里昂：联想集团第三财季业绩优于市场预期，维持“跑赢大市”评级

Group 1 - The core viewpoint of the report is that Lenovo Group's Q3 performance for the fiscal year 2026 exceeded market expectations, driven by strong revenue from the personal computer business and a 7.3% operating profit margin [1] - The company anticipates positive growth in its smart devices business group for fiscal year 2026, supported by increased average selling prices driven by demand for AI personal computers and high-end models [1] - Lenovo expects its infrastructure solutions business group to return to profitability in Q4 of fiscal year 2026, aided by restructuring measures [1] Group 2 - The report projects that Lenovo can pass on rising memory costs through retail price increases and improve its bargaining power with suppliers [1] - The return to profitability in the infrastructure solutions business group is expected to contribute to overall profit growth [1] - Based on stable profit margins in the personal computer segment and rising average selling prices, the report raises the net profit forecast for Lenovo for the years 2026 to 2028 by 7%, 11%, and 13% respectively, and slightly adjusts the target price from HKD 10.3 to HKD 10.4, maintaining an "outperform" rating [1]