联想集团_9 月季度毛利符合预期；调整后营业利润超预期；个人电脑利润率维持稳定，服务器亏损收窄；买入评级

20 November 2025 | 8:50AM HKT Equity Research Lenovo (0992.HK): First Take: Sep-Q GP in line; adjusted OP income beat; PC margins sustained with Servers loss narrowed; Buy Sep-Q revenues and GM were largely in line with expectations, leading GP to up by 13% QoQ, or 6% / 1% ahead of our / Bloomberg consensus. GM sustained at 15.4% (vs. 15.7% in Sep-Q 2025) despite memory costs upcycle, reflecting Lenovo's strong bargaining power and management capability over its supply chain, along with product mix upgrade ...