FY2026Q1 公司收入188.3 亿美元，同比增长21.9%，non-gaap 归母净利润3.89亿美元，同比增长 21.8%，净利率2.1%（同比持平），分业务看： 机构：开源证券 研究员：张可/杨哲 关税影响有望逐步弱化，下半年AI PC 加速渗透在即 受益于AI PC 加速渗透、AI 服务器需求旺盛、软硬协同强化，联想三大业务有望延续增长韧性，考虑 到ISG 亏损带来业绩不确定性，我们下调FY2026-2028财年non-gaap归母净利润至16.7/19.6/23.0亿美元 （前次为17.3/21.9/26.6亿美元），同比增长15.9%/17.2%/17.5%，考虑潜在可转债摊薄，当前股价对应 PE 估值为12.3/10.5/8.9 倍，维持"买入"评级。 FY2026Q1 AI 渗透率提升超预期，研发投入致使ISG 呈现亏损 （1）IDG：实现收入134.6 亿美元，2025Q2 联想/行业PC 出货量同比增长15.2%/6.5%（IDC 数据），联 想明显优于行业，系win11 换机潮背景下的国补+AIPC 渗透率提升，2Q25Q2 联想AI PC 在全球PC 出货 量占比已达到31%，超我 ...

机构：国证国际 基础设施方案业务：AI 服务器收入翻倍，双轨战略成效初显ISG 营收同比大增36%，呈现强劲增长动 能。其中AI 基础设施业务营收同比翻番，液冷技术方案收入增长近30%。云基础设施（CSP）与企业基 础设施（E/SMB）并行发展的双轨战略效果初显，中国市场收入及经营溢利率提升，尽管因扩大人工智 能能力等投资，录得8552 万美元经营亏损，但长期增长潜力巨大。 事件：联想集团发布2025/26 财年Q1 业绩，营收同比增长22%至188.3 亿美元，创历史同期新高，三大 业务集团均实现双位数增长，非PC 业务占比提升至47%，多元化增长结构持续优化。净利润为5.05 亿 美元，同比增长108%；非香港财务报告准则下净利润3.89 亿美元，同比增长22%，业绩表现超市场预 期。公司坚定执行混合式人工智能战略，研发投入同比增长10%，深化"由3S 迈向AI 双胞胎"，强化混 合式AI 与"一体多端""端-边-云"能力，预计盈利能力将逐步改善。 报告摘要 智能设备业务：PC 份额创新高，手机业务持续增长IDG 实现营收134.6 亿美元，同比增长17.8%。根据 公司引用IDC 的资料，期间公司PC ...

Core Viewpoint - Lenovo Group reported strong financial performance for 1QFY26, with revenue reaching $18.83 billion, a 22% year-on-year increase, marking a record high for the first quarter [1] Financial Performance - Revenue for 1QFY26 was $18.83 billion, up 22% year-on-year, with significant growth across regions: China (+36%), Asia Pacific (+39%), Americas (+14%), and EMEA (+9%) [1] - Non-HKFRS net profit was $389 million, a 22% increase year-on-year, while net profit attributable to shareholders was $505 million, up 108% [1] - The increase in net profit was partly due to a non-cash fair value gain of $152 million related to warrants and nominal interest of $27.82 million from convertible bonds [1] Business Trends - The PC business showed strong growth, with IDG revenue increasing by 17.8% to $13.46 billion, and personal PC revenue growing by 21.9%, the fastest growth in 15 quarters [1] - Lenovo's global PC shipment growth of 15.2% outpaced the industry average of 6.5%, leading to a market share of 24.6% [1] - AI PC shipments accounted for over 30% of total PC shipments in 2Q25, with a 27% share in the Chinese market, highlighting Lenovo's leadership in the AI PC sector [1] - The "Tianxi" personal super intelligent system has seen increased user engagement, with a weekly active user ratio averaging 40% by the end of 2Q25 [1] AI Infrastructure - ISG revenue reached $4.29 billion, a 36% year-on-year increase, despite an operating loss of $86 million due to lower margins from AI server sales and increased R&D investments [2] - AI infrastructure revenue grew by 155% year-on-year, driven by strong demand for AI computing power [2] - In China, ISG revenue increased by 76%, with improved profitability and a 3 percentage point rise in operating profit margin [2] Profit Forecast and Valuation - The company has cautiously raised FY2026/27 non-HKFRS net profit estimates by 2.3% and 2.8% to $1.687 billion and $1.968 billion, respectively [2] - Current stock price corresponds to a P/E ratio of 10.3x for FY2026 and 8.8x for FY2027, with a target price of HKD 13.40, indicating a 24% upside potential [2]

格隆汇8月15日丨金达控股(00528.HK)宣布，本公司将于2025年8月27日（星期三）举行董事会会议，藉 以（其中包括）(i)考虑及酌情通过本公司及其附属公司截至2025年6月30日止六个月的中期业绩及其刊 发；及(ii)考虑派发中期股息（如有）。 ...

