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]

3Q25 业绩超预期，AI PC 加速渗透 联想集团(00992) 证券研究报告 计算机设备 / 公司点评 / 2025.11.21 | 投资评级:增持(维持) | | | --- | --- | | 基本数据 | 2025-11-20 | | 收盘价(元) | 9.72 | | 流通股本(亿股) | 124.05 | | 每股净资产(元) | 0.55 | 最近 12 月市场表现 -18% -4% 9% 22% 36% 49% 联想集团 恒生指数 分析师 郝艳辉 SAC 证书编号：S0160525080001 haoyh@ctsec.com ❖ 事件：FY25/26Q2，公司收入同比增长 14.6%为 204.5 亿美元（超出彭博 预期 1.7%），毛利率 15.4%（较彭博预期低 0.06pct），销售费用率（较彭博 预期低 0.4pct），研发费用率（较彭博预期低 0.3pct），经调整归母净利率提 升至 2.5%（超出彭博预期 0.3pct），经调整归母净利润同比增长 26.7%至 5.1 亿美元。 ❖ IDG：AI PC 加速渗透，摩托罗拉智能手机销量历史新高：实现收入 151.1 亿美元（超出彭博 ...