有：TikTok回应美众议院推进新法案：该法案将践踏1.7亿美国人的言论自由权、毁掉700万家企业， 并关掉一个每年为美国经济贡献240亿美元的平台；美团CEO王兴发布内部邮件，开启年内第四次架构调整，新设"核心本地商业"板块，王莆中出任CEO； 联想与阿里巴巴合力打造AI智能体。 ▍TikTok回应美众议院推进新法案：将毁掉700万家企业 根据美国众议院议长迈克·约翰逊（Mike Johnson）概述的一项计划，TikTok剥离法案将"很快成为法律"，新的计划将TikTok剥离法案与一系列快速推进的法 案捆绑在一起，这些快速推进法案旨在为乌克兰和以色列提供新的援助。 有消息称，美众议院的新法案将给字节跳动至多一年时间来剥离TikTok，比此前法案规定的六个月要长。众议院预计将在4月20日通过这些法案，此后美参 议院料将迅速接手审议。之前，参议院也讨论延长限期至一年，考虑将禁令推后到总统大选之后。 TikTok就上述最新动向回应称，该法案将践踏1.7亿美国人的言论自由权、毁掉700万家企业，并关掉一个每年为美国经济贡献240亿美元的平台。 ...

IT之家 4 月 19 日消息，根据市场调查机构 Counterpoint Research 近日发布的报告，2024 年第 1 季度全球个人电脑（PC）出货量同比增长 3%，在连续下跌 8 个季度之后首次实现正增长。 Global PC Shipments, Q1 2024 vs Q1 2023 (In Million Units) 13.7 12.7 12.0 11.9 9.2 9.3 6.0 4.9 3.6 13.7 Others 13.6 Q1 2024 ■Q1 2023 报告认为这一方面是 2023 年第 1 季度的基数较低，而另一方面是 AI PC、不同行业出货量复苏以及新一轮更新换代周期共同推动的. 与去年相比，联想 2024 年第一季度的个人电脉出货量增长了 8%。 该品牌成功夺回了 24% 的市场份额，而 2023 年第一季度为 23%。 M3 基本型号支撑. IT之家附上参考地址 · PC Market Back in Black in Q1 2024; AI PCs to Drive 2024 Growth 广告声明：文内含有的对外跳转链接（包括不限于超链接、二维码、口令等形式），用于传 ...

《科创板日报》4月18日讯（记者 郭辉） 2024联想创新科技大会今日（4月18日）在上海举办。在大会 上，联想方面不仅更加全面地展现了基于混合式人工智能判断的主张和战略，同时还发布被联想称 为"AI新物种"的系列新品，即内置个人智能体"联想小天"的多款AI PC。此外，会上联想还发布企业智 能体以及联想万全异构智算平台等创新应用与解决方案。 当前，由人工智能触发的颠覆性变革正在各行各业悄然上演。AI PC作为搭载本地化AI能力的消费电子 级终端产品，各家ODM厂商及产业链各方自然期待相关产品带领企业在AI 2.0时代迎来的新一轮增长， 并竞先展开产品布局。 如何理解AI PC这波浪潮带来的影响？AI PC为用户带来功能体验升级或多或少已形成一定共识，市场 还在关注其为上下游带来的产业革新和行业应用赋能。同时值得关注的是，AI PC也不是单独以硬件的 更新出现的，还有智能软件功能和服务的升级，因此对传统以硬件集成为擅长的厂商来说，或许也是不 小的挑战，也有可能带来其自身的业务和架构的重构。 定义AI PC五大特性 发布会造势"碰瓷"苹果 今日（4月18日），在联想创新科技大会（2024 Lenovo Tech ...

文｜李然、陈斯达 编辑｜苏建勋 4月18日上午，联想TechWorld 2024在上海开幕。所有人都在期待，作为传统PC时代的老大，联想将如何满足用户在AI时代对于PC的想象。 图源：直播 在苹果即将完成用AI改造Mac产品线的窗口期，联想有没有机会抢占先机，用开创性的产品提前抢占用户心智？ 同时，作为英伟达全球最重要合作伙伴的联想，如何在汹涌的AI淘金热中分一杯羹？ 联想用一场发布会，或多或少地回答了这些问题。 图源：直播 发布会一开始，联想总裁杨元庆就旗帜性地表明： 首先，AI不是未来替代人类的Artificial Intelligence，而是为人类所用，增强人类的Augmented Intelligence。 而更重要的是，以大模型为代表的AI新纪元，未来绝对不会是一个超级AI模型服务全世界的格局，而是不同体量的模型在云端、本地、端侧设备协同创造 价值的格局。 而作为AI发挥能力的重要平台，PC将承载"AI能力"和"个人数据"连接点的作用，在AI技术的加持下，演化成为AI Personalized Computer。 AI PC时代已来。 图源：直播 大会上，联想发布了内嵌个性化AI智能体"联想小天" ...

4月18日，以"AI For All，让世界充满AI"为主题的2024联想创新科技大会（2024 Lenovo Tech World）在上海世界会客厅开幕。本次大会上，联想发布了业内 首个AI PC个人智能体——"联想小天"。同时，联想小天内置的十余款颠覆性"杀手级"AI技能也重磅亮相，为用户带来工作、学习、生活和服务等全场景的 AI体验。 针对办公环境下用户文档整理需求，联想小天的"文档总结"应用具备词意理解、提炼摘要等功能，该应用能够对复杂多格式文档进行信息提炼并生成摘要， 帮助用户快速概述核心关键内容，还能保护个人数据和隐私安全。 （联想小天核心应用——文档总结演示过程画面） 文档总结应用依托内嵌于AI PC的个人知识库，可实现对个人文档的精准识别和学习，并根据本地大模型实现多模态文件内容总结和归纳，包括PPT、图 片、文字、邮件等。在大会主会场，联想集团高级副总裁、IDG全球中小企业业务及商用产品中心总经理于海为中国南极昆仑站首任站长、中国南极深冰芯 科学的开拓者、中国极地研究中心原副主任李院生教授演示了联想小天"文档总结"应用的强大功能。 在用户输入问题后，基于个人大模型，联想小天可快速调用用户的个 ...

财联社4月18日讯（编辑 马兰）锂离子电池应用于从电动汽车到便携式电子产品的各种领域，但这些电 池的最大容量会随着时间的推移而降低。它们使用的时间越长，经历的充电周期越多，它们能够拥有的 电量就越少。 联想电脑曾经指出，许多笔记本电脑的电池在电量耗尽之前可以持续使用长达五年，其充电周期大概为 300-500次。 科学家们也认同，最好的商业级电池，即用镍、钴、锰混合材料NCM523（阴极）和石墨（阳极）作为 电极的锂电池，其使用寿命也只不过是8年。 但一份研究指出，使用新的充电方案可以使锂离子电池的使用寿命长出一倍。来自柏林亥姆霍兹中心 (HZB) 和柏林洪堡大学的欧洲研究人员团队表示，通过优化循环条件，锂离子电池有望使用长达数十 年。 这意味着该充电方案将极大减轻电池制造和回收的压力，从而为商业制造节约成本，并打造更为可持续 的未来。 充电周期翻一倍 该研究首次发表于今年3月14日的《先进材料科学》杂志上。研究人员们设计了一种新的充电协议—— 通过脉冲电流而不是恒定电流为设备供电。 研究人员对比了两种充电协议后发现，恒流充电时，电池样品阳极的固体电解质界面明显更厚，且电极 结构中裂纹更多。这意味着锂离子电池容 ...