具体业务板块表现来看： 智能设备集团：营收环比增长 12%，占总营收的 74%；尽管存储芯片成本上升，营业利润率仍稳定在 7.3%(2024 年三季度为 7.3%)。2025 年三季度(自然年)，联想全球个人电脑出货量市场份额进一步提升 至 26%，同比增长 17%(全球市场同比增长 9%)；人工智能个人电脑渗透率达 33%，在 Windows 系统人 工智能个人电脑领域的全球出货量市场份额为 31%。强劲的业绩表现印证了我们对联想领先市场地位 的积极看法，同时也体现出在行业整合及人工智能个人电脑趋势崛起的背景下，公司持续扩大市场份 额。在存储芯片成本上升的环境下，联想强大的供应链议价能力及产品结构升级举措有效支撑了其利润 率水平。 基础设施方案集团：营收环比下降 5%，占总营收的 20%；营业利润率改善至 - 0.8%(2024 年三季度为 - 1.1%)。尽管营收环比下滑，但受以下因素驱动，同比增长仍保持稳健的 24%：(1)人工智能应用普及推 动人工智能服务器营收实现高双位数增长；(2)新增云服务提供商(CSP)客户；(3)企业及中小企业(SMB) 转型持续推进。利润率提升反映出随着人工智能服务器规模扩 ...

Core Viewpoint - CICC maintains Lenovo Group's FY2026/27 profit forecast largely unchanged, with a target price of HKD 14.8, indicating a potential upside of 52% based on a non-HKFRS net profit metric [1] Group 1: Financial Performance - Lenovo Group reported 2QFY26 revenue of USD 20.452 billion, a year-on-year increase of 14.6%, and a non-HKFRS net profit of USD 512 million, up 25.2% year-on-year [2] - The net profit attributable to shareholders was USD 340 million, which included a non-cash fair value gain of USD 148 million related to warrants and nominal interest of USD 28.47 million from convertible bonds [2] - Overall performance exceeded expectations due to double-digit revenue growth across all three business groups and regions, with AI-related revenue accounting for 30% of total revenue, up 13 percentage points year-on-year [2] Group 2: AI PC and Market Position - The company's IDG revenue grew by 11.8% year-on-year to USD 15.107 billion, with an operating profit margin of 7.3% [3] - Lenovo's PC shipment growth of 17.3% outpaced the industry average of 9.4%, increasing its market share to 25.5% [3] - Lenovo holds a 31.1% share of the global Windows AI PC market, maintaining its leading position, with AI PC products accounting for 30% of notebook shipments in mainland China [3] Group 3: AI Infrastructure Growth - The ISG revenue for 2QFY26 increased by 23.7% year-on-year to USD 4.087 billion, with improved operating profit margins [4] - The cloud infrastructure business achieved record revenue for the period, with AI server revenue showing high double-digit growth and strong order reserves [4] - The enterprise infrastructure business is undergoing a transformation to cater to different business models for large enterprises and SMEs [4]

Core Viewpoint - CICC maintains Lenovo Group's FY2026/27 profit forecast largely unchanged, with the current stock price corresponding to 9.3x/8.0x P/E ratios for FY2026/27, and maintains an outperform rating with a target price of HKD 14.8, indicating a 52% upside potential [1] Group 1: Financial Performance - Lenovo Group reported 2QFY26 revenue of USD 20.452 billion, a year-on-year increase of 14.6%; non-HKFRS net profit was USD 512 million, up 25.2%; and net profit attributable to shareholders was USD 340 million, which included a non-cash fair value gain of USD 148 million related to warrants and nominal interest of USD 28.47 million from convertible bonds [2] - The overall performance exceeded expectations due to double-digit revenue growth across all three business groups and regions, with AI-related revenue accounting for 30% of total revenue, up 13 percentage points year-on-year [2] Group 2: Business Segments - The IDG segment's revenue grew by 11.8% year-on-year to USD 15.107 billion, with an operating profit margin of 7.3%. Lenovo's PC shipment growth of 17.3% outpaced the industry average of 9.4%, leading to a market share of 25.5% [3] - Lenovo holds a 31.1% share of the global Windows AI PC market, maintaining its leading position, with AI PC products accounting for 30% of notebook shipments in mainland China [3] Group 3: AI Infrastructure - The ISG segment's revenue increased by 23.7% year-on-year to USD 4.087 billion, with improvements in operating profit margins. The cloud infrastructure business achieved record revenue for the period, and AI server revenue saw high double-digit growth with strong order reserves [4] - The enterprise infrastructure business is undergoing a transformation to cater to different business models for large enterprises and SMEs [4]

