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IDG重返增长通道,AI催化正当时
Great Wall Securities· 2024-02-27 16:00
证券研究报告 | 公司动态点评 2024 年 02月 26日 联想集团(00992.HK) IDG 重返增长通道,AI 催化正当时 财务指标 2022FY 2023FY 2024FYE 2025FYE 2026FYE 增持(维持评级) 营业收入(百万美元) 71618 61947 55758 59729 64838 股票信息 增长率yoy(%) 17.9 -13.5 -10.0 7.1 8.6 归母净利润(百万美元) 2030 1608 922 1224 1577 行业 计算机 增长率yoy(%) 67.6 -20.8 -42.7 32.7 28.9 2024年2月23日收盘价(港元) 8.550 ROE(%) 40.7 28.8 14.9 17.5 19.7 总市值(百万港元) 106,059.84 EPS最新摊薄(美元) 0.16 0.13 0.07 0.10 0.13 流通市值(百万港元) 106,059.84 P/E(倍) 52.2 65.9 114.9 86.6 67.2 总股本(百万股) 12,404.66 P/B(倍) 21.2 19.0 17.1 15.2 13.2 流通股本(百万股) 12, ...
FY2023/24Q3 财报点评:净利率持续改善,静待 AIPC 规模化落地
Guohai Securities· 2024-02-26 16:00
Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992) [1] Core Views - Lenovo Group's FY2023/24Q3 financial results show a recovery in revenue, gross profit, and net profit, indicating that the company's performance is on the rebound after hitting a low point [4] - The net profit for the quarter exceeded Bloomberg consensus estimates by 10%, aligning with the continuous improvement in net profit margin, which was primarily driven by effective management of expenses [4] - The company is expected to benefit from the recovery in the PC market and the scaling of AI PC products, which will support revenue growth and margin improvement [4][6] Summary by Sections Financial Performance - For FY2023/24Q3, Lenovo reported revenue of $15.721 billion, a year-over-year increase of 3% and a quarter-over-quarter increase of 9% [3] - Gross profit was $2.601 billion, remaining flat year-over-year and increasing by 3% quarter-over-quarter [3] - Net profit attributable to shareholders was $337 million, reflecting a year-over-year decrease of 23% but a quarter-over-quarter increase of 35% [3] Business Segments - The Intelligent Devices Group (IDG) achieved revenue of $12.362 billion, with a year-over-year growth of 7% and a quarter-over-quarter growth of 7%, exceeding Bloomberg consensus by 4% [6] - The Infrastructure Solutions Group (ISG) reported revenue of $2.473 billion, down 13% year-over-year but up 24% quarter-over-quarter, indicating a gradual recovery [6] - The Solutions and Services Group (SSG) generated revenue of $2.021 billion, a year-over-year increase of 10% and a quarter-over-quarter increase of 5%, marking a historical high [6] Future Outlook - Revenue forecasts for FY2024-2026 are adjusted to $56.131 billion, $60.283 billion, and $71.086 billion respectively, with net profits projected at $919 million, $1.219 billion, and $1.821 billion [8] - The expected EPS for FY2024-2026 is $0.08, $0.10, and $0.15, with corresponding P/E ratios of 14.42X, 10.87X, and 7.28X [8]
Chinese tech firm Lenovo shows off a laptop with a see-through screen
CNBC· 2024-02-25 23:00
In this article992-HKLenovo's concept laptop has a see-through screen.Arjun Kharpal | CNBCChinese tech giant Lenovo showed off a prototype laptop on Monday that has a see-through screen, underscoring how the world's largest PC maker is trying to innovate after a brutal couple of years for the market.The laptop is equipped with a trackpad which features a touch keyboard and a stylus to draw or navigate with.The obvious question is: Why would you want this kind of device? Lenovo showed off some of its capabil ...
