Ge Long Hui·2026-02-10 01:42Core Viewpoint - The global storage chip industry is experiencing an unprecedented "super cycle" driven by the explosive demand for AI infrastructure, leading to significant price increases in core categories such as DRAM, NAND, and HBM. This situation has made the profitability of end-device and infrastructure manufacturers a focal point for capital markets [1]. Group 1: Lenovo's Financial Performance - Lenovo Group is set to release its Q3 financial report for the fiscal year 2025/26, which is considered a critical indicator of how well end-device manufacturers can withstand cost pressures amid soaring global storage chip prices [1]. - Bloomberg forecasts Lenovo's Q3 revenue to reach approximately $20.76 billion, reflecting a year-on-year growth of about 10.4% from $18.8 billion [1]. - Despite achieving an adjusted net profit of $512 million in Q2 (a 25% year-on-year increase), analysts have lowered the average net profit expectation for Q3 to about $463 million due to significant fluctuations in storage chip costs [2]. Group 2: Supply Chain and Inventory Strategy - Lenovo's unique supply chain strategy has garnered significant market attention, as the company has strategically accumulated storage chips, with inventory levels approximately 50% higher than normal, potentially supporting production until the end of 2026 [3]. - The operational profit margin for Lenovo's Intelligent Devices Group (IDG), which includes personal computers and related businesses, was reported at 7.3% in Q2, and the market is keenly observing whether this performance can be sustained in Q3 [2]. - IDC has warned that hardware inflation caused by storage shortages could lead to a decline in global PC shipments by as much as 8.9% in 2026, highlighting the potential risks in the market [3].