反脆弱模型

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重压下的“愈挫愈强”:联想的反脆弱模型拆解
Zhi Tong Cai Jing· 2025-08-18 02:35
非香港财务报告准则净利润同比增长22%,香港财务报告准则下净利润翻番,联想集团(00992)2026财年录得开门红。 8月14日,联想集团发布2025/2026财年Q1业绩,实现营收1362亿元,同比增长22%,非香港财务报告准则下净利润28.16亿元,同比增长22%,而按香港财务 报告准则股东净利润同比增长达112%,盈利能力强劲。期间该公司各项业务全面开花,均保持高增趋势。 该公司三大业务集团IDG集团、ISG集团及SSG集团期间分别实现收入135.6亿美元(约973亿人民币)、42.9亿美元(约310人民币)及22.58亿美元(约163人 民币),同比分别增长17.8%、35.8%及19.8%。在特朗普"关税战"全球经营环境下,联想集团保持了双位数的业绩增速,并在行业中脱颖而出,得益于公司 的"反脆弱"模型,带来业绩增长持续性。 这"反脆弱"模型包含了该公司的多维优势,核心包括多元业务战略下全面领先的市场份额和品牌、全球化市场和强大的供应链系统以及在AI领域的前瞻性的 布局。 尤其是AI领域的布局,自2023年喊出"AI for All"口号,全业务AI加速,去年5月AI PC发布后充分稳固了在个人智能 ...
重压下的“愈挫愈强”:联想(00992)的反脆弱模型拆解
智通财经网· 2025-08-17 04:06
Core Viewpoint - Lenovo Group reported strong financial performance for Q1 of the 2025/2026 fiscal year, with revenue reaching 136.2 billion yuan, a year-on-year increase of 22%, and net profit under non-HKFRS standards at 2.816 billion yuan, also up 22% [1][2][12]. Financial Performance - The company achieved a net profit growth of 112% under HKFRS, indicating robust profitability [1]. - Revenue from the three major business groups—IDG, ISG, and SSG—was 13.56 billion USD (approximately 97.3 billion yuan), 4.29 billion USD (approximately 31 billion yuan), and 2.258 billion USD (approximately 16.3 billion yuan), reflecting year-on-year growth of 17.8%, 35.8%, and 19.8% respectively [1][3]. Business Growth and Market Position - Despite a challenging global business environment due to the "tariff war," Lenovo maintained double-digit growth across all business segments, demonstrating resilience and a strong competitive position [3][6]. - The company’s PC business recorded its fastest growth in 15 quarters, driven by the launch of AI PCs, which accounted for 30% of global PC shipments [2][8]. Global Market and Supply Chain - Lenovo operates in 180 markets globally, achieving balanced growth across regions, with significant increases in the Asia-Pacific and China markets, which grew by 37% and 36% respectively [9][10]. - The company has established a robust global manufacturing footprint with over 30 manufacturing bases in more than ten countries, enhancing its supply chain resilience [10]. AI Strategy and Innovation - Lenovo's commitment to AI is evident in its "AI for All" initiative, which has accelerated AI integration across its product lines, including AI PCs and enterprise AI solutions [11][12]. - The company has positioned itself as a leader in the AI PC market, with expectations for AI PC shipments to grow by 77% year-on-year in 2025 [8][12]. Valuation and Investment Outlook - Lenovo's strong fundamentals have led to a significant increase in market capitalization, with a 24.7% rise since April, reflecting investor confidence in its long-term value [12][13]. - Analysts have raised target prices for Lenovo, with an average target of 13 HKD, indicating a potential upside of 20% from current levels [13].