PC恢复增长,服务器扭亏尚需时间
GOLDEN SUN SECURITIES· 2024-02-25 16:00
证券研究报告 | 季报点评 2024年02月24日 联想集团(00992.HK) PC 恢复增长,服务器扭亏尚需时间 23/24FYQ3营收同比增速转正、环比增长9%,净利润率环比进一步改善。Q3 买入(维持) 财季,联想集团收入 157 亿美元,同比/环比增长 3%/9%。智能业务业务集团 股票信息 (IDG)/基础设施方案业务集团(ISG)/方案服务业务集团(SSG)各实现收入 124/25/20亿美元,同比7%/-13%/+10%,环比+7%/+24%/+5%。公司Q3财 行业 海外 季的经营利润率录得3.9%,环比提升0.3pct,主要受ISG经营亏损率收窄影响。 Q3财季归母净利润3.4亿美元,同比下降23%、降幅大幅收窄,环比增长35%, 2月23日收盘价(港元) 8.55 归母净利润率2.1%,环比再次改善0.4pct,主要是由于公司积极控制费用,例如 总市值(百万港元) 106,059.84 财务费用同比/环比节约1000/1600万美元。但公司仍将持续投入研发,预计全财 总股本(百万股) 12,404.66 年研发投入占收入比重将创历史记录,为公司的长期发展奠定技术基础。 其中自由流通股(% ...
FY24Q3业绩点评:主业稳步复苏,AI PC变革在即
股 票 研 究 [Table_industryInfo] 计算机 [ Table_Main[联I Tnaf 想bol]e 集_Ti团tle]( 0992) [评Tab级le_:Inv est] 增持 当前价格(港元): 8.55 主业稳步复苏,AI PC 变革在即 2024.02.26 海 ——联想集团FY24Q3 业绩点评 [ 交Ta易bl数e_M据a rket] 外 秦和平(分析师) 梁昭晋(分析师) 52周内股价区间(港元) 7.04-11.04 当前股本(百万股) 12,405 公 0755-23976666 0755-23976666 当前市值(百万港元) 106,060 司 qinheping027734@gtjas.com liangzhaojin027677@gtjas.com 证书编号 S0880523110003 S0880523010002 ( [ Table_PicQuote] 中 本报告导读: 52周内股价走势图 国 公司FY24Q3业绩符合预期,IDG重回增长轨道,主业稳步复苏盈利持续改善。 联想集团 恒生指数 香 59% 摘要: 港 42% [T abl维e_S持um“m增ar ...
FY2024 三季报业绩点评:短期业绩承压,期待 PC 周期复苏及 AI PC 渗透拉升业绩
Soochow Securities· 2024-02-25 16:00
Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992.HK) [1] Core Views - Lenovo Group's FY2024 Q3 performance shows short-term pressure, with expectations for recovery in the PC cycle and increased penetration of AI PCs to boost performance [1][3] - The company's Q3 revenue reached $15.7 billion, a year-on-year increase of 3%, while net profit attributable to shareholders was $340 million, down 23% year-on-year, exceeding market consensus expectations [2][3] Summary by Sections IDG Business Performance - The Intelligent Devices Group (IDG) reported revenue of $12.4 billion, with operating profit of $900 million, both up 7% year-on-year [3] - Non-PC business performed well, generating $2.6 billion in revenue, accounting for over 21% of IDG, with smartphone shipments up 32% year-on-year and tablet sales also showing double-digit growth [3] - PC business outperformed the market, with shipments of 16 million units, a 3.9% year-on-year increase, compared to a global decline of 2.7%, leading to a market share increase of 1.5% to 24% [3] - AI PCs are seen as a turning point for the industry, with expected acceleration in penetration in 2025 and 2026, potentially reaching 60% by 2026 [3] ISG Business Performance - The Infrastructure Solutions Group (ISG) reported revenue of $2.5 billion, down 13% year-on-year but up 24% quarter-on-quarter, with operating loss narrowing to $40 million [3] - Recovery in orders from cloud and key enterprise customers, along with product structure optimization, contributed to a quarter-on-quarter improvement [3] - The company anticipates rapid growth in AI server products as GPU supply constraints ease [3] Earnings Forecast and Valuation - The report adjusts FY24/25 net profit forecasts from $1.16 billion/$1.45 billion to $0.96 billion/$1.22 billion, while raising FY26 net profit from $1.69 billion to $1.72 billion [3] - The latest closing price corresponds to P/E ratios of 14.6/11.5/8.2 for FY24/25/26 [3]
FY3Q24业绩点评:23年完美收官,24年开启AI新征程
Minsheng Securities· 2024-02-24 16:00
联想集团(0992.HK)FY3Q24业绩点评 23 年完美收官,24 年开启 AI 新征程 2024年02月25日 ➢ 事件:2 月 22 日,联想集团发布 2024 年财年三季报,FY3Q24 公司实现 推荐 维持评级 营收157.21亿美元,YoY+3%,QoQ+9%;实现净利润3.37亿美元,YoY-23%, 当前价格: 8.55港元 QoQ+35%。业绩超此前市场一致预期。 ➢ FY3Q24营收重启正增长,战略转型提速。FY3Q24公司营收结束连续六个 财季的同比下滑,首次开启增长;净利润同比跌幅由FY2Q24的-53.95%收窄至 [T able_Author] FY3Q24 的-22.92%,并连续三个财季实现环比增长。公司净利率达 2.39%, QoQ+0.38pct,连续三个财季环比提高,盈利能力持续修复。公司PC以外业务 占比达42%,YoY+1.3pct,战略转型效果显著。 ➢ ISG:全面投入AI,供货缓解后年内望扭亏。FY3Q24实现营收24.73亿美 元,YoY-13.38%,QoQ+23.59%,关键云和企业客户需求复苏带动ISG业务环 比回暖,其中存储、服务和软件合计收入同比增 ...
