"中国+N"全球布局凸显柔性生产能力，沙特投资开拓中东新机遇在全球供应链布局方面，1）联想独特 的以中国为大本营的"中国+N"全球化制造布局在当前贸易环境下展现出显著优势。根据业绩会披露， 基于"中国+N"制造布局，公司在全球共有30 多个制造基地，其中在11 个国家拥有自有工厂，兼具韧性 和敏捷性。当面对外部环境的不确定性时，联想能够发挥"全球资源、本地交付"运营模式的优势，例如 通过在墨西哥和匈牙利等地的本地化生产，有效应对风险并保障交付效率。2）此外，联想已完成与沙 特阿拉伯公共投资基金（PIF）旗下公司Alat 的20 亿美元零息可换股债券投资，并正在沙特建立生产基 地，预计2026 年投产，有望深度参与沙特"Vision 2030"国家战略下的AI 基础设施和数字经济建设。 维持"买入"评级及目标价16.0 港币 考虑到公司AI 产品加速落地、以及中东等新兴市场的增长机遇，我们维持公司FY26/27/28 Non-HKFRS 归母净利润预测分别为16.9/18.9/21.2 亿美元， 同比+17.6%/11.3%/12.4% ， 对应Non-HKFRS EPS 分别 为0.14/0.15/0.17。 ...

中金维持联想集团"跑赢行业"评级和盈利预测，基于non-HKFRS(非香港财务报告准则)净利润口径，当 前股价对应2026及2027财年10.4倍、8.9倍市盈率。考虑到公司基于软硬件创新技术、有望在端侧AI市 场持续获得份额改善，以及估值窗口推移，基于2026财年14倍市盈率，上调目标价10.4%至14.8港元。 格隆汇9月9日｜中金发表研究报告指，联想在AI端侧持续深化一体多端的战略布局，不仅在硬件层面 创新打造卷轴屏、透明屏等产品，更在软件层面强化本地大模型能力、提升跨设备体验，中金看好持续 创新驱动公司在全球PC、手机市场份额稳中有进。 ...

Investment Rating - The report maintains a "Buy" rating for Lenovo Group with a target price of HKD 16.00 [7][5]. Core Insights - Lenovo is expected to benefit from strong demand driven by the global development of hybrid artificial intelligence, leveraging its global layout to mitigate uncertainties [1][4]. - The company has completed a USD 2 billion investment plan in Saudi Arabia, establishing a factory that is anticipated to provide significant growth opportunities in the Middle East [1][4]. - Hybrid AI solutions are becoming a new growth driver across three major business lines, further solidifying Lenovo's global competitive advantage [1][4]. Summary by Sections Market Performance - In 2QCY25, Motorola's foldable smartphone market share increased to 28%, a 14 percentage point year-over-year growth, surpassing Samsung to become the largest foldable smartphone manufacturer globally [2]. - The Moto brand's smartphone revenue grew by 14.0% year-over-year, with sales exceeding market growth for eight consecutive quarters, particularly strong in emerging markets [2]. AI PC Segment - Lenovo's global PC market share reached a record high of 24.6% in 2QCY25, with AI PC penetration at approximately 30% and user engagement for AI applications at around 40% [3]. - The increasing maturity of AI technology and user acceptance is expected to drive further penetration of AI applications, enhancing product structure and profitability [3]. Global Supply Chain and Manufacturing - Lenovo's "China + N" global manufacturing strategy demonstrates significant advantages in the current trade environment, with over 30 manufacturing bases worldwide, including 11 owned factories [4]. - The establishment of a production base in Saudi Arabia is expected to align with the country's Vision 2030 strategy, focusing on AI infrastructure and digital economy development [4]. Financial Projections - The report forecasts Lenovo's non-HKFRS net profit for FY26, FY27, and FY28 to be USD 1.69 billion, USD 1.89 billion, and USD 2.12 billion, respectively, representing year-over-year growth of 17.6%, 11.3%, and 12.4% [5][10]. - The corresponding non-HKFRS EPS for these years is projected to be USD 0.14, USD 0.15, and USD 0.17 [5][10].