格隆汇8月15日丨神话世界(00582.HK)公告，公司将于2025年8月28日(星期四)举行董事会会议，藉以(其 中包括)批准公司及其附属公司截至2025年6月30日止6个月中期业绩及其发布，并考虑派付中期股息(如 有)以及处理任何其他事项。 ...

Core Viewpoint - The liquor industry is undergoing a deep adjustment, with the company expecting a revenue decline of 38.3%-41.9% and an adjusted net profit decline of 39%-40% for the first half of 2025 [1] Group 1: Financial Performance - The company forecasts a revenue of 24.0-25.5 billion yuan for the first half of 2025, reflecting a significant year-on-year decline [1] - Adjusted EPS estimates for 2025-2027 have been revised down to 0.36 yuan, 0.37 yuan, and 0.38 yuan respectively, compared to previous estimates of 0.51 yuan, 0.56 yuan, and 0.62 yuan [1] Group 2: Product Development and Marketing - The company is actively launching new products, including "Da Zhen" and "Niu Shi Beer," to enhance revenue streams [2] - "Da Zhen" is positioned in the 500-600 yuan price range, aiming to fill the gap between existing products and is currently in the distribution phase [2] - "Niu Shi Beer," priced at 88 yuan for 375ml, has generated over 2 million yuan in revenue from approximately 3000 boxes sold, indicating strong market interest [2] Group 3: Market Conditions and Future Outlook - The mid-range liquor segment has been significantly impacted by the current market cycle, with early adjustments leading to lower expectations [3] - The company anticipates potential improvement in performance for the second half of 2025 due to low base effects and contributions from new products [3]

格隆汇8月15日丨登辉控股(01692.HK)宣布，本公司将于2025年8月28日（星期四）举行董事会会议，其 中议程包括考虑及批准本集团截至2025年6月30日止六个月的未经审核中期业绩以及在香港联合交易所 有限公司及本公司网站刊发中期业绩公告，以及考虑派发中期股息（如有）。 ...

小米過去5日振幅達7.2%，顯示近期波動明顯加劇。技術指標呈現矛盾訊號，RSI處於46的中性水準，MACD及保力加通道發出賣出訊號，但牛熊力量指標卻顯示「嚴 重超跌，可能築底」的買入訊號，反映市場對小米後市走勢存在明顯分歧。 消息面，小米將於下周二(19日)公佈今年第二季業績。綜合6間券商預測，小米第二季淨利潤介乎81億元至102.7億元，較上年同期的50.98億元， 按年上升58.9%至101.5%，中位數為86.49億人民幣，按年升69.7%。綜合12間券商預測，小米今年第二季收入介乎1,120.86億元至1,178.26億元， 較上年同期的888.88億元，按年增加26.1%至32.6%，中位數為1,138.27億人民幣，按年升28.1%。 中銀國際表示，該行續表示，自近期高點回調16%後，認為小米現階段估值又呈現極具吸引力，對公司中期的可持續性增長展望依然不變。維持 行業首選「買入」，目標價根據經營變化從75.25元小幅下調至74.4元。摩通表示，過去一個月，小米股價表現不及基準股指，投資者預期下半年 智慧手機和物聯網核心業務的盈利放緩，維持小米「中性」評級，目標價爲60元。 技術分析與關鍵位解讀 當 ...

