公司研究 | 动态跟踪 联想集团 00992.HK 联想发布多款 AI PC，持续推进 AI 生态建 买入（维持） 设 股价（2024年05月03日） 9.17港元 目标价格 11.03港元 52周最高价/最低价 11.1/6.6港元 总股本/流通H股（万股） 1,240,466/1,240,466 H股市值（百万港币） 113,751 核心观点 国家/地区 中国 行业 电子 ⚫ 联想发布多款真正的AI PC产品。联想在联想创新科技大会正式发布多款AI PC新 报告发布日期 2024年05月06日 产品，包括 ThinkPad T14p、ThinkBook 16p、YOGA Book 9i、YOGA Pro 16s、 YOGA Air 14及小新 Pro等，实现了其定义的AI PC五大特性：内嵌个人大模型与 1周 1月 3月 12月 用户自然交互的智能体、个人知识库、本地异构 AI 算力、开放的人工智能应用生态 绝对表现% 1.55 5.89 15.06 15.87 以及个人数据和隐私安全保护，成为中国市场中真正意义上的AI PC。 相对表现% -3.12 -4.58 -3.88 22.08 ⚫ 个人智能体联 ...

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992) with a target price based on the last closing price of HKD 9.03 [1][2] Core Insights - Lenovo has launched its first batch of AIPC products, marking a significant step in building an AI large model ecosystem. The AIPC products feature five key characteristics, including embedded personal large models and a focus on data privacy [1][2] - The company is expected to see a recovery in revenue, particularly in the AI sector, with projected EPS for FY2024, FY2025, and FY2026 at USD 0.07, USD 0.12, and USD 0.13 respectively [1][3] Financial Performance Summary - Revenue (in million) for FY22/23 was 71,618.22, with estimates for FY23/24 at 55,862.21, FY24/25 at 58,655.32, and FY25/26 at 63,347.74 [3][4] - Net profit (in million) for FY22/23 was 2,029.82, with projections of 890.65 for FY23/24, 1,181.66 for FY24/25, and 1,611.64 for FY25/26 [3][4] - The company’s net profit growth rates are projected at 67.64% for FY23/24, 62.99% for FY24/25, and 11.02% for FY25/26 [3][4] Key Financial Ratios - The report indicates a projected P/E ratio of 7.40 for FY23/24, 16.87 for FY24/25, and 10.35 for FY25/26 [3][7] - The net profit margin is expected to be 2.16% for FY22, increasing to 3.00% for FY23, and projected at 1.73% for FY24 [7] - The return on equity (ROE) is projected to be 34.02% for FY22, decreasing to 16.19% for FY24, and then increasing to 22.22% for FY26 [7]

计算机/计算机设备 公 司 研 联想集团（00992.HK） AI PC 软硬件持续优化，服务器增长动能加强 究 2024年04月21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 日期 2024/4/19 证 书编号：S0790521110001 证书编号：S0790123080037  AI PC软硬件持续优化，服务器业务有望于2024H2增长动能加强 港 当前股价(港元) 8.200 我们维持公司FY2024 -2026归母净利润预测分别为9.29/12.05/15.38亿美元，对 股 一年最高最低(港元) 11.100/6.900 公 应同比变化率分别为-42.2%/29.7%/27.6%，对应摊薄后EPS 0.077/0.099/0.127美 司 总市值(亿港元) 1,017.18 元，折合0.60/0.78/0.99港元。最新股价8.2港元对应2024-2026财年13.7/10.5/8.3 信 流通市值(亿港元) 1,017.18 息 倍 PE。我们预计 2024 年 PC 行业有望 ...

Core Insights - The Lenovo Tech World 2024 emphasized the theme "AI for All, Let the World be Full of AI," highlighting the significant opportunities presented by hybrid artificial intelligence [1] - Lenovo's SSG plans to upgrade its service offerings to include full-cycle services and customized industry solutions, focusing on enterprise intelligent agents to drive innovation and transformation in business models [1] Group 1: Hybrid AI Opportunities - Hybrid AI is expected to become a major trend, providing new opportunities in the service sector through enhanced collaboration and connectivity among smart devices [1] - The deployment and operation of hybrid AI infrastructure will create substantial demand for intelligent infrastructure services and comprehensive full-cycle support [1] - AI-native solutions will lead to innovative business scenarios, enhancing decision-making capabilities and driving business model transformations [1] Group 2: Strategic Upgrades and Initiatives - Lenovo SSG is upgrading its service portfolio to align with the hybrid AI era, termed Portfolio 2.0 [1] - The company is focusing on tailored industry solutions to facilitate the application of hybrid AI [1] - Lenovo is establishing the Qingtian Ecosystem Alliance in China, inviting partners involved in AI application development and large model services to collaborate [3]

2024年03月12日 公 司点评 公 买入 / 维持 司 联想集团(00992) 研 究 目标价: 昨收盘:9.37 第三季度收入增速同比转正，AI 引领未来发展 公司发布 FY2023/2024 第三季度财报，前三季度实现营业收入 ◼ 走势比较 430.31亿美元，同比减少12.77%，归母净利润7.63亿美元，同比减 少48.95%。 50% 太 34% 平 第三季度收入增速同比转正。2023/2024 财年第三季度，公司收 18% 洋 入 157.21 亿美元，同比增长 2.65%，净利润 3.37 亿美元，同比减少 2% 证 (14%)31/3/32 42/5/32 4/8/32 51/01/32 62/21/32 7/3/42 22.9 2%，环比增加35.22%。 券 (30%) 智能设备业务表现优异。公司三项业务中： 股 份 联想集团 恒生指数 ⚫ 智能设备业务集团实现收入 341.37 亿美元，同比减少 13.74%，第三季度收入同比增长 6.70%。个人电脑全球市场 有 ◼ 股票数据 份额达到24%，商用个人电脑的市占率攀升至27%。手机业 限 总股本(百万股) 1,137.31 务增长态 ...

