联想CFO：AI大战将转化为对算力基础设施的长期需求

Core Viewpoint - Lenovo Group reported strong financial results for Q3, with revenue reaching 157.5 billion RMB, a year-on-year increase of over 18%, and adjusted net profit of 4.07 billion RMB, up 36%, indicating a profit growth rate twice that of revenue growth [1] Group Performance - All major business segments of Lenovo achieved double-digit growth: IDG (Intelligent Devices Group) grew by 14%, ISG (Infrastructure Solutions Group) by 31%, and SSG (Solutions and Services Group) by 18% [2] - The AI-related revenue, including AI PCs, AI smartphones, AI servers, and AI solutions and services, grew by over 70% year-on-year, now accounting for one-third of the group's total revenue [2] AI as a Growth Driver - The AI server revenue increased by 59% year-on-year, with significant orders for new GPU-based servers [3] - Lenovo's AI server business achieved high double-digit revenue growth, driven by project order reserves and deployment of solutions based on NVIDIA's GB300NVL72 design [5] Supply Chain and Competitive Advantage - Lenovo's supply chain resilience and agility, along with its ability to manage diverse computing power, are key factors in outperforming the market [6] - The company has a significant order reserve of 15.5 billion USD for AI services, indicating strong future demand [5] Market Position and Valuation - Lenovo's transition from a PC-only valuation to a multi-product and multi-business valuation suggests that its current stock price is undervalued, with a potential increase of 60% to 70% based on a reasonable P/E ratio of 16 to 17 times [7]