12 February 2026 | 1:01PM HKT Equity Research Lenovo (0992.HK): First Take: Dec-Q beat; Revenues driven by both PCs and Servers; GM sustained at 15.1%; Buy Dec-Q beat: Revenues increased by 18% YoY to US$22bn, or 8% / 7% ahead of our / Bloomberg consensus. GM sustained at 15.1% (vs. 15.4% in Sep-Q), and largely in line with our / Bloomberg consensus of 15.2% / 15.4%. Adjusted opex ratio enhanced to 11.0% from 11.7% in Sep-Q, better than our estimates of 12.1%, leading adjusted operating income to +28% YoY t ...

AI相关营收同比增长72%，占集团总营收比重提升至32%。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，全球AI生态链领先企业联想集团（HKSE：992）（ADR：LNVGY）于2月12日 公布2025/26财年第三财季业绩， 截至2025年12月31日，集团营收达1575亿人民币 ，同比增长 超过 18%，再创历史新高，利润增速达营收增速的两倍，调整后的净利润同比增长36%。 第三财季的业绩价值，不仅体现在创纪录的财务数字上，更体现在其背后所反映的高质量、可持续的 增长模式。 增长节奏方面，本财季，行业面临存储芯片等关键元器件价格上行、供需波动加剧、AI周期可持续性 存疑等多重挑战，联想凭借卓越的供应链管理、高效的运营能力及整体业务韧性，依然在增长、成本 和效率之间保持了良好平衡，不仅以亮眼业绩正面回应外界关切，更凸显其在复杂市场环境中的核心 竞争力。联想集团董事长兼CEO杨元庆表示："我们充分发挥卓越运营的基石作用来应对零部件成本 上升和供应短缺的挑战，兑现了我们市场份额和盈利能力同步提升的承诺。" 业务结构方面，得益于多元化增长引擎贡献强 ...

Core Viewpoint - Barclays downgraded HP Inc. to Underweight from Equal Weight with a price target of $18, indicating a potential downside of approximately -12.66% from the current trading price of $20.61 [1][5]. Company Performance - HPQ's stock is currently trading at $20.61, experiencing a slight decrease of 0.77%, or $0.16, with fluctuations between a low of $20.50 and a high of $21.02 on the day [2][5]. - Over the past year, HPQ's stock has shown significant volatility, with a high of $35.28 and a low of $20.50 [2]. Market Capitalization and Trading Volume - HP Inc.'s market capitalization is approximately $19.26 billion, with a trading volume of 14,110,542 shares on the NYSE [3]. Competitive Landscape - While HPQ faces a downgrade, other tech companies like AMD and Intel have received upgrades, highlighting the competitive nature of the technology sector [4]. - HP Inc. continues to focus on its core products and market strategies to maintain its competitive position in the industry despite the challenges [4][5].

Summary of Lenovo Tech World at CES Company and Industry - **Company**: Lenovo - **Industry**: Consumer Technology, AI, Computing Core Points and Arguments 1. **Lenovo's Vision for AI**: Lenovo aims to create "smarter AI for all," focusing on personal and enterprise AI that enhances human potential and operational efficiency [2][3][4] 2. **Hybrid AI Concept**: Lenovo introduces the concept of hybrid AI, combining personal AI with enterprise AI to create tailored solutions for individuals and organizations [5][49] 3. **AI Evolution**: AI is evolving beyond basic tasks to understanding complex human interactions, learning from individual preferences, and enhancing creativity [3][4] 4. **Partnership with NVIDIA**: Lenovo and NVIDIA have a long-standing partnership, recently launching the Lenovo AI Cloud Giga Factory to accelerate AI model deployment and enhance computing capabilities [34][35] 5. **AI Compute Shift**: The industry is transitioning from classical computing to AI-driven computing, with significant investments in AI-native companies [24][25] 6. **Lenovo Kira**: Lenovo's new personal AI, Kira, is designed to integrate across devices, providing a seamless user experience by learning from user interactions and preferences [63][70] 7. **AI in Wearables**: Lenovo is exploring AI integration in wearables, with potential applications in fashion and personal devices, aiming for billions of units in the market [106][109] 8. **Collaboration with Intel**: Lenovo and Intel are enhancing AI capabilities in PCs, focusing on creating intelligent devices that improve user experience [75][81] 9. **AI PCs and Devices**: Lenovo is launching the next generation of AI PCs, including the Aura Edition, which will feature enhanced AI capabilities and integration with Lenovo Kira [85][90] 10. **AI in Formula 1**: Lenovo's technology is utilized in Formula 1 for data processing and energy efficiency, showcasing its capabilities in high-performance environments [114] Other Important Content 1. **Investment in AI**: $150 billion was invested in AI-native companies last year, indicating a strong market shift towards AI technologies [24] 2. **AI Model Growth**: AI models are growing exponentially, with sizes increasing tenfold annually, necessitating more computing power for training and inferencing [31][33] 3. **Multi-Agent Collaboration**: Future AI systems will leverage multi-agent collaboration to enhance task execution and user experience [58][60] 4. **Privacy and Security**: Lenovo Kira emphasizes user privacy while providing personalized AI experiences, ensuring data security [70] 5. **Market Projections**: AI PCs are expected to capture 80% of the market within three years, with significant growth in AI smartphones as well [90]