11月20日，联想集团公布截至2025年9月30日的2025/26财年第二财季业绩：当季营收同比增长15%至 1464亿元（人民币，下同），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%至36.6亿元，净利增速远超营收增速，展现了集团在复杂环境下稳健前行的经营韧性与战略确定 性。 值得关注的是，在第二财季，联想的AI相关业务营收在总营收中的占比已提升至30%，同比提升13个百 分点，标志着人工智能不仅成为联想创新核心驱动力，更成为业绩的实质性贡献来源。随着AI渗透加 速、应用场景落地愈发多样化，AI业务正在从辅助角色成长为联想业务版图中的核心增长主线。 第二财季，联想实现了全业务集团与全区域市场的双位数营收增长：IDG智能设备业务集团延续领先优 势，在全球PC市场加速复苏的大背景下实现营收1081亿元，同比增长12%，其中个人电脑市场份额更 是史上首次超过25%，进一步巩固在端侧AI市场中的领先地位；ISG基础设施方案业务集团实现营收约 293亿元，同比增长24%，其中AI基础设施营收显著跃升；SSG解决方案与服务业务集团营收同比增长 近20%，连续第18个季度实现双位数增长的同时 ...

Investment Rating - The report maintains a "Buy" rating for the company, Lenovo, with a target price adjusted to HKD 14.00 from the previous HKD 16.00, reflecting a 12.5% decrease [5][7]. Core Insights - Lenovo reported a revenue of USD 20.45 billion for 2QFY26, representing a year-over-year increase of 14.6%, surpassing Bloomberg's consensus estimate by 1.7%. The Non-HKFRS net profit attributable to shareholders was USD 512 million, up 25.2% year-over-year, exceeding the company's prior guidance by approximately 19% [1][5]. - The company benefits from a strong position in the global PC market, holding the largest market share and demonstrating robust supply chain management capabilities, which enhances its resilience against industry cycles [1][2]. - The AI-related business has become a core growth driver, with its revenue contribution reaching 30% and a year-over-year increase of 13 percentage points [1][5]. Summary by Sections IDG (Intelligent Devices Group) - IDG's revenue increased by 11.8% year-over-year, with an operating profit margin of 60%. The global PC market share rose by 1.8 percentage points to 25.6%, marking a record high [2]. - Driven by mixed AI demand, PC revenue grew by 17% year-over-year, with AI PC penetration increasing by 16 percentage points to 33% of total shipments [2]. ISG (Infrastructure Solutions Group) - ISG's revenue grew by 23.7% year-over-year, primarily due to strong demand for cloud infrastructure and enterprise solutions. The AI server business recorded high double-digit revenue growth [3]. - The Neptune liquid cooling technology saw a revenue increase of 154% year-over-year, reinforcing the company's leadership in energy-efficient AI infrastructure [3]. SSG (Solutions and Services Group) - SSG achieved an 18.3% year-over-year revenue growth, maintaining double-digit growth for 18 consecutive quarters, with an operating profit margin exceeding 22% [4]. - The project and solution services, along with operational services, accounted for 60% of SSG's total revenue, indicating a stable growth trajectory [4]. Financial Projections - The report projects a slight decrease in Non-HKFRS net profit estimates for FY26, FY27, and FY28 by 1.8%, 1.7%, and 1.7% respectively, with expected profits of USD 1.66 billion, USD 1.85 billion, and USD 2.08 billion [5][10]. - The expected Non-HKFRS EPS for FY26, FY27, and FY28 is projected to be USD 0.12, USD 0.14, and USD 0.15 respectively, reflecting growth rates of 15.5%, 11.4%, and 12.4% [5][10].

Core Insights - Equinix and Lenovo have partnered to provide a high-performance computing (HPC) solution for Merck KGaA, aimed at enhancing drug discovery, materials innovation for semiconductors, and overall scientific research capabilities [1][2][4] Company Developments - Merck KGaA has launched a state-of-the-art HPC built on Lenovo ThinkSystem servers, utilizing advanced liquid cooling technology, hosted in an Equinix AI-ready data center in Germany [1][2] - The HPC platform combines private and public cloud infrastructure, allowing for flexible scaling to meet varying computational demands [2][3] Technological Advancements - The partnership emphasizes the importance of data and technology in scientific progress, with the HPC enhancing computational capabilities and enabling more effective use of AI and advanced analytics [2][3] - Equinix's infrastructure supports high-performance workloads while reducing energy consumption, aligning with Merck's environmental, social, and governance (ESG) targets [3][4] Market Position - Lenovo is recognized as a global technology powerhouse with a revenue of US$69 billion, focusing on AI-enabled devices and infrastructure [5] - Merck KGaA operates across life science, healthcare, and electronics, generating sales of €21.2 billion in 2024, with over 62,000 employees dedicated to scientific advancements [6][7]

