联想集团_第二季度好于预期；个人电脑出货量和平均售价（ASP）均增长，人工智能服务器产能提升；买入评级-Lenovo (0992.HK)_ Jun-Q better than expected; PC on both shipment and ASP increase, with AI servers ramping up; Buy

Summary of Lenovo's June-Q Conference Call Company Overview - Company: Lenovo (Ticker: 0992.HK) - Industry: Technology, specifically focusing on PCs, servers, and AI solutions Key Financial Performance - Revenue Growth: June-Q revenues increased by 22% YoY, surpassing estimates by 10% and 7% compared to internal and Bloomberg consensus respectively [1] - Segment Performance: - Intelligent Devices Group (IDG): Revenues up 18% YoY, 10% ahead of estimates; global PC shipments increased by 15% YoY, with a market share rise to 24.8% [3] - Infrastructure Solutions Group (ISG): Revenues surged 36% YoY, but operating profit margin (OPM) turned negative at -2% due to increased investments in AI [4] - Solutions & Services Group (SSG): Revenues grew by 20% YoY, with OPM at 22.2% [9] Margins and Operational Efficiency - Gross Margin (GM): Reported at 14.7%, lower than the expected 16.5% and 16.3% due to an unfavorable product mix [1] - Operating Expense Ratio: Improved to 10.6%, better than the consensus of 13.1% and 12.8%, reflecting enhanced operational efficiency [1] Adjusted Financial Metrics - Adjusted Operating Income: Excluding a non-cash fair value gain on warrants (US$152 million), the adjusted operating income was 9% and 3% ahead of internal and Bloomberg consensus [1] Future Outlook and Risks - Price Target: Buy-rated with a 12-month target price of HK$12.48, indicating an upside of 8.3% from the current price of HK$11.52 [10] - Key Risks: - Slower-than-expected recovery in market demand for PCs, servers, and smartphones - Increased competition in smartphones and AI servers - Prolonged inventory digestion in PCs and servers - Delays in product mix upgrades or total solution offerings [11] Additional Insights - AI Server Growth: AI server revenues more than doubled YoY, driven by both cloud service providers (CSP) and enterprise clients [8] - Operational Challenges: The ISG segment faced challenges with OPM turning negative due to scaling investments in AI [4] This summary encapsulates the key points from Lenovo's June-Q conference call, highlighting the company's strong revenue growth, segment performance, operational efficiency, and potential risks moving forward.