联想：初步解读-第四季度业绩超预期，收入由 PC 与服务器双轮驱动；毛利率维持在 15.1%；买入评级

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 ...