Core Insights - Lenovo Group's three major business units are collaborating effectively, driven by AI, leading to revenue and profit growth as well as enhanced overall competitiveness [1] Business Line Summaries IDG (Intelligent Devices Group) - For FY2026H1, IDG's revenue reached $28.57 billion, a year-on-year increase of 14.6%, with operating profit growing by 13% and an operating profit margin of 7.2% [2] - The global market share increased by 1.8 percentage points to 25.6%, achieving a historical high, and Lenovo holds the top position in the global Windows AI PC market [2] - In China, AI-enabled laptops with five key features accounted for 30% of total shipments, with higher average selling prices and profit margins for high-end products [2] - High-end smartphone models like edge and razr performed strongly, with new device activations reaching record highs [2] ISG (Infrastructure Solutions Group) - For FY2026H1, ISG's revenue was $8.38 billion, reflecting a 29.6% year-on-year growth, driven by both cloud and enterprise infrastructure businesses [3] - AI server business benefited from global demand for AI training and inference, achieving high double-digit year-on-year revenue growth [3] - Neptune liquid cooling technology showed impressive performance, with revenue growth in the first quarter reaching double digits and further triple-digit growth in the second quarter, supported by over 100 patents [3] SSG (Solutions and Services Group) - For FY2026H1, SSG's revenue reached a record high of $4.81 billion, up 18.9%, with an operating profit margin of 22% [3] - Revenue from operational services and project solutions increased to 58.9% of SSG's total, marking a historical high [3] - TruScale platform orders saw triple-digit year-on-year growth, driven by the success of Device as a Service (DaaS) and Infrastructure as a Service (IaaS) initiatives [3]

具体分业务线来看， IDG：AI PC持续渗透，手机表现亮眼。FY2026H1，公司IDG业务营业收入达285.7亿美元，同比增长 14.6%，经营利润同比增长13%，经营利润率达7.2%，盈利能力强劲，AI设备渗透与产品高端化驱动收 入增长。第二财季公司全球市场份额同比+1.8pct至25.6%，创历史新高，并且位居全球Windows AI PC 市场第一，中国市场具备五大功能的AI 笔记本占总出货量的30%，平均售价与游戏本等高端产品利润 率进一步提升。智能手机方面，edge及razr等高端机型表现强劲，新机激活量创下新高。公司持续推 进"一体多端"与AI生态整合战略，打造多种形态的智能体原生终端设备和丰富的应用生态，有望在个人 智能时代持续提升市场竞争力。 智通财经APP获悉，东吴证券发布业绩点评报告，分析称联想集团(00992)三大业务集团协同发力，AI 驱动营收利润增长与整体竞争力提升。 考虑联想集团各项业务持续受益于AI浪潮，AIDC、AIPC、个人及企业智能体驱动业绩稳健增长，维 持"买入"评级。 SSG：高利润业务再创新高，"即服务"模式有望放量。FY2026H1，公司SSG业务营业收入创历史 ...

ISG：AI基建需求爆发，技术壁垒筑牢优势。FY2026H1，公司ISG业务营业收入达83.8亿美元，同比增 长29.6%，受云基础设施业务/企业基础设施业务双重拉动。AI服务器业务受益于全球AI训练与推理需 求，上半财年收入实现高双位数同比增长。海神液冷表现亮眼，第一财季收入实现双位数同比增长，第 二财季收入进一步实现三位数同比增长，凭借超100项专利形成竞争壁垒，巩固集团在基础设施和高性 能计算领域的领导地位。 SSG：高利润业务再创新高，"即服务"模式有望放量。FY2026H1，公司SSG业务营业收入创历史新 高，达48.1亿美元，同比增长18.9%，经营利润率达22%。运营服务与项目解决方案收入占SSG业务比提 升至58.9%，创历史新高。TruScale平台订单量实现三位数同比增长，得益于设备即服务（DaaS）和基 础设施即服务（IaaS）的成功推进，公司有望持续升级垂直行业解决方案，提升客户粘性，巩固SSG利 润引擎。 考虑联想集团各项业务持续受益于AI浪潮，AIDC、AIPC、个人及企业智能体驱动业绩稳健增长，维 持"买入"评级。 东吴证券发布业绩点评报告，分析称联想集团三大业务集团协同发力，A ...

