智通财经网·2025-11-25 07:28Core Insights - Company maintains a "Buy" rating for Lenovo Group (00992) with a target price of HKD 12.3, highlighting strong growth across all three business segments [1] Group 1: Smart Devices Business - The Intelligent Devices Group (IDG) reported a 11.8% year-on-year revenue increase to USD 15.11 billion in Q2 2026, with an operating profit margin stable at 7.3%, driven by higher AI computer shipments and strong sales of high-end products [1] - Lenovo achieved a historic high of 25.6% market share in the global PC market, an increase of 1.8 percentage points year-on-year [1] - Smartphone activations reached a record high, with notable performance in the Asia-Pacific region, particularly in the Indian market for high-end models and the Moto G series [1] Group 2: Infrastructure Solutions Business - The Infrastructure Solutions Group (ISG) saw a significant revenue increase of 23.7% year-on-year to USD 4.09 billion in Q2 2026, with improvements both year-on-year and quarter-on-quarter [2] - AI infrastructure emerged as a core growth driver, supported by cloud and enterprise infrastructure businesses, with steady improvement in operating profit margins in the Chinese market [2] Group 3: Solutions and Services Business - The Solutions and Services Group (SSG) reported an 18.1% revenue growth to USD 2.56 billion in Q2 2026, achieving a historic high with an operating profit margin of 22.3%, up 1.9 percentage points year-on-year [3] - Revenue from operations and project solutions accounted for 58.9% of total revenue, with TruScale subscription service orders experiencing triple-digit year-on-year growth [3] - The demand for digital workplace solutions and hybrid cloud services remains strong, aligning with market trends [3] Group 4: AI Strategy and Adjustments - The company's AI strategy is shifting towards a focus on human and enterprise entities, aiming to create growth opportunities for various AI terminal devices, hybrid infrastructure, and AI solutions [4] - In the personal intelligence sector, Lenovo plans to launch a personal super-intelligent entity at the Lenovo Innovation Technology Conference in January, designed to collaborate across devices and learn user habits, termed the "personal intelligent twin" [4] - In the enterprise sector, the focus is shifting from public cloud training to local data centers and edge-side inference, aiming to transform enterprise data into insights and value, creating an "enterprise intelligent twin" [4] Group 5: Storage Supply and Price Increase Measures - The company is prepared to address ongoing storage supply shortages and price increases, which may persist into next year [5] - Lenovo has secured long-term agreements with key component suppliers to ensure supply for the upcoming quarters [5] - As a major buyer of components, Lenovo possesses cost advantages and plans to mitigate unexpected cost pressures through new product launches and price adjustments for business and government clients, aiming to avoid sudden price hikes [5]