联想集团Q2业绩再超预期：AI基建热潮下被低估的“算力资产”

Core Viewpoint - Lenovo Group's AI-related business revenue has increased to 30% of total revenue in FY26Q2, marking a 13 percentage point year-on-year increase, indicating strong growth in AI infrastructure and products [3][4]. Financial Performance - Lenovo's revenue for FY26Q2 reached 146.4 billion RMB, a 15% year-on-year increase, setting a record for the fiscal quarter and exceeding market expectations [3]. - Adjusted net profit rose by 25% year-on-year to 3.66 billion RMB, significantly outpacing revenue growth [3]. AI Business Growth - AI-related revenue now constitutes 30% of total revenue, up from 17% year-on-year, highlighting the growing importance of AI in Lenovo's business strategy [3][4]. - The Intelligent Devices Group (IDG) reported revenue of 108.1 billion RMB, a 12% increase, with AI PCs driving structural demand upgrades [4]. Infrastructure Solutions - The Infrastructure Solutions Group (ISG) achieved revenue of approximately 29.3 billion RMB, a 24% year-on-year increase, with significant growth in AI infrastructure revenue [5]. - Lenovo's liquid cooling technology revenue surged by 154% year-on-year, maintaining a leading position in global green computing [5][20]. Market Trends - The global AI capital expenditure is projected to exceed 500 billion USD in 2026, driven by increasing demand for computing power and AI infrastructure [6]. - The market is currently focused on companies that directly benefit from AI capital expenditures, rather than those involved in AI models and applications [9]. Investment Opportunities - Lenovo's valuation remains attractive, with a price-to-earnings ratio of approximately 12, significantly lower than peers like SMIC at 154 [23]. - The company is well-positioned to benefit from the ongoing AI infrastructure build-out, with strong performance in both cloud and enterprise infrastructure segments [15].