Zacks Style Scores and Value Investing - Zacks has developed a Style Scores system to identify stocks with specific traits, particularly focusing on the "Value" category for value investors [1] - Stocks with "A" grades in the Value category and high Zacks Ranks are considered among the strongest value stocks in the market [1] - Value investing is a popular method to find undervalued stocks using fundamental analysis and proven metrics [6] Lenovo Group (LNVGY) Valuation Metrics - LNVGY has a P/CF ratio of 7.37, which is attractive compared to the industry average of 27.23 [3] - Over the past 52 weeks, LNVGY's P/CF has ranged from 4.02 to 8.01, with a median of 6.12 [3] - LNVGY's P/S ratio is 0.3, significantly lower than the industry average of 0.88, indicating potential undervaluation [4] - The stock has a P/E ratio of 10.55, compared to the industry average of 28.78, and its Forward P/E has ranged from 7.50 to 14.22 over the last 12 months [7] Lenovo Group (LNVGY) Investment Potential - LNVGY is currently sporting a Zacks Rank of 2 (Buy) and an A for Value, making it a strong candidate for value investors [7] - The combination of attractive valuation metrics and a strong earnings outlook suggests LNVGY is likely undervalued and represents a great value stock at the moment [5]

2024年05月31日 公 司点评 公 买入 / 维持 司 联想集团(00992) 研 究 目标价: 昨收盘:11.52 第四季度经营持续向好，AI 成为发展新动力 公司发布 23/24 财年业绩报告，收入 568.64 亿美元，同比减少 ◼ 走势比较 8%；净利润10.11亿美元，同比减少37%。 70% 太 52% 毛利率及费用率小幅上升，四季度表现良好。23/24财年公司毛利 平 率为 17.24%，相对于去年同期提升了 0.29 个百分点；销售费用率为 34% 洋 5.82%，相对于去年同期提升了0.52个百分点；管理费用率为7.95%， 16% 证 相对于去年同期提升了 0.67 个百分点。第四季度销售收入同比增长 (2%) 券 (20%)03/5/32 11/8/32 32/01/32 4/1/42 71/3/42 92/5/42 8%，达到138.33亿美元，净利润2.48亿美元，同比增长118%。 股 联想集团 恒生指数 各项业务开始复苏。公司三项业务中： 份 有 ◼ 股票数据 ⚫ 智能设备业务集团实现收入445.99亿美元，同比减少10%， 限 第四季度，智能设备业务集团的收入增长7%，净利 ...

证券研究报告 | 年报点评报告 2024年05月28日 联想集团（00992.HK） AI PC 望改善盈利，AI 服务器进展顺利 23/24FYQ4业绩超出预期。Q4财季，联想集团营收138亿美元，同比/环比分 买入（维持） 别+9.5%/-12%，超出市场一致预期。智能设备业务集团（IDG）/基础设施方案 股票信息 业务集团（ISG）/方案服务业务集团（SSG）各实现收入105/25/18亿美元，同比 +7%/+15%/+10%。Q4 毛利率达到 17.6%，同比/环比分别+0.6pct/+1.0pct， 行业 海外 达到历史较高水平，主要受益于 SSG 等高毛利业务占比增加。Q4 财季的经营利 5月27日收盘价(港元) 12.04 润率录得3.5%，同比提升1.2pct；归母净利润2.5亿美元，同比大幅增长118%， 总市值(百万港元) 149,352.10 归母净利润率1.8%，同比/环比分别+0.9pct/-0.4pct。 总股本(百万股) 12,404.66 IDG：AI PC望改善盈利。Q4财季，IDG收入105亿美元，同比增长6.8%，OPM 其中自由流通股(%) 100.00 维持在 7.4 ...