Core Insights - Lenovo Group is transitioning from being perceived solely as the world's largest PC manufacturer to a significant player in the AI sector, with its AI business now accounting for 30% of total revenue [2][27] - The company aims to reshape investor perceptions by highlighting its non-PC business growth, which has contributed to substantial revenue and profit increases, including a net profit growth rate exceeding 100% in some quarters [1][27] - Lenovo's hybrid AI strategy positions it as a leading provider of edge AI solutions, integrating AI capabilities across consumer and enterprise segments [4][12] Group 1: Business Transformation - Lenovo is fundamentally transforming from a PC-centric company to an AI-focused enterprise, with AI-related services becoming a major revenue driver [21][27] - The company’s revenue sources are shifting from hardware sales to AI infrastructure and service solutions, indicating a move towards a recurring revenue model [21][27] - The three main business segments—Intelligent Devices Group (IDG), Infrastructure Solutions Group (ISG), and Solutions and Services Group (SSG)—are evolving in their roles, with SSG becoming a key driver of high-margin growth [21][22] Group 2: Financial Performance - Non-PC business revenue has steadily increased, reaching nearly 47% of total revenue, reflecting a clear shift towards AI-related infrastructure and services [22][23] - The ISG and SSG segments are experiencing significant growth, with ISG revenue increasing by 24% and SSG achieving a profit margin of over 22% [23][24] - AI-driven revenue growth is evident, with AI PC sales increasing by 197% and AI server revenue more than doubling, showcasing strong demand for AI capabilities [24][25][26] Group 3: Strategic Positioning - Lenovo's hybrid AI strategy allows it to serve as a critical integrator in the AI value chain, bridging the gap between hardware and AI services [7][19] - The company is positioned to control the "terminal entry" in the AI ecosystem, which is crucial for user interaction and data flow [18][19] - By embedding AI capabilities into its devices, Lenovo aims to create a personalized AI experience for users, enhancing its competitive edge in the market [11][12]

值得注意的是，联想近年来正加速布局AI基础设施领域，试图从传统的个人电脑制造商向"智能算力服 务商"转型。 记者从公司处确认，联想集团宣布已签署长期零部件供应协议。 11月20日，有报道称，联想集团已与关键零部件供应商签署长期供货合同，旨在应对因人工智能 （AI）需求飙升而导致的存储芯片价格持续上涨问题。 "我们已与核心零部件供应商签订了最优合约，确保明年有足够的供应保障。"联想集团董事长兼CEO杨 元庆在发布公司第二季度财报后，向记者证实。 近期，全球存储芯片价格正因数据中心运营商对构建人工智能服务器的需求激增而不断攀升。三星电子 等芯片制造商已将产能转向高带宽存储（HBM），该技术广泛应用于AI芯片中，导致智能手机、电脑 和游戏设备所使用的传统存储芯片供应趋紧。 小米日前也表示，由于存储芯片成本飙升，消费者未来可能面临智能手机价格进一步上涨的压力。 业内认为，联想提前锁定供应链资源的做法，反映出其在AI转型过程中对稳定性和可持续性的高度重 视。通过长期合同锁定关键部件供应，不仅有助于控制成本波动，也为公司在激烈竞争中争取了战略主 动权。 此次签约不仅是应对短期挑战的举措，也可能是其长期战略布局的重要一步。 ...

人民财讯11月20日电，11月20日举办的业绩会上，联想集团董事长兼CEO杨元庆表示，明年1月6日将在 联想创新科技大会上在全球范围内推出个人超级智能体，不但能协同各类可穿戴与环境感知设备，还能 调度各种便携式设备和个人可信计算中枢，通过个性化的算法与模型，持续学习个人习惯、预测意图， 做到"思你所想，行你所愿"，最终成为你的个人智能双胞胎。 ...

Core Insights - Lenovo Group reported a record high revenue of 146.4 billion RMB for the second quarter of the fiscal year 2025/26, representing a 15% year-on-year growth [1] - Adjusted net profit increased by 25% year-on-year, reaching 3.66 billion RMB [1] Financial Performance - Revenue for the quarter grew by 15% to 146.4 billion RMB, marking a historical high for the fiscal quarter [1] - Adjusted net profit rose by 25% to 3.66 billion RMB [1] - Operating cash flow reached 2.8 billion USD, supported by revenue growth and improved inventory management [1] - Free cash flow increased to 1.9 billion USD, providing strong support for growth across all business groups [1] - Adjusted net financial costs decreased by 27% year-on-year after excluding nominal interest on convertible bonds, indicating effective cost-saving measures [1] Strategic Initiatives - Research and development expenditure grew by 8% year-on-year, driving the development of a hybrid artificial intelligence strategy [1] - Lenovo launched a comprehensive range of AI-driven devices and experiences during the "Lenovo Innovation World 2025" event, covering consumer, commercial, and mobile device sectors [1] - The new product lineup includes high-performance personal computers, smart tablets, immersive gaming devices, and Motorola smartphones, reflecting the company's vision of "AI for All" [1]