Core Viewpoint - The gradual weakening of tariff impacts is expected, with AI PC penetration accelerating in the second half of the year, benefiting Lenovo's three main business segments, despite uncertainties from ISG losses [1][2] Group 1: Financial Performance - For FY2026 Q1, Lenovo reported revenue of $18.83 billion, a year-on-year increase of 21.9%, and a non-GAAP net profit of $389 million, also up 21.8%, with a net profit margin of 2.1% [1] - The non-GAAP net profit forecasts for FY2026-2028 have been revised down to $1.67 billion, $1.96 billion, and $2.30 billion, respectively, reflecting a year-on-year growth of 15.9%, 17.2%, and 17.5% [1] Group 2: Business Segment Analysis - IDG segment achieved revenue of $13.46 billion, with Lenovo's PC shipment growth of 15.2% year-on-year, significantly outperforming the industry [1] - ISG segment revenue reached $4.29 billion, a 35.8% year-on-year increase, with AI server revenue more than doubling, indicating strong demand [1] - SSG segment generated $2.26 billion in revenue, up 19.8% year-on-year, with deferred revenue of $3.5 billion, enhancing business predictability [1] Group 3: Market Outlook - The acceleration of Windows 10 replacements, continued national subsidies, and reduced tariff impacts are expected to sustain PC shipment volumes and AI PC penetration [2] - With the lifting of H20 restrictions, AI server order demand is anticipated to increase, potentially leading ISG back to profitability [2] - The SSG segment, previously underappreciated, is now expected to contribute significantly to overall performance due to rising enterprise AI demand [2]

Core Insights - Lenovo Group reported Q1 FY2025/26 earnings with revenue growth of 22% year-on-year to $18.83 billion, achieving a historical high for the same period, with all three business groups showing double-digit growth [1] - Net profit reached $505 million, up 108% year-on-year, exceeding market expectations, while non-Hong Kong Financial Reporting Standards net profit was $389 million, a 22% increase [1] - The company is committed to a hybrid AI strategy, with R&D investment increasing by 10% year-on-year, focusing on enhancing capabilities in "one body, multiple ends" and "edge-cloud" solutions [1][2] Business Segment Summaries Intelligent Devices Group (IDG) - IDG revenue was $13.46 billion, a year-on-year increase of 17.8%, with a global PC market share of 24.6%, the highest in history [1] - AIPC penetration rate continues to rise, with shipments accounting for over 30% of total PC shipments, and AIPC shipments in China with "five AI characteristics" making up 27% of total notebook shipments [1] Infrastructure Solutions Group (ISG) - ISG revenue surged by 36% year-on-year, with AI infrastructure revenue doubling and liquid cooling technology revenue increasing by nearly 30% [2] - The dual-track strategy of cloud infrastructure (CSP) and enterprise infrastructure (E/SMB) is showing initial results, with revenue and operating profit margins improving in the Chinese market [2] Solutions and Services Group (SSG) - SSG revenue grew by 19.8% to 16.3 billion RMB, achieving a historical high with an operating profit margin of 22.2%, up 1.2 percentage points year-on-year [2] - Strong growth in TruScale orders, with double-digit growth in equipment-as-a-service and triple-digit growth in infrastructure-as-a-service, driven by high-end services like hybrid cloud and AI solutions [2] Strategic Initiatives - The company is firmly executing its hybrid AI strategy, transitioning from "3S to AI Twins," focusing on scalable AI-driven solutions [2] - AIPC is positioned as a personal AI entry point, enhancing supply chain resilience and cost efficiency through global manufacturing and ODM+ models to address tariffs and geopolitical uncertainties [2] Investment Outlook - For FY2025/26 and FY2026/27, adjusted net profit is projected to be $1.63 billion (up 13.0% year-on-year) and $1.89 billion (up 15.9% year-on-year) respectively [3] - The target price is set at HKD 14.4 based on an estimated P/E ratio of 14.0x for FY2025/26, indicating a potential upside of 31.7% from the recent closing price, with a "buy" rating [3]

