LENOVO GROUP(00992) 国信证券·2024-12-02 12:45Investment Rating - Outperform rating maintained for Lenovo Group (00992 HK) [2][5][13] Core Views - AI PC penetration accelerating, driving earnings growth [2] - Smart Devices and Infrastructure Solutions Groups performed strongly [2][8] - AI integration with products deepening, AI PC accounted for 14% of China notebook shipments in FY2Q2025 [2][8] - Smartphone overseas markets growing rapidly, Motorola achieved double-digit growth [2][8] - Infrastructure Solutions Group revenue surged 65 1% YoY in FY2Q2025, losses narrowing [2][8] Financial Performance - FY1H2025 revenue reached 602 million, up 41% YoY [2][8] - FY2Q2025 revenue was 359 million, up 44% YoY and 47% QoQ [2][8] - Smart Devices Group revenue was 6 465 billion, up 65% YoY [2][8] - Solutions Services Group revenue was $4 050 billion, up 12% YoY [2][8] Profitability - FY2Q2025 gross margin was 15 7%, down 0 9 ppts QoQ [2][9] - FY2Q2025 operating expense ratio was 13 2%, down 0 8 ppts QoQ [2][9] - FY2Q2025 net margin was 2 2%, up 0 5 ppts QoQ [2][9] Financial Forecasts - FY2025-2027 revenue forecast raised to 660/719/767 billion yuan [13] - FY2025-2027 net profit forecast adjusted to 12 50/13 90/15 78 billion yuan [13] - FY2025-2027 PE ratios estimated at 12/10/9x [13] Business Segments - Smart Devices Group benefited from overseas smartphone expansion and premium PC shipments [2][8] - Infrastructure Solutions Group driven by AI server demand and Neptune liquid cooling solution [2][8] - Solutions Services Group saw slower growth in high-margin business [2][9]