联想集团（00992）FY2024/25 Q2财报点评：混合式人工智能成效初现，FY2025H1三大业务年来首次一致取得强劲双位数增长

Investment Rating - Buy (Maintained) [1] Core Views - Lenovo Group achieved strong double-digit growth across all three business groups for the first time in three years during FY2025H1, driven by the initial success of hybrid AI [1][3] - Revenue for FY2025H1 reached $33.297 billion, a 21.92$602 million [1] - Q2 FY2025 revenue grew 23.87% YoY and 15.56% QoQ to $17.85 billion, with net profit increasing 43.85$359 million [1] Business Segments Summary Intelligent Devices Group (IDG) - Revenue for FY2025H1 was approximately $24.9 billion, a 15$6.5 billion in FY2025H1, marking a historic high [3] - Operating losses narrowed by approximately $1 million QoQ in Q2 FY2025, moving closer to breakeven [3] - The Neptune liquid cooling solution attracted new orders, leveraging expertise in high-performance computing [3] Solutions and Services Group (SSG) - Q2 FY2025 revenue reached a record high of$2.165 billion, with an operating margin of 20% [3] - SSG contributed 32% of the total operating profit from the three business groups [3] - The group is well-positioned to capitalize on hybrid AI trends, driving future growth [3] Financial Forecasts - Revenue for FY2025E and FY2026E is projected at $66.127 billion and$71.493 billion, respectively, with YoY growth of 16.3% and 8.1% [7][8] - Net profit attributable to shareholders is expected to be $1.299 billion in FY2025E and$1.462 billion in FY2026E, with EPS of $0.10 and$0.12, respectively [7][8] - P/E ratios for FY2025E and FY2026E are forecasted at 11.24X and 10.00X [7][8] Market Performance - Lenovo Group's stock underperformed the Hang Seng Index over the past year, with a -16.0% return compared to the index's -4.4% [3] - Current stock price is HKD 9.17, with a 52-week range of HKD 7.80-12.26 [3] - Market capitalization stands at HKD 113.75 billion [3]