Core Viewpoint - Lenovo Group reported strong financial performance for 1QFY26, with revenue reaching $18.83 billion, a 22% year-on-year increase, marking a record high for the first quarter [1] Financial Performance - Revenue for 1QFY26 was $18.83 billion, up 22% year-on-year, with significant growth across regions: China (+36%), Asia Pacific (+39%), Americas (+14%), and EMEA (+9%) [1] - Non-HKFRS net profit was $389 million, a 22% increase year-on-year, while net profit attributable to shareholders was $505 million, up 108% [1] - The increase in net profit was partly due to a non-cash fair value gain of $152 million related to warrants and nominal interest of $27.82 million from convertible bonds [1] Business Trends - The PC business showed strong growth, with IDG revenue increasing by 17.8% to $13.46 billion, and personal PC revenue growing by 21.9%, the fastest growth in 15 quarters [1] - Lenovo's global PC shipment growth of 15.2% outpaced the industry average of 6.5%, leading to a market share of 24.6% [1] - AI PC shipments accounted for over 30% of total PC shipments in 2Q25, with a 27% share in the Chinese market, highlighting Lenovo's leadership in the AI PC sector [1] - The "Tianxi" personal super intelligent system has seen increased user engagement, with a weekly active user ratio averaging 40% by the end of 2Q25 [1] AI Infrastructure - ISG revenue reached $4.29 billion, a 36% year-on-year increase, despite an operating loss of $86 million due to lower margins from AI server sales and increased R&D investments [2] - AI infrastructure revenue grew by 155% year-on-year, driven by strong demand for AI computing power [2] - In China, ISG revenue increased by 76%, with improved profitability and a 3 percentage point rise in operating profit margin [2] Profit Forecast and Valuation - The company has cautiously raised FY2026/27 non-HKFRS net profit estimates by 2.3% and 2.8% to $1.687 billion and $1.968 billion, respectively [2] - Current stock price corresponds to a P/E ratio of 10.3x for FY2026 and 8.8x for FY2027, with a target price of HKD 13.40, indicating a 24% upside potential [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 14.4, representing a potential upside of 31.7% from the recent closing price of HKD 10.93 [6]. Core Insights - The company reported Q1 FY2025/26 earnings that exceeded market expectations, with revenue increasing by 22% year-over-year to USD 18.83 billion, marking a historical high for the same period. Net profit reached USD 505 million, up 108% year-over-year, indicating strong performance across all business segments [1][4]. - The company is committed to its hybrid AI strategy, with R&D investment increasing by 10% year-over-year, aiming to enhance its AI capabilities and improve profitability over time [1][3]. Summary by Sections Smart Devices Business - The Intelligent Devices Group (IDG) generated revenue of USD 13.46 billion, a year-over-year increase of 17.8%. The company's global PC market share reached a record high of 24.6%, with AI PC (AIPC) shipments accounting for over 30% of total PC shipments [2]. - The AIPC penetration rate continues to rise, with AIPC shipments in the Chinese market representing 27% of total notebook shipments. The smartphone business has achieved double-digit revenue growth for seven consecutive quarters [2]. Infrastructure Solutions Business - The Infrastructure Solutions Group (ISG) saw revenue grow by 36% year-over-year, with AI infrastructure revenue doubling and liquid cooling technology revenue increasing by nearly 30%. The dual-track strategy of cloud infrastructure (CSP) and enterprise infrastructure (E/SMB) is showing positive results [2][3]. - Despite recording an operating loss of USD 8.55 million due to investments in AI capabilities, the long-term growth potential remains significant [2]. Solutions Services Business - The Solutions Services Group (SSG) reported a revenue increase of 19.8% to RMB 16.3 billion, achieving a historical high with an operating profit margin of 22.2%, up 1.2 percentage points year-over-year. Strong growth in TruScale orders and high-end services such as hybrid cloud and AI solutions are driving future growth [3]. Strategic Progress - The company is firmly executing its hybrid AI strategy, focusing on scalable AI-driven solutions through its "one body, multiple ends" and "edge-cloud" platforms. The AIPC serves as a personal AI entry point, enhancing supply chain resilience and cost efficiency [3]. Financial and Valuation Summary - For FY2025/26 and FY2026/27, the adjusted net profit is projected to be USD 1.63 billion (up 13.0% year-over-year) and USD 1.89 billion (up 15.9% year-over-year), respectively. The estimated P/E ratio for FY2025/26 is 14.0x [4][5].