证券研究报告 | 年报点评报告 2024年05月28日 联想集团（00992.HK） AI PC 望改善盈利，AI 服务器进展顺利 23/24FYQ4业绩超出预期。Q4财季，联想集团营收138亿美元，同比/环比分 买入（维持） 别+9.5%/-12%，超出市场一致预期。智能设备业务集团（IDG）/基础设施方案 股票信息 业务集团（ISG）/方案服务业务集团（SSG）各实现收入105/25/18亿美元，同比 +7%/+15%/+10%。Q4 毛利率达到 17.6%，同比/环比分别+0.6pct/+1.0pct， 行业 海外 达到历史较高水平，主要受益于 SSG 等高毛利业务占比增加。Q4 财季的经营利 5月27日收盘价(港元) 12.04 润率录得3.5%，同比提升1.2pct；归母净利润2.5亿美元，同比大幅增长118%， 总市值(百万港元) 149,352.10 归母净利润率1.8%，同比/环比分别+0.9pct/-0.4pct。 总股本(百万股) 12,404.66 IDG：AI PC望改善盈利。Q4财季，IDG收入105亿美元，同比增长6.8%，OPM 其中自由流通股(%) 100.00 维持在 7.4 ...

Core Viewpoint - The article highlights Lenovo Group (LNVGY) as a strong value investment opportunity, showcasing its favorable valuation metrics compared to industry averages [4][5][6]. Valuation Metrics - Lenovo Group has a Zacks Rank of 2 (Buy) and a Value grade of A, indicating strong potential for value investors [4]. - The current P/E ratio for LNVGY is 11.97, significantly lower than the industry average of 26.58 [4]. - The P/S ratio for LNVGY stands at 0.31, compared to the industry's average P/S of 0.78, suggesting it is undervalued [5]. - LNVGY's P/CF ratio is 8.12, which is attractive relative to the industry's average P/CF of 24.97 [6]. Earnings Outlook - The earnings outlook for Lenovo Group is strong, reinforcing its position as one of the market's strongest value stocks [7].

2024 年 05 月 27 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 业绩改善明显， 迭代将加快渗透进程 Q4 AI PC 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 联系人 ： 卢瑞琪 S0350123070054 ——联想集团（ ） 财报点评 00992 FY2023/24 lurq@ghzq.com.cn 最近一年走势 事件 : 联想集团于2024 年5月23日发布公告：FY2023/24 Q4（对应自然年 2024Q1）公司实现营业收入138.33亿美元（YoY+9%，QoQ-12%），毛 利润 24.28 亿美元（YoY+13%，QoQ-7%），归母净利润 2.48 亿美元 （ YoY+118% ， QoQ-26% ）。 FY2023/24 全 年 （ 对 应 自 然 年 2023Q2~2024Q1）公司实现营业收入568.64 亿美元（YoY-8.2%），毛 利润98.03亿美元（YoY-6.6%），归母净利润10.11亿美元（YoY-37.1%）。 投资要点 : 相对恒生指数表现 2024/05/24 表现 1M ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.96 HKD [5][3]. Core Insights - For the fiscal year 2023/2024, the group achieved revenue of approximately 56.9 billion USD, a decrease of 8% year-on-year, and a non-GAAP 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 [2]. - The smart devices segment reported record revenue in the fourth fiscal quarter, with AI PCs expected to drive new growth. The segment's total revenue for the year was approximately 44.6 billion USD, down about 10%, with fourth-quarter revenue nearing 10.5 billion USD. The recent launch of the personal AI assistant "Lenovo Xiaotian" and the first AI PC series is anticipated to enhance device capabilities [2]. - The infrastructure solutions segment is developing an AI product portfolio, with strong growth across multiple businesses. Despite a 9% year-on-year decline in annual revenue to 8.9 billion USD due to a supply shortage of AI graphics processors, fourth-quarter revenue increased by 15% year-on-year to 2.5 billion USD. The group plans to launch a comprehensive AI product lineup in February 2024 [2]. - The solutions services segment achieved record revenue and profit, becoming a significant growth engine. Driven by enterprise clients' digital transformation, the segment's revenue reached 7.5 billion USD, up 12% year-on-year, with operating profit rising 11% to 1.5 billion USD and an operating margin of 21.4% [2]. Financial Forecast and Investment Recommendations - The company is projected to have earnings per share of 0.11, 0.14, and 0.17 USD for the fiscal years 2024/2025, 2025/2026, and 2026/2027, respectively. The previous forecasts for 2024/2025 and 2025/2026 were 0.10 and 0.12 USD, respectively, reflecting upward adjustments in revenue and pre-tax profit margins. The target price corresponds to a PE ratio of 16.82 for comparable companies in 2024 [3].

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 ...