（文章来源：证券时报网） 花旗研究报告指出，联想集团2026财年第一季度业绩超出了花旗及市场的预期，这得益于销售增长的加 速和税率的下降。对于第二季度的展望，集团预计收入将实现高个位数百分比的同比增长，这一稳健的 预测有望缓解投资者对终端需求不确定性的担忧。联想对个人计算机和服务器业务持乐观态度，并将商 业替换、AI PC采用率的提高以及服务器产品组合的扩展视为关键增长动力。基于公司稳健的基本面、 出色的执行能力以及具有吸引力的估值，花旗维持"买入"评级，并将目标价从13.3港元上调至13.6港 元。 ...

基于公司稳健的基本面、强劲的执行力及具吸引力的估值，花旗维持"买入"评级，目标价从13.3港元上 调至13.6港元。 花旗发表研究报告指，联想集团6月底止2026财年第一季业绩超出花旗及市场预期，受益于销售增长加 快和税率下降。第二季指引上，集团预计收入将实现高个位数百分比按年增长，展望稳健，应有助于缓 解投资者对终端需求不确定性的担忧。联想对其个人计算机和服务器业务保持乐观，继续视商业替换、 AI PC采用率上升，以及服务器产品组合扩展为关键驱动因素。此外，公司灵活性和多元化营运亦应有 助于应对宏观波动。 ...

联想中国区业绩实现强劲的"开门红"。8月14日，联想集团发布2025/26财年第一季度（2025年4月-6月）财报，联 想集团执行副总裁兼中国区总裁刘军在接受媒体采访时表示，联想中国区实现营业额和利润的双双大幅增长，非 PC业务收入过半，取得历史性突破。 首先是在AI基础设施领域，联想万全异构智算平台升级到3.0，新增了AI推理加速算法集、AI编译优化器、专家并 行通信算法、AI训推慢节点故障预测与自愈系统等创新技术，覆盖了模型预训练、后训练和推理AI全流程需 求。"万全平台可以看成是智算中心的操作系统，可以统一纳管不同算力，兼容多种技术架构。"刘军表示，丰富 的技术创新使联想能够基于同样的硬件平台，为用户提供更好的计算性能，比如推理性能提升5-10倍、推理延时 降低3倍以上等。 数据显示，联想中国区在集团第一财季的营业额和利润分别实现36%和43%的同比增长，非PC业务收入超过 54%。其中，IDG（智能设备）业务中PC在中国市场的份额保持高位并继续突破，创同期历史新高；ISG（智能基 础设施）业务营收同比增长72%，其中服务器同比大幅增长81%；SSG（解决方案与服务）业务营收和利润双双实 现超20%的同 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 16.00, up from the previous HKD 15.30, reflecting a 4.4% increase [1][5]. Core Insights - The company reported a 1QFY26 revenue of USD 18.83 billion, representing a year-over-year increase of 22.0%, exceeding Bloomberg consensus estimates by 7.2%. The Non-HKFRS net profit attributable to shareholders was USD 389 million, also up 22.0% year-over-year, driven by strong demand from global mixed AI developments [1][5]. - The gross margin for 1QFY26 was 14.7%, a decline of 1.9 percentage points year-over-year, primarily due to the suspension of H20 shipments in the infrastructure segment and changes in product mix [1]. Summary by Segment IDG (Intelligent Devices Group) - IDG revenue grew by 18.0% year-over-year in 1QFY26, with operating profit increasing by 15.0% year-over-year. The global PC market share reached a record high of 24.6%, with AI PC penetration exceeding 30% [2]. - The PC business revenue increased by 20.0% year-over-year, maintaining a leading position in the Windows AI PC sector [2]. ISG (Infrastructure Solutions Group) - ISG revenue rose by 36.0% year-over-year in 1QFY26, driven by continued capital expenditures from global CSP customers in AI and traditional servers. However, the segment recorded an operating loss of USD 85.52 million due to the suspension of H20 shipments and increased R&D investments [3]. - Future improvements in revenue and profitability are expected with the launch of new products and the resumption of H20 sales [3]. SSG (Solution Services Group) - SSG revenue increased by 20.0% year-over-year in 1QFY26, marking the 17th consecutive quarter of growth. The segment's revenue from support services and AI solutions showed strong performance, particularly in manufacturing and supply chain sectors [4]. - The overall contribution of these services to SSG's total revenue increased by 3 percentage points to 58% [4]. Financial Projections - The company expects revenue growth of 0.7%, 2.3%, and 3.8% for FY2025, FY2026, and FY2027, respectively. Non-HKFRS net profits are projected to be USD 1.69 billion, USD 1.89 billion, and USD 2.12 billion for FY2026, FY2027, and FY2028, reflecting year-over-year growth rates of 17.6%, 11.3%, and 12.4% [5][9].