Core Insights - The company reported strong mid-year performance for FY2026, with revenue reaching $39.282 billion, a year-on-year increase of 18.0%, and net profit attributable to shareholders at $850 million, up 40.5% [1] IDG Segment - The IDG business generated $28.57 billion in revenue for FY2026H1, reflecting a 14.6% year-on-year growth, with operating profit increasing by 13% and an operating margin of 7.2% [1] - The global market share for the company increased by 1.8 percentage points to 25.6%, achieving a historical high, and it leads the global Windows AI PC market [1] - In China, AI laptops with five key features accounted for 30% of total shipments, with higher average selling prices and profit margins for high-end products [1] - The smartphone segment saw strong performance from high-end models like edge and razr, with new device activations reaching record highs [1] ISG Segment - The ISG business reported $8.38 billion in revenue for FY2026H1, a 29.6% year-on-year increase, driven by cloud and enterprise infrastructure [2] - AI server business benefited from global AI training and inference demand, achieving high double-digit year-on-year revenue growth [2] - The Neptune liquid cooling system showed impressive performance, with first-quarter revenue growing double digits and second-quarter revenue increasing by triple digits, supported by over 100 patents [2] SSG Segment - The SSG business achieved a record revenue of $4.81 billion for FY2026H1, up 18.9% year-on-year, with an operating margin of 22% [2] - Revenue from operational services and project solutions increased to 58.9% of SSG business, marking a historical high [2] - TruScale platform orders saw triple-digit year-on-year growth, driven by the success of Device as a Service (DaaS) and Infrastructure as a Service (IaaS) initiatives [2] Profit Forecast and Investment Rating - The company raised its net profit forecasts for FY2026-2028 to $1.87 billion, $2.09 billion, and $2.33 billion respectively, up from previous estimates [3] - The price-to-earnings ratios for FY2026, FY2027, and FY2028 are projected at 9.0, 8.1, and 7.2 times respectively, maintaining a "buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992.HK) [1] Core Insights - Lenovo Group's FY2026H1 performance shows revenue growth driven by AI, with total revenue reaching $39.282 billion, a year-on-year increase of 18.0%, and net profit attributable to shareholders at $850 million, up 40.5% year-on-year [8] - The company benefits from strong performance across its three main business segments, with AI driving revenue and profit growth, enhancing overall competitiveness [8] Financial Performance Summary - **Revenue Forecasts**: - FY2024A: $56.864 billion - FY2025A: $69.077 billion - FY2026E: $76.417 billion - FY2027E: $83.943 billion - FY2028E: $90.407 billion - Year-on-year growth rates: FY2025A +21.48%, FY2026E +10.63%, FY2027E +9.85%, FY2028E +7.70% [1][9] - **Net Profit Forecasts**: - FY2024A: $1.011 billion - FY2025A: $1.384 billion - FY2026E: $1.868 billion - FY2027E: $2.089 billion - FY2028E: $2.332 billion - Year-on-year growth rates: FY2025A +37.01%, FY2026E +34.93%, FY2027E +11.84%, FY2028E +11.64% [1][9] - **Earnings Per Share (EPS)**: - FY2024A: $0.08 - FY2025A: $0.11 - FY2026E: $0.15 - FY2027E: $0.17 - FY2028E: $0.19 [1] - **Price-to-Earnings (P/E) Ratios**: - FY2026E: 9.04 - FY2027E: 8.08 - FY2028E: 7.24 [1] Business Segment Performance - **IDG (Intelligent Devices Group)**: - Revenue of $28.57 billion in FY2026H1, up 14.6% year-on-year, with a strong operating profit margin of 7.2% [8] - **ISG (Infrastructure Solutions Group)**: - Revenue of $8.38 billion in FY2026H1, up 29.6% year-on-year, driven by demand for AI infrastructure [8] - **SSG (Solutions and Services Group)**: - Revenue reached $4.81 billion in FY2026H1, up 18.9% year-on-year, with a high operating profit margin of 22% [8]

Core Insights - The company reported a revenue growth of 14.6% year-on-year, reaching $20.45 billion, exceeding Bloomberg's expectations by 1.7% [1] - The adjusted net profit margin increased to 2.5%, surpassing Bloomberg's forecast by 0.3% [1] Financial Performance - Revenue from the IDG segment was $15.11 billion, exceeding Bloomberg's expectations by 3.7%, with a year-on-year growth of 11.8% [1] - The ISG segment generated $4.09 billion in revenue, which was below Bloomberg's expectations by 3.9%, but still showed a year-on-year increase of 23.7% [1] - The SSG segment achieved a record revenue of $2.56 billion, exceeding Bloomberg's expectations by 3.2%, with a year-on-year growth of 18.1% [1] Profitability Metrics - The gross margin was reported at 15.4%, slightly lower than Bloomberg's expectation by 0.06 percentage points [1] - The operating profit margin for the IDG segment was 7.3%, in line with expectations, while the SSG segment reported an operating profit margin of 22.3%, exceeding expectations by 3.1 percentage points [1] Future Outlook - The company anticipates adjusted net profit growth of 16.9%, 9.9%, and 13.3% for FY25/26 to FY27/28, translating to $1.68 billion, $1.85 billion, and $2.10 billion respectively [1] - The stock price is projected to have a PE ratio of 9.2X, 8.4X, and 7.4X for FY25/26 to FY27/28 [1]