LENOVO GROUP(LNVGY) - 2024 Q3 - Earnings Call Transcript
2024-02-22 20:45
Lenovo Group Limited (OTCPK:LNVGY) Q3 2024 Earnings Call Transcript February 22, 2024 2:00 AM ET Company Participants Jenny Lai - Vice President of Investor Relations Yuanqing Yang - Chairman & CEO Wai Ming - Executive VP & CFO Luca Rossi - Executive VP & President of Intelligent Devices Group Kirk Skaugen - Executive VP & President of Infrastructure Solutions Group Kin Hang Wong - Executive VP and President of Lenovo Solutions & Services Group Sergio Buniac - Senior VP of Mobile Business Group & President ...
港股公司信息更新报告:跟踪PC复苏及利润率兑现,AI PC仍是持续催化
KAIYUAN SECURITIES· 2024-02-22 16:00
计算机/计算机设备 公 司 研 联想集团(00992.HK) 跟踪 PC 复苏及利润率兑现,AI PC 仍是持续催化 究 2024年02月23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) 李祎晗(联系人) wuliuyan@kysec.cn liyihan@kysec.cn 证 书编号:S0790521110001 证书编号:S0790123080037 日期 2024/2/22 港 当前股价(港元) 8.840  跟踪PC行业复苏力度及利润率兑现,AI PC密集发布仍是正向催化 股 一年最高最低(港元) 11.100/6.900 公司发布FY2024Q3财报,我们维持FY2024归母净利润预测9.29亿美元;考虑 公 到2024H1 PC行业复苏力度偏弱,ISG收入规模及盈利能力存不确定性,我们下 司 总市值(亿港元) 1,096.57 信 流通市值(亿港元) 1,096.57 调公司 FY2025-2026 归母净利润预测至 12.05/15.38 亿美元(前值:13.39/16.99 息 总股本(亿股) 124.05 亿美元)。FY2024-2026净利润同比分别为-42.2 ...
FY24Q3业绩点评报告FY3Q24业绩超预期,PC行业复苏短期有波折但长期趋势不改
EBSCN· 2024-02-22 16:00
2024年2月23日 公司研究 FY3Q24 业绩超预期,PC 行业复苏短期有波折但长期趋势不改 ——联想集团(0992.HK)FY24Q3 业绩点评报告 要点 买入(维持) 事件:FY3Q24公司收入157.21亿美元,同比上升3.0%、环比上升9.1%, 当前价:8.84港元 收入自 FY2Q23 以来首次实现同比增长、且连续 3 个季度实现环比增长;归 母净利润3.37亿美元,同比下降22.9%、环比上升35.2%,超彭博一致预期 作者 的3.05 亿美元约10.5%,对应归母净利率 2.1%,环比上升 0.4pct。归母净 利润环比上升,由于:1)智能设备业务(IDG)/方案服务业务(SSG)税前 分析师:付天姿 溢利环比上升7.6%/7.5%;2)基础设施方案业务(ISG)税前亏损收窄约1,600 执业证书编号:S0930517040002 万美元;3)OPEX费率环比下降0.61pct。 021-52523692 PC行业复苏短期有波折,但长期趋势不改;IDG业务呈多元化增长:FY3Q24 futz@ebscn.com IDG业务收入123.62亿美元,同比上升6.7%、环比上升7.4%,其中非P ...