打脸机构看空，千亿巨头中期业绩全部两位数增长

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 [1] - Adjusted net profit increased by 25% year-on-year, reaching 3.66 billion RMB [1] Group Performance - The Intelligent Devices Group (IDG) generated revenue of 108.1 billion RMB, a 12% increase year-on-year, with personal computer market share exceeding 25% for the first time [2] - The Infrastructure Solutions Group (ISG) saw revenue rise by 24% year-on-year to approximately 29.3 billion RMB, 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 Strategy and Innovations - Lenovo's AI-related business revenue now accounts for 30% of total revenue, up 13 percentage points year-on-year [2] - Lenovo maintains a 31.1% share in the Windows AI PC market, leading globally [2] - The company plans to launch a personal superintelligent agent at the Innovation Technology Conference in January 2026, aimed at enhancing user experience through perception collaboration and habit learning [2] 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 [2] - Estimated storage costs for servers, PCs, and smartphones are expected to rise by 20%-25%, 10%-15%, and 5%-10% respectively in Q4 2025, with potential further increases in Q1 2026 [3] - Despite challenges, Nomura remains relatively optimistic about Lenovo's performance due to its strong presence in the commercial market [3] Stock Performance - As of midday trading, Lenovo's stock price was 9.73 HKD per share, up 1.04%, with a total market capitalization of 120.7 billion HKD [4]