Core Insights - Lenovo Group reported record-high revenue and profit, exceeding market expectations, with AI business as the main growth driver in Q2 2026 [1] Business Segments Intelligent Devices Group (IDG) - IDG revenue increased by 11.8% year-on-year to $15.11 billion, with an operating profit margin of 7.3% [2] - Lenovo achieved a historical high global PC market share of 25.6%, up 1.8 percentage points year-on-year [2] - Smartphone activations reached a new high, particularly strong performance in the Asia-Pacific region, with significant growth in high-end models and Moto G series in India [2] Infrastructure Solutions Group (ISG) - ISG revenue surged by 23.7% year-on-year to $4.09 billion, despite an operating loss of $120 million [2] - AI infrastructure business became a core growth engine, driven by cloud and enterprise infrastructure [2] - Local product advantages and ODM+ model optimization led to steady improvement in operating profit margin in the Chinese market [2] Solutions and Services Group (SSG) - SSG revenue grew by 18.1% to $2.56 billion, achieving a historical high with an operating profit margin of 22.3% [3] - Operations and project solutions accounted for 58.9% of revenue, with TruScale subscription service orders experiencing triple-digit year-on-year growth [3] - Demand for digital workplace solutions and hybrid cloud services remains strong, aligning with market trends [3] AI Strategy and Adjustments - The company's AI strategy focuses on human and enterprise-centric development, creating growth opportunities for various AI terminal devices and hybrid infrastructure [3] - Plans to launch a personal super-intelligent entity at the Lenovo Innovation Technology Conference in January, aimed at enhancing user experience [3] - Shift in enterprise AI computing focus from public cloud training to local data centers and edge-side inference [3] Supply Chain Management - Lenovo is prepared for ongoing storage supply shortages and price increases, having secured long-term agreements with key component suppliers [4] - As a major buyer in the industry, Lenovo has cost advantages and plans to pass on cost pressures through product launches and pricing adjustments [4] - Strong supply chain capabilities may allow Lenovo to capture more market share despite ongoing price fluctuations [4]

Core Insights - Company maintains a "Buy" rating for Lenovo Group (00992) with a target price of HKD 12.3, highlighting strong growth across all three business segments [1] Group 1: Smart Devices Business - The Intelligent Devices Group (IDG) reported a 11.8% year-on-year revenue increase to USD 15.11 billion in Q2 2026, with an operating profit margin stable at 7.3%, driven by higher AI computer shipments and strong sales of high-end products [1] - Lenovo achieved a historic high of 25.6% market share in the global PC market, an increase of 1.8 percentage points year-on-year [1] - Smartphone activations reached a record high, with notable performance in the Asia-Pacific region, particularly in the Indian market for high-end models and the Moto G series [1] Group 2: Infrastructure Solutions Business - The Infrastructure Solutions Group (ISG) saw a significant revenue increase of 23.7% year-on-year to USD 4.09 billion in Q2 2026, with improvements both year-on-year and quarter-on-quarter [2] - AI infrastructure emerged as a core growth driver, supported by cloud and enterprise infrastructure businesses, with steady improvement in operating profit margins in the Chinese market [2] Group 3: Solutions and Services Business - The Solutions and Services Group (SSG) reported an 18.1% revenue growth to USD 2.56 billion in Q2 2026, achieving a historic high with an operating profit margin of 22.3%, up 1.9 percentage points year-on-year [3] - Revenue from operations and project solutions accounted for 58.9% of total revenue, with TruScale subscription service orders experiencing triple-digit year-on-year growth [3] - The demand for digital workplace solutions and hybrid cloud services remains strong, aligning with market trends [3] Group 4: AI Strategy and Adjustments - The company's AI strategy is shifting towards a focus on human and enterprise entities, aiming to create growth opportunities for various AI terminal devices, hybrid infrastructure, and AI solutions [4] - In the personal intelligence sector, Lenovo plans to launch a personal super-intelligent entity at the Lenovo Innovation Technology Conference in January, designed to collaborate across devices and learn user habits, termed the "personal intelligent twin" [4] - In the enterprise sector, the focus is shifting from public cloud training to local data centers and edge-side inference, aiming to transform enterprise data into insights and value, creating an "enterprise intelligent twin" [4] Group 5: Storage Supply and Price Increase Measures - The company is prepared to address ongoing storage supply shortages and price increases, which may persist into next year [5] - Lenovo has secured long-term agreements with key component suppliers to ensure supply for the upcoming quarters [5] - As a major buyer of components, Lenovo possesses cost advantages and plans to mitigate unexpected cost pressures through new product launches and price adjustments for business and government clients, aiming to avoid sudden price hikes [5]