Core Viewpoint - Lenovo Group emphasizes its commitment to research and development (R&D) as a key investment strategy to seize growth opportunities in the artificial intelligence (AI) sector, with a notable increase in R&D spending and innovative product developments [1][2]. R&D Investment - In the first quarter of the fiscal year 25/26, Lenovo's R&D expenditure rose by 10% year-on-year to $524 million, with the R&D team nearing 20,000 employees, accounting for 28% of the total workforce [1][2]. - Continuous R&D investment is seen as crucial for maintaining technological leadership and capitalizing on structural growth opportunities in both personal and enterprise AI markets [2]. Product Innovation - Lenovo has transitioned its innovative rollable screen PC from concept to mass production, enhancing multitasking efficiency through dynamic screen size adjustments [2]. - The company has also completed engineering validation for a solar-powered concept device, achieving over 30% improvement in battery life, which supports future mobile AI computing [2]. - The Neptune liquid cooling technology iteration provides 100% heat dissipation for AI servers, allowing high-density computing without dedicated air conditioning [2]. Strategic Partnerships - Lenovo is advancing its strategy in the Middle East, particularly through its partnership with Alat, which involves local production capabilities for PCs, servers, and potentially smartphones [4]. - Alat has invested $2 billion in Lenovo, marking a significant collaboration that aligns with Saudi Arabia's Vision 2030, enhancing Lenovo's market position in the region [4]. Market Focus and Resilience - The company remains focused on executing its strategic goals, prioritizing market share and profitability amidst global AI demand surges and macroeconomic challenges [5]. - Lenovo's robust global supply chain and manufacturing setup are key to sustaining growth and reinforcing its competitive edge in a changing market environment [5].

Core Viewpoint - Lenovo Group emphasizes its commitment to R&D investment as a core strategy for advancing in the mixed AI era, with a notable increase in R&D spending and innovative product developments [2][4]. R&D Investment - In the first quarter of the fiscal year 25/26, Lenovo reported a 10% year-on-year increase in R&D investment, totaling $524 million, with the R&D team nearing 20,000 employees, representing 28% of the total workforce [1][2]. - The sustained R&D investment is aimed at driving AI technology innovation and solidifying Lenovo's leadership in commercial, consumer, and gaming PC sectors, as well as the new Windows AIPC category [2]. Product Innovations - Lenovo has transitioned its industry-first rollable screen PC from concept to mass production, enhancing multitasking efficiency through dynamic screen size expansion [2]. - A concept device utilizing advanced solar technology has completed engineering validation, achieving over 30% improvement in battery life, providing a green solution for future mobile AI computing [2]. - The Neptune liquid cooling technology iteration offers 100% heat dissipation capability for AI servers, allowing high-density computing without dedicated air conditioning [2]. Strategic Partnerships - Lenovo has established a strategic partnership with Alat E-NET in the Middle East, being the only company to localize production and build manufacturing capabilities in the region, with factory construction ahead of schedule [4]. - Alat E-NET has invested $2 billion in Lenovo, marking a significant investment in the global high-tech sector, second only to Uber [4]. - This partnership is expected to open vast opportunities for Lenovo in the server, AI, and mobile sectors, leveraging locally produced products to serve the Middle Eastern market [4]. Market Focus and Resilience - Lenovo remains focused on executing its strategic goals, concentrating on market share and profitability amidst global AI demand surges and changing macroeconomic conditions [5]. - The company's leading global supply chain and manufacturing layout provide strong support for sustainable growth and enhance its resilience in adapting to market changes [5].

