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]

具体业务板块表现来看： 智能设备集团：营收环比增长 12%，占总营收的 74%；尽管存储芯片成本上升，营业利润率仍稳定在 7.3%(2024 年三季度为 7.3%)。2025 年三季度(自然年)，联想全球个人电脑出货量市场份额进一步提升 至 26%，同比增长 17%(全球市场同比增长 9%)；人工智能个人电脑渗透率达 33%，在 Windows 系统人 工智能个人电脑领域的全球出货量市场份额为 31%。强劲的业绩表现印证了我们对联想领先市场地位 的积极看法，同时也体现出在行业整合及人工智能个人电脑趋势崛起的背景下，公司持续扩大市场份 额。在存储芯片成本上升的环境下，联想强大的供应链议价能力及产品结构升级举措有效支撑了其利润 率水平。 基础设施方案集团：营收环比下降 5%，占总营收的 20%；营业利润率改善至 - 0.8%(2024 年三季度为 - 1.1%)。尽管营收环比下滑，但受以下因素驱动，同比增长仍保持稳健的 24%：(1)人工智能应用普及推 动人工智能服务器营收实现高双位数增长；(2)新增云服务提供商(CSP)客户；(3)企业及中小企业(SMB) 转型持续推进。利润率提升反映出随着人工智能服务器规模扩 ...

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, Lenovo, with a target price adjusted to HKD 14.00 from the previous HKD 16.00, reflecting a 12.5% decrease [5][7]. Core Insights - Lenovo reported a revenue of USD 20.45 billion for 2QFY26, representing a year-over-year increase of 14.6%, surpassing Bloomberg's consensus estimate by 1.7%. The Non-HKFRS net profit attributable to shareholders was USD 512 million, up 25.2% year-over-year, exceeding the company's prior guidance by approximately 19% [1][5]. - The company benefits from a strong position in the global PC market, holding the largest market share and demonstrating robust supply chain management capabilities, which enhances its resilience against industry cycles [1][2]. - The AI-related business has become a core growth driver, with its revenue contribution reaching 30% and a year-over-year increase of 13 percentage points [1][5]. Summary by Sections IDG (Intelligent Devices Group) - IDG's revenue increased by 11.8% year-over-year, with an operating profit margin of 60%. The global PC market share rose by 1.8 percentage points to 25.6%, marking a record high [2]. - Driven by mixed AI demand, PC revenue grew by 17% year-over-year, with AI PC penetration increasing by 16 percentage points to 33% of total shipments [2]. ISG (Infrastructure Solutions Group) - ISG's revenue grew by 23.7% year-over-year, primarily due to strong demand for cloud infrastructure and enterprise solutions. The AI server business recorded high double-digit revenue growth [3]. - The Neptune liquid cooling technology saw a revenue increase of 154% year-over-year, reinforcing the company's leadership in energy-efficient AI infrastructure [3]. SSG (Solutions and Services Group) - SSG achieved an 18.3% year-over-year revenue growth, maintaining double-digit growth for 18 consecutive quarters, with an operating profit margin exceeding 22% [4]. - The project and solution services, along with operational services, accounted for 60% of SSG's total revenue, indicating a stable growth trajectory [4]. Financial Projections - The report projects a slight decrease in Non-HKFRS net profit estimates for FY26, FY27, and FY28 by 1.8%, 1.7%, and 1.7% respectively, with expected profits of USD 1.66 billion, USD 1.85 billion, and USD 2.08 billion [5][10]. - The expected Non-HKFRS EPS for FY26, FY27, and FY28 is projected to be USD 0.12, USD 0.14, and USD 0.15 respectively, reflecting growth rates of 15.5%, 11.4%, and 12.4% [5][10].

