持续受益于AI浪潮 东吴证券维持联想“买入”评级

Core Viewpoint - Lenovo Group's three major business segments are synergistically driving revenue and profit growth, enhanced by AI integration and overall competitiveness [1][2] Group 1: IDG (Intelligent Devices Group) - In FY2026 H1, IDG's revenue reached $28.57 billion, a year-on-year increase of 14.6%, with operating profit growing by 13% and an operating margin of 7.2%, indicating strong profitability [1] - Lenovo achieved a global market share increase of 1.8 percentage points to 25.6%, marking a historical high and leading the global Windows AI PC market [1] - In China, AI-enabled laptops with five key features accounted for 30% of total shipments, with average selling prices and profit margins for high-end products further improving [1] - The smartphone segment saw strong performance from high-end models like edge and razr, with new device activations reaching record highs [1] Group 2: ISG (Infrastructure Solutions Group) - In FY2026 H1, ISG's revenue reached $8.38 billion, a year-on-year increase of 29.6%, driven by both cloud and enterprise infrastructure businesses [2] - AI server business benefited from global demand for AI training and inference, achieving high double-digit year-on-year revenue growth in the first half of the fiscal year [2] - Neptune liquid cooling technology showed impressive performance, with revenue growth in the first quarter reaching double digits and further achieving triple-digit growth in the second quarter, supported by over 100 patents that create competitive barriers [2] Group 3: SSG (Solutions and Services Group) - In FY2026 H1, SSG's revenue reached a record high of $4.81 billion, with a year-on-year growth of 18.9% and an operating margin of 22% [2] - Revenue from operational services and project solutions increased to 58.9% of SSG's total business, setting a new historical high [2] - TruScale platform orders saw triple-digit year-on-year growth, benefiting from the successful rollout of Device as a Service (DaaS) and Infrastructure as a Service (IaaS), which is expected to enhance vertical industry solutions and customer loyalty [2] Overall Outlook - Lenovo Group's various business segments are expected to continue benefiting from the AI wave, with AIDC, AIPC, and personal and enterprise intelligent systems driving steady performance growth, maintaining a "buy" rating [2]