Core Insights - The report from Guotou Securities maintains a "Buy" rating for Lenovo Group (00992) with a target price of HKD 12.3, highlighting strong growth across all three business segments [1] Group 1: Smart Devices Business - The IDG segment reported a 11.8% year-on-year revenue increase to USD 15.11 billion in Q2 2026, with an operating profit margin stable at 7.3%, driven by higher AI computer shipments and strong sales of high-end products [1] - Lenovo achieved a historic high of 25.6% market share in the global PC market, an increase of 1.8 percentage points year-on-year, according to IDC [1] - Smartphone activations reached a new high, with notable performance in the Asia-Pacific region, particularly in the Indian market where high-end models and the Moto G series saw significant sales growth [1] Group 2: Infrastructure Solutions Business - The ISG segment experienced a 23.7% year-on-year revenue increase to USD 4.09 billion in Q2 2026, with improvements both year-on-year and quarter-on-quarter [2] - AI infrastructure emerged as the core growth engine, with cloud and enterprise infrastructure driving growth, while localized product advantages and the ODM+ model continued to optimize performance [2] - Operating profit margins in the Chinese market showed steady improvement [2] Group 3: Solutions and Services Business - The SSG segment achieved an 18.1% revenue growth to USD 2.56 billion in Q2 2026, marking a historical high, with an operating profit margin of 22.3%, up 1.9 percentage points year-on-year [3] - Revenue from operations and project solutions accounted for 58.9% of total revenue, with TruScale subscription service orders experiencing triple-digit year-on-year growth [3] - The demand for digital workplace solutions and hybrid cloud services remains strong, aligning with market trends [3] Group 4: AI Strategic Layout and Adjustments - The company's AI strategy is shifting towards a focus on human and enterprise entities, aiming to create growth opportunities for various AI terminal devices, hybrid infrastructure, and AI solutions [4] - In the personal intelligence domain, Lenovo plans to launch a personal super-intelligent entity at the Lenovo Innovation Technology Conference in January, which will collaborate across devices and learn user habits, termed as "personal intelligent twin" [4] - In the enterprise intelligence sector, the focus is shifting from public cloud training to local data centers and edge-side inference, aiming to transform enterprise data into insights and value, creating an "enterprise intelligent twin" [4] Group 5: Storage Supply and Price Increase Countermeasures - Lenovo is preparing for ongoing storage supply shortages and price increases, which may persist into next year [5] - The company has secured long-term agreements with key component suppliers to ensure supply for the upcoming quarters [5] - As one of the largest component buyers in the industry, Lenovo has cost advantages and plans to pass on cost increases to downstream customers through various methods, avoiding sudden price hikes [5] - The strong supply chain capabilities of Lenovo are expected to highlight its advantages and potentially capture more market share despite ongoing supply chain price fluctuations [5]

"当然，(相关产品)价格正涨得非常、非常厉害，而且我认为，在人工智能需求推动下，这样的涨价速 度是前所未有的，郑孝明表示。他补充称，联想已经签订了长期合同，并且拥有规模优势，"那些供应 有保障的公司实际上能够在市场上占据一席之地。" 郑孝明称，联想集团本季度将力求避免把不断上涨的成本转嫁给客户，以维持今年的强劲销售增势。他 还表示，公司2026年将在价格和供货能力之间找到平衡。 11月25日，据媒体报道，联想集团(00992)已囤积内存及其他关键零部件，以应对由人工智能热潮引发 的供应短缺。 "联想当前的零部件库存较往常高出了约50%"，联想集团首席财务官郑孝明(Winston Cheng)周一向媒体 电视表示。 全球范围的AI数据中心建设热潮，正在推高消费电子产品制造商的采购成本，但联想也从中看到了机 遇，希望借助其库存优势获利。 上周联想集团Q2业绩会上联想集团董事长兼CEO杨元庆表示，公司已与关键零部件供应商签署长期供 货合同。作为核心零部件的大买家，联想能够在供应链谈判中占据更主动的位置，这本身就是应对市场 波动的重要优势。比如在PC领域，庞大的采购量不仅能获得更优的价格成本，还能与供应商建立更深 的 ...

