股 票 研 究 [Table_industryInfo] 计算机 [ Table_Main[ 联 TIna 想fbole] 集 _T 团itle （] 0992） [评Tab级le_：Inv est] 增持 当前价格（港元）： 11.06 行业复苏与 AI PC 技术领先共振，重回增长周期 2024.05.27 海 ——联想集团 FY24Q4 业绩点评 [ 交Ta易bl数e_据M arket] 外 秦和平(分析师) 52周内股价区间（港元） 7.14-11.42 公 0755-23976666 当前股本（百万股） 12,405 当前市值（百万港元港币） 137,196 司 qinheping027734@gtjas.com 证书编号 S0880523110003 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 业绩超预期，重回增长轨道。PC换机周期在即，叠加公司AI PC的布局与技术领先， 联想集团 恒生指数 香 持续看好公司在PC市场的领先地位，基础设施及服务生态建设扎实推进。 65% 摘要： 港 48% ） [T ab盈le_利Su预m测ma及ry投] 资建议：调高FY ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.96 HKD [4][9]. Core Insights - In the fiscal year 2023/2024, the company achieved revenue of approximately 56.9 billion USD, a decrease of 8% year-on-year, and a net profit of 1.01 billion USD, down 37% year-on-year. However, the gross margin reached a new high, marking three consecutive years of growth. In the fourth fiscal quarter, revenue grew by 9% year-on-year to 13.8 billion USD, and net profit surged by 118% year-on-year to 250 million USD [1][9]. - The smart devices segment reported record revenue in the fourth quarter, with AI PCs expected to drive future growth. The segment's annual revenue was approximately 44.6 billion USD, down about 10%, with fourth-quarter revenue nearing 10.5 billion USD. The company recently launched the personal AI assistant "Lenovo Xiaotian" and its first AI PC series, which offers device inference and AI capabilities [1][9]. - The infrastructure solutions segment is developing an AI product portfolio, with strong growth across multiple businesses. Annual revenue was 8.9 billion USD, down 9%, but fourth-quarter revenue increased by 15% year-on-year to 2.5 billion USD. The company plans to launch a new series of AI products, services, and partnerships in February 2024 [1][9]. - The solutions services segment achieved record revenue and profit, becoming a significant growth driver. Revenue reached 7.5 billion USD, up 12% year-on-year, with operating profit rising 11% to 1.5 billion USD. The operating profit margin reached 21.4%, with maintenance service revenue growing by 29% [1][9]. Financial Forecast and Investment Recommendations - The company is forecasted to achieve earnings per share of 0.11, 0.14, and 0.17 USD for the fiscal years 2024/2025, 2025/2026, and 2026/2027, respectively. This is an upward revision from previous forecasts due to increased revenue and pre-tax profit margins. The target price corresponds to a PE ratio of 16.82 for comparable companies [2][9].

联想集团（0992.HK）FY2024业绩点评 FY4Q24 超预期，新财年全栈式 AI 驱动成长 2024年05月26日 ➢ 事件：5 月 23 日，联想集团发布 2024 财年年报，FY2024 公司实现营收 推荐 维持评级 568.64亿美元，YoY-8%；实现净利润10.11亿美元，YoY-37%。业绩超此前市 当前价格： 11.06港元 场一致预期。 ➢ FY4Q24利润同比高增，非PC业务占比创历史新高。FY4Q24公司实现营 收 138.33 亿美元，YoY+9%，延续上个季度开启的同比增长态势；实现净利润 [T able_Author] 2.48亿美元，YoY+118%，结束了连续五个季度的下行，同比首次开启正增长。 公司单季度净利率达1.83%，YoY+0.99pct，盈利能力显著修复。公司PC以外 业务占比达44.7%，YoY+1.5pct，创历史新高，战略转型效果显著。 ➢ ISG：FY4Q24收入发力，看好新财年AI服务器增长。FY2024实现营收89 亿美元，YoY-9%; FY4Q24 实现营收 25 亿美元，YoY+15%，创单季度历史新 高；其中公司存储、服务和软件收入同比增长 ...

证券研究报告·海外公司点评·资讯科技器材(HS) 联想集团（00992.HK） 联想集团 2024 财年业绩点评：业绩超预期， 2024 年 05月 26日 AI PC 及 AI 服务器值得期待 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 FY2023A FY2024A FY2025E FY2026E FY2027E zhanglw@dwzq.com.cn 研究助理 李博韦 营业总收入（百万美元） 61947 56895 61344 67969 73025 执业证书：S0600123070070 同比(%) (13.50) (8.16) 7.82 10.80 7.44 libw@dwzq.com.cn 归母净利润（百万美元） 1608 1011 1239 1728 1990 同比(%) (20.79) (37.15) 22.65 39.45 15.15 股价走势 EPS-最新摊薄（美元/股） 0.13 0.08 0.10 0.14 0.16 联想集团 恒生指数 P/E（现价&最新摊薄） 10.93 17 ...

