混合式AI战略推动业绩持续增长 甬兴证券维持联想“买入”评级

Core Viewpoint - Lenovo's Q2 performance exceeded market expectations, with AI becoming a core growth engine, leading to a maintained "buy" rating by Yongxing Securities [1] Group 1: Business Performance - The IDG segment achieved revenue of 108.1 billion yuan, a year-on-year increase of 12%, with the personal computer business capturing a record global market share of 25.6%, up by 1.8 percentage points [1] - The penetration rate of AI personal computers reached 33% of total shipments, solidifying a leading position with a 31.1% share in the global Windows AI personal computer market [1] - The ISG segment reported revenue of approximately 29.3 billion yuan for Q2 of the 2025/26 fiscal year, a 24% year-on-year increase, driven by rising demand for AI infrastructure and new customer acquisitions [1] - The ISG segment incurred an operational loss of 118 million USD due to increased investments in AI capabilities and the expansion of its AI infrastructure product portfolio [1] Group 2: SSG Segment Growth - The SSG solutions and services segment saw a revenue increase of 19% year-on-year for the first half of the 2025/26 fiscal year, with operating profit margin rising to 22% [2] - Operating profit increased by 28% year-on-year, supported by high-end value-added services [2] - Managed services and project solutions accounted for 58.9% of the revenue in the solutions and services segment [2]