Core Insights - HP Inc. has introduced new technologies at CES 2026, focusing on personal fulfillment as a key driver for business growth [1] - The company aims to address the fulfillment deficit in the workforce by providing innovative tools and technology [2] Group 1: Innovations and Product Launches - HP unveiled the HP EliteBoard G1a, the world's smallest and lightest AI PC, designed for mobility and local AI performance [3][4] - The HP EliteBook X G2 Series and HP OmniBook Ultra 14 are the first notebooks to offer up to 85 TOPS NPU for concurrent AI applications [3][4] - The HP OmniBook portfolio has been updated with Snapdragon® X2 and OLED displays, featuring the longest battery life in a 16-inch OLED consumer AI PC notebook [3] - HP integrated Microsoft Copilot into HP Office Print devices, enhancing productivity directly at the printer [4] - The Workforce Experience Platform (WXP) has received new firmware-level recovery capabilities for faster IT issue resolution [4] - HP has unified its gaming brands under HyperX, launching the HyperX OMEN MAX 16, a powerful gaming laptop with advanced cooling technology [4] Group 2: Commitment to Sustainability - Since 2019, HP has utilized over 5 billion pounds of reused, recycled, or renewable materials in its products and packaging, supporting a circular economy [3][8] - The company is focused on driving sustainability and digital workforce development through partnerships and advocacy [8] Group 3: Future of Work Accelerator - The Future of Work Accelerator aims to expand access to technology and skills for disconnected communities, having served 35 nonprofits across 13 countries and reaching 11.3 million people since 2022 [5] - In 2026, the Accelerator will return to the U.S. and will be open to both nonprofits and for-profits, focusing on AI and the Future of Work [6]

Group 1 - Lenovo (Beijing) Co., Ltd. has applied for a patent titled "A Retrieval Method and Device," with publication number CN121210698A, and the application date is October 2025 [1] - The patent abstract reveals a retrieval method that includes obtaining a query statement, extracting target word text features from the query, acquiring local image features matching the target word text features from a feature library, and retrieving target images from an image library based on local image features [1] - Lenovo (Beijing) Co., Ltd. was established in 1992 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices, with a registered capital of 565 million HKD [1] Group 2 - According to Tianyancha data analysis, Lenovo (Beijing) Co., Ltd. has invested in 107 companies, participated in 5,000 bidding projects, and has 1,751 trademark information entries and 5,000 patent information entries [1] - The company also holds 238 administrative licenses [1]

Core Insights - Lenovo reported 2QFY26 revenue of $20.45 billion, a year-on-year increase of 14.6%, exceeding Bloomberg consensus expectations by 1.7% [1] - Non-HKFRS net profit reached $512 million, up 25.2% year-on-year, surpassing the company's previous guidance midpoint of approximately 19% [1] - The company disclosed that AI-related business revenue accounted for 30% of total revenue, reflecting a year-on-year increase of 13 percentage points [1] Group 1: PC and IDG Performance - IDG (Intelligent Devices Group) revenue grew by 11.8% year-on-year, with an operating profit margin of 60%, demonstrating resilience amid rising storage costs [2] - Lenovo's global PC market share increased by 1.8 percentage points year-on-year to 25.6%, marking a record high and leading the second-place competitor by 5.7 percentage points [2] - Driven by hybrid AI, PC revenue rose by 17% year-on-year, with AI PC penetration increasing by 16 percentage points year-on-year, accounting for 33% of total PC shipments [2] Group 2: ISG and SSG Performance - ISG (Infrastructure Solutions Group) revenue increased by 23.7% year-on-year, driven by demand for cloud infrastructure and enterprise solutions [3] - AI server business recorded high double-digit revenue growth, with strong order reserves [3] - Neptune liquid cooling technology revenue surged by 154% year-on-year, reinforcing the company's leadership in energy-efficient AI infrastructure [3] - SSG (Solutions and Services Group) revenue grew by 18.3% year-on-year, maintaining double-digit growth for the 18th consecutive quarter, with an operating profit margin exceeding 22% [3] Group 3: Future Outlook and Valuation - The company expects to leverage its scale and supply chain advantages to mitigate the impact of rising storage costs, with AI anticipated to drive stable revenue growth in IDG [2] - The target price has been adjusted to HKD 14.0 (previously HKD 16.0), corresponding to a 14.6 times FY2026E PE, while maintaining a "Buy" rating [3]