"联想当前的零部件库存较往常高出了约50%"，联想集团首席财务官郑孝明(Winston Cheng)周一向彭博 电视表示。 全球范围的AI 数据中心建设热潮，正在推高消费电子产品制造商的采购成本，但联想也从中看到了机 遇，希望借助其库存优势获利。 智通财经APP获悉，11月25日，据彭博社报道，联想集团(00992)已囤积内存及其他关键零部件，以应对 由人工智能热潮引发的供应短缺。 "当然，(相关产品)价格正涨得非常、非常厉害，而且我认为，在人工智能需求推动下，这样的涨价速 度是前所未有的，郑孝明表示。他补充称，联想已经签订了长期合同，并且拥有规模优势，"那些供应 有保障的公司实际上能够在市场上占据一席之地。" 上周联想集团Q2业绩会上联想集团董事长兼CEO杨元庆表示，公司已与关键零部件供应商签署长期供 货合同。作为核心零部件的大买家，联想能够在供应链谈判中占据更主动的位置，这本身就是应对市场 波动的重要优势。比如在PC领域，庞大的采购量不仅能获得更优的价格成本，还能与供应商建立更深 的战略绑定，这是中小玩家难以比拟的"规模护城河"。 郑孝明称，联想集团本季度将力求避免把不断上涨的成本转嫁给客户，以维持今年的 ...

Core Viewpoint - Lenovo Group has accumulated memory and other critical components to address supply shortages driven by the AI boom, with current inventory levels approximately 50% higher than usual [1] Group 1: Supply Chain Management - The global AI data center construction surge is increasing procurement costs for consumer electronics manufacturers, but Lenovo sees an opportunity to profit from its inventory advantage [1] - Lenovo has signed long-term contracts with key component suppliers, allowing the company to take a more proactive position in supply chain negotiations [1] Group 2: Pricing Strategy - Lenovo aims to avoid passing rising costs onto customers to maintain strong sales momentum this year, with a goal to balance pricing and supply capabilities by 2026 [1] - The company is experiencing unprecedented price increases for related products due to AI demand, as stated by CFO Winston Cheng [1] Group 3: Competitive Advantage - As a major buyer of core components, Lenovo's large procurement volume enables it to secure better pricing and establish deeper strategic ties with suppliers, creating a competitive "scale moat" that smaller players cannot match [1]

Core Insights - Lenovo Group reported a 15% year-on-year revenue growth to 146.4 billion RMB for Q2 of the fiscal year 2025/26, achieving 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, indicating strong operational resilience and strategic certainty in a complex environment [1] Business Segment Analysis - **IDG (Intelligent Devices Group)**: Revenue reached 15.11 billion USD, up 11.8% year-on-year. Lenovo's PC shipment growth of 17.3% outperformed the industry average of 9.4%, suggesting the anticipated Windows 11 upgrade cycle is materializing. AI PC shipments accounted for 33%, with an estimated average price of 800-850 USD, significantly higher than regular PCs, contributing to both volume and price increases [2] - **ISG (Infrastructure Solutions Group)**: Revenue was 4.087 billion USD, a 23.7% year-on-year increase. AI server revenue saw strong double-digit growth, with robust demand. The operating profit margin (OPM) was -2.7%, but losses narrowed sequentially, supported by a healthy backlog of CSP orders and potential for sustainable profitability [2] - **SSG (Solutions and Services Group)**: Revenue reached 2.556 billion USD, growing 18.1% year-on-year. Deferred revenue increased to 3.6 billion USD, up 17% year-on-year, enhancing business predictability. OPM improved to 22.34%, up 1.91 percentage points [2] Competitive Positioning - Lenovo possesses extensive experience in managing component price fluctuations and is a major buyer in the market, which provides it with superior bargaining power and procurement capabilities. The company can mitigate cost impacts through new product launches, adjustments in product and customer mix, and limited downstream cost transmission [2]

