刚被机构“看空”，千亿巨头公布中期业绩：全部两位数增长
2 1 Shi Ji Jing Ji Bao Dao·2025-11-20 05:26

Core Insights - Lenovo Group reported a 15% year-on-year revenue growth to 146.4 billion RMB for the second fiscal quarter of 2025/26, achieving a historical high for the quarter [2] - Adjusted net profit increased by 25% year-on-year, reaching 3.66 billion RMB [2] - The company experienced double-digit revenue growth across all business groups and regional markets [2] Business Segment Performance - The Intelligent Devices Group (IDG) generated revenue of 108.1 billion RMB, a 12% year-on-year increase, with personal computer market share exceeding 25% for the first time [2] - The Infrastructure Solutions Group (ISG) reported revenue of approximately 29.3 billion RMB, up 24% year-on-year, with significant growth in AI infrastructure revenue [2] - The Solutions and Services Group (SSG) achieved nearly 20% year-on-year revenue growth, marking the 18th consecutive quarter of double-digit growth [2] AI Business Growth - AI-related business revenue now accounts for 30% of total revenue, a 13 percentage point increase year-on-year [3] - Lenovo's AI PCs hold a 31.1% share in the Windows AI PC market, maintaining the global lead [3] - AI terminal device revenue has risen to 36% of IDG's overall revenue, a 17 percentage point increase year-on-year [3] Future Innovations - Lenovo plans to launch a personal super-intelligent agent at the Innovation Technology Conference in January 2026, aimed at enhancing user experience through perception collaboration and habit learning [3] Market Outlook and Analyst Ratings - Nomura Orient International Securities downgraded Lenovo's rating to neutral and reduced the target price to 11 HKD, citing uncertainties in costs and demand [3] - Estimated storage costs for servers, PCs, and smartphones are expected to rise significantly in the fourth quarter of 2025, with potential further increases in the first quarter of 2026 [4] - Despite challenges, Nomura maintains a relatively optimistic view on Lenovo's performance in the commercial market, which may outperform the overall PC market [4] Stock Performance - As of the latest trading session, Lenovo's stock price was 9.73 HKD per share, reflecting a 1.04% increase, with a total market capitalization of 120.7 billion HKD [4]