联想集团：AI推动业绩增长，ISG实现扭亏为盈-20250226

Investment Rating - The investment rating for Lenovo Group is "Buy" (maintained) [1] Core Views - Lenovo Group's performance is driven by AI, with the ISG segment turning profitable [1] - For FY25 Q3, Lenovo achieved revenue of $18.8 billion, a year-over-year increase of 19.6%, and a quarter-over-quarter increase of 5.3% [4] - The company reported a net profit of $690 million for FY25 Q3, reflecting a year-over-year growth of 105.6% and a quarter-over-quarter growth of 93.3% [4] Summary by Sections Financial Performance - For the first three quarters of FY25, Lenovo reported revenue of $52.09 billion, up 21.1% year-over-year, and a net profit of $1.3 billion, up 69.7% year-over-year [4] - The gross margin for FY25 Q3 was 15.74%, with a net margin of 2.15% [4] Business Segments - IDG Segment: Revenue reached $13.78 billion, growing 11.5% year-over-year, with a global PC market share of 24.5% [5] - ISG Segment: Revenue was $3.94 billion, up 59.2% year-over-year, with a breakeven operating profit margin [6] - SSG Segment: Revenue was $2.26 billion, with a stable operating profit margin of 20% [7] Future Projections - Revenue projections for FY25-27 are $67.56 billion, $75.47 billion, and $81.03 billion respectively, with net profit estimates of $1.55 billion, $1.65 billion, and $1.91 billion [8] - The company maintains a "Buy" rating based on these projections [8]