打脸机构看空，千亿巨头中期业绩全部两位数增长

Core Insights - Lenovo Group reported a 15% year-on-year revenue growth to 146.4 billion RMB for the second fiscal quarter of 2025/26, achieving a historical high for the quarter [1] - Adjusted net profit increased by 25% year-on-year, reaching 3.66 billion RMB [1] - The company experienced double-digit revenue growth across all business groups and regional markets [1] Group Performance - The Intelligent Devices Group (IDG) generated revenue of 108.1 billion RMB, a 12% year-on-year increase, with personal computer market share exceeding 25% for the first time [1] - The Infrastructure Solutions Group (ISG) saw revenue of approximately 29.3 billion RMB, up 24% year-on-year, with significant growth in AI infrastructure revenue [1] - The Solutions and Services Group (SSG) achieved nearly 20% year-on-year revenue growth, marking the 18th consecutive quarter of double-digit growth [1] AI Business Growth - AI-related business revenue now accounts for 30% of total revenue, a 13 percentage point increase year-on-year [2] - Lenovo's AI PC holds a 31.1% share in the Windows AI PC market, maintaining its position as the global leader [2] - AI terminal device revenue has risen to 36% of IDG's overall revenue, a 17 percentage point increase year-on-year [2] Future Developments - Lenovo plans to launch a personal super-intelligent agent at the Innovation Technology Conference in January 2026, aimed at enhancing user experience through perception collaboration and habit learning [2] Market Outlook - Nomura Orient International Securities downgraded Lenovo's rating to neutral and reduced the target price to 11 HKD, citing uncertainties in costs and demand [2] - Estimated storage costs for servers, PCs, and smartphones are expected to rise significantly in the upcoming quarters, potentially impacting profitability [3] - Despite challenges, Lenovo is expected to perform better than the overall PC market due to its high sales proportion in the commercial sector [3]