LENOVO GROUP(HK:00992) Ge Long Hui·2025-03-29 03:54Core Viewpoint - Lenovo is gaining market share in the US PC market, challenging traditional leaders HP and Dell, with a significant year-on-year growth rate of 12.8% compared to HP's 0.6% and Dell's -4.1% [1][4]. Market Performance - In 2024, the US PC market shipped 69.21 million units, a 5.2% increase from 2023 [2]. - Lenovo's shipment volume reached 11.872 million units, increasing its market share from 16.0% in 2023 to 17.2% in 2024 [2][4]. - The gap between Lenovo and HP has narrowed from 10.4 percentage points in 2023 to 8.1 percentage points in 2024 [4]. Growth Drivers - The commercial demand surge is driven by the impending end of Windows 10 support, leading to an early release of enterprise upgrade needs, with a projected 9% growth in the commercial market in the second half of 2024 [2][4]. - Lenovo's comprehensive product range across all price segments has effectively diverted users from HP and Dell [4]. Competitive Landscape - Lenovo's growth rate of 12.8% is 2.5 times the industry average of 5.2% [4]. - The competitive dynamics among leading manufacturers are shifting, with Lenovo's strategic positioning in the commercial sector and flexible supply chain providing a competitive edge [5]. Supply Chain Advantages - Lenovo's supply chain resilience, particularly through its Mexican factory, allows it to capitalize on the USMCA's zero-tariff policy, reducing end-user prices and enhancing competitiveness [4][5].