联想集团：营收持续高增，混合式人工智能加速落地-20250604

Investment Rating - The investment rating for Lenovo Group is "Buy" [5] Core Insights - Lenovo Group continues to experience high revenue growth, with all main business segments showing double-digit year-on-year growth. The demand for hybrid artificial intelligence is expected to accelerate the company's growth [2][5] - In FY25 Q4, Lenovo achieved revenue of $17 billion, a year-on-year increase of 23$331 million, down 32% year-on-year, while the net profit attributable to shareholders was $90 million, down 64$75.1 billion, $79.7 billion, and$83.7 billion, respectively, with corresponding net profits of $1.58 billion,$1.94 billion, and $2.35 billion [5][7] Financial Summary - Revenue for FY2025 is projected at$69,077 million, with a year-on-year growth of 21.5%. The gross profit is expected to be $11,098 million, and the net profit attributable to shareholders is projected at$1,384 million, reflecting a year-on-year growth of 37% [4][9] - The company’s PE ratio for FY2026 is adjusted to 15x, with a target price for Lenovo's stock set at HKD 14.7 [5][7] - The revenue breakdown shows that the IDG segment generated $11.8 billion, ISG generated$4.1 billion, and SSG generated $2.2 billion in FY25 Q4, with respective year-on-year growth rates of 13$10 billion, with a year-on-year increase of 92% [5] - The SSG business achieved an operating profit of $1.8 billion, a year-on-year increase of 15%, driven by digital workplace solutions and hybrid cloud services [5]