智通财经网·2025-09-09 06:59Core Viewpoint - The report from Huatai Securities indicates that Lenovo Group is expected to benefit from the strong demand driven by the development of global hybrid artificial intelligence, maintaining a "Buy" rating with a target price of HKD 16, corresponding to a 15x FY2026E PE [1] Group 1: Motorola Mobile Business - Motorola's mobile business has achieved a global breakthrough, with its foldable phone market share doubling in 2QCY25, reaching 28%, an increase of 14 percentage points year-on-year, surpassing Samsung to become the largest foldable phone manufacturer globally [2] - The Moto brand's smartphone revenue grew by 14.0% year-on-year, with sales exceeding market growth for eight consecutive quarters, particularly strong in emerging markets [2] - In the U.S. high-end market, the Motorola razr series, priced at USD 699, has become the most cost-effective foldable phone, driving record-high shipments in the U.S. foldable phone market [2] Group 2: AI PC Market - The penetration rate of AI PCs is rapidly increasing, with hybrid AI solutions becoming a significant growth driver [3] - According to IDC data, Lenovo's global PC market share reached a record high of 24.6% in 2QCY25, with expectations for continued expansion of market share [3] - The current market penetration rate of AI PCs is approximately 30%, with user engagement for AI applications reaching about 40%, indicating strong potential for future growth in AI application penetration [3] Group 3: Global Supply Chain and Investment - Lenovo's "China + N" global manufacturing layout demonstrates significant advantages in the current trade environment, with over 30 manufacturing bases globally and self-owned factories in 11 countries [4] - This flexible production capability allows Lenovo to effectively respond to external uncertainties and ensure delivery efficiency through localized production in regions like Mexico and Hungary [4] - Lenovo has completed a USD 2 billion zero-interest convertible bond investment with Saudi Arabia's Public Investment Fund and is establishing a production base in Saudi Arabia, expected to commence operations in 2026, aligning with Saudi Arabia's "Vision 2030" strategy for AI infrastructure and digital economy development [4]