智通财经网·2025-11-24 02:33Core Viewpoint - CICC maintains Lenovo Group's target price at HKD 14.8 with an "outperform" rating, indicating a 52% upside potential, while keeping the earnings forecast for FY2026-2027 unchanged due to overall performance exceeding expectations [1] Group Performance - Lenovo's three major business groups and all regional markets achieved double-digit revenue growth [1] - AI-related revenue increased by 13 percentage points year-on-year to account for 30% of total revenue [1] - The operating profit margin has improved [1] Supply Chain Management - The company possesses strong risk absorption capabilities due to flexible supply chain management and long-term relationships with key component suppliers [1] - Lenovo has established a flexible pricing adjustment mechanism to cope with rising prices and supply shortages of core components [1] Future Outlook - Lenovo is confident in achieving double-digit year-on-year growth in PC revenue for the second half of FY2026 [1] - The AI infrastructure business is experiencing robust growth, with cloud infrastructure revenue reaching a historical high for the quarter [1] - AI server revenue also saw high double-digit growth [1]