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PC业务市场份额持续提升 里昂:维持联想集团(00992)跑赢大盘评级
智通财经网· 2025-08-05 04:00
Core Viewpoint - International investment bank, Citi, has raised Lenovo Group's earnings forecast for the April to June period due to better-than-expected performance in PC shipments and profit margins, as well as stable server business revenue [1] Group 1: PC Business Performance - Lenovo's PC business has shown strong growth, with market share continuously increasing. The IDG revenue is expected to grow by 14% quarter-on-quarter for April to June, up from a previous forecast of 7%, driven by demand in the U.S. market due to tariff issues [1] - Lenovo's global PC shipments reached 17 million units in Q2 2025, representing a year-on-year growth of 15.3%, while the overall market grew by 7.5%. Lenovo's global market share reached 24.6% in Q2 2025, an increase of 0.8 percentage points quarter-on-quarter and 1.8 percentage points year-on-year [1] - In North America, Lenovo's market share increased by 1.0 percentage points year-on-year to 18.7%, while in Western Europe, it grew by 0.6 percentage points to 27.7%. Lenovo has gained market share from Dell and HP in the U.S. and EU, and from Huawei in China [1] Group 2: Future Growth Prospects - Strong growth momentum in Lenovo's PC business is expected to continue into the second half of 2025, driven by factors such as gaining market share from competitors, replacement demand due to the end of Windows 10 support in October, and the release of new AI models [2] - Lenovo launched a high-end AI PC model in June and may introduce new AI PC models based on NVIDIA and MediaTek chipsets in early 2026 [2] Group 3: Server Business Performance - Lenovo's server business revenue is expected to remain stable at $4.1 billion for April to June, primarily driven by demand from cloud service providers. For July to September, revenue is anticipated to grow further due to increased demand from Microsoft and new customers for data centers in China [2] Group 4: Financial Gains from Warrants - The issuance of 1.15 billion warrants on January 8, 2025, is expected to generate significant financial gains, with estimates of $120 million in revenue from these warrants [2]
中信里昂:升联想集团(00992)目标价至12港元 重申“跑赢大市”评级
智通财经网· 2025-08-05 03:39
Core Viewpoint - Citic Securities has raised Lenovo Group's target price from HKD 11 to HKD 12, an increase of 9%, while reiterating a "outperform" rating [1] Financial Performance - The firm has revised its earnings forecast for the second quarter of the fiscal year 2025/26 upwards, following a strong performance in Lenovo's quarterly results as of June 30 [1] - The personal computer business showed higher shipment volumes and profit margins than previously expected, while server business revenue remained robust [1] - The firm anticipates Lenovo will gain USD 120 million from the fair value of warrants [1] - The latest GAAP earnings forecast for the first fiscal quarter ending June 30 is projected at USD 480 million, which is 47% higher than market expectations, while the non-GAAP earnings forecast is up by 11% compared to previous estimates [1]
