联想集团（0992.HK）FY3Q26 业绩点评 供应链管理能力彰显，业绩稳健增长

Investment Rating - The report maintains a "Buy" rating for Lenovo Group [4][6] Core Insights - Lenovo Group demonstrated strong resilience in the face of supply chain challenges, achieving a record revenue of $22.204 billion for FY3Q26, representing an 18% year-over-year growth. Adjusted net profit reached $589 million, up 36% year-over-year [1][4] - All business segments reported double-digit year-over-year growth, with AI-related revenue increasing by 72%, accounting for nearly one-third of total revenue [1][4] - The company is expected to expand its leadership in AI PCs and improve profitability in the ISG segment following strategic restructuring [4] Summary by Relevant Sections IDG (Intelligent Devices Group) - Achieved revenue of $15.8 billion in FY3Q26, a 14% year-over-year increase. The PC market share reached a historic high of 24.9% for 2025, with a quarterly market share increase of 1 percentage point to 25.2% [2] - Motorola's smartphone business set historical highs in sales and activations during the quarter [2] ISG (Infrastructure Solutions Group) - Revenue reached $5.2 billion in FY3Q26, a 31% year-over-year increase, marking a historical high. The AI server business saw high double-digit revenue growth, with a backlog of orders amounting to $15.5 billion [3] - The company expects to achieve annual cost savings of over $200 million over the next three years through strategic restructuring [3] SSG (Solutions and Services Group) - Revenue for FY3Q26 was $2.7 billion, reflecting an 18% year-over-year growth, marking the 19th consecutive quarter of growth. Operating profit margin improved by 1 percentage point to over 22% [3] - The growth rate in digital office and AI-related services is double that of the market, contributing to sustainable revenue growth [3] Financial Forecast - Projected net profit for FY26, FY27, and FY28 is $1.757 billion, $2.011 billion, and $2.390 billion, respectively, with corresponding PE ratios of 9, 8, and 6 times [5][4]