2024年5月25日 公司研究 AI PC 新纪元开启，FY25 各业务有望全线增长 ——联想集团（0992.HK）FY2024 业绩点评报告 要点 买入（维持） 事件：FY2024公司收入568.64亿美元，同比下降8.2%，其中非PC收入同 当前价：11.06港元 比上升 3%，占比 42%；归母净利润 10.11 亿美元，同比下降 37.1%，主要 由于：1）智能设备业务（IDG）盈利能力下滑；2）加大 AI 投入。归母净利 润超彭博一致预期的9.35亿美元约8%，分析由于FY4Q24 PC毛利率超预期。 作者 IDG业务多元化增长，盈利能力维持高位：FY2024 IDG业务收入445.99亿美元， 分析师：付天姿 同比下降9.7%；FY4Q24 IDG业务收入104.63亿美元，同比上升6.8%，连续2 执业证书编号：S0930517040002 个季度实现同比增长，且呈多元化增长：1）联想PC出货量同比上升7.8%， 021-52523692 增速高于市场6pct；2）联想智能手机出货量同比上升23%，增速高于市场 futz@ebscn.com 11pct；3）联想pad出货量同比上升13%，增速高 ...

2024年5月25日 公司研究 AI PC 新纪元开启，FY25 各业务有望全线增长 ——联想集团（0992.HK）FY2024 业绩点评报告 要点 买入（维持） 事件：FY2024公司收入568.64亿美元，同比下降8.2%，其中非PC收入同 当前价：11.06港元 比上升 3%，占比 42%；归母净利润 10.11 亿美元，同比下降 37.1%，主要 由于：1）智能设备业务（IDG）盈利能力下滑；2）加大 AI 投入。归母净利 润超彭博一致预期的9.35亿美元约8%，分析由于FY4Q24 PC毛利率超预期。 作者 IDG业务多元化增长，盈利能力维持高位：FY2024 IDG业务收入445.99亿美元， 分析师：付天姿 同比下降9.7%；FY4Q24 IDG业务收入104.63亿美元，同比上升6.8%，连续2 执业证书编号：S0930517040002 个季度实现同比增长，且呈多元化增长：1）联想PC出货量同比上升7.8%， 021-52523692 增速高于市场6pct；2）联想智能手机出货量同比上升23%，增速高于市场 futz@ebscn.com 11pct；3）联想pad出货量同比上升13%，增速高 ...

Financial Data and Key Metrics - Group revenue grew by 9.5% year-on-year, and net profit more than doubled, driven by strong performance across all three business groups [22] - Non-PC revenue mix reached a historical high of almost 45%, showcasing the company's success in diversifying its growth engines [9] - R&D expenses to revenue ratio reached a record high of 3.6% for the full year, reflecting increased investment in innovation [25] - Basic EPS came in at $0.0841, and the total dividend for fiscal year 2024 was HKD0.38 per share [27] Business Line Performance - **Solutions and Services Group (SSG):** Delivered double-digit year-on-year revenue growth and achieved a 20% year-on-year profit growth, with managed services and project solutions accounting for 55% of SSG's total business [12][23] - **Infrastructure Solutions Group (ISG):** Achieved double-digit year-on-year revenue growth, with storage, software, and services businesses growing over 50% year-on-year [13][30] - **Intelligent Devices Group (IDG):** Strengthened global market leadership in PCs, achieving a record high market share in North America and maintaining industry-leading profitability [16][32] Market Performance - The PC and smartphone markets returned to growth, with AI driving demand for hybrid infrastructure and customized AI solutions [10] - AI servers are expected to grow twice as fast as the broader server market, with Lenovo capturing growth opportunities through a broad portfolio and extensive pipeline [14][15] - The company achieved a record high market share in North America and was number one in four out of five geographies [16] Strategic Direction and Industry Competition - The company is focused on leveraging hybrid AI opportunities, with significant investments in AI-native and AI-embedded solutions and services [11][20] - Lenovo is expanding its AI capabilities from AI PCs to AI phones and tablets, building seamless collaboration among devices [17][18] - The company announced a new partnership with Meta in mixed reality, signaling more collaborations in the future [18] Management Commentary on Business Environment and Future Outlook - Management is optimistic about the outlook for the new fiscal year, driven by hybrid AI opportunities and continued investment in innovation [8][20] - The company is confident in its ability to deliver sustainable growth and profitability improvement, supported by its full-stack portfolio and ecosystem partnerships [20][39] Other Important Information - The company recorded a one-time noncash accounting gain of $143 million, largely offset by restructuring and other charges totaling $132 million [24] - Lenovo's Neptune liquid cooling technology, designed to reduce energy consumption and carbon footprint, was awarded the best green energy product by CRN Sustainability Tech Award [34] Q&A Session Summary Question: How is Lenovo addressing the AI server market growth? - Lenovo has grown from the sixth to the third position as a global AI infrastructure vendor, with a $7 billion AI pipeline and significant growth in storage and GPU-based server consumption [43][92] - The company is focusing on hybrid AI infrastructure, with triple-digit growth in enterprise and SMB GPU-based server consumption [43] Question: What is Lenovo's strategy for AI PCs? - Lenovo is optimistic about the AI PC market, with AI PCs expected to drive the next round of PC replacement cycles, starting from premium segments and gradually moving to mainstream [48][88] - The company is developing its own IPs for better performance in areas such as language model compression and memory consumption [38] Question: How is Lenovo managing profitability in the server business? - Lenovo is transitioning to DDR5-based systems, which will improve manufacturing efficiency and profitability, with new design wins and incentives for sales productivity [95] - The company is also leveraging its global manufacturing footprint to reduce costs and comply with local regulations [99]

