LENOVO GROUP-联想集团：业绩好于预期，混合AI有望驱动增长

Investment Rating - Maintains an "Overweight" rating for Lenovo Group (00992 HK) [3] Core Views - Lenovo Group's FY25Q2 revenue reached $17 85 billion (YoY +24% QoQ +16%) exceeding FactSet consensus estimates of$ 16 3 billion Non-IFRS net profit attributable to shareholders was $404 million (YoY +48% QoQ +28%) also surpassing FactSet consensus estimates of$ 359 million [1] - The Intelligent Devices Group (IDG) reported revenue of $13 5 billion (YoY +17% QoQ +18%) with an operating margin of 7 3% (YoY -0 1pct QoQ flat) PC shipments reached 16 5 million units (YoY +3 0%) outperforming the global market decline of -2 4% Non-PC segments including smartphones and tablets saw revenue growth of 43% and 19% respectively [1] - The Infrastructure Solutions Group (ISG) achieved revenue of$ 3 305 billion (YoY +65% QoQ +5%) with an operating margin of -1 1% (YoY +1 6pcts QoQ +0 1pct) The group continues to benefit from strong AI server order growth [2] - The Solutions and Services Group (SSG) reported revenue of $2 165 billion (YoY +13% QoQ +15%) with an operating margin of 20 4% (YoY +0 4pct QoQ -0 6pct) AI-driven projects and solutions contributed to a 19% YoY growth in project and solution services [2] - Lenovo's hybrid AI strategy is expected to drive growth with projected FY2025-2027 revenues of$ 66 1 billion $72 6 billion and$ 78 8 billion respectively and net profits attributable to shareholders of $1 211 billion$ 1 453 billion and $1 695 billion [2] Financial Performance - FY25Q2 revenue:$ 17 85 billion (YoY +24% QoQ +16%) [1] - FY25Q2 Non-IFRS net profit: $404 million (YoY +48% QoQ +28%) [1] - IDG revenue:$ 13 5 billion (YoY +17% QoQ +18%) [1] - ISG revenue: $3 305 billion (YoY +65% QoQ +5%) [2] - SSG revenue:$ 2 165 billion (YoY +13% QoQ +15%) [2] Market Data - Closing price (HKD): 9 07 [2] - Total shares outstanding: 12 405 million [2] - Net assets attributable to shareholders: $5 477 billion [2] - Total assets:$ 44 464 billion [2] - Net assets per share: $0 44 [2] Financial Projections - FY2025E revenue:$ 66 093 billion (YoY +16 2%) [2] - FY2026E revenue: $72 587 billion (YoY +9 8%) [2] - FY2027E revenue:$ 78 800 billion (YoY +8 6%) [2] - FY2025E net profit: $1 211 billion (YoY +19 8%) [2] - FY2026E net profit:$ 1 453 billion (YoY +20 0%) [2] - FY2027E net profit: $1 695 billion (YoY +16 7%) [2] Key Financial Ratios - FY2025E gross margin: 16 1% [2] - FY2025E operating margin: 3 5% [2] - FY2025E net margin: 1 8% [2] - FY2025E ROE: 18 8% [2] - FY2025E PE ratio: 11 9x [2] - FY2025E PB ratio: 2 3x [2]