Core Insights - Equinix and Lenovo have partnered to provide a high-performance computing (HPC) solution for Merck KGaA, aimed at enhancing drug discovery, materials innovation for semiconductors, and overall scientific research capabilities [1][2][4] Company Developments - Merck KGaA has launched a state-of-the-art HPC built on Lenovo ThinkSystem servers, utilizing advanced liquid cooling technology, hosted in an Equinix AI-ready data center in Germany [1][2] - The HPC platform combines private and public cloud infrastructure, allowing for flexible scaling to meet varying computational demands [2][3] Technological Advancements - The partnership emphasizes the importance of data and technology in scientific progress, with the HPC enhancing computational capabilities and enabling more effective use of AI and advanced analytics [2][3] - Equinix's infrastructure supports high-performance workloads while reducing energy consumption, aligning with Merck's environmental, social, and governance (ESG) targets [3][4] Market Position - Lenovo is recognized as a global technology powerhouse with a revenue of US$69 billion, focusing on AI-enabled devices and infrastructure [5] - Merck KGaA operates across life science, healthcare, and electronics, generating sales of €21.2 billion in 2024, with over 62,000 employees dedicated to scientific advancements [6][7]

Core Insights - Lenovo Group is transitioning from being perceived solely as the world's largest PC manufacturer to a significant player in the AI sector, with its AI business now accounting for 30% of total revenue [2][27] - The company aims to reshape investor perceptions by highlighting its non-PC business growth, which has contributed to substantial revenue and profit increases, including a net profit growth rate exceeding 100% in some quarters [1][27] - Lenovo's hybrid AI strategy positions it as a leading provider of edge AI solutions, integrating AI capabilities across consumer and enterprise segments [4][12] Group 1: Business Transformation - Lenovo is fundamentally transforming from a PC-centric company to an AI-focused enterprise, with AI-related services becoming a major revenue driver [21][27] - The company’s revenue sources are shifting from hardware sales to AI infrastructure and service solutions, indicating a move towards a recurring revenue model [21][27] - The three main business segments—Intelligent Devices Group (IDG), Infrastructure Solutions Group (ISG), and Solutions and Services Group (SSG)—are evolving in their roles, with SSG becoming a key driver of high-margin growth [21][22] Group 2: Financial Performance - Non-PC business revenue has steadily increased, reaching nearly 47% of total revenue, reflecting a clear shift towards AI-related infrastructure and services [22][23] - The ISG and SSG segments are experiencing significant growth, with ISG revenue increasing by 24% and SSG achieving a profit margin of over 22% [23][24] - AI-driven revenue growth is evident, with AI PC sales increasing by 197% and AI server revenue more than doubling, showcasing strong demand for AI capabilities [24][25][26] Group 3: Strategic Positioning - Lenovo's hybrid AI strategy allows it to serve as a critical integrator in the AI value chain, bridging the gap between hardware and AI services [7][19] - The company is positioned to control the "terminal entry" in the AI ecosystem, which is crucial for user interaction and data flow [18][19] - By embedding AI capabilities into its devices, Lenovo aims to create a personalized AI experience for users, enhancing its competitive edge in the market [11][12]

Core Viewpoint - Lenovo Group has signed a long-term supply agreement with key component suppliers to address the rising storage chip prices driven by the surge in artificial intelligence (AI) demand [1][2]. Group 1: Supply Chain Strategy - The long-term contract aims to ensure sufficient supply for the upcoming year, reflecting Lenovo's emphasis on stability and sustainability during its AI transformation [1][2]. - By locking in key component supplies, Lenovo can better control cost fluctuations and gain strategic advantages in a competitive market [2][3]. - Lenovo's significant purchasing power allows it to negotiate favorable terms in the supply chain, creating a competitive edge that smaller players cannot match [3]. Group 2: Market Context and Performance - The global storage chip prices are increasing due to heightened demand from data center operators for AI server construction, leading to a tightening supply of traditional storage chips used in smartphones, computers, and gaming devices [1]. - Lenovo's Intelligent Devices Group (IDG) reported a revenue of 108.1 billion RMB in the second quarter of the 2025/26 fiscal year, marking a 12% year-on-year increase, with AI terminal devices contributing significantly to this growth [3]. - The CEO of Lenovo believes that the market will not experience a bubble, but rather a phase of AI technology becoming more widespread and accessible [3].

Core Viewpoint - Lenovo Group is set to launch a personal super intelligent agent globally on January 6 at the Lenovo Innovation Technology Conference, which will integrate various wearable and environmental sensing devices, as well as portable devices and personal trusted computing hubs, aiming to create a personalized experience that learns individual habits and predicts intentions [1] Group 1 - The personal super intelligent agent will utilize personalized algorithms and models to continuously learn and adapt to user preferences [1] - The technology aims to achieve a level of interaction described as "thinking what you think, acting as you wish" [1] - The initiative reflects Lenovo's commitment to advancing personal computing and smart technology integration [1]