发布AIPC，构建AI大模型生态

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992) with a target price based on the last closing price of HKD 9.03 [1][2] Core Insights - Lenovo has launched its first batch of AIPC products, marking a significant step in building an AI large model ecosystem. The AIPC products feature five key characteristics, including embedded personal large models and a focus on data privacy [1][2] - The company is expected to see a recovery in revenue, particularly in the AI sector, with projected EPS for FY2024, FY2025, and FY2026 at USD 0.07, USD 0.12, and USD 0.13 respectively [1][3] Financial Performance Summary - Revenue (in million) for FY22/23 was 71,618.22, with estimates for FY23/24 at 55,862.21, FY24/25 at 58,655.32, and FY25/26 at 63,347.74 [3][4] - Net profit (in million) for FY22/23 was 2,029.82, with projections of 890.65 for FY23/24, 1,181.66 for FY24/25, and 1,611.64 for FY25/26 [3][4] - The company’s net profit growth rates are projected at 67.64% for FY23/24, 62.99% for FY24/25, and 11.02% for FY25/26 [3][4] Key Financial Ratios - The report indicates a projected P/E ratio of 7.40 for FY23/24, 16.87 for FY24/25, and 10.35 for FY25/26 [3][7] - The net profit margin is expected to be 2.16% for FY22, increasing to 3.00% for FY23, and projected at 1.73% for FY24 [7] - The return on equity (ROE) is projected to be 34.02% for FY22, decreasing to 16.19% for FY24, and then increasing to 22.22% for FY26 [7]