证券时报网讯，中金维持联想集团"跑赢行业"评级，目标价12.6港元。 联想集团2025财年第二季度收入同比增23.9%，归母净利润同比增43.9%，净利率环比增0.2个百分点至 1.8%，均高于预期。 中金看好联想PC业务及AI服务器需求，预计AIPC产品将推动市场复苏，到2027年渗透率将接近80%。 校对：姚远 ...

Investment Rating - The report maintains a "Buy" rating for Lenovo Group, indicating a positive outlook for the company's future performance [1]. Core Insights - Lenovo Group's FY2Q25 revenue reached $17.85 billion, a year-over-year increase of 23.87% and a quarter-over-quarter increase of 15.56%. Net profit was $359 million, up 43.85% year-over-year and 47.74% quarter-over-quarter [1]. - The company is experiencing accelerated growth, with a strategic transformation yielding results. The sales gross margin was 15.66%, down 1.84 percentage points year-over-year but up 0.91 percentage points quarter-over-quarter. The net profit margin was 2.01%, up 0.28 percentage points year-over-year and 0.37 percentage points quarter-over-quarter [1]. - Lenovo's investment in artificial intelligence (AI) and research and development (R&D) is significant, with R&D expenses reaching $548 million, a 10% increase year-over-year [1]. - Non-PC business accounted for 46% of total revenue, a 5 percentage point increase year-over-year, demonstrating the effectiveness of the strategic transformation [1]. Summary by Sections IDG (Intelligent Devices Group) - Revenue for FY2Q25 was $13.5 billion, a year-over-year increase of 17% and a quarter-over-quarter increase of 18.42%, with an operating profit margin of 7.3% [1]. - Lenovo's PC business saw a 12% year-over-year revenue growth, with a market share of 23.8%, expanding its lead over the second-place competitor by 4 percentage points. AI PCs have reached double-digit shipment growth in China [1]. - The smartphone business achieved a remarkable 43% year-over-year revenue growth, reaching the highest quarterly sales and market share in a decade, ranking 7th globally with a 26% year-over-year shipment growth [1]. ISG (Infrastructure Solutions Group) - ISG revenue reached $3.3 billion in FY2Q25, a year-over-year increase of 65% and a quarter-over-quarter increase of 3.13%, marking a record high for quarterly revenue [1]. - The group is moving towards breakeven, with a 33% reduction in operating losses year-over-year. Strong AI server reserves and order volumes are expected to convert into revenue in the second half of the year [1]. - Comprehensive revenue from storage, software, and services exceeded $1 billion for two consecutive quarters, growing 35% year-over-year [1]. SSG (Solutions and Services Group) - FY2Q25 revenue was $2.2 billion, a year-over-year increase of 13% and a quarter-over-quarter increase of 15.79%, maintaining double-digit growth for fourteen consecutive quarters with an operating profit margin of 20% [1]. - The segment's revenue from operations and project solutions accounted for nearly 60%, with a 3 percentage point year-over-year growth [1]. - The global IT services market is expected to grow at over 10% annually for the next three years, with AI services projected to grow at more than double the overall market rate [1]. Investment Recommendations - The report forecasts net profits for FY25, FY26, and FY27 to be $1.25 billion, $1.47 billion, and $1.70 billion, respectively, corresponding to current price-to-earnings ratios of 11, 10, and 8 times [1]. - The company is expected to strengthen its leadership in AI PCs and achieve breakthroughs in AI server technology due to its technical reserves, maintaining a "Buy" rating [1].