Group 1: Company Overview - Company maintains an outperform rating and profit forecast for Lenovo Group, with a target price increase of 10.4% to HKD 14.8, indicating a potential upside of 34.6% based on a FY2026 P/E of 14.0x [1] - Recent visit to Lenovo's Shenzhen Future Center highlighted the company's strategic focus on AI smart devices, emphasizing hardware innovations and enhanced local model capabilities [2] - Lenovo's global supply chain and production layout provide a competitive edge in responding to macroeconomic changes, such as tariffs [2] Group 2: AI PC and Market Performance - In Q2 2025, global PC shipments grew by 6.5%, with Lenovo outperforming the market at a 15.2% growth rate, increasing its market share to 24.6% [3] - AI PCs are gaining traction, with Lenovo's AI PC shipments accounting for 27% of total notebook shipments in China during Q2 2025 [3] - The mobile segment also showed strong performance, with a 14% year-on-year revenue growth in Q2 2025, driven by successful high-end models like Moto Razr and Edge [3] Group 3: Cross-Device Experience and Ecosystem - Lenovo's "one body, multiple ends" strategy aims to create a seamless experience across PCs, smartphones, and tablets, enhancing user engagement with the "Tianxi" personal super intelligent agent [4] - The average weekly active user ratio reached 40% by the end of Q2 2025, indicating growing user participation [4] - Continuous innovation in cross-device connectivity and ecosystem development is a key focus for Lenovo, with an emphasis on SmartConnect capabilities [4] Group 4: Global Supply Chain and Production Strategy - Lenovo ranks eighth in Gartner's 2025 global supply chain list, with over 30 manufacturing bases across 11 markets, implementing a "China + N" strategy [5] - The global production layout enhances Lenovo's ability to navigate uncertainties related to international policies and tariffs [5]

Core Viewpoint - CICC maintains an outperform rating and profit forecast for Lenovo Group, with a target price increase of 10.4% to HKD 14.8, indicating a potential upside of 34.6% based on a FY2026 P/E of 14.0x [1] Company Status - CICC recently visited Lenovo's Shenzhen Future Center and discussed the company's latest AI smart device strategies, highlighting Lenovo's ongoing "one body, multiple ends" strategy in AI, which includes hardware innovations like rollable and transparent screens, and software enhancements for local large model capabilities [2] AI PC Progress - According to IDC, global PC shipments grew by 6.5% YoY in Q2 2025, with Lenovo outperforming the industry at 15.2% growth, increasing its market share to 24.6% due to precise product iterations and a global supply chain [3] - Lenovo's AI PC penetration in the Chinese market reached 27% of total notebook shipments in Q2 2025, with hardware innovations expected to iterate every six months [3] Cross-Device Experience - Lenovo's IDG President emphasized the "one body, multiple ends" strategy, enhancing cross-device experiences with the "Tianxi" personal super intelligent agent, which has seen a weekly active user ratio of 40% by the end of Q2 2025 [4] Global Supply Chain - Lenovo ranks eighth in Gartner's 2025 global supply chain list, with over 30 manufacturing bases across 11 markets, establishing a "China + N" strategy to mitigate risks from tariffs and macro uncertainties [5]

Group 1 - Lenovo held the Lenovo Innovation World 2025 event in Berlin, focusing on three main areas to unleash AI potential: form evolution, enhanced interaction, and seamless multi-device collaboration [1] - The company launched a new range of AI innovative products, including concept devices, high-performance PCs, smart tablets, immersive gaming devices, and Motorola smartphones, reinforcing its vision of "Smarter AI for All" [1] - In FY24/25, the EMEA region contributed approximately $3 billion in revenue to Lenovo, with Germany being the largest contributor in this region [1] Group 2 - Germany is a key market for Lenovo in Europe, combining global resources with deep local integration to create a resilient and efficient operational model [3] - Lenovo's dual-driven strategy in Germany focuses on AI-driven smart transformation and a sales model centered on channel partnerships, with over 90% of sales achieved through partners [3][4] - The company has established its German headquarters in Stuttgart to enhance regional operations and customer responsiveness, supported by local manufacturing capabilities in Hungary [3][6] Group 3 - Lenovo's success in Germany exemplifies the integration of high-standard German corporate culture with global agility, creating a replicable model for global-local synergy [4] - The company has strategically utilized its global advantages to configure resources across various aspects, including capital, talent, R&D, and manufacturing, ensuring localized marketing and service [6] - Lenovo's experience in Germany serves as a model for other regions, demonstrating the potential for Chinese companies to integrate headquarters' advantages with local resources [8] Group 4 - Lenovo continues to innovate with products like the world's first rollable screen AI PC and ultra-thin solar-powered laptops, redefining the concept of "technology serving humanity" [9] - The company aims to replicate its successful German model in other markets, promoting a new type of globalization amid structural adjustments globally [9]

