具备显著优势，抗行业周期能力较强。管理层在业绩会上表示，凭借与供应商的长期合作关系，未来两 个季度以及明年 PC 业务盈利或不受影响。 因此维持"买入"评级，给予目标价14港元。 近日，联想集团公布 2QFY26 业绩：公司营收为 204.52 亿美元，同比增长 14.6%；non-HKFRS 净利润 5.12 亿美元，同比增长25.2%；归母净利润 3.40 亿美元，同比下降 5.1%，其中与认股权证相关的非现 金公允价值收益为 1.48 亿美元、可换股债券的名义利息为 2847 万美元。 对此，华泰证券发布点评研报称，通过业绩会，华泰认为和其他PC/服务器厂商相比，联想在 1）出货 量规模（全球 PC 市场份额第一）、2）采购规模和供应链管理能力上（Gartner 全球供应链排名第 8、 亚洲第 1） 具体到各业务板块： SSG：持续释放混合式 AI 增长潜力 SSG（方案服务业务）2QFY26 营收+18.3% yoy，连续第 18 个季度保持双位数增长，运营利润率超过 22%（+2.3pct yoy），稳居集团利润率最高业务单元。其中，项目与解决方案业务及运维服务合计在 SSG 整体营收中占比同比+1 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage, highlighting a value reassessment amid the PC replacement cycle [5][87]. Core Insights - The company is positioned to benefit from the ongoing PC replacement cycle, particularly as Windows 10 support ends in October 2025, which may drive demand for new devices [7][40]. - The AI transformation across its three main business segments (IDG, ISG, SSG) is expected to enhance growth and profitability [11][74]. - The report anticipates significant revenue growth in the commercial PC sector, with a projected shipment of 138 million units in 2025, reflecting a 4.3% year-on-year increase [59][60]. Summary by Sections Market Performance - The closing price of the stock is HKD 7.50, with a market capitalization of approximately HKD 93 billion [3]. Financial Forecasts and Valuation - Revenue projections for the company are as follows: - 2023: USD 61.95 billion - 2024: USD 56.86 billion - 2025E: USD 67.65 billion - 2026E: USD 74.63 billion - 2027E: USD 80.35 billion - Net profit forecasts are: - 2023: USD 1.68 billion - 2024: USD 1.10 billion - 2025E: USD 1.62 billion - 2026E: USD 1.80 billion - 2027E: USD 2.05 billion - The report indicates a projected PE ratio of 7X for 2026, which is below the average PE of comparable companies [6][87]. Business Analysis - The company operates through three main segments: - Intelligent Device Group (IDG): Contributes 69% of revenue, with a projected growth rate of 12% from 2025 to 2027. - Infrastructure Solutions Group (ISG): Accounts for 20% of revenue, with a forecasted growth of 52% in 2025. - Solutions and Services Group (SSG): Represents 11% of revenue, with expected growth of 11% in 2025 [19][21][83]. Key Growth Drivers - The report emphasizes the importance of the PC replacement cycle and the demand for AI-integrated PCs (AIPC) as significant growth drivers for the company [11][59]. - The company’s strategy includes leveraging its AI capabilities to enhance user experience and drive demand in both commercial and consumer markets [57][60]. Strategic Initiatives - The company has adopted a strategic framework called "One Horizontal and Five Verticals" to support its AI infrastructure, aiming to provide comprehensive solutions across various sectors [74]. - The SSG segment focuses on local market needs, enhancing its service offerings to meet the demands of various industries [80].