计算机/计算机设备 公 司 研 联想集团（00992.HK） AI PC 持续迭代，AI 服务器逐步放量 究 2024年05月24日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） wuliuyan@kysec.cn 证 书编号：S0790521110001 日期 2024/5/23 港 当前股价(港元) 11.320  PC业务平稳复苏，AI服务器逐步放量 股 一年最高最低(港元) 11.620/6.900 考虑到PC平稳复苏、ISG业务经营亏损率有望收窄，我们维持FY2025-2026归 公 司 总市值(亿港元) 1,404.21 母净利润预测12.05/15.38亿美元，新增FY2027归母净利润预测19.01亿美元， 信 流通市值(亿港元) 1,404.21 同比增速分别为19.3%/27.6%/23.6%，对应摊薄后EPS 0.099/0.127/0.157美元， 息 总股本(亿股) 124.05 折合0.78/0.99/1.22港元。最新股价11.32港元对应2025-2027 财年14.6/11.4/9.2 更 新 流通港股(亿股) 124.05 倍PE。公司AI PC产品 ...

计算机/计算机设备 公 司 研 联想集团（00992.HK） AI PC 持续迭代，AI 服务器逐步放量 究 2024年05月24日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） wuliuyan@kysec.cn 证 书编号：S0790521110001 日期 2024/5/23 港 当前股价(港元) 11.320  PC业务平稳复苏，AI服务器逐步放量 股 一年最高最低(港元) 11.620/6.900 考虑到PC平稳复苏、ISG业务经营亏损率有望收窄，我们维持FY2025-2026归 公 司 总市值(亿港元) 1,404.21 母净利润预测12.05/15.38亿美元，新增FY2027归母净利润预测19.01亿美元， 信 流通市值(亿港元) 1,404.21 同比增速分别为19.3%/27.6%/23.6%，对应摊薄后EPS 0.099/0.127/0.157美元， 息 总股本(亿股) 124.05 折合0.78/0.99/1.22港元。最新股价11.32港元对应2025-2027 财年14.6/11.4/9.2 更 新 流通港股(亿股) 124.05 倍PE。公司AI PC产品 ...

女士们先生们欢迎大家参加我们的全年业绩沟通会今天我们会在香港现场以及线上举办这一次的沟通会我叫Charlotte 那我是负责联想的全球沟通工作那我将会主持今天的会议那在香港的话呢我们有管理层参加现场的会议我将会一一介绍首先呢就是我们的主席和CEO杨源庆我们的王伟民先生EVP CFO Ken Wong是我们的EVP以及SSG的总裁Cat Galgan是我们的EVP以及负责ISG的总裁Luca Rossi也是我们的SVP以及负责我们IDG的总裁以及社交Bionic他是我们的SVP以及负责摩托罗拉以及移动BG的总裁 下面我们有请主席和CEO来去说几句然后会把时间交给CFO之后会有一个问答的环节然后我们先有请CFO与主席先生发言大家好感谢参加联想集团 2023-2024财年第四季度季全年业绩沟通会我很高兴向大家报告自第三财季恢复营业额年比年增长和盈利能力既比既改善以来联想在第四财季的增速更加启人我们不但成功从行业低谷走出而果断把握住了混合式人工智能带来的巨大机遇 这些都让我们对于新财年的前景保持乐观态度首先分享一下我们在第四季度的强劲表现我们不但所有的主营业务全部恢复年比年增长推动集团总体营业额提高了接近10%我们的 ...