Ge Long Hui·2025-06-06 02:19Group 1 - The company achieved a revenue of $17 billion in FY25Q4, representing a year-on-year growth of 23%, with all main business segments showing double-digit growth [2] - The non-personal computer business revenue increased its share to 47% of total revenue, indicating a shift in the company's focus [2] - The IDG segment generated $11.8 billion in revenue, growing 13% year-on-year, while ISG revenue surged by 63% to $4.1 billion, and SSG revenue rose by 18% to $2.2 billion [2] Group 2 - The ISG business turned profitable for two consecutive quarters, driven by both traditional and AI computing, with cloud infrastructure revenue exceeding $10 billion, up 92% year-on-year [3] - The SSG segment achieved an operating profit of $1.8 billion, a 15% increase year-on-year, benefiting from digital workplace solutions and hybrid cloud services [3] - The company is optimistic about the strong demand for hybrid AI, which is expected to continue driving growth in solutions and services [3] Group 3 - The company adjusted its revenue forecasts for FY2026E to FY2028E to $75.1 billion, $79.7 billion, and $83.7 billion respectively, reflecting an increase from previous estimates [1] - Corresponding adjusted net profits for FY2026E to FY2028E are projected at $1.58 billion, $1.94 billion, and $2.35 billion [1] - The target price for Lenovo Group's Hong Kong stock is revised to HKD 14.7, maintaining a "Buy" rating based on a FY2026 PE of 15X [1]