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992) with a target price based on the last closing price of HKD 9.17 [1]. Core Insights - Lenovo Group's performance slightly exceeded expectations, with rapid growth across all business segments. The company reported a revenue of USD 33.297 billion for the first half of FY24/25, representing a year-on-year increase of 22%, and a net profit of USD 600.2 million, up 41% year-on-year [3][4]. Financial Performance - For the first half of FY24/25, Lenovo's gross margin was 16.08%, a decrease of 1.40 percentage points compared to the same period last year, primarily due to the rapid growth of the Infrastructure Solutions Group, which has a relatively lower margin [3]. - The sales expense ratio decreased by 0.71 percentage points to 5.12%, while the management expense ratio fell by 0.32 percentage points to 4.20% [3]. Business Segment Performance - The Intelligent Devices Group achieved revenue of USD 24.936 billion, a year-on-year increase of 14.52%, with an operating profit margin of 7.29%, up 0.41 percentage points from the previous year. The growth was driven by increased average selling prices and the rise of products like AIPC and smartphones [4]. - The Infrastructure Solutions Group reported revenue of USD 6.465 billion, a significant year-on-year increase of 65.13%, with strong growth in servers, storage, and high-performance computing [4]. - The Solutions Services Group generated revenue of USD 4.050 billion, reflecting a year-on-year growth of 11.54%, with an operating profit margin of 20.69% [4]. Future Outlook - The demand for artificial intelligence is driving rapid growth in the Infrastructure Solutions Group, with non-PC revenue reaching a record high of 46% of total revenue. The company has risen to the fifth position globally and third in China in the infrastructure solutions market [4]. - The report projects EPS for FY24/25, FY25/26, and FY26/27 to be USD 0.10, USD 0.12, and USD 0.14, respectively, maintaining a "Buy" rating based on positive revenue and profit growth trends [5][6].

Investment Rating - Buy (Maintained) [1] Core Views - Lenovo Group achieved strong double-digit growth across all three business groups for the first time in three years during FY2025H1, driven by the initial success of hybrid AI [1][3] - Revenue for FY2025H1 reached $33.297 billion, a 21.92% YoY increase, with net profit rising 41.37% to $602 million [1] - Q2 FY2025 revenue grew 23.87% YoY and 15.56% QoQ to $17.85 billion, with net profit increasing 43.85% YoY and 47.32% QoQ to $359 million [1] Business Segments Summary Intelligent Devices Group (IDG) - Revenue for FY2025H1 was approximately $24.9 billion, a 15% YoY increase, with operating profit growing 22% [3] - AI PCs accounted for 14% of total laptop shipments in China during Q2 FY2025 [3] - Smartphone revenue surged 43% YoY, driven by strong growth in APAC, EMEA, and North America [3] Infrastructure Solutions Group (ISG) - Revenue grew 65% YoY to $6.5 billion in FY2025H1, marking a historic high [3] - Operating losses narrowed by approximately $1 million QoQ in Q2 FY2025, moving closer to breakeven [3] - The Neptune liquid cooling solution attracted new orders, leveraging expertise in high-performance computing [3] Solutions and Services Group (SSG) - Q2 FY2025 revenue reached a record high of $2.165 billion, with an operating margin of 20% [3] - SSG contributed 32% of the total operating profit from the three business groups [3] - The group is well-positioned to capitalize on hybrid AI trends, driving future growth [3] Financial Forecasts - Revenue for FY2025E and FY2026E is projected at $66.127 billion and $71.493 billion, respectively, with YoY growth of 16.3% and 8.1% [7][8] - Net profit attributable to shareholders is expected to be $1.299 billion in FY2025E and $1.462 billion in FY2026E, with EPS of $0.10 and $0.12, respectively [7][8] - P/E ratios for FY2025E and FY2026E are forecasted at 11.24X and 10.00X [7][8] Market Performance - Lenovo Group's stock underperformed the Hang Seng Index over the past year, with a -16.0% return compared to the index's -4.4% [3] - Current stock price is HKD 9.17, with a 52-week range of HKD 7.80-12.26 [3] - Market capitalization stands at HKD 113.75 billion [3]