Financial Data and Key Metrics Changes - Lenovo reported a record revenue of $20.5 billion for the last quarter, representing a year-on-year growth of almost 15% [2][11] - Adjusted net income increased by more than 25% year-on-year to $512 million, with an adjusted net income margin expanding to 2.5% [11][12] - AI-related revenues accounted for 30% of the group's total, marking a 13 percentage point increase year-on-year [2][11] Business Line Data and Key Metrics Changes - Intelligent Devices Group (IDG) revenue grew 12% year-on-year to $15.1 billion, with operating profit climbing 11% to $1.1 billion [15] - Infrastructure Solutions Group (ISG) revenue increased by 24% year-on-year to exceed $4 billion, driven by AI infrastructure demand [8][17] - Solutions and Services Group (SSG) achieved 18% year-on-year revenue growth, marking the 18th consecutive quarter of double-digit expansion [9][19] Market Data and Key Metrics Changes - Global PC market share reached a historic high of 25.6%, with Lenovo maintaining leadership in both consumer and commercial segments [11][15] - The smartphone business achieved record-high concurrent quarter activations, supported by strong end-user demand [11] - All reported geographies delivered double-digit year-on-year revenue growth, reinforcing balanced strength across 180 markets [12] Company Strategy and Development Direction - Lenovo is focusing on AI democratization, with a strategy that includes personal AI and enterprise AI, aiming to capture hybrid AI opportunities [2][3] - The company plans to launch a personal AI super agent at Tech World in January 2026, emphasizing hyper-personalization across multiple devices [4][5] - Lenovo's hybrid AI strategy aims to create enterprise AI twins for customers, enhancing their data processing and insights capabilities [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating uncertainties and capturing substantial AI opportunities despite external challenges [2][3] - The company anticipates continued double-digit growth in both PC and server businesses over the next two quarters [28] - Management highlighted the importance of maintaining competitive costs and supply chain resilience amid rising component prices [26][28] Other Important Information - Lenovo's commitment to sustainability and ESG initiatives was emphasized, with recognition in global rankings for supply chain performance and inclusion efforts [22][23] - The company is optimistic about global trade improvements and plans to elevate its brand through partnerships and major initiatives [23] Q&A Session Summary Question: How big will the memory price impact on margin? - Management believes Lenovo is well-positioned to manage supply shortages and rising component costs due to strong supplier relationships and procurement power [26][28] Question: What is the PC outlook for the next year? - Management is optimistic about maintaining double-digit growth in the PC segment, despite rising storage and memory component prices [30][31] Question: What is the smartphone outlook for 2026? - The smartphone market is expected to grow in single digits, with a focus on premium devices that are less affected by component cost increases [32][33] Question: How does Lenovo capture opportunities in hybrid AI infrastructure? - Lenovo's hybrid AI strategy focuses on agility and flexibility, with a strong emphasis on AI services to accelerate customer AI journeys [36][37] Question: Can Lenovo sustain strong growth and margins in SSG? - Management is confident in the growth of SSG, driven by demand for AI services and a focus on sustainability [39][43] Question: What is Lenovo's strategy for AI servers? - Lenovo aims to capture growth in AI inferencing by enhancing its infrastructure capabilities and focusing on customer needs [52][53]

Core Insights - HP is focusing on integrating AI capabilities into its products, allowing consumers to run AI applications on PCs, printers, and headsets, enhancing user experience through interconnected devices [2][11] - The company has successfully transitioned its manufacturing from China to Southeast Asia, Mexico, and some sites in the US, completing this shift by the end of June [12][13] - HP has experienced growth in its PC business over the last five consecutive quarters, indicating a positive trend in the refresh cycle driven by new software releases like Windows 11 [20][21] AI Integration - HP aims to provide AI functionalities in printers to improve printing accuracy, such as automatically correcting document formatting issues [4][11] - The introduction of the HP AI companion tool will allow users to analyze confidential information locally on their PCs without needing to upload it to the cloud [5][11] - Collaborations with major chip manufacturers like Nvidia, AMD, Qualcomm, and Intel are crucial for HP to enhance its AI capabilities at the edge [6][7] Manufacturing Strategy - The company has moved production out of China due to pressures from the US government, with ongoing evaluations on whether to bring more manufacturing back to the US based on tariff regulations [12][13][14] - The uncertainty surrounding tariff processes is acknowledged, impacting future manufacturing decisions [14] Market Position and Growth - HP's stock performance has seen an 83% increase over the past two years, but it lags behind competitors like Apple and Dell, which have seen significantly higher growth [17] - The company believes that the long-term perspective of the PC market, combined with AI integration, will create value and drive investor interest [18][19] - The ongoing PC refresh cycle, fueled by new software releases, is expected to sustain growth in the coming quarters [20][21]

A U G U S T 2 8 , 2 0 2 5 Q2 FY26 Performance Review 1 Copyright © Dell Inc. All Rights Reserved. Disclosures NON-GAAP FINANCIAL MEASURES This presentation includes information about non-GAAP revenue, non-GAAP gross margin, non-GAAP operating expense, non-GAAP operating income, non- GAAP interest and other, net, non-GAAP income tax, non-GAAP net income, non- GAAP net income attributable to Dell Technologies Inc., non-GAAP earnings per share - basic and non-GAAP earnings per share - diluted, as well as adjus ...