Core Viewpoint - The company has shown significant revenue growth and profit improvement in the first half of 2025, leading to an upward revision of revenue and profit forecasts for the coming years [1][3]. Group 1: Financial Performance - In the first half of 2025, the company's revenue reached $2.242 billion, a year-on-year increase of 6.8%, while net profit attributable to shareholders was $63.48 million, representing a threefold increase [1]. - The gross margin improved to 11.5%, up 1.5 percentage points year-on-year, and the net margin increased to 2.8%, up 2.1 percentage points year-on-year, driven by increased sales and improved operational efficiency [1]. Group 2: Regional Performance - Revenue from North America, Asia-Pacific, and EMEASA regions in the first half of the year was $1.14 billion, $690 million, and $400 million, respectively, with year-on-year growth rates of 1.7%, 15.5%, and 9.4% [2]. - The Asia-Pacific region showed the highest growth, with significant contributions from projects involving major Chinese automotive companies [2]. Group 3: Business Segments - Revenue from different business segments in the first half included $1.53 billion from EPS, $230 million from CIS, $90 million from HPS, and $400 million from DL, with year-on-year growth rates of 8.6%, 2.9%, 1.7%, and 3.8%, respectively [2]. - The company launched 31 projects in the first half, with 24 of them located in the Asia-Pacific region, including collaborations with companies like Xiaomi and BYD [2]. Group 4: Technological Advancements - The company secured new orders worth $1.5 billion in the first half, maintaining its annual order target of $5 billion, with a focus on advanced steering technologies [3]. - The launch of the Motion IQ software suite enhances the company's competitive edge by providing advanced vehicle dynamics features and accelerating product development [3]. Group 5: Investment Outlook - The revenue forecasts for 2025-2027 have been revised to $4.59 billion, $4.98 billion, and $5.48 billion, with expected growth rates of 7.3%, 8.6%, and 10.0%, respectively [1][3]. - The net profit forecasts for the same period are projected to reach $120 million, $150 million, and $180 million, with growth rates of 93.8%, 23.4%, and 23.0% [1][3]. - The target price has been raised to HKD 8.0, corresponding to an 18.5 times forecasted P/E ratio for 2026, indicating a potential upside of 33% from the current price [1][3].

Core Viewpoint - The company has shown strong revenue growth and profitability improvement in the first half of 2025, with a significant increase in net profit exceeding expectations, driven by demand from automotive manufacturers in the Asia-Pacific region [1][2]. Revenue Performance - In H1 2025, the company's revenue reached $2.24 billion, a year-on-year increase of 6.8%, benefiting from the continuous growth in the Asia-Pacific region [1]. - Adjusted for unfavorable foreign currency translation and reduced commodity compensation, revenue growth was 7.6%, outperforming the market by 450 basis points [1]. - Revenue contributions from various products were as follows: EPS at $1.53 billion (up 9%), CIS at $230 million (up 3%), HPS at $90 million (up 2%), and DL at $400 million (up 4%) [1]. - The company secured $1.5 billion in new orders in H1 2025, with 69% from EPS and 47% from the Asia-Pacific region, and anticipates achieving $5 billion in orders for the full year [1]. Profitability Metrics - The gross margin improved by 1.5 percentage points year-on-year to 11.5%, with gross profit increasing by 22.7% to $260 million, driven by revenue growth and operational performance improvements [2]. - Adjusted EBITDA for H1 2025 was $230 million, a 16.8% increase year-on-year, with an EBITDA margin of 10.3%, up 0.9 percentage points [2]. - The net profit attributable to the parent company surged by 304.5% year-on-year to $63.48 million, with a net profit margin increase of 2.1 percentage points to 2.8% [2]. Strategic Developments - The company is advancing its core smart driving technologies, including steer-by-wire systems, rear-wheel steering, and line control braking, with significant contracts already secured from leading electric vehicle manufacturers [3]. - The MotionIQ software suite was launched to enhance smart motion control, integrating various functionalities to accelerate product launch and improve quality and cost efficiency [3]. - The Asia-Pacific region's revenue share increased by 2.3 percentage points to 30.6%, with higher profitability compared to North America and EMEASA [4]. Capacity Expansion - The company is expanding its production capacity in the Asia-Pacific region, with the opening of a new factory in Changshu and plans for a new facility in Liuzhou, expected to be operational by H1 2026 [4]. - The ongoing capacity expansion and increased utilization rates are anticipated to further enhance revenue and profitability in the Asia-Pacific region [4]. Investment Outlook - The company is expected to benefit from the trends of electrification and smart technology, maintaining steady growth and positioning itself among the leading manufacturers of linear steering systems [4]. - Revenue projections for 2025-2027 are $4.6 billion, $4.8 billion, and $5.1 billion, with net profits of $130 million, $160 million, and $180 million, reflecting year-on-year growth rates of 107%, 25%, and 11% respectively [4].