中信里昂:升联想集团目标价至12港元 重申“跑赢大市”评级
Zhi Tong Cai Jing· 2025-08-05 03:38
Core Viewpoint - Citic Lyon has raised the target price for Lenovo Group (00992) by 9% from HKD 11 to HKD 12, maintaining an "outperform" rating [1] Financial Performance - Following an upgrade on July 5, the bank has again revised its earnings forecast for the second quarter of the fiscal year 2025/26 [1] - The strong performance in the quarter ending June 30 is attributed to higher-than-expected shipment volumes and profit margins in the personal computer business, along with stable revenue in the server business [1] Earnings Expectations - The bank anticipates that Lenovo will gain USD 120 million from the fair value of warrants [1] - The latest GAAP earnings forecast for the first fiscal quarter ending June 30 is projected at USD 480 million, which is 47% higher than market expectations [1] - The non-GAAP earnings forecast has been increased by 11% compared to previous estimates [1]
摩根大通:予联想集团目标价13港元 AI 领域存估值重估机会
Ge Long Hui· 2025-08-05 03:37
报告中还指出,服务器收入增长加速,存在AI上行潜力。 预计,尽管1-3月份基数较高,但受MSFT和 CSPs强劲的通用服务器需求推动,ISG收入在4-6月份和7-9月份环比持平或微增。7-9月份之后,新的 H20/RTX-6000D项目和其他新订单可能带来潜在上行空间。摩根大通预计,中长期来看,联想存在估值 重估的机会。维持 "增持" 评级。 灵活的供应链战略以减轻关税影响。联想已将其PC生产转移至越南,同时利用内部产能和外包产能来 满足美国的PC需求。管理层预计4-6月关税影响将有所缓解,到 4-6月末影响甚微。摩根大通认为,若 关税政策发生变化,联想还在考虑将墨西哥和美国作为潜在的备用生产基地。目前,中国对美出口产品 的关税税率为 20%,而越南享有豁免。此外,原始设计制造商(ODM)多元化战略也有助于优化制造和 组装成本。 近日,摩根大通发布研报称,予联想集团(00992)目标价13港元,重申"增持"评级。并上调对该集团 2026/2027财年(3月31日止)盈利预测2-3%,主要考虑PC业务表现强劲而显著超预期。 摩根大通指出,联想PC市场份额持续提升,构成良性收益循环。根据Gartner数据,联想4 ...
关税无虞! 摩根大通: 重申“增持”评级 予联想(00992)目标价13港元
智通财经网· 2025-08-05 03:04
报告中还指出,服务器收入增长加速,存在AI上行潜力。 预计,尽管1-3月份基数较高,但受MSFT和 CSPs强劲的通用服务器需求推动,ISG收入在4-6月份和7-9月份环比持平或微增。7-9月份之后,新的 H20/RTX-6000D项目和其他新订单可能带来潜在上行空间。摩根大通预计,中长期来看,联想可能进军 人工智能(AI)领域,存在估值重估的机会。维持 "增持" 评级。 灵活的供应链战略以减轻关税影响。联想已将其PC生产转移至越南,同时利用内部产能和外包产能 (如华勤)来满足美国的PC需求。管理层预计 6 月季度关税影响将有所缓解,到 6 月季度末影响甚 微。摩根大通认为,若关税政策发生变化,联想还在考虑将墨西哥和美国作为潜在的备用生产基地。目 前,中国对美出口产品的关税税率为 20%,而越南享有豁免。此外,原始设计制造商(ODM)多元化 战略也有助于优化制造和组装成本。 近日,摩根大通发布研报称,予联想集团(00992)目标价13港元,重申"增持"评级。并上调对该集团 2026/2027财年(3月31日止)盈利预测2-3%,主要考虑PC业务表现强劲而显著超预期。 摩根大通指出,联想PC市场份额持续提升,构 ...
大行评级|摩根大通:维持联想集团“增持”评级 预期2026财年首季业绩将优于市场预期
Ge Long Hui· 2025-08-05 03:00
摩根大通发表研究报告指,预期联想集团6月底止2026财年首季业绩将优于市场预期,主要因PC业务的 强劲表现。该行认为,PC业务盈利的韧性表现是由于市占率提升及灵活的供应链管理。另外,集团的 服务器(ISG)业务近期有多笔新订单,带动增长。中长期而言,进军AI服务器领域可能为该股带来重新 评级机会。考虑到PC市占率扩张,该行将26及27财年的盈利预测上调2至3%,维持"增持"评级,目标价 13港元。 ...
联想集团(00992) - 股份发行人的证券变动月报表(截至2025年7月31日)

2025-08-04 08:50
股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致:香港交易及結算所有限公司 | | | | | 公司名稱: | 聯想集團有限公司 | | | | 呈交日期: | 2025年8月1日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 第 1 頁 共 11 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00992 | | 說明 | 港幣櫃台 | | | | | | 多櫃檯證券代號 | 80992 | RMB 說明 | | 人民幣櫃台 | | | | | | | | 已發行股份(不包括庫存股份)數目 | | | 庫存股份數目 | | 已發行股份總數 | | ...