公司研究 | 季报点评 联想集团 00992.HK 买入（维持） 营收同环比增长，期待 AI PC 股价（2024年02月29日） 8.67港元 目标价格 10.06港元 52周最高价/最低价 11.1/6.6港元 总股本/流通H股（万股） 1,240,466/1,240,466 H股市值（百万港币） 107,548 核心观点 国家/地区 中国 行业 电子 ⚫ FY23/24Q3 集团实现营业收入 157 亿美元，环比增长 9%，同比提升 3%；实现归 报告发布日期 2024年03月01日 母净利润3.37亿美元，环比增长35%。 ⚫ 智能设备业务集团IDG领先地位稳固，AI PC有望提供新驱动力。 FY23/24Q3， 1周 1月 3月 12月 IDG实现营收约124亿美元，同比增长7%；IDG还实现了7.4%的行业领先的经营 绝对表现% -1.92 -1.48 -9.69 28.69 利润率，接近历史峰值。根据IDC数据，23年第四季度全球PC出货为6710万 相对表现% -0.54 -4.18 -6.85 45.24 台，其中联想集团PC出货量达1610万台，全球排名维持第一，市场领先地位稳 恒生指数% ...

Investment Rating - The report assigns a "Buy" rating for Lenovo Group (00992.HK) with an initial coverage [2]. Core Views - Lenovo's revenue has returned to a growth trajectory, driven by AI PCs and servers, with Q3 2024 revenue reaching $15.721 billion, a year-on-year increase of 3% and a quarter-on-quarter increase of 9% [1]. - The company is expected to benefit significantly from the gradual recovery of the PC market and the rapid penetration of AI PCs and servers, leading to continuous revenue growth [2]. Financial Performance Summary - For Q3 2024, Lenovo reported a net profit of $337 million, a decrease of 23% year-on-year but an increase of 35% quarter-on-quarter [1]. - The Intelligent Devices Group (IDG) generated $12.362 billion in revenue, up 7% year-on-year, with an operating profit of $911 million, also up 7% [1]. - The Infrastructure Solutions Group (ISG) saw revenue of $2.473 billion, down 13% year-on-year, with an operating loss of $38 million, a decrease of 187% [1]. - The Solutions and Services Group (SSG) achieved revenue of $2.021 billion, a 10% increase year-on-year, with an operating profit of $412 million, up 11% [1]. Revenue Forecast - The report forecasts Lenovo's overall revenue for FY24, FY25, and FY26 to be $56.052 billion, $60.555 billion, and $67.160 billion respectively, with corresponding net profits of $945 million, $1.198 billion, and $1.633 billion [4][5]. Business Segment Analysis - IDG revenue is expected to decline by 10% in FY24, followed by growth of 6.9% in FY25 and 9.8% in FY26 [4]. - ISG revenue is projected to decrease by 12% in FY24, then grow by 12.9% in FY25 and 15.3% in FY26 [4]. - SSG revenue is anticipated to grow by 10.4% in FY24, 9.48% in FY25, and 9.3% in FY26 [4]. Market Position and Competitive Advantage - Lenovo is positioned as a leading player in the global PC market and is expected to benefit from the increasing penetration of AI PCs, which is projected to exceed 50% by 2026 [2]. - The company has become the third-largest AI server vendor globally, with AI infrastructure revenue exceeding $2 billion [2]. Valuation Metrics - The report provides a comparison of Lenovo's valuation metrics with comparable companies, indicating a P/E ratio of 14.54 for FY24, which is lower than its peers [7].

Investment Rating - The report maintains an "Add" rating for the company [2] Core Views - The company's FY24 Q3 performance shows continuous improvement, with total revenue of $15.721 billion (YoY +3%, QoQ +9%), gross profit of $2.601 billion (YoY flat, QoQ +3%), and a net profit of $337 million (YoY -23%, QoQ +35%) [2] - The smart device segment generated revenue of $12.362 billion (YoY +6.9%, QoQ +7.4%), with an operating profit of $911 million and a market share of 24.0% [2] - The infrastructure solutions segment reported revenue of $2.473 billion (YoY -13.4%, QoQ +23.5%), with a net operating loss of $38 million [2] - The solutions services segment achieved revenue of $2.021 billion (YoY +10.1%, QoQ +5.4%), with an operating profit of $412 million [2] - The company expects revenue growth driven by AI and new product launches, particularly in the PC and server segments [2] Summary by Sections Financial Performance - FY24 Q3 total revenue: $15.721 billion, gross profit: $2.601 billion, net profit: $337 million [2] - FY2024-2026 revenue projections: $56.012 billion, $59.945 billion, $65.257 billion, with corresponding net profits of $914 million, $1.234 billion, and $2.005 billion [3] Segment Analysis - Smart Devices: Revenue of $12.362 billion, operating profit of $911 million, with a market share of 24.0% [2] - Infrastructure Solutions: Revenue of $2.473 billion, operating loss of $38 million, with significant growth in storage business [2] - Solutions Services: Revenue of $2.021 billion, operating profit of $412 million, benefiting from increased demand for service solutions [2] Earnings Forecast - Expected EPS for FY2024-2026: $0.08, $0.10, $0.17, reflecting anticipated recovery in PC business and growth in AI-related server sales [2][3]

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]

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 ...