智通财经网·2025-09-08 01:30Core Viewpoint - CICC maintains an outperform rating and profit forecast for Lenovo Group, with a target price increase of 10.4% to HKD 14.8, indicating a potential upside of 34.6% based on a FY2026 P/E of 14.0x [1] Company Status - CICC recently visited Lenovo's Shenzhen Future Center and discussed the company's latest AI smart device strategies, highlighting Lenovo's ongoing "one body, multiple ends" strategy in AI, which includes hardware innovations like rollable and transparent screens, and software enhancements for local large model capabilities [2] AI PC Progress - According to IDC, global PC shipments grew by 6.5% YoY in Q2 2025, with Lenovo outperforming the industry at 15.2% growth, increasing its market share to 24.6% due to precise product iterations and a global supply chain [3] - Lenovo's AI PC penetration in the Chinese market reached 27% of total notebook shipments in Q2 2025, with hardware innovations expected to iterate every six months [3] Cross-Device Experience - Lenovo's IDG President emphasized the "one body, multiple ends" strategy, enhancing cross-device experiences with the "Tianxi" personal super intelligent agent, which has seen a weekly active user ratio of 40% by the end of Q2 2025 [4] Global Supply Chain - Lenovo ranks eighth in Gartner's 2025 global supply chain list, with over 30 manufacturing bases across 11 markets, establishing a "China + N" strategy to mitigate risks from tariffs and macro uncertainties [5]