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 ...

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992.HK) [1] Core Insights - Lenovo Group's FY2024 performance exceeded market expectations, with Q4 revenue of $13.8 billion, up 10% year-on-year, and a net profit of $248 million, up 118% year-on-year. For the full fiscal year, revenue was $56.9 billion, down 8%, and net profit was $1 billion, down 37% [2][3] Financial Performance Summary - **Revenue and Profit Forecasts**: - FY2023A total revenue was $61.9 billion, with a forecast of $56.9 billion for FY2024, $61.3 billion for FY2025, $67.9 billion for FY2026, and $73.0 billion for FY2027 [2] - FY2023A net profit was $1.6 billion, with forecasts of $1.0 billion for FY2024, $1.2 billion for FY2025, $1.7 billion for FY2026, and $2.0 billion for FY2027 [2] - **IDG Business Performance**: - In the latest quarter, the IDG (Intelligent Devices Group) business generated $10.5 billion in revenue, up 7% year-on-year, with operating profit of $800 million, up 17% year-on-year. For FY2024, revenue was $44.6 billion, down 10%, with operating profit of $3.2 billion, down 12% [3] - Non-PC business revenue reached $6.2 billion, accounting for a historical high of 45% of total revenue, with double-digit growth in both shipment and revenue for mobile phones [3] - **ISG Business Performance**: - The ISG (Infrastructure Solutions Group) business achieved $2.5 billion in revenue, up 15% year-on-year, but reported an operating loss of $97 million. For FY2024, revenue was $8.9 billion, down 9%, with an operating loss of $200 million [3] - Future investments in AI servers are expected to drive recovery in profitability [3] Earnings Forecast and Investment Rating - The report adjusts the FY2025 and FY2026 net profit forecasts to $1.24 billion and $1.73 billion, respectively, and projects a net profit of $1.99 billion for 2027. The latest closing price corresponds to P/E ratios of 14.2, 10.2, and 8.8 times for FY2025, FY2026, and FY2027, respectively, maintaining a "Buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (0992.HK) [4] Core Insights - Lenovo's FY2024 revenue was $56.864 billion, a decrease of 8.2% year-on-year, while non-PC revenue increased by 3%, accounting for 42% of total revenue [2] - The net profit attributable to shareholders was $1.011 billion, down 37.1% year-on-year, primarily due to declining profitability in the Intelligent Devices Group (IDG) and increased investments in AI [2] - The report highlights a recovery in the PC industry, with global PC shipments expected to grow by 3%-5% in 2024, driven by factors such as Windows updates and the commercial replacement cycle [2] - Lenovo's IDG business showed diversified growth, with PC shipments up 7.8% year-on-year, smartphone shipments up 23%, and tablet shipments up 13% [2] - The report anticipates a narrowing of pre-tax losses in the Infrastructure Solutions Group (ISG) business, with potential AI infrastructure orders amounting to $7 billion [2] Summary by Sections Financial Performance - FY2024 revenue: $56.864 billion, down 8.2% from FY2023 - FY2024 net profit: $1.011 billion, down 37.1% from FY2023 - FY2024 IDG revenue: $44.599 billion, down 9.7% year-on-year [3][2] Business Segments - IDG business showed a pre-tax profit margin of 7.1% in FY2024, with a slight year-on-year decline [2] - SSG business revenue increased by 12.1% year-on-year to $7.472 billion, with pre-tax profit rising by 11.0% [2] - ISG business revenue was $8.922 billion, down 8.5% year-on-year, with a pre-tax loss of $248 million [2] Future Projections - FY2025 net profit forecast increased by 5% to $1.319 billion, with FY2026 and FY2027 forecasts at $1.702 billion and $2.003 billion respectively [3] - The report expects continued growth in high-margin SSG business, contributing to overall profitability improvement [2]

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 ...

Investment Rating - The investment rating for Lenovo Group (00992.HK) is maintained as "Buy" [2][4]. Core Views - The report highlights a steady recovery in the PC business and an anticipated ramp-up in AI server production, with expectations for improved profitability in the ISG segment [4][6]. - The forecast for net profit for FY2025-2026 is set at USD 1.205 billion and USD 1.538 billion, respectively, with a new projection for FY2027 at USD 1.901 billion, reflecting year-on-year growth rates of 19.3%, 27.6%, and 23.6% [4][7]. - The report indicates that the AI PC product ecosystem is continuously being optimized, enhancing user experience, and that the AI server segment is expected to enter a growth phase [4][6]. Financial Summary - For FY2024 Q4, Lenovo achieved revenue of USD 13.833 billion, a year-on-year increase of 9.5%, driven by a 15.1% growth in ISG revenue [5]. - The IDG segment's revenue grew by 6.8%, aligning with expectations, while the PC business saw a shipment growth of 7.8%, surpassing the industry average of 1.5% [5]. - The operating profit margin (OPM) for the PC business remained stable at 7.39%, while the ISG segment's operating loss margin widened to -3.8% due to increased R&D expenses [5][6]. - The projected earnings per share (EPS) for FY2025-2027 are USD 0.099, USD 0.127, and USD 0.157, translating to HKD 0.78, HKD 0.99, and HKD 1.22, respectively [4][7]. Market Performance - The current stock price is HKD 11.32, with a market capitalization of HKD 1,404.21 billion [3][4]. - The price-to-earnings (P/E) ratios for FY2025-2027 are projected at 14.6, 11.4, and 9.2 times, indicating a favorable valuation outlook [4][7].

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