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 ...

Financial Performance - Lenovo's Q4 FY 2024 financial results exceeded sell-side analysts' expectations, driven by better-than-expected revenue growth and gross margin expansion [1][3] - The company's gross profit margin improved by +1.1 percentage points QoQ and +0.6 percentage points YoY to 17.6%, the highest quarterly gross margin in Lenovo's history [3] - Normalized net income attributable to shareholders was $218 million, +33% above the consensus forecast of $164 million [5] - Revenue expanded by +9% YoY to $13,833 million, beating the market's consensus sales estimate of $13,201 million by +5% [11] Segment Performance - ISG (Infrastructure Solutions Group) revenue grew by +15% YoY, driven by AI products such as AI servers, which began contributing positively to growth in 2H FY 2024 [2] - SSG (Solutions & Services Group) revenue increased by +10% YoY, with the rollout of AI services like AI Discover and AI Fast Start to enable customer AI adoption [2] - IDG (Intelligent Devices Group) revenue grew by +7% YoY, with the shipment of the first wave of AI PCs in the recent quarter [2] AI-Related Growth Opportunities - Lenovo's business segments benefited from AI tailwinds, contributing to a +5% top-line beat in Q4 FY 2024 [6] - The company is well-positioned to leverage the growing demand for AI PCs, with more AI PC offerings expected to ship in the coming quarters [7] - Third-party research projects significant growth in AI PCs and AI servers, with AI PC penetration expected to rise from 2% in 2024 to 65% by 2028 and AI server market share forecasted to grow from 11% to 20% by 2025 [7][8] Valuation and Market Position - Lenovo's current consensus FY 2025-2028 earnings CAGR is +18%, with a Price-to-Earnings Growth (PEG) metric of 0.72 times, indicating attractive valuation [15] - The company trades at a discount to peers, with a current P/E of 13 times compared to the peer average of 18 times [16] - Lenovo's shares are considered undervalued relative to peers and future earnings growth expectations, supporting a Buy rating [10][16]

Financial Performance - Full-year revenue decreased by 8% to $56.864 billion, with net profit attributable to equity holders down 37% to $1.011 billion[4][5] - Lenovo's full-year profit decreased by 37%, reflecting a downturn in the first half of the fiscal year, but the company achieved a significant turnaround in Q4 with a 118% year-over-year increase in profit to $248 million[8] - Total revenue for FY2024 was $56.864 billion, a decrease of 8% year-over-year, with net profit attributable to equity holders dropping to $1.011 billion, down 37% YoY[19] - Net profit for the year 2024 decreased to $1,102,312 thousand from $1,680,831 thousand in 2023, representing a decline of 34.4%[47] - Total comprehensive income for 2024 was $772,284 thousand, down from $1,068,351 thousand in 2023, a decrease of 27.7%[47] - Revenue for 2024 was $56.864 billion, with a gross profit of $9.803 billion and net profit attributable to shareholders of $1.011 billion[46] - Net profit for the year amounted to $1,102,312 thousand[51] - Total comprehensive income for the year was $772,284 thousand[51] - The company's profit before tax for 2024 was 1,365,454 thousand USD, compared to 2,135,987 thousand USD in 2023[91] Gross Margin and Profitability - Non-PC business contributed significantly, driving the full-year gross margin to a record high[4] - The company's gross margin reached a historical high for the third consecutive year, with R&D investment as a percentage of revenue also hitting a record high[8] - Gross margin improved by 0.2 percentage points to 17.2% in FY2024, despite a 7% decline in gross profit to $9.803 billion[19] - Gross profit margin increased by 0.6 percentage points to 17.6%, driven by higher-margin contributions from the Solutions and Services Business Group[26] - The company's gross margin reached a historical high for the third consecutive year, with R&D investment as a percentage of revenue also hitting a record high[8] Business Group Performance - Solutions and Services Group (SSG) profit grew by 11%, driven by high-value services like TruScale as-a-service[4] - Infrastructure Solutions Group (ISG) revenue declined by 9% year-over-year but achieved record sales in Q4[4] - Intelligent Devices Group (IDG) sales decreased by 10% year-over-year, but maintained strong market leadership in PCs and smartphones[4] - The Solutions and Services Group (SSG) saw a 11% year-over-year increase in segment profit, contributing 35% to the company's total segment profit[8] - The Intelligent Devices Group (IDG) maintained a strong segment profitability of 7.1%, with global market share increasing by 50 basis