Zhi Tong Cai Jing·2025-08-18 08:25Core Viewpoint - Goldman Sachs expects Lenovo (00992) to benefit from the expansion of AI PC and server businesses, with investments in generative AI driving long-term growth, maintaining a "Buy" rating and raising the target price from HKD 12.48 to HKD 13.56 [1] Group 1: Financial Projections - The firm forecasts a compound annual growth rate (CAGR) of 11% for Lenovo's revenue from 2025 to 2027, primarily driven by the rise of AI PC products and an increase in market share [1] - The non-Hong Kong Financial Reporting Standards net profit estimates for 2026 to 2028 have been raised by 2%, 18%, and 18% respectively [1] Group 2: Market Performance - Lenovo's server business is continuously transitioning towards high-end products [1] - Global PC shipments increased by 15.2% year-on-year in the second quarter, outperforming the industry average growth of 6.5% [1] - Lenovo's market share rose from 23% to 24.8%, with AI PCs expected to help capture additional market share [1]