LENOVO GROUP(HK:00992) Ge Long Hui·2025-09-15 08:30Core Insights - The Indian PC market (excluding tablets) experienced a 6% year-on-year growth in Q2 2025, with shipments reaching 3.6 million units, driven by strong demand from enterprises and steady consumer market improvements [1][3] Company Performance - Lenovo led the market with a 19.3% year-on-year growth rate, achieving a market share of 19.9%, significantly outperforming its competitors [1][2] - HP maintained the highest market share at 30.2%, but its year-on-year growth was only 0.2%, indicating stagnation [1][2] - Acer and Asus showed growth, but their rates did not reach double digits, failing to challenge the top two brands effectively [2] - Dell's performance declined, with a year-on-year shipment drop of 12.2%, reflecting a weakening competitive position [2] Market Trends - The growth in the PC market is attributed to a strong recovery in enterprise demand, particularly for AI-enabled laptops, which saw a nearly threefold increase in shipments [3] - The demand for workstations surged by 41% year-on-year, highlighting the need for high-performance computing in engineering, design, and content creation sectors [3] - The overall PC market in India is projected to grow by 7% in 2025, reaching 15.1 million units, with sustained growth expected in 2026 due to ongoing device upgrades and AI application adoption [3] Future Outlook - The Indian PC market is entering a critical development phase, with AI adoption, educational tenders, and local manufacturing being key factors influencing growth trajectories [3] - Companies that effectively leverage the shift towards enterprise AI transformation and changing consumer demands are likely to be the biggest beneficiaries of this growth wave [3]