升联想目标价至12.8港元 里昂：得益于PC业务稳健 维持“跑赢大市”评级

Core Viewpoint - Internationally renowned investment bank, Citi, forecasts Lenovo's revenue for FY2Q26 to grow by 13% year-on-year and 7% quarter-on-quarter, reaching $20.1 billion, driven primarily by higher PC revenue [1] Group 1: Revenue and Profitability - Lenovo's PC shipments are expected to increase by 17% year-on-year and 14% quarter-on-quarter [1] - By business segment, the IDG revenue is projected to grow by 11% to $15 billion, with an operating profit margin stable at 7.1% [2] - ISG revenue is anticipated to rise by 20% to $4 billion, with an improvement in operating profit margin [2] - SSG revenue is expected to grow by 17% [2] - Overall, adjusted net profit margin is forecasted to improve to 2.2% both quarter-on-quarter and year-on-year, with adjusted net profit expected to increase by 14% year-on-year to $436 million [2] Group 2: Net Profit Estimates - Reported net profit is estimated at $260 million, which includes a non-cash warrant fair value loss of $176 million and convertible bond interest [2]