Core Insights - Lenovo Group reported a 10% year-on-year increase in R&D investment, reaching $524 million in the first quarter of the 25/26 fiscal year, with the R&D team nearing 20,000 employees, accounting for 28% of the total workforce [1] R&D Investment and AI Innovation - Continuous R&D investment is central to Lenovo's strategy in the hybrid AI era, reinforcing its technological leadership and enabling the company to seize structural growth opportunities in personal and enterprise AI [2] - The company has transitioned its innovative rollable screen PC from concept to mass production, enhancing multitasking efficiency through dynamic screen size expansion [2] - Advanced solar technology devices have completed engineering validation, improving battery life by over 30%, providing a green solution for future mobile AI computing [2] - The Neptune liquid cooling technology iteration offers 100% heat dissipation for AI servers, allowing clients to operate high-density computing without dedicated air conditioning [2] - A next-generation large language model training server is expected to launch in the second half of 2025, targeting global cloud service providers and enterprise clients, strengthening Lenovo's competitive edge in the high-growth AI market [2] Strategic Direction and Product Differentiation - Lenovo's innovation initiatives exemplify its strategic direction of enhancing product performance, design aesthetics, and practical application scenarios, thereby reinforcing its diversified product portfolio's differentiation advantage [3] Middle East Strategy - Lenovo is the only company establishing localized production and manufacturing capabilities in the Middle East, with construction progress ahead of schedule, covering PCs, servers, and potentially smartphones [4] - The partnership with Alat E-Nait includes a $2 billion investment, marking Alat's second-largest investment in the global high-tech sector after Uber, and signifies Lenovo's first introduction of a convertible stockholder with over 10% stake [4] - Lenovo's PC business is already the market leader in the region, and the strategic partnership is expected to open significant opportunities in servers, AI, mobile, and services, allowing Lenovo to leverage locally produced products to serve the Middle East [4] Market Focus and Resilience - In response to the global surge in AI computing demand and changing macroeconomic challenges, Lenovo remains focused on strategic execution, market share, and profitability [5] - The company's leading global supply chain and manufacturing layout provide strong support for sustainable growth, further consolidating its competitive advantage and enhancing resilience in adapting to market changes [5]

Core Viewpoint - Lenovo Group reported a strong performance for the first quarter of the 2025/2026 fiscal year, with revenue reaching 136.2 billion yuan, a year-on-year increase of 22%, marking a historical high for the same period [2] Group Summaries Financial Performance - The net profit under non-Hong Kong Financial Reporting Standards increased by 22% to 2.816 billion yuan [2] - According to Hong Kong Financial Reporting Standards, net profit surged by 108% to 3.66 billion yuan, primarily due to changes in the fair value of stock warrants [3] Business Segments - The Intelligent Devices Group (IDG) generated revenue of 97.3 billion yuan, a year-on-year growth of 17.8%, with the PC business achieving its fastest growth in 15 quarters [2] - The Infrastructure Solutions Group (ISG) saw revenue growth of 35.8% [2] - The Solutions and Services Group (SSG) reported a revenue increase of 19.8%, with an operating profit margin of 22.2% [2] AI and Market Position - AI PC shipments accounted for over 30% of total PC shipments, with AI PC shipments in the Chinese market reaching 27% of total notebook shipments [3] - The active user ratio for the "Tianxi" personal super intelligent agent reached an average of 40% [3] - Lenovo is advancing the construction of a unified AI entry point and exploring new paradigms for intelligent experiences across devices and ecosystems [3] Strategic Initiatives - Lenovo is building a full-stack AI product system centered on hybrid cloud platforms, intelligent agent management platforms, and industry-specific solution libraries [3] - The AI infrastructure business experienced a revenue increase of 155% year-on-year [3] - The company aims to shift market focus towards its core operational performance as reflected in non-Hong Kong Financial Reporting Standards [3]

