Investment Rating - The report maintains a "Buy - A" investment rating for Lenovo Holdings [15] Core Insights - Lenovo Holdings reported a revenue of 233.4 billion yuan for the first half of 2024, representing a year-over-year increase of 16%, while the net profit attributable to shareholders was 286 million yuan, reflecting a year-over-year decline of 57% [12] - The decline in net profit is primarily attributed to the industrial operations segment, which was impacted by market and industry fluctuations, contributing a net profit of 1.433 billion yuan, down 17% year-over-year [12] - The investment and incubation segment faced challenges due to capital market volatility, resulting in a net loss of 4.51 billion yuan [12] - The report highlights that Lenovo Group benefited from the explosive growth of AI technology, with a 70% year-over-year increase in net profit to 1.11 billion yuan [12] - The report projects earnings per share (EPS) for 2024-2026 to be 0.24 yuan, 0.52 yuan, and 0.67 yuan respectively, with a target price of 6.05 HKD based on a 23x P/E ratio for 2024 [12][15] Financial Performance Summary - For the first half of 2024, the industrial operations segment achieved a revenue of 231.1 billion yuan, up 16% year-over-year, with a net profit of 1.43 billion yuan, down 17% year-over-year [12] - The report indicates that the overall financial performance is expected to improve as the capital environment stabilizes [12] - The report provides financial forecasts, estimating total revenue for 2024 to be 453.45 billion yuan, with total expenses of 439.29 billion yuan [18]
联想控股：业绩表现环比修复，产业聚焦科技创新