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (0992.HK) [1] Core Views - Lenovo Group's FY25Q2 performance exceeded expectations, with revenue of $178.5 billion, surpassing Bloomberg consensus of $163.4 billion, driven by strong growth across all business segments, particularly in AI-enabled areas [1] - The company reported a year-on-year revenue increase of 9% and a net profit growth of 44%, indicating robust operational efficiency and improved average selling prices (ASP) [1] - The report highlights significant opportunities in the Intelligent Devices Group (IDG) business, with a 18% year-on-year revenue increase, driven by growth in PC and smartphone segments [1] Summary by Sections Financial Performance - FY25Q2 revenue reached $178.5 billion, exceeding expectations, with non-PC business revenue accounting for 46% of total revenue [1] - The company achieved a net profit of $24 million, a 44% increase year-on-year, and a 48% increase quarter-on-quarter [1] - Operating profit margin improved to 7.3%, despite a slight year-on-year decline [1] Business Segments - The IDG business saw revenue of $135 billion, with PCs and smartphones driving growth [1] - Non-PC AI business revenue also showed significant growth, with smartphones and tablets achieving historical high market shares [1] - The Infrastructure Solutions Group (ISG) reported record revenue of $3.3 billion, driven by strong demand for AI servers [1] Future Outlook - The report anticipates continued growth in the ISG segment, with expectations of converting strong order pipelines into substantial revenue in the second half of the fiscal year [1] - The SSG (Solutions Services Group) business is expected to maintain double-digit year-on-year growth, contributing to overall profitability [1] - The report projects net profit forecasts for FY25/26 at 11/9 times P/E, benefiting from consumer upgrade demand and a focus on AI PC [1]

Investment Rating - Buy (maintained) [2] Core Views - The report maintains a "Buy" rating for Lenovo Group (00992 HK) with a focus on the potential for FY2026 profit growth driven by external factors such as tariff policies and capacity relocation plans [2][6] - FY2025Q2 performance met expectations with revenue of $17 85 billion up 24% YoY driven by growth in PC smartphone and tablet segments [7] - AI PC penetration is boosting ASP in the PC business with Lenovo's PC shipments growing 3 0% YoY in 2024Q3 outperforming the market which declined 2 4% [7] - ISG business revenue grew 65% YoY with AI servers contributing to a moderate sequential increase while SSG business grew 13% YoY [7] - FY2025Q2 net profit was $359 million with IDG business operating margin stable at 7 33% and ISG business narrowing its operating loss margin to -1 08% [7] - FY2025 full year profit is expected to be supported by promotional seasons and improved customer acquisition in ISG business [8] - FY2025Q3-Q4 AI server business is anticipated to see faster order-to-revenue conversion due to leadership changes and market dynamics [8] Financial Projections - FY2025 revenue is projected at $67 749 million up 19 1% YoY with net profit expected to be $1 271 million up 25 8% YoY [8] - FY2026 revenue is forecasted at $73 642 million up 8 7% YoY with net profit of $1 462 million up 15 0% YoY [8] - FY2027 revenue is estimated at $80 285 million up 9 0% YoY with net profit of $1 723 million up 17 9% YoY [8] - FY2025-2027 diluted EPS is projected at $0 085 $0 098 and $0 116 respectively translating to HK$0 66 HK$0 76 and HK$0 90 [6] - Current stock price of HK$9 17 implies FY2025-2027 PE multiples of 13 8x 12 0x and 10 2x [6] Business Performance - PC business saw volume and price increases with AI PC penetration driving ASP growth [7] - ISG business experienced significant revenue growth but remains in a loss-making phase with a slight improvement in operating loss margin [7] - SSG business showed steady growth with a 13% YoY increase in revenue [7] - Americas accounted for 33% of FY2025Q2 revenue with potential tariff risks under the Trump administration prompting accelerated global factory and supply chain adjustments [8]

Smarter technology for all Q2FY25 Earnings Announcement Nov 15, 2024 2024 Lenovo Internal. All rights reserved. 2024 Lenovo Internal. All rights reserved. Forward-Looking Statement This presentation contains "forward-looking statements", which are statements that refer to the expectations and plans for the future and include, without limitation, statements regarding Lenovo's future results of operations, financial condition or business prospects as well as other statements based on projections, estimates an ...