points[8] - In Q4, the SSG achieved a record high revenue of $1.8 billion, with segment profitability maintained at 21% and a 20% year-over-year increase in profit[10] - The IDG's operating profit in Q4 increased by 17% year-over-year, with revenue growth of 7% and an operating margin increase of 64 basis points to 7.4%[12] - Infrastructure Solutions Group's annual revenue reached $9 billion, a 9% decline from the previous fiscal year, driven by global IT budget shifts and AI deployment trends[13] - Infrastructure Solutions Group's Q4 revenue grew 15% YoY, setting a new record, with AI products contributing positively to growth[13] - Solutions and Services Group achieved record annual revenue and profit of $7.5 billion and $1.5 billion, respectively, with a 12% and 11% YoY growth[14] - Solutions and Services Group's operating margin remained strong at 21%, the highest among all business groups[14] - Managed services revenue grew 29% YoY, driven by a diversified service portfolio and multi-channel strategy[14] - The Smart Devices Business Group generated revenue of $44.599 billion, with an operating profit of $3.181 billion[24] - The Solutions and Services Business Group saw revenue grow to $7.472 billion, with an operating profit of $1.545 billion[24] - The Smart Devices Business Group reported revenue of $10.46 billion, with an operating profit of $772.9 million, up from $9.8 billion and $661 million respectively in the previous year[30] - The Infrastructure Solutions Business Group saw a revenue increase to $2.53 billion but recorded an operating loss of $96.7 million, compared to a profit of $7.5 million in the previous year[30] - The Solutions and Services Business Group generated revenue of $1.82 billion, with an operating profit of $388.9 million, up from $1.65 billion and $324.4 million respectively[30] - Smart Devices Business Group revenue decreased to $44.6 billion in 2024 from $49.37 billion in 2023, with operating profit also declining to $3.18 billion from $3.6 billion[58] - Infrastructure Solutions Business Group reported a loss of $248.26 million in 2024, compared to a profit of $98.08 million in 2023[58] - Total revenue for the company decreased to $56.86 billion in 2024 from $61.95 billion in 2023, with operating profit dropping to $3.16 billion from $3.88 billion[58] R&D and Innovation - R&D investment reached a record 3.6% of annual revenue[4] - The company's R&D expenses as a percentage of revenue reached 3.6%, with total annual R&D cash spending at $2.3 billion[9] - Lenovo launched industry-leading products such as the ThinkBook transparent screen concept notebook and new AI PCs designed to enhance device AI capabilities[12] - The company is investing in AI Core chips, Yoga Creator Zone, ThinkShield security solutions, and AI Now personal assistant to differentiate its AI PC offerings[16] - The company's R&D expenses for 2024 were $2.028 billion, a decrease from $2.195 billion in the previous year[46] - R&D-related laboratory testing, services, and supplies expenses increased to $116.3 million from $87.6 million year-over-year[28] Cash Flow and Liquidity - Cash conversion cycle improved to negative 4 days[4] - Lenovo's cash conversion cycle improved to negative 4 days, supported by a 12-day reduction in accounts receivable and inventory days[9] - The company's liquidity ratio was 0.87 as of March 31, 2024, compared to 0.88 in the previous year[37] - Net cash generated from operating activities in 2024 was $2,010,991 thousand, down from $2,801,402 thousand in 2023[50] - Net cash used in investing activities in 2024 was $1,283,450 thousand, compared to $1,915,020 thousand in 2023[50] - Cash and cash equivalents decreased to $3,559,831 thousand in 2024 from $4,250,085 thousand in 2023[50] - The net cash generated from operating activities in 2024 was 3,368,939 thousand USD, compared to 3,934,656 thousand USD in 2023[91] Dividends and Shareholder Returns - Proposed final dividend of 30.0 HK cents per share, unchanged from the previous year[6] - The company declared dividends of $601.140 million for 2024, an increase from $587.997 million in 2023[46] - Dividends for 2024 totaled $601.14 million, including an interim dividend of $124.32 million and a proposed final dividend of $476.82 million[70] Regional Performance - EMEA region revenue declined 5% YoY but showed early signs of recovery in Q4, driven by PC demand and smartphone market share growth[15] - Greater China revenue declined 15% YoY but rebounded in Q4, marking the first positive growth after seven consecutive quarters of decline[15] - Revenue from China decreased to $12.58 billion in 2024 from $14.86 billion in 2023, while revenue from the Americas also declined to $19.62 billion from $21.23 