Core Insights - Lenovo Group reported a 22% year-on-year revenue growth for Q1 of the 2025/2026 fiscal year, reaching 136.2 billion yuan, marking a historical high for the same period [1] - The company's net profit under non-Hong Kong Financial Reporting Standards also increased by 22% to 2.816 billion yuan [1] Business Segments Performance - The Intelligent Devices Group (IDG) generated revenue of 97.3 billion yuan, a 17.8% increase, with the PC business achieving its fastest growth in 15 quarters [1] - The Infrastructure Solutions Group (ISG) saw a revenue growth of 35.8% [1] - The Solutions and Services Group (SSG) reported a revenue increase of 19.8%, with an operating profit margin of 22.2% [1] AI and Market Trends - Non-PC business revenue now accounts for 47% of total revenue, indicating a more balanced growth structure and supporting the company's mixed AI strategy [1] - Lenovo's AI PC shipments exceeded 30% of total PC shipments, with AI PC shipments in the Chinese market reaching 27% of total notebook shipments [2] - The "Tianxi" personal super intelligent agent has seen a significant increase in user engagement, with a weekly active user ratio averaging 40% [2] AI Infrastructure and Product Development - Lenovo is building a comprehensive AI product system centered around a hybrid cloud platform, intelligent agent management platform, and industry-specific solution library [2] - The AI infrastructure business experienced a remarkable 155% year-on-year revenue growth [2] - The company is developing an AI model factory and intelligent agent platform to enhance its mixed AI capabilities [2] Financial Reporting and Market Focus - Under Hong Kong Financial Reporting Standards, Lenovo's net profit increased by 108% to 3.66 billion yuan, primarily due to non-cash gains from stock option valuation changes [2] - The management emphasizes that non-Hong Kong Financial Reporting Standards provide a clearer reflection of the company's core operational performance and quality [2]

Lenovo Group Earnings Call Summary Company Overview - **Company**: Lenovo Group - **Date**: August 14, 2025 - **Quarter**: Q1 2025/2026 Key Industry and Company Insights Financial Performance - Lenovo achieved a record revenue growth of 22% year-over-year, reaching $18 billion, with net profit also increasing by 22% to over $500 million [3] - All major business segments reported double-digit revenue growth, particularly the personal computer (PC) segment, which grew over 20% [3] - The Intelligent Devices Group (IDG) generated $13.5 billion in revenue, an 18% increase year-over-year, maintaining industry-leading profitability above 8% [2][3] AI Strategy and Innovations - Lenovo is committed to a hybrid AI strategy, increasing R&D investments, with AI PC penetration reaching over 30% of total shipments [2][4] - The company launched the Angel AI Super Agent in the personal sector and developed an AI agent platform for enterprises through cloud architecture [4][5] - R&D investment rose by 10% to $524 million, with nearly 20,000 technical staff, representing 28% of total employees [4][10] Infrastructure Solutions Group (ISG) - ISG reported a 36% year-over-year revenue increase, driven by AI infrastructure business doubling in revenue due to leading liquid cooling solutions [6][15] - The transition from traditional IT infrastructure to cloud and AI computing is accelerating in the Chinese market, with significant improvements in operating profit margins [6][15] Solutions and Services Group (SSG) - SSG achieved record revenue of $2.3 billion, a 20% increase, with an operating profit margin exceeding 22% [7][16] - Managed services, projects, and solutions accounted for nearly 60% of total revenue, showing a nearly 3 percentage point increase year-over-year [7][16] Regional Performance - All sales regions in China experienced double-digit year-over-year growth, with the Asia-Pacific region seeing a 39% revenue increase [8] - The Americas have seen a continuous increase in PC market share for nine consecutive quarters, with record orders in device-as-a-service software solutions [8] Cash Flow and Financial Health - Operating cash flow reached $1.2 billion, the highest in 11 quarters, with free cash flow rebounding to $751 million [9] - Cash balance increased by 15% year-over-year to $4.5 billion, reflecting strong operational capabilities and reduced financing costs [9] Market Trends and Future Outlook - The company anticipates potential seasonal declines in Q4 due to tariff-related demand shifts but remains optimistic about future market share potential [17][18] - Lenovo's market share in Windows AI PCs exceeds 30%, with a focus on creating an AI multi-device ecosystem as a competitive advantage [19] Strategic Initiatives - Lenovo's unique ODM Plus model combines internal manufacturing and ODM to maintain cost competitiveness and flexibility in response to customer demands [21] - The company is investing in AI infrastructure and solutions, collaborating with partners like IBM and NVIDIA to provide tailored AI solutions [24][26] Challenges and Considerations - Tariff uncertainties have not significantly impacted performance or supply chain strategies, as Lenovo has diversified its manufacturing across over 30 factories in more than 10 countries [21] - The decline in gross margin is attributed to the large-scale AI server transactions, which have lower margins compared to other server segments [21] Conclusion Lenovo Group's strong financial performance, commitment to AI innovation, and strategic investments position it well for future growth in a competitive market. The company's focus on hybrid AI solutions and infrastructure development, alongside regional market expansion, highlights its proactive approach to navigating industry challenges and capitalizing on emerging opportunities.