Financial Data and Key Metrics - Group revenue grew 24% YoY, with net income increasing 48% YoY on a non-Hong Kong FRS basis [5] - Non-PC revenue mix increased by over 5 points YoY to nearly 46% [5] - Free cash flow grew by $632 million YoY, with a cash conversion cycle of 6 days [19][20] - Basic earnings per share were $0.0292, and an interim dividend of HKD0.085 was declared, a 6% increase YoY [18] Business Line Performance Intelligent Devices Group (IDG) - Revenue grew 17% YoY, with PC market share expanding to almost 24%, maintaining industry-leading profitability [8] - Smartphone revenue grew 43% YoY, with hyper growth in North America, EMEA, and Asia Pacific markets [8] - Tablet revenue grew 19% YoY [8] - AI PCs reached 14% of total notebook shipments in China, with global AI PC launches expected to follow a similar growth trajectory [7][24] Infrastructure Solutions Group (ISG) - Revenue grew 65% YoY, driven by hyper growth in cloud service provider business and enterprise demand recovery [10][17] - Neptune liquid-cooled servers revenue increased 48% YoY [11] - Operating losses narrowed by 33% YoY, heading towards breakeven [10][17] Solutions and Services Group (SSG) - Revenue grew 13% YoY to $2.2 billion, marking the 14th consecutive quarter of double-digit growth [27] - Operating margin remained at 20%, contributing 32% of the combined operating profit across the three business groups [27] - Managed services and project and solution services revenue grew to 59% of total SSG revenue, a 3-point increase YoY [12][27] Market Performance - PC market leadership expanded to almost 24% market share, with a 4-point gap over the second player [8] - Smartphone market share achieved record levels in North America, EMEA, and Asia Pacific, with significant growth in premium segments [38][39] - ISG elevated its global market share in servers and storage to new records, driven by strong cloud demand and enterprise recovery [17] Strategic Direction and Industry Competition - The company is focusing on hybrid AI, with investments in AI PCs, AI smartphones, and AI infrastructure solutions [7][31][60] - Lenovo aims to establish leadership in the AI PC market, with AI PCs expected to represent 80% of the PC industry landscape by 2027 [9] - Strategic partnerships, including with Alat, are expected to enhance global supply chain resilience and market expansion [13][54] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about sustained momentum for the remainder of the fiscal year, driven by hybrid AI innovations and operational excellence [4] - The company expects the PC market to enter a new refresh cycle driven by AI PCs, with mid-high single-digit growth in units for fiscal 2025/2026 [41] - ISG is expected to achieve sustained profitability, with continued focus on enterprise SMB business and liquid cooling technology [11][26] - SSG is well-positioned to capture hybrid AI opportunities, with AI services expected to grow more than twice as fast as the general IT services market [12][34] Other Important Information - Lenovo retained an AA rating in the 2024 Hang Seng Corporate Sustainability Index and won the SEAL Sustainable Innovation Award for its AI-powered sustainability platform [29] - The company was recognized as a 2024 Best Place to Work for Disability Inclusion by the Disability Equality Index [30] Q&A Session Summary Question: Impact of new Trump administration and tariff concerns - Lenovo is well-positioned to navigate geopolitical