Investment Rating - The report does not provide a specific investment rating for Lenovo Group (992) [2] Core Insights - Lenovo Group demonstrated resilience in its supply chain and operational efficiency, leading to a continuous improvement in profit margins despite a slight decline in overall gross margin [3] - The company achieved a revenue growth of 22% year-on-year in the first quarter of the fiscal year 2025/26, with a non-Hong Kong Financial Reporting Standards operating profit of $630 million, up 10% year-on-year [3][4] - The report highlights strong growth across all main business segments, with significant contributions from the IDG, ISG, and SSG divisions [5][9][12] Summary by Sections Financial Performance - The first quarter of fiscal year 2025/26 saw a revenue of $18.83 billion, reflecting a 22% year-on-year increase, with a gross margin of 14.7%, down 1.9 percentage points [3][16] - Non-Hong Kong Financial Reporting Standards net profit reached $390 million, a 22% increase year-on-year, while the Hong Kong Financial Reporting Standards net profit was $510 million, up 108% [3] Business Segment Performance - IDG business revenue was $13.5 billion, growing 18% year-on-year, with a stable operating profit margin of 7.1% [5][12] - ISG business revenue increased by 36% to $4.3 billion, with AI server revenue more than doubling, although operating profit was negative due to low-margin customer revenue and increased R&D costs [9] - SSG business revenue reached $2.3 billion, a 20% year-on-year increase, maintaining a strong operating profit margin of 22% [12] Market Dynamics - The Chinese market showed a significant recovery with a 36% revenue growth, while the Americas and Asia-Pacific regions also reported strong growth rates of 14% and 39%, respectively [4] - The company gained market share in the Americas, with a PC market share of 24.6%, while the European, Middle Eastern, and African markets grew by 9% [4] Future Projections - Revenue is projected to reach $69.08 billion in fiscal year 2024/25, with a year-on-year growth of 21.5%, and expected to continue growing to $76 billion in 2025/26 [17] - The forecasted net profit for fiscal year 2025/26 is $1.7 billion, reflecting a 22.8% year-on-year increase [17]

联想集团交出的最新季度成绩单，表现再次超出市场预期。 第一财季，联想集团总营收同比增长22%至188.3亿美元，不仅超越市场预期的174亿美元，更刷新历史 同期营收峰值；净利润达5.05亿美元，净利率保持在2.68%的健康区间。 业绩超预期可能只是新一轮浪潮的序章。 联想的估值逻辑已从"硬件龙头"升级为"混合AI服务商"。在"美国M7"与"中国七巨头"双线共振的β浪潮 中，其估值折价与产业红利之间的落差，正在加速收敛。 一、全球AI龙头引领，风险偏好外溢港股 2025年全球资本市场的核心叙事，仍旧由科技巨头主导。美股"七巨头"(M7：英伟达、微软、谷歌、亚 马逊、苹果、Meta、特斯拉)持续扮演引擎角色——英伟达市值突破4.4万亿美元登顶全球之冠，占标普 500指数权重约8%；Meta年内股价涨幅达32%，市值迫近2万亿美元大关。这些企业在AI算力、云计 算、大模型等领域的密集创新，并贡献了标普500指数过半的涨幅。进一步地，资本对AI主题的追逐更 延伸至ETF市场，AIQ、BOTZ等基金规模持续扩张，折射出全球资金对科技主线的坚定配置意愿。 但值得注意的是，当M7占标普500权重达8%、贡献指数超50%涨幅 ...

