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(% ...

Investment Rating - The report maintains a "Buy" rating for Lenovo Group with a new target price of HKD 11.48 [3][23]. Core Insights - Lenovo's FY24Q3 performance met expectations, with the Intelligent Devices Group (IDG) returning to growth and steady recovery in its main business, leading to improved profitability [3]. - Revenue growth turned positive, with FY24Q3 revenue reaching USD 15.721 billion, a year-on-year increase of 3%, driven by IDG's recovery and an increase in non-PC revenue share to 42% [3]. - The report adjusts net profit forecasts for FY24-26 to USD 1.02 billion, USD 1.21 billion, and USD 1.62 billion respectively, reflecting changes in PC replacement cycles, server demand, and AI PC shipment progress [3][20]. Financial Summary - FY24Q3 revenue was USD 15.721 billion, with a gross margin of 16.5% and a net profit of USD 377 million, resulting in a net profit margin of 2.4% [3][4]. - The Intelligent Devices Group (IDG) achieved revenue of USD 12.362 billion in FY24Q3, a year-on-year increase of 7%, with an operating profit of USD 911 million [3][21]. - The Solutions and Services Group (SSG) reported revenue of USD 2.021 billion, a year-on-year increase of 10%, with operating profit reaching USD 412 million [3][21]. Market Position - Lenovo's PC market share approached 24% in FY24Q3, reinforcing its position as the global leader [3]. - The report highlights the anticipated launch of AI PCs in H1 2024, which is expected to drive a new replacement cycle in the market [3].

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]

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 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 ...

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 ...

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 ...

At Lenovo, we believe AI should live where you do. On your shop floor, sales floor, front desk, teacher's desk, home office, corner office, oh, and on your commute, beep, beep, AI should be personalized to you, always responsive and always protected, so we all can be safer, smarter, healthier, happier, more productive, less stressed, AI should be at your fingertips. We build and deploy AI solutions at the edge of the network and on premise, so they're immediate, private, and tailored to your business. And w ...

2月22日，联想集团(00992)公布第三财季业绩，整体营收1136亿人民币，同比增长3%，净利润近26亿人民币，盈利能力连续两个季度实现环比改善。在业务细分板块中，移动手机业务最为抢眼。 联想集团称，智能手机业务继续高歌猛进。得益于3年增长计划的有力执行，智能手机在亚太、EMEA和北美地区表现强劲，分别超出市场增速250、55、40个百分点。受摩托罗拉Razr大卖驱动，高端产品占比达到了创纪录的25%。 Canalys近日公布了2023年第四季度，欧洲地区（不含俄罗斯）智能手机出货量为3,780万部，同比下降3%，但摩托罗拉的增长率达到了惊人的73%！在欧洲已经冲到了市场的第四名。 Canalys研究分析师Brandon Gurney表示：“除了前三名之外，2023年厂商的格局发生巨大变化。少数厂商的强劲涨势抵消整体市场的下滑。2023年，摩托罗拉是增长最为强劲的厂商。其专注于在整个地区针对性地获取移动网络运营商的名额，以实现全年的持续增长。“ ...

Core Insights - Lenovo Group reported third-quarter revenue of 113.6 billion RMB, a year-on-year increase of 3%, with net profit nearing 2.6 billion RMB, showing sequential improvement in profitability for two consecutive quarters [1] Business Performance - The SSG business showed strong performance, with support services revenue growing by 7% year-on-year, driven by increased penetration and record-high service order volumes for Premier Support and Premier Support Plus [1] - Operations and maintenance services benefited from strong demand for Device-as-a-Service and Infrastructure-as-a-Service solutions, with revenue increasing by 26% year-on-year [1] - The total contract value for Infrastructure-as-a-Service increased by over 80% year-on-year, supporting a long-term growth trajectory [1] Strategic Initiatives - In the first half of this year, the company plans to launch AI solutions such as Care-of-One, Intelligent Sustainable Solutions Advisor (L.I.S.S.A), and Cybersecurity-as-a-Service (CRaaS) to meet customer needs [1] - Lenovo is closely collaborating with NVIDIA to provide AI professional services, assisting clients in rapidly deploying hybrid AI solutions [1] Service Expansion - The SSG Solutions Services Group secured its largest TruScale Infrastructure-as-a-Service order to date and the largest asset recovery service order in the third fiscal quarter [1] - Lenovo's global footprint significantly enhances its operational service capabilities, making the Solutions Services Group a preferred choice for international companies and those planning overseas expansion [1] - Revenue from project and solutions services grew by 5% year-on-year, primarily due to strong demand for integrated complex solutions across various verticals and effective cross-team execution [1] AI Solutions and Market Trends - Hybrid AI solutions leverage general AI foundational models but are deployed on private or hybrid infrastructures to ensure security, leading to sustained demand for IT services, including consulting, implementation, and maintenance for hybrid AI [1] - AI computing resources are shifting from training AI models to inference, necessitating a more balanced infrastructure across client, edge, and cloud environments [1] - Lenovo's AI professional services will assist clients in building optimal AI strategies during rapidly changing times, with a comprehensive "from pocket to cloud" AI capability becoming a unique advantage for providing enterprise-level AI services and solutions [1]