Core Insights - Lenovo Group reported a 15% year-on-year revenue growth for Q2 of FY2025/26, reaching 146.4 billion RMB, marking a historical high for the quarter [1] - Adjusted net profit increased by 25% year-on-year to 3.66 billion RMB, exceeding expectations [1] - The performance was driven by accelerated penetration of AI PCs [1] Segment Summaries IDG (Intelligent Devices Group) - AI PC penetration accelerated, with Motorola smartphone sales reaching a historical high, generating revenue of $15.11 billion, exceeding Bloomberg's expectations by 3.7% [2] - Year-on-year growth of 11.8% and quarter-on-quarter growth of 12.2% were reported [2] - Operating profit margin stood at 7.3%, in line with Bloomberg's expectations [2] ISG (Infrastructure Solutions Group) - Strong order backlog for AI infrastructure, with revenue of $4.09 billion, slightly below Bloomberg's expectations by 3.9% [2] - Year-on-year growth of 23.7% was achieved, although there was a quarter-on-quarter decline of 4.7% [2] - Operating profit margin was -0.8%, exceeding Bloomberg's expectations by 0.54 percentage points, with a year-on-year increase of 0.3 percentage points [2] - Revenue from liquid cooling solutions grew by 154% year-on-year [2] SSG (Solutions and Services Group) - Quarterly revenue reached a new high, achieving double-digit growth for 18 consecutive quarters, with revenue of $2.56 billion, surpassing Bloomberg's expectations by 3.2% [2] - Year-on-year growth of 18.1% was reported, with an operating profit margin of 22.3%, exceeding expectations by 3.1 percentage points [2] - The group benefits from favorable conditions in high-growth sectors, including hybrid cloud, AI, and digital workplace solutions, indicating a robust long-term outlook [2] Investment Outlook - Future adjusted net profit growth is projected at 16.9%, 9.9%, and 13.3% for FY25/26 to FY27/28, translating to $1.68 billion, $1.85 billion, and $2.10 billion respectively [3] - Corresponding PE ratios for FY25/26 to FY27/28 are estimated at 9.2X, 8.4X, and 7.4X [3] - The recommendation to maintain an "overweight" rating is upheld [3]

Investment Rating - The investment rating for Lenovo Group is maintained at "Buy" [2] Core Views - Lenovo Group's revenue for FY25/26Q2 increased by 14.6% year-on-year to $20.45 billion, exceeding Bloomberg's expectations by 1.7% [8] - The company's adjusted net profit rose by 26.7% year-on-year to $510 million, surpassing Bloomberg's forecast by 0.3% [8] - The AI PC segment is accelerating its penetration, with a penetration rate reaching 33% [8] - The mobile phone business achieved record sales, with revenue of $15.11 billion, exceeding expectations by 3.7% and showing a year-on-year growth of 11.8% [8] - The Infrastructure Solutions Group (ISG) reported strong order reserves, with revenue of $4.09 billion, a year-on-year increase of 23.7% [8] - The Solutions and Services Group (SSG) achieved record quarterly revenue of $2.56 billion, marking 18 consecutive quarters of double-digit growth [8] - Future adjusted net profit growth is projected at 16.9%, 9.9%, and 13.3% for FY25/26, FY26/27, and FY27/28, respectively [8] Financial Performance Summary - Revenue projections (in million USD): - 2024A: 56,864 - 2025A: 69,077 - 2026E: 77,184 - 2027E: 82,925 - 2028E: 89,545 - Net profit projections (in million USD): - 2024A: 1,011 - 2025A: 1,384 - 2026E: 1,649 - 2027E: 1,891 - 2028E: 2,137 - EPS projections (in CNY): - 2024A: 0.08 - 2025A: 0.11 - 2026E: 0.13 - 2027E: 0.15 - 2028E: 0.17 - PE ratios: - 2025A: 11.89 - 2026E: 9.38 - 2027E: 8.18 - 2028E: 7.23 [5][9]