Investment Rating - The investment rating for Lenovo Group (00992.HK) is "Buy" (maintained) [1] Core Views - The report highlights that Lenovo is expected to benefit from the accelerated penetration of AI PCs and strong demand for AI servers, despite short-term pressure on ISG profitability due to increased R&D investments. The non-GAAP net profit estimates for FY2026-2028 have been adjusted to $1.67 billion, $1.96 billion, and $2.30 billion respectively, reflecting year-on-year growth of 15.9%, 17.2%, and 17.5% [4][5] Financial Performance Summary - For FY2026 Q1, Lenovo reported revenue of $18.83 billion, a year-on-year increase of 21.9%, with a non-GAAP net profit of $389 million, also up 21.8%. The net profit margin remained stable at 2.1% [5] - The breakdown of revenue by business segments shows: - IDG: Revenue of $13.46 billion, with a year-on-year growth of 15.2% in PC shipments, significantly outperforming the industry [5] - ISG: Revenue of $4.29 billion, a year-on-year increase of 35.8%, with AI server revenue more than doubling [5] - SSG: Revenue of $2.26 billion, up 19.8%, with deferred revenue of $3.5 billion, indicating strong business predictability [5] Business Outlook - The report anticipates continued momentum in PC shipments and AI PC penetration, supported by the ongoing Windows 10 replacement cycle and reduced tariff impacts. The ISG segment is expected to return to profitability as demand for AI servers increases [6] - The SSG segment has gained attention due to rising enterprise AI demand, with its operating profit contribution exceeding 50% [6]

（文章来源：证券时报网） 花旗研究报告指出，联想集团2026财年第一季度业绩超出了花旗及市场的预期，这得益于销售增长的加 速和税率的下降。对于第二季度的展望，集团预计收入将实现高个位数百分比的同比增长，这一稳健的 预测有望缓解投资者对终端需求不确定性的担忧。联想对个人计算机和服务器业务持乐观态度，并将商 业替换、AI PC采用率的提高以及服务器产品组合的扩展视为关键增长动力。基于公司稳健的基本面、 出色的执行能力以及具有吸引力的估值，花旗维持"买入"评级，并将目标价从13.3港元上调至13.6港 元。 ...

基于公司稳健的基本面、强劲的执行力及具吸引力的估值，花旗维持"买入"评级，目标价从13.3港元上 调至13.6港元。 花旗发表研究报告指，联想集团6月底止2026财年第一季业绩超出花旗及市场预期，受益于销售增长加 快和税率下降。第二季指引上，集团预计收入将实现高个位数百分比按年增长，展望稳健，应有助于缓 解投资者对终端需求不确定性的担忧。联想对其个人计算机和服务器业务保持乐观，继续视商业替换、 AI PC采用率上升，以及服务器产品组合扩展为关键驱动因素。此外，公司灵活性和多元化营运亦应有 助于应对宏观波动。 ...

联想中国区业绩实现强劲的"开门红"。8月14日，联想集团发布2025/26财年第一季度（2025年4月-6月）财报，联 想集团执行副总裁兼中国区总裁刘军在接受媒体采访时表示，联想中国区实现营业额和利润的双双大幅增长，非 PC业务收入过半，取得历史性突破。 首先是在AI基础设施领域，联想万全异构智算平台升级到3.0，新增了AI推理加速算法集、AI编译优化器、专家并 行通信算法、AI训推慢节点故障预测与自愈系统等创新技术，覆盖了模型预训练、后训练和推理AI全流程需 求。"万全平台可以看成是智算中心的操作系统，可以统一纳管不同算力，兼容多种技术架构。"刘军表示，丰富 的技术创新使联想能够基于同样的硬件平台，为用户提供更好的计算性能，比如推理性能提升5-10倍、推理延时 降低3倍以上等。 数据显示，联想中国区在集团第一财季的营业额和利润分别实现36%和43%的同比增长，非PC业务收入超过 54%。其中，IDG（智能设备）业务中PC在中国市场的份额保持高位并继续突破，创同期历史新高；ISG（智能基 础设施）业务营收同比增长72%，其中服务器同比大幅增长81%；SSG（解决方案与服务）业务营收和利润双双实 现超20%的同 ...