机构：中信建投证券 研究员：应瑛/王嘉昊 IDG 单季度增速近期新高，PC 全球领军地位稳固。25/26 财年第一季度，公司IDG 部门实现营收973 亿 元，同比增长18%，其中个人电脑业务收入同比增长20%，市场份额达到历史新高的24.6%，稳居全球 第一。得益于PC 市场回暖以及AIPC 出货占比提升，公司IDG 集团单季度营收同比增速达到近15 个季 度的最高水平。根据IDC 数据，联想AIPC 在自然年2025 第二季度WindowsAIPC 市场份额达到30.6%， 同比提升2.8 个百分点，体现联想在AIPC 领域的领先布局，以及其在PC、手机、平板等跨装置的人工 智能生态系统的生态优势，做到"一体多端"智能化。 ISG 业务高速增长，充分受益人工智能基础设施建设需求。25/26 财年第一季度，公司ISG 部门实现营 收310亿元，同比高增36%，其中人工智能服务器收入同比增长超100%。海外与国内头部厂商积极推进 人工智能基础设施建设，资本开支同比持续提升。中国市场成为增长新引擎，联想打造双品牌战略，通 过提供全栈人工智能驱动的基础设施产品战略满足国内头部客户需求，实现超高速增长。此外，公司还 ...

Core Viewpoint - Lenovo Group continues to experience double-digit revenue growth, with annual revenue reaching $69.077 billion, a 21% increase from the previous year, yet faces a disconnect between stock price and performance [1][2] Financial Performance - For the fiscal year 2024/25, Lenovo's total revenue was $69.077 billion, up from $56.864 billion, marking a 21% increase [1] - Gross profit for the year was $11.098 billion, a 13% increase, with a gross margin of 16.1%, down 1.1 percentage points year-on-year [1] - Operating expenses rose by 15% to $8.934 billion, while operating profit increased by 8% to $2.164 billion [1] - Net profit for the year was $1.462 billion, a significant 33% increase, with adjusted net profit reaching $1.441 billion, up 36% [1] Quarterly Performance - In the last quarter of the fiscal year, revenue grew by 23% to $16.984 billion, but operating expenses surged by 26%, leading to a 32% decline in operating profit to $0.331 billion [1] - Net profit for the quarter dropped 64% to $0.09 billion, attributed to non-cash losses from warrant valuations, while adjusted net profit increased by 25% to $0.278 billion [1] Business Segments - The Intelligent Devices Group (IDG) generated $50.534 billion, accounting for 73.2% of total revenue, with a 13% year-on-year growth [3] - The Infrastructure Solutions Group (ISG) saw a substantial 63% increase in revenue to $14.523 billion, although it reported an operating loss of $68.5 million for the year [4] - The Solutions and Services Group (SSG) achieved $8.457 billion in revenue, with a 13% increase, and an operating profit margin of 21.1%, the highest among all business groups [4] Market Outlook - Despite strong performance, investor sentiment remains cautious, with Lenovo's stock price declining significantly, reflecting concerns over future demand and market conditions [2][5] - The global PC market is expected to remain weak due to rising prices from tariffs and economic conditions, raising questions about the sustainability of growth in non-PC segments [5] - Lenovo's CEO expressed confidence in maintaining market share and profitability despite external challenges [5]