billion[58] AI and Future Growth - The company expects AI PCs to drive long-term recovery in the global PC market, with nearly 60% of PC shipments expected to feature AI capabilities by 2027[16] - Infrastructure Solutions Business Group focuses on high-growth and profitable areas, including high-value-added products like storage and software, aiming for differentiated technology solutions in hybrid AI, high-performance computing, storage, and edge devices[17] - The company expects double-digit revenue growth driven by strong total contract value growth in the Solutions and Services Business Group, supported by AI-embedded services in digital workplaces, hybrid cloud, and sustainability solutions[17] - AI workloads are expected to be more evenly distributed across on-premises data centers, private and hybrid clouds, and edge devices, driving demand for comprehensive infrastructure solutions[17] ESG and Sustainability - The company is advancing its ESG initiatives, integrating innovative features like carbon offset services and low-carbon transportation into its service offerings to support customer sustainability goals[18] - The company is leveraging its TruScale as-a-service portfolio to address customer pain points in hybrid work, multi-cloud management, and network security, supported by partnerships with leading business and channel partners[18] Operational Efficiency - Operating expenses remained flat at $7.797 billion, with $550 million spent on severance and related costs to enhance efficiency and competitiveness[21] - The company incurred $55 million in severance and related costs (2023: $209 million) and $40 million in asset impairment and write-offs to enhance efficiency and competitiveness[27] - Advertising and promotional expenses increased by $86 million due to new product launches and special events[27] - Strategic investment fair value gains amounted to $51 million (2023: $89 million), reflecting changes in the value of the investment portfolio[27] - The company recorded a net exchange gain of $4.6 million, compared to a net exchange loss of $12.2 million in the previous year[28] Financial Position and Liabilities - Total assets of the company as of March 31, 2024, were $38.751 billion, with equity attributable to shareholders at $5.583 billion and total liabilities at $32.670 billion[37] - Cash and cash equivalents totaled $3.626 billion as of March 31, 2024, with 90% held as bank deposits and 10% in investment-grade money market funds[38] - The company's outstanding notes and convertible bonds as of March 31, 2024, included $965 million in 2025 notes, $900 million in 2030 notes, and $675 million in 2029 convertible bonds[41] - The company's net cash position as of March 31, 2024, was $6 million, with a loan-to-equity ratio of 0.60[42] - The company's forward foreign exchange contracts amounted to $11.555 billion as of March 31, 2024, used to hedge against currency fluctuations[43] - Total assets decreased marginally to $38,750,954 thousand in 2024 from $38,920,057 thousand in 2023[48] - Total equity increased to $6,081,187 thousand in 2024 from $6,047,021 thousand in 2023[49] - Total liabilities decreased to $32,669,767 thousand in 2024 from $32,873,036 thousand in 2023[49] - Total financing liabilities decreased from $4,359.35 million in 2023 to $3,961.69 million in 2024, a reduction of approximately 9.1%[92] - Short-term loans decreased from $57.03 million in 2023 to $50.43 million in 2024, a reduction of 11.6%[92] - Notes (non-current) decreased from $3,146.15 million in 2023 to $3,012.64 million in 2024, a reduction of 4.2%[92] - Convertible bonds (non-current) increased from $537.03 million in 2023 to $556.59 million in 2024, an increase of 3.6%[92] - Lease liabilities (current) decreased from $123.72 million in 2023 to $101.58 million in 2024, a reduction of 17.9%[92] - Lease liabilities (non-current) decreased from $280.84 million in 2023 to $240.45 million in 2024, a reduction of 14.4%[92] Acquisitions and Investments - The company completed the acquisition of Lenovo Leasing Co., Ltd. for approximately $124 million in cash[94] - The company acquired certain assets and assumed certain liabilities from FCNT Co., Ltd. for approximately $14 million in cash[94] - Lenovo Leasing and FCNT businesses contributed $32 million and $23 million respectively to the group's revenue for the year ended March 31, 2024[95] - Lenovo Leasing contributed $2 million in pre-tax profit, while FCNT incurred a $12 million pre-tax loss for the year ended March 31, 2024[95] - The group's pro forma revenue increased from $56.864 billion to $56.874 billion, and pre-tax profit remained at $1.365 billion, assuming the acquisition of Lenovo Leasing occurred on April 1, 2023[95] - Net cash