上 市 公 司 公 司 研 究 / 公 司 点 评 计算机 -18% 32% 82% HSCEI 联想集团 2025 年 11 月 22 日 联想集团 (00992) ——业绩超预期，AI 服务器维持高增 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 11 月 21 日 | | --- | --- | | 收盘价（港币） | 9.68 | | 恒生中国企业指数 | 8919.78 | | 52 周最高/最低（港币） | 13.60/6.57 | | H 股市值（亿港币） | 1,200.77 | | 流通 H 股（百万股） | 12,404.66 | | 汇率（港币/人民币） | 0.9106 | 一年内股价与基准指数对比走势： 资料来源：Bloomberg 相关研究 《联想集团（00992）点评：PC 复苏超预 期，AI 服务器高速增长》 2025/08/14 《联想集团（00992）深度：被低估的 ICT 全 栈 供 应 商 （ GenAI 系列之 59 ） 》 2025/05/28 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch. ...

本报（chinatimes.net.cn）记者石飞月 北京报道 AI已从技术概念演进为实实在在的业绩支柱。11月20日，联想集团公布了截至2025年9月30日的2025/26 财年第二财季业绩，人工智能相关营收占整体收入的比重达到30%，AI成为驱动该公司增长的重要引 擎，这一季度联想集团的营收与经调整后净利润双双取得明显增长。 这意味着联想集团的智能化转型更进一步。值得一提的是，恰好近期有关PC与AI的两大热点话题引发 市场广泛关注，联想集团董事长兼CEO杨元庆一一回应。他表示，联想集团有能力应对存储缺货和涨价 带来的行业难题，局部泡沫不能代表AI行业全貌，大规模的基础设施投资会催生更多终端设备并推动 应用发展。 人工智能相关营收占比达30% 财报显示，联想集团2025/26财年第二财季的营收同比增长15%至1464亿元，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%，达36.6亿元。 "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。"对于业绩增长的主要原因， 联想集团将AI放在最重要的位置上。这一季度，联想集团AI相关业务营收在总营收中的占比已提升至 30%， ...

存储芯片价格飙升影响正在波及全球，压力已经传导至科技硬件厂商，手机、PC、服务器制造商 或将持续面临挑战。 11月20日，联想集团发布了截至2025年9月30日的2025/26财年第二季度以及中期业绩，再次交出一 份创新高的成绩单：当季营收204.52亿美元，同比增长15%，创下季度历史新高；首次披露AI相关业务 收入情况，在总营收中占比提升至30%；全球个人电脑市场份额创新高，达到25.6%。 分业务来看，截至9月30日止的这一季度，智能设备业务集团收入151.07亿美元，基础设施方案业 务集团收入40.87亿美元，方案服务业务集团收入25.56亿美元，三大业务板块均收获同比增长。 智能设备业务增长主要受惠于人工智能计算机出货比例迅速上升及高端产品销售表现强劲。其中第 二财季，联想人工智能电脑渗透率提升至占总出货量的33%，并以31.1%的市场份额巩固在全球 Windows AI PC中的领导地位。 需要注意的是，尽管人工智能浪潮推动所有业务均录得双位数的同比增长，但供应链成本压力依然 在业绩中有所体现。 第二财季，联想集团公司权益持有人应占溢利为3.40亿美元，同比下降5%；毛利率下降0.3个百分 点至1 ...

Core Insights - Lenovo's core strategy for personal intelligence is "One Body, Multiple Ends," which has significantly contributed to business revenue in the second fiscal quarter of 2025 [1] - The Tianxi AI has released versions 3.0 and 3.5 this year, transitioning from device AI to personal AI within a trusted computing environment [1] Group 1 - Tianxi AI consists of four core modules: a generative AUI for multimodal task execution, Tianxi Brain with five capabilities (perception, understanding, memory, planning, scheduling), a diverse ecosystem with nearly 10,000 developers and over 5,000 partners, and trusted security for end-to-end computing and privacy protection [1] - User engagement for Tianxi AI is increasing, with average weekly active rates for Lenovo AI PCs and AI phones rising to 42% and 51%, respectively [1] - A new version, Tianxi AI 4.0, is expected to be released in a few months, promising enhanced AI functionalities [1] Group 2 - Lenovo AI PCs have achieved cumulative sales exceeding 2.8 million units, with AI PC notebooks accounting for over one-third of total sales in the second fiscal quarter [2] - The overall PC sales and revenue market shares reached historical highs of 34.7% and 41.5%, respectively [2] - Lenovo's Moto smartphones maintain the top market share in the online small foldable category, with the Moto X70 Air achieving the highest sales during the Double Eleven shopping festival [2] - Consumer tablet sales and revenue have seen year-on-year growth of 96% and 157%, respectively, indicating strong growth in the mid-to-high-end market [2] - Lenovo plans to unveil new AI products and key innovations at the Lenovo Innovation Technology Conference during CES on January 6 [2]

Core Insights - Lenovo's direct customer engagement model has significantly transformed, achieving 80% direct coverage in the first half of FY2025 (April-September 2024) [1] - The company has established efficient direct channels to customers, enhancing long-term business growth [1] Customer Segmentation - Government and enterprise customers have direct engagement with 90% of the 260,000 most important clients [1] - The number of directly engaged small and medium-sized enterprises (SMEs) has grown from zero to nearly 10 million [1] - Consumer customers have exceeded 245 million, representing 41% of China's effective purchasing population [1]

