LENOVO GROUP(00992) 东吴证券·2025-05-26 13:28Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992.HK) [1] Core Views - Lenovo Group is expected to benefit from the development of AI, with all three major business segments showing comprehensive growth [1][7] - The company achieved a revenue of 69.08 billion USD for FY2025, representing a year-on-year increase of 21.4%, and a net profit of 1.38 billion USD, up 37.0% year-on-year [7] - The report anticipates continued growth in net profit, with projections for FY2026 and FY2027 being adjusted upwards to 1.60 billion USD and 1.76 billion USD respectively [1][7] Financial Performance Summary - Revenue Forecasts: - FY2024A: 56.90 billion USD - FY2025A: 69.08 billion USD - FY2026E: 74.18 billion USD - FY2027E: 79.56 billion USD - FY2028E: 84.26 billion USD - Year-on-year growth rates for FY2025A and FY2026E are 21.41% and 7.38% respectively [1][8] - Net Profit Forecasts: - FY2024A: 1.01 billion USD - FY2025A: 1.38 billion USD - FY2026E: 1.60 billion USD - FY2027E: 1.76 billion USD - FY2028E: 1.97 billion USD - Year-on-year growth rates for FY2025A and FY2026E are 37.01% and 15.23% respectively [1][8] - Earnings Per Share (EPS): - FY2025A: 0.11 USD - FY2026E: 0.13 USD - FY2027E: 0.14 USD - FY2028E: 0.16 USD [1][8] - Price-to-Earnings (P/E) Ratios: - FY2025A: 10.70 - FY2026E: 9.28 - FY2027E: 8.42 - FY2028E: 7.53 [1][8] Business Segment Insights - Intelligent Devices Group (IDG): - Revenue for the fourth fiscal quarter reached 11.81 billion USD, a year-on-year increase of 12.9% [7] - PC market share increased to 23.8%, with AIPC penetration expected to reach around 25% by 2025 [7] - Infrastructure Solutions Group (ISG): - Revenue for the fourth fiscal quarter was 4.12 billion USD, up 62.6% year-on-year [7] - Continuous profitability over two quarters, driven by increased server orders [7] - Solutions and Services Group (SSG): - Revenue for the fourth fiscal quarter was 2.15 billion USD, a year-on-year increase of 18.1% [7] - Significant growth in hybrid cloud service orders, with an 82% year-on-year increase [7]