outflow for acquisitions decreased from $403.82 million in 2023 to $135.06 million in 2024, a reduction of 66.6%[93] Corporate Governance - The group's audit committee reviewed the audited annual results for the year ended March 31, 2024, and regularly meets with management, external auditors, and internal audit personnel[100] - The group complied with the Corporate Governance Code during the year ended March 31, 2024, except for the separation of the roles of Chairman and CEO[101] - William O. Grabe appointed as Lead Independent Director with responsibilities including chairing meetings on board structure and providing feedback to the Chairman and CEO[102] - Quarterly financial results are published to help shareholders assess the company's performance, financial condition, and prospects, using the same accounting standards as interim and annual financial statements[102] - The 2023/24 annual report will be published on the Hong Kong Stock Exchange website and the company's investor relations website, and will be sent to shareholders[103] - The current board structure includes a combined Chairman and CEO role, a Lead Independent Director, and a majority of independent non-executive directors to ensure effective checks and balances[102] Other Financial Metrics - The company recorded a $143 million gain from the remeasurement of written put option liabilities and a $153 million fair value gain from strategic investments[21] - Currency fluctuations resulted in a net foreign exchange loss of $74 million, compared to $118 million in the previous year[21] - The company recorded a $143.43 million gain from the remeasurement of put option liabilities[22] - Financial income from bank deposits increased to $148.13 million, up from $141.67 million in the previous year[22] - Financial expenses increased by 16% year-over-year, primarily due to a $147 million rise in factoring costs, partially offset by reductions in loan and overdraft interest[23] - The Infrastructure Solutions Business Group reported a loss of $248.26 million, compared to a profit of $98.08 million in the previous year[24] - Depreciation and amortization expenses decreased to $449.55 million from $548.85 million in the previous year[24] - The company's deferred tax assets as of March 31, 2022, were $2,531,331 thousand, with an additional $70,336 thousand reclassified from deferred tax liabilities related to lease liabilities[55] - As of April 1, 2022, the total deferred tax assets amounted to $2,601,667 thousand[55] - The deferred tax assets as of March 31, 2023, were $2,481,894 thousand, with $55,473 thousand reclassified from deferred tax liabilities related to lease liabilities[55] - As of April 1, 2023, the total deferred tax assets amounted to $2,537,367 thousand[55] - The company reported a foreign exchange loss of $287,000 and a deferred tax asset impact of $14,576,000 from the reclassification of deferred tax liabilities for the year ended March 31, 2023[55] - The company adopted the revised Hong Kong Accounting Standard 12, "Deferred Tax related to Assets and Liabilities arising from a Single Transaction," effective April 1, 2023, which narrowed the scope of initial recognition exemptions[53] - The company is evaluating the impact of new and revised standards, including HKFRS 17 "Insurance Contracts" and HKAS 1 amendments, which are expected to be effective from January 1, 2024[56] - The company's operating segments are determined based on the report reviewed by the Lenovo Executive Committee (LEC), which includes the Intelligent Devices Group, Infrastructure Solutions Group, and Solutions and Services Group[57] - Revenue recognized at a point in time decreased to $53.88 billion in 2024 from $59.4 billion in 2023[59] - Depreciation and amortization expenses increased to $963.6 million in 2024 from $803.83 million in 2023[60] - Goodwill and indefinite-lived trademarks and trade names decreased to $6.17 billion in 2024 from $6.26 billion in 2023[61] - The Smart Devices Business Group's goodwill allocation was adjusted, with the PC and Smart Devices Business goodwill at $3.3 billion and Infrastructure Solutions Business at $1 billion in 2024[62] - The company's financial income decreased to $132.18 million in 2024 from $100.21 million in 2023, while financial expenses increased to $323.14 million from $154.53 million[58] - The company's total financial expenses for the Smart Devices Business Group increased to $293.5 million in 2024 from $349.2 million in 2023[60] - Operating profit for 2024 was impacted by depreciation of property, plant, and equipment amounting to $428.47 million, compared to $377.42 million in 2023[64] - Employee benefit costs increased to $5.57 billion in 2024 from $5.31 billion in 2023, with long