Core Insights - Lenovo Group's infrastructure business reported nearly 30 billion yuan in revenue for the second fiscal quarter, marking a 24% year-on-year growth driven by strong demand for AI infrastructure, expansion of new customers, and a dual-track strategy of cloud and enterprise infrastructure [1] Group 1: Revenue Growth - The overall revenue of Lenovo increased by 30% year-on-year, benefiting from the commercialization of artificial intelligence [1] - AI infrastructure revenue experienced high double-digit growth [1] Group 2: Business Strategy - Lenovo's infrastructure strategy is characterized by a "one horizontal and four verticals" approach, which includes heterogeneous computing solutions, servers, storage, networking, and software & hyper-convergence [1] - The dual-driven approach of cloud infrastructure and enterprise infrastructure is steadily advancing [1] Group 3: Competitive Advantages - Lenovo has established clear differentiation advantages through heterogeneous computing scheduling and liquid cooling technologies [1] - The Lenovo SSG solutions and service offerings have significantly contributed to the growth of AI infrastructure business [1]

"我们有海量闲置的英伟达GPU，但他们只能躺在仓库，因为没有足够的电力去点亮他们。" 不久前在一档播客节目中，微软CEO纳德拉向市场揭示了这一残酷的真相：AI竞赛的瓶颈，已经从芯片供应转向了电力。 在过去的3个多月，英伟达完成了从4万亿美元到5万亿美元市值的跨越。万亿美元级别的估值增长，正是建立在持续不断、指数级增长的AI基础设施需求 之上。市场预计，全球用于建设数据中心的投资未来将达到惊人的3万亿美元。 在持续数年的AI热潮中，人们热衷于讨论芯片制程的纳米之争，惊叹于大模型万亿级的参数规模，却鲜少关注支撑这一切的 "隐形基石"—— 电力。 如今，这场看似由算法与芯片主导的 AI 争霸赛，已经悄然演变为一场围绕电力资源、散热技术和能源战略的全球较量。从美国田纳西州正在建设的巨型 数据中心，到中国雅砻江流域的水电算力枢纽，电力的供给能力与利用效率，正成为决定各国和巨头们AI竞争力的核心变量。 算力狂潮下的能源危机 AI为什么越来越费电？ 过去，AI 的能源消耗主要集中在模型训练阶段 —— 一次GPT-3级别的模型训练，耗电量相当于300户家庭一年的总用电量。但随着大型语言模型 （LLMs）的普及，能源消耗已从 ...

在11月20日举行的联想集团2025/26财年第二财季业绩发布会上，联想集团董事长兼CEO杨元庆表 示："我们不认为存在AI泡沫。AI不仅是大语言模型，更涉及计算机视觉、自动驾驶、工业自动化等多 个领域，其普惠化和深入应用才刚刚开始。" 杨元庆介绍，联想凭借行业领先的供应链管理能力（Gartner全球排名第8、亚洲第一）和全球最大规模 的零部件采购体量，与核心供应商建立了长期稳定的合作关系。通过提前锁定产能、签署长期协议，联 想确保未来1-2个季度乃至更长时间内的关键零部件供应安全，并有效控制成本波动对利润的影响。"我 们有信心维持毛利率和净利率的双位数增长，同时通过灵活的价格调整机制保持市场竞争力。" 关于Windows 10系统更新逐步停止对PC市场的影响，杨元庆透露，基于Windows 10的PC升级周期尚未 结束，其推动作用至少还将持续数个季度。但更关键的增长动力来自人工智能个人电脑（AI PC）的普 及。AI PC通过本地化AI功能提升了用户体验，成为市场需求的核心驱动力。 杨元庆预测，受益于Windows 10更新尾声及AIPC的双重推动，2026年全球PC市场有望实现5%-10%的 增长。作为全 ...

Investment Rating - The investment rating for Lenovo Group is maintained at "Buy" [2] Core Views - Lenovo Group's revenue for FY25/26Q2 increased by 14.6% year-on-year to $20.45 billion, exceeding Bloomberg's expectations by 1.7% [8] - The company's adjusted net profit rose by 26.7% year-on-year to $510 million, surpassing Bloomberg's forecast by 0.3% [8] - The AI PC segment is accelerating its penetration, with a penetration rate reaching 33% [8] - The mobile phone business achieved record sales, with revenue of $15.11 billion, exceeding expectations by 3.7% and showing a year-on-year growth of 11.8% [8] - The Infrastructure Solutions Group (ISG) reported strong order reserves, with revenue of $4.09 billion, a year-on-year increase of 23.7% [8] - The Solutions and Services Group (SSG) achieved record quarterly revenue of $2.56 billion, marking 18 consecutive quarters of double-digit growth [8] - Future adjusted net profit growth is projected at 16.9%, 9.9%, and 13.3% for FY25/26, FY26/27, and FY27/28, respectively [8] Financial Performance Summary - Revenue projections (in million USD): - 2024A: 56,864 - 2025A: 69,077 - 2026E: 77,184 - 2027E: 82,925 - 2028E: 89,545 - Net profit projections (in million USD): - 2024A: 1,011 - 2025A: 1,384 - 2026E: 1,649 - 2027E: 1,891 - 2028E: 2,137 - EPS projections (in CNY): - 2024A: 0.08 - 2025A: 0.11 - 2026E: 0.13 - 2027E: 0.15 - 2028E: 0.17 - PE ratios: - 2025A: 11.89 - 2026E: 9.38 - 2027E: 8.18 - 2028E: 7.23 [5][9]

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]