Core Insights - The Chinese mainland PC market (excluding tablets) is projected to show strong performance in Q2 2025, with shipments reaching 10.2 million units, a year-on-year increase of 12% [1] - Lenovo continues to solidify its leadership position in the Chinese PC market, particularly in the AI PC segment, which is gaining significant traction [1][4] - The tablet market also experienced an 18% year-on-year growth, with shipments totaling 9.1 million units, showcasing Lenovo's competitive strategy [1] PC Market Performance - In Q2 2025, Lenovo's desktop and laptop shipments reached 3.4 million units, reflecting a 13% increase, and its market share grew to 34% [2] - The growth in the PC market is primarily driven by government consumption subsidies and strong procurement from state-owned enterprises and government [1][4] - AI PCs accounted for 28% of the overall PC market in Q2 2025, with Lenovo's AI PC shipments making up 27% of its total notebook shipments in China [2] Tablet Market Performance - The tablet market in China saw a total shipment of 9.3 million units in Q2 2025, with a year-on-year growth of 18% [3] - Lenovo achieved a 54% annual growth rate in the tablet segment, increasing its market share to 8% through its Tab series targeting gamers and creators [3] Future Outlook - Canalys forecasts a 2% year-on-year growth for the Chinese mainland PC market in 2025, driven by subsidies and replacement demand, with AI PC penetration expected to rise to 34% [4] - By the end of 2029, approximately 107 million AI PCs are projected to be shipped in the Greater China region, establishing a solid foundation for widespread AI application [4] - The government's "Artificial Intelligence +" initiative is expected to accelerate local AI infrastructure development and the commercialization of AI devices, benefiting companies like Lenovo [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 聯想集團有限公司 | | | | 呈交日期: | 2025年9月3日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 第 1 頁 共 11 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00992 | | 說明 | 港幣櫃台 | | | | | | 多櫃檯證券代號 | 80992 | RMB 說明 | | 人民幣櫃台 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | ...

Group 1 - BlackRock, Inc. increased its stake in Lenovo Group (00992.HK) by purchasing 2.99 million shares at an average price of HKD 10.9411 per share, totaling approximately HKD 32.714 million [1] - Following this transaction, BlackRock's total shareholding in Lenovo Group rose to 621,720,864 shares, increasing its ownership percentage from 4.99% to 5.01% [1]

Core Viewpoint - Growth stocks are appealing due to their potential for above-average financial growth, but identifying those that can fulfill their potential is challenging [1] Group 1: Company Overview - Lenovo Group Ltd. is identified as a promising growth stock, supported by a favorable Growth Score and a top Zacks Rank [2] - The company has a historical EPS growth rate of 1%, but projected EPS growth for this year is 9.7%, surpassing the industry average of 9.3% [4] Group 2: Financial Metrics - Lenovo's year-over-year cash flow growth stands at 18%, significantly higher than the industry average of 7.7% [5] - The company's annualized cash flow growth rate over the past 3-5 years is 11.8%, compared to the industry average of 5.7% [6] Group 3: Earnings Estimates - There has been a positive trend in earnings estimate revisions for Lenovo, with the Zacks Consensus Estimate for the current year increasing by 1.9% over the past month [8] - The combination of a Zacks Rank 2 and a Growth Score of A positions Lenovo as a potential outperformer for growth investors [10]