联想申请数据处理方法及电子设备专利,进行向量相关数据处理操作
Jin Rong Jie· 2025-08-04 06:24
金融界2025年8月4日消息,国家知识产权局信息显示,联想(北京)有限公司申请一项名为"数据处理 方法及电子设备"的专利,公开号CN120407872A,申请日期为2025年04月。 天眼查资料显示,联想(北京)有限公司,成立于1992年,位于北京市,是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本565000万港元。通过天眼查大数据分析,联想(北京) 有限公司共对外投资了107家企业,参与招投标项目5000次,财产线索方面有商标信息1751条,专利信 息5000条,此外企业还拥有行政许可238个。 本文源自:金融界 作者:情报员 专利摘要显示,本申请公开了一种数据处理方法及电子设备,所述方法包括:获得第一向量;所述第一 向量为高维向量;对所述第一向量进行空间分布变换,以得到第二向量;基于所述第二向量,在目标向 量集合中查找满足向量相似条件的第三向量;其中,所述目标向量集合中包括多个重构向量,所述重构 向量基于数据库中的原始向量经过所述空间分布变换以及向量重构得到,所述重构向量中的子向量为低 维向量;对所述第三向量进行空间分布逆变换,以得到第四向量。 ...
小摩:予联想集团目标价13港元 料首财季毛利率15.8%
Zhi Tong Cai Jing· 2025-08-04 05:56
小摩将PC盈利的强势归因于市场份额增长以及供应链管理灵活。联想在PC方面跑赢同行,主要原因是 行业领导力。此外,联想在服务器业务方面也持续增长,也获得许多新订单。尽管由于业务重组持续推 进,联想基础设施方案业务集团(ISG)净利润可能维持在盈亏平衡水平左右,但小摩预计,由于重组成 本的影响较小,联想2026年的盈利将有望上升。中长期看,联想也可能进军人工智能(AI)领域,届时将 迎重新估值机会。 摩根大通发布研报称,予联想集团(00992)目标价13港元,重申"增持"评级。小摩上调对该集团 2026/2027财年(3月31日止)盈利预测2-3%,主要考虑个人电脑(PC)强势。小摩指,针对本月13日公布的 联想2026财年首财季业绩,预计由于PC的优势,集团也将好于预期。预测季度销售额为182.66亿元、毛 利为28.21亿美元,毛利率15.4%。 ...
小摩:予联想集团(00992)目标价13港元 料首财季毛利率15.8%
智通财经网· 2025-08-04 05:52
Core Viewpoint - Morgan Stanley has set a target price of HKD 13 for Lenovo Group (00992) and reiterated an "Overweight" rating, citing strong performance in the personal computer (PC) segment as a key driver for upward revisions in profit forecasts for the fiscal years 2026/2027 [1] Group 1: Financial Performance - Morgan Stanley has raised its profit forecast for Lenovo Group by 2-3% for the fiscal years ending March 31, 2026 and 2027, primarily due to the strength in the PC market [1] - The expected quarterly sales for Lenovo in the first fiscal quarter of 2026 are projected to be HKD 182.66 billion, with a gross profit of USD 28.21 billion and a gross margin of 15.4% [1] Group 2: Market Position and Growth - Lenovo's strong performance in the PC segment is attributed to an increase in market share and flexible supply chain management, allowing it to outperform competitors [1] - The company continues to see growth in its server business, securing numerous new orders, which contributes positively to its overall performance [1] Group 3: Future Outlook - Despite ongoing business restructuring, Lenovo's Infrastructure Solutions Group (ISG) is expected to maintain a breakeven net profit level, with minimal impact from restructuring costs [1] - In the medium to long term, Lenovo may venture into the artificial intelligence (AI) sector, presenting potential revaluation opportunities for the company [1]