challenges due to its global supply chain and diversified manufacturing strategy [36][37] Question: Key drivers for smartphone business growth - Growth was driven by geographical expansion, premium segment focus, and new market segments, with significant growth in North America, EMEA, and Asia Pacific [38][39] Question: PC market outlook and Lenovo's goals for 2025 - The PC market is expected to enter a new growth phase driven by AI PCs, with Lenovo aiming to outperform the market with premium configurations and higher ASPs [41][42] Question: Long-term margin outlook for ISG - ISG is focused on profitability, with investments in hybrid AI infrastructure and enterprise SMB business expected to drive results [43] Question: Opportunities from competitor's accounting issues - Lenovo is well-positioned to capture market opportunities due to its strong portfolio in GPU and CSP spaces [44][45] Question: Gross margin decline in IDG - The decline was due to a higher mix of lower-margin consumer segment revenue, but overall operating margin improved due to expense control [47][48] Question: SSG growth outlook - SSG expects continued strong momentum, with a focus on AI-powered services and solutions [50] Question: AI PC chip performance and feedback - Lenovo sees strong performance from both Intel's Lunar Lake and AMD's Strix Point, with no technical issues reported [51] Question: Smartphone business profitability - The smartphone business has been profitable for the last 4 years, with profitability expected to continue on the same track [52] Question: Inventory increase - Inventory increase was driven by preparation for Q3 growth and strong ISG business performance [53] Question: Strategic cooperation with Alat - The cooperation is progressing, with plans to establish a local supply chain operation in Saudi Arabia [54] Question: AI server business breakdown - Lenovo is seeing growth in both edge and core data center server businesses, with a focus on inference and retraining at the edge [55] Question: AI smartphone strategy - Lenovo aims to leverage AI to make the smartphone portfolio more premium, with a focus on generative AI experiences [56] Question: AI services and solutions in SSG - SSG is embedding AI into current offerings and developing AI-native services to help customers achieve ROI faster [59] Question: Key areas of investment for the next 3-5 years - Lenovo will invest in hybrid AI, including AI devices, infrastructure solutions, and services, with a focus on personal AI twin and enterprise AI [60] Question: Blackwell GPU server shipments and AI server revenue goals - Lenovo expects to be time-to-market on all NVIDIA and AMD GPU solutions, with AI server revenue expected to grow in line with market trends [62] Question: Middle edge business and CapEx plans - Lenovo is excited about growth opportunities in the EMEA region, with plans to invest $250 million in establishing a local supply chain operation in Saudi Arabia [64]

混合式AI布局见实效。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，联想集团（HKSE：992）（ADR：LNVGY）于11月15日公布了截至2024年9 月30日的2024/25财年第二财季业绩。 在这一财季中， 联想集团营收1279亿人民币，同比增长近24%，所有主营业务营收均实现双位数 强劲增长；按照非香港财务报告准则，净利润近29亿人民币，同比增长48%；PC以外业务营收占比 近46%。 其中，集团核心主业个人电脑业务继续跑赢大市：营收同比增长12.1%，与第二名的全球市场份额 差距进一步拉大逾4个百分点。 AI PC这一划时代产品的销售亦呈超预期表现：在中国市场，具备五 个特性的AI PC目前已占到中国区笔记本电脑出货量双位数 。 随着混合式人工智能时代的大幕初启，AI生态系统正在加速演变的过程中。作为掌握最丰富的AI终端 入口和全球最庞大用户规模的厂商，联想通过不懈创新，打造差异化竞争优势，已展现了混合式人工 智能的领跑地位，致力于帮助越来越多的企业和个人用户打通AI普惠的"最后一公里"。 集团智能手机业务的澎湃成长动能在本财季得到进 ...

