LENOVO GROUP-联想集团：基础设施业务扭亏，AI终端、云端双驱动-20250226

Investment Rating - The investment rating for Lenovo Group is "Buy" [1] Core Views - Lenovo Group's FY25Q3 performance exceeded expectations, with revenue of $18.796 billion (YoY +19.6%, QoQ +5.3%) and a net profit of$ 693 million (YoY +105.6%, QoQ +93%) [4][2] - The company is expected to benefit from the dual drivers of AI terminals and cloud infrastructure, with a positive outlook on AI-related growth [4][2] - The infrastructure solutions group (ISG) has turned profitable, with revenue of $3.938 billion (YoY +59.2%, QoQ +19.2%) [4][2] Financial Summary - Total revenue for FY2024 is projected at$ 56.864 billion, with a growth rate of -8.2%, followed by $67.739 billion in FY2025E (YoY +19.1%) [4][5] - The adjusted net profit for FY2024 is estimated at$ 1.011 billion, with a significant increase to $1.539 billion in FY2025E (YoY +52.3%) [4][5] - Gross margin is expected to decline slightly from 17.2% in FY2024 to 15.5% in FY2027E [4][5] Business Segments - Intelligent Devices Group (IDG) revenue reached$ 13.784 billion in FY25Q3, showing a YoY increase of 11.5% [4][2] - The Solutions and Services Group (SSG) has achieved double-digit growth for 15 consecutive quarters, with revenue of $2.257 billion in FY25Q3 (YoY +11.7%) [4][2] - The company is well-positioned to capitalize on the increasing demand for AI solutions among enterprise customers, which is expected to drive further growth in its services segment [4][2]