Jing Ji Guan Cha Wang·2026-02-12 09:00Core Viewpoint - Lenovo Group reported a revenue of 157.5 billion yuan for Q3 FY2025/26, representing a year-on-year growth of over 18%, with adjusted net profit increasing by 36%, exceeding market expectations [1] Financial Report Analysis - The Intelligent Devices Group (IDG) generated revenue of 111.7 billion yuan, showing a year-on-year increase of 14%, with operating profit growing by over 15% [2] - Motorola's smartphone shipments reached a historical high, with a year-on-year growth of 9%, and PCs and smartphones each accounted for half of the global activation of AI devices [2] - Storage prices increased by 40%-50% quarter-on-quarter, with potential for further rises, but the company is managing pressure through global operational capabilities [2] Stock Performance - Over the past week (February 6 to 12), Lenovo Holdings' stock price increased by 1.53% with a volatility of 5.40%, closing at 8.65 HKD on February 12, down 1.70% for the day [3] - Technical indicators show improvement in short-term momentum, with the MACD histogram turning positive and the KDJ indicator rising to 58.04, although there was a net outflow of funds amounting to 2.558 million HKD on that day [3] Institutional Views - Institutions maintain a positive rating for Lenovo Holdings, with a target average price of 14.11 HKD compared to the current price of 8.65 HKD [4] - The company has healthy cash flow, projected at 27 billion yuan for 2024, but has a low ROE of 0.24%, and goodwill of 37.1 billion yuan accounts for 68% of net assets, indicating a need to monitor impairment risks [4]