Core Viewpoint - The company is experiencing a successful wave of PC upgrades driven by Windows 11, with stable profit margins reflecting supply chain resilience. Non-GAAP net profit estimates for FY2026-2028 have been raised, indicating strong growth potential [1]. Group 1: Financial Performance - In FY2026Q2, the company reported revenue of $20.452 billion, a year-on-year increase of 14.6%, and a non-GAAP net profit of $512 million, up 25.2%, with a net profit margin of 2.5%, an increase of 0.2 percentage points year-on-year [1]. - The IDG segment generated revenue of $15.11 billion, growing 11.8% year-on-year, with Lenovo's PC shipment growth outpacing the industry at 17.3% compared to 9.4% [1]. - The ISG segment achieved revenue of $4.087 billion, a 23.7% year-on-year increase, with strong demand for AI servers, although it reported an operating profit margin of -2.7%, indicating a narrowing loss rate [1]. - The SSG segment's revenue reached $2.556 billion, up 18.1% year-on-year, with deferred revenue of $3.6 billion, reflecting a 17% increase and enhancing business predictability [1]. Group 2: Supply Chain Resilience - The company demonstrates strong supply chain resilience, effectively managing price fluctuations in components due to its significant purchasing power and superior bargaining capabilities compared to peers [2]. - The stable performance of the IDG segment and the narrowing loss rate in the ISG segment serve as evidence of the company's ability to adapt to cost impacts through product and customer structure adjustments [2].

Core Insights - The company reported strong mid-year performance for FY2026, with revenue reaching $39.282 billion, a year-on-year increase of 18.0%, and net profit attributable to shareholders at $850 million, up 40.5% [1] IDG Segment - The IDG business generated $28.57 billion in revenue for FY2026H1, reflecting a 14.6% year-on-year growth, with operating profit increasing by 13% and an operating margin of 7.2% [1] - The global market share for the company increased by 1.8 percentage points to 25.6%, achieving a historical high, and it leads the global Windows AI PC market [1] - In China, AI laptops with five key features accounted for 30% of total shipments, with higher average selling prices and profit margins for high-end products [1] - The smartphone segment saw strong performance from high-end models like edge and razr, with new device activations reaching record highs [1] ISG Segment - The ISG business reported $8.38 billion in revenue for FY2026H1, a 29.6% year-on-year increase, driven by cloud and enterprise infrastructure [2] - AI server business benefited from global AI training and inference demand, achieving high double-digit year-on-year revenue growth [2] - The Neptune liquid cooling system showed impressive performance, with first-quarter revenue growing double digits and second-quarter revenue increasing by triple digits, supported by over 100 patents [2] SSG Segment - The SSG business achieved a record revenue of $4.81 billion for FY2026H1, up 18.9% year-on-year, with an operating margin of 22% [2] - Revenue from operational services and project solutions increased to 58.9% of SSG business, marking a historical high [2] - TruScale platform orders saw triple-digit year-on-year growth, driven by the success of Device as a Service (DaaS) and Infrastructure as a Service (IaaS) initiatives [2] Profit Forecast and Investment Rating - The company raised its net profit forecasts for FY2026-2028 to $1.87 billion, $2.09 billion, and $2.33 billion respectively, up from previous estimates [3] - The price-to-earnings ratios for FY2026, FY2027, and FY2028 are projected at 9.0, 8.1, and 7.2 times respectively, maintaining a "buy" rating [3]

需要注意的是，第二财季联想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驱动力，更成为联想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，推动 整体业务结构向更具韧性、更高价值的方向进化。 面向未来，杨元庆表示："我们将继续利用'全球资源、本地交付'模式的独特优势来应对不确定性 的挑战，把握混合式人工智能所带来的巨大发展机遇，为股东创造长期可持续的回报，并实现千人千 面、千企千样的智能。" 本财季，随着AI计算重心从公有云训练向本地数据中心与边缘侧推理加速迁移，驱动联想AI基础 设施需求快速增长，订单储备强劲，AI服务器实现高双位数收入增长，海神液冷技术业务收入同比大 增154%，进一步巩固联想在节能AI基础设施的领导地位。与此同时，AI服务更是实现同比三位数收入 增长。 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1081亿元人民币，同比增长12%，其中个人电脑 市场份额更是史上首次超 ...