Financial Performance - Lenovo Group reported a 22% year-over-year increase in revenue, reaching $33.3 billion, and a 41% increase in profit attributable to equity holders[6]. - The group's total sales for the six months ended September 30, 2024, were approximately $33.297 billion, representing a 22% year-over-year increase from $27.310 billion[19]. - The net profit attributable to equity holders increased by $176 million to approximately $602 million, a 41% increase compared to $426 million in the same period last year[19]. - Total revenue for the three months ended September 30, 2024, was approximately $17.85 billion, a 24% increase compared to $14.41 billion in the same period last year[25]. - The net profit attributable to equity holders for the three months ended September 30, 2024, was $383 million, compared to $289 million for the same period in 2023, representing a growth of approximately 32.6%[50]. - The company reported a net profit margin increase of 0.3 percentage points to 2.0% for the three months ended September 30, 2024[26]. - The company reported a net profit for the period of $636,771,000, compared to $472,467,000 for the same period last year, representing a year-over-year increase of approximately 34.7%[54]. Business Segments Performance - The infrastructure solutions business group saw a revenue surge of 65%, achieving $6.5 billion, driven by strong cloud computing opportunities and a recovery in enterprise business[6]. - The smart devices business group experienced a 15% revenue growth, benefiting from the popularity of AI-enabled personal computers, which accounted for 14% of China's laptop shipments in Q2[7]. - The solutions services business group achieved a record revenue of $4 billion, with a 12% year-over-year increase, driven by strong demand for "as-a-service" and AI-driven solutions[6]. - The smart devices business group generated revenue of $24,935,700 thousand for the six months ended September 30, 2024, up from $21,775,171 thousand in the same period of 2023, marking a growth of approximately 9.9%[59]. - The infrastructure solutions business group reported revenue of $6,465,167 thousand for the six months ended September 30, 2024, compared to $3,915,525 thousand in the same period of 2023, representing an increase of approximately 65.5%[59]. Cash Flow and Liquidity - Free cash flow for the first half of the year was nearly three times that of the same period last year, with net cash balance increasing to $595 million[2]. - Free cash flow for the first half of the year rose by $800 million year-on-year, resulting in a net cash position of $595 million[8]. - Cash and cash equivalents totaled $4.239 billion as of September 30, 2024, up from $3.626 billion as of March 31, 2024, with a notable increase in cash held in USD[42]. - The company has maintained a conservative strategy regarding cash generated from operating activities, with 80% of cash held in bank deposits as of September 30, 2024[42]. - The net cash generated from operating activities for the six months ended September 30, 2024, was $2,322,711 thousand, compared to $1,811,768 thousand for the same period in 2023, marking an increase of about 28.1%[53]. Investments and R&D - R&D expenses increased by 8% year-over-year to support key AI innovations[2]. - The company plans to issue $2 billion in zero-coupon convertible bonds and 1.15 billion warrants to accelerate growth and transformation initiatives[8]. - The company launched a series of AI products, including AI personal computers, to meet the growing market demand for AI computing[10]. - The company established a strategic partnership with Saudi Arabia's Public Investment Fund subsidiary Alat to capitalize on growth in the Middle East and Africa markets[2]. Dividends and Shareholder Returns - The company declared an interim dividend of 8.5 HK cents per share, totaling approximately $135.5 million, up from 8.0 HK cents the previous year[4]. - The company paid dividends totaling $474,331,000 during the period, consistent with prior distributions[54]. Operational Efficiency - Operating expenses increased by 9% year-over-year, with employee benefits costs rising by $137 million due to increased performance bonuses and sales commissions[21]. - The gross profit margin decreased by 1.4 percentage points to 16.1%, primarily due to lower profit margins in the infrastructure solutions business group[19]. - The company recorded an impairment and write-off of $67 million during the period[21]. Market Expansion and Strategy - The Asia-Pacific region (excluding China) saw a revenue increase of 28%, while Europe, the Middle East, and Africa, and the Americas grew by 22% and 16%, respectively[13]. - The group aims to strengthen its end-to-end service solutions, particularly its TruScale as-a-service product suite, to address customer pain points in hybrid work, multi-cloud management, and cybersecurity[18]. - The infrastructure solutions business group is focusing on AI-driven edge, hybrid cloud, high-performance computing, and telecommunications solutions for growth[17]. - The group plans to expand its sustainability initiatives, aiming for net-zero emissions by 2050, incorporating innovative environmental, social, and governance features into its service offerings[18]. Governance and Compliance - The audit committee reviewed the unaudited financial performance for the six months ended September 30, 2024, ensuring compliance with accounting standards and internal controls[96]. - The company adhered to the corporate governance code as per the Hong Kong Stock Exchange rules during the reporting period, with the roles of Chairman and CEO not separated[97]. - William O. Grabe was appointed as the Chief Independent Director, tasked with overseeing the governance structure and ensuring effective checks and balances within the board[98].