LENOVO GROUP(HK:00992) 智通财经网·2025-11-21 02:42Core Insights - Lenovo Group reported a 15% year-on-year revenue growth for Q2 of the fiscal year 2025/26, reaching 146.4 billion RMB, marking a historical high for the quarter and significantly exceeding market expectations [1] - Adjusted net profit increased by 25% year-on-year to 3.66 billion RMB, showcasing the company's operational resilience and strategic certainty in a complex environment [1] - Goldman Sachs maintained a "Buy" rating for Lenovo, setting a 12-month target price of 13.62 HKD, based on the expected EPS for 2026 under HKFRS, corresponding to a target P/E of 11.9 [1] Business Segment Performance - Intelligent Devices Group: Revenue grew by 12% quarter-on-quarter, accounting for 74% of total revenue; operating profit margin remained stable at 7.3%. Lenovo's global PC shipment market share increased to 26%, with a year-on-year growth of 17%, outpacing the global market growth of 9% [2] - Infrastructure Solutions Group: Revenue decreased by 5% quarter-on-quarter, representing 20% of total revenue; however, year-on-year growth remained robust at 24% due to AI application proliferation and new cloud service provider clients [3] - Solutions and Services Group: Revenue increased by 13% quarter-on-quarter, making up 12% of total revenue; operating profit margin improved to 22.3%, driven by higher adoption rates of high-end value-added services [3]