存储价格历史性暴涨，杨元庆：联想规模优势正成为护城河

Core Insights - Lenovo Group reported a revenue of 157.5 billion RMB for Q3, a year-on-year increase of over 18%, with adjusted net profit reaching 4.07 billion RMB, up 36%, indicating profit growth is double that of revenue growth [1] - The company faces rising component costs, particularly in storage and CPU prices, which have surged significantly, impacting overall supply chain dynamics [1][8] - AI continues to be a market focus, with major tech companies investing heavily, leading to sustained demand for computing infrastructure, which is expected to benefit Lenovo [1][3] Financial 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] - AI-related revenue, including AI PCs, smartphones, servers, and solutions, grew over 70% year-on-year, now accounting for one-third of the group's total revenue [2] - ISG revenue reached 36.7 billion RMB, a 31% increase, with AI server business growing nearly 60%, supported by a backlog of orders worth 15.5 billion USD [5] AI Market Dynamics - AI is viewed as a long-term growth driver, with predictions of continued high demand for AI infrastructure as companies invest heavily in AI capabilities [3][6] - Lenovo's AI server revenue grew by 59% in Q3, with significant orders for new GPU-based servers [3][5] - The company aims to enhance user experience in AI applications, targeting an increase in daily active users from 40-50% to 70-80% [4] Supply Chain and Cost Management - Lenovo's diversified supply chain and strong relationships with suppliers provide a competitive edge in managing rising costs and ensuring supply stability [1][8] - The company has successfully navigated supply chain challenges, with a strategy of global resources and local delivery, allowing for flexible resource allocation [8] - Lenovo's partnerships with major suppliers, such as NVIDIA, have resulted in significant growth in business volume, with ambitious future targets [8] Strategic Outlook - The company is transitioning from a PC-centric valuation to a multi-product and multi-business valuation, indicating a potential 60-70% increase in stock valuation based on current market comparisons [6] - AI is seen as a foundational technology that will drive future demand for smart devices and infrastructure, with Lenovo positioning itself as a leader in this space [9]