Investment Rating - Outperform rating maintained for Lenovo Group (00992 HK) [2][5][13] Core Views - AI PC penetration accelerating, driving earnings growth [2] - Smart Devices and Infrastructure Solutions Groups performed strongly [2][8] - AI integration with products deepening, AI PC accounted for 14% of China notebook shipments in FY2Q2025 [2][8] - Smartphone overseas markets growing rapidly, Motorola achieved double-digit growth [2][8] - Infrastructure Solutions Group revenue surged 65 1% YoY in FY2Q2025, losses narrowing [2][8] Financial Performance - FY1H2025 revenue reached $33 297 billion, up 22% YoY [2][8] - FY1H2025 net profit was $602 million, up 41% YoY [2][8] - FY2Q2025 revenue was $17 850 billion, up 24% YoY and 16% QoQ [2][8] - FY2Q2025 net profit was $359 million, up 44% YoY and 47% QoQ [2][8] - Smart Devices Group revenue was $24 936 billion, up 15% YoY [2][8] - Infrastructure Solutions Group revenue was $6 465 billion, up 65% YoY [2][8] - Solutions Services Group revenue was $4 050 billion, up 12% YoY [2][8] Profitability - FY2Q2025 gross margin was 15 7%, down 0 9 ppts QoQ [2][9] - FY2Q2025 operating expense ratio was 13 2%, down 0 8 ppts QoQ [2][9] - FY2Q2025 net margin was 2 2%, up 0 5 ppts QoQ [2][9] Financial Forecasts - FY2025-2027 revenue forecast raised to 660/719/767 billion yuan [13] - FY2025-2027 net profit forecast adjusted to 12 50/13 90/15 78 billion yuan [13] - FY2025-2027 PE ratios estimated at 12/10/9x [13] Business Segments - Smart Devices Group benefited from overseas smartphone expansion and premium PC shipments [2][8] - Infrastructure Solutions Group driven by AI server demand and Neptune liquid cooling solution [2][8] - Solutions Services Group saw slower growth in high-margin business [2][9]

Investment Rating - The report maintains an "Outperform" rating for Lenovo Group (00992 HK) [2][5][13] Core Views - AI PC penetration is accelerating, driving performance growth [2] - Smart Devices and Infrastructure Solutions business groups performed strongly, with AI driving growth [2][8] - FY1H2025 revenue reached $33 297 billion, up 22% YoY, with net profit of $602 million, up 41% YoY [2][8] - FY2Q2025 revenue was $17 850 billion, up 24% YoY and 16% QoQ, with net profit of $359 million, up 44% YoY and 47% QoQ [2][8] Business Performance Smart Devices Business Group - Revenue reached $24 936 billion, up 15% YoY [2] - Strong performance driven by successful overseas smartphone market expansion and increased share of high-value PC shipments [2][8] Infrastructure Solutions Business Group - Revenue reached $6 465 billion, up 65% YoY [2] - Growth driven by strong demand for AI servers and the company's core advantages in liquid cooling (Neptune solution) [2][8] - Operating loss narrowed to $36 million, with profitability expected in CY2025 [2] Solutions and Services Business Group - Revenue reached $4 050 billion, up 12% YoY [2] Financial Metrics - FY2Q2025 gross margin was 15 7%, down 0 9 ppts QoQ due to product mix changes and slower growth in high-margin solutions services [2][9] - FY2Q2025 operating expense ratio was 13 2%, down 0 8 ppts QoQ [2][9] - FY2Q2025 net profit margin was 2 2%, up 0 5 ppts QoQ [2][9] AI and Market Trends - AI PC penetration in China reached 14% of notebook shipments in FY2Q2025 [2] - Smartphone business achieved double-digit growth in Asia-Pacific, Europe-Middle East-Africa, and North America markets [2] - Foldable smartphones successfully entered the high-end market [2] Financial Forecasts - Revenue forecasts for FY2025-2027 were raised to $66 0/71 9/76 7 billion (from $62 3/67 6/72 1 billion) [13] - Net profit forecasts for FY2025-2027 were adjusted to $1 250/1 390/1 578 billion (from $1 288/1 635/1 901 billion) [13] - Current P/E ratios are 12/10/9x for FY2025-2027 [13] Valuation and Key Metrics - Closing price: HK$9 11 [5] - Market cap: HK$113 006 billion [5] - 52-week high/low: HK$11 83/7 50 [5] - 3-month average daily turnover: HK$585 54 million [5]

Investment Rating - Maintains an "Overweight" rating for Lenovo Group (00992 HK) [3] Core Views - Lenovo Group's FY25Q2 revenue reached $17 85 billion (YoY +24% QoQ +16%) exceeding FactSet consensus estimates of $16 3 billion Non-IFRS net profit attributable to shareholders was $404 million (YoY +48% QoQ +28%) also surpassing FactSet consensus estimates of $359 million [1] - The Intelligent Devices Group (IDG) reported revenue of $13 5 billion (YoY +17% QoQ +18%) with an operating margin of 7 3% (YoY -0 1pct QoQ flat) PC shipments reached 16 5 million units (YoY +3 0%) outperforming the global market decline of -2 4% Non-PC segments including smartphones and tablets saw revenue growth of 43% and 19% respectively [1] - The Infrastructure Solutions Group (ISG) achieved revenue of $3 305 billion (YoY +65% QoQ +5%) with an operating margin of -1 1% (YoY +1 6pcts QoQ +0 1pct) The group continues to benefit from strong AI server order growth [2] - The Solutions and Services Group (SSG) reported revenue of $2 165 billion (YoY +13% QoQ +15%) with an operating margin of 20 4% (YoY +0 4pct QoQ -0 6pct) AI-driven projects and solutions contributed to a 19% YoY growth in project and solution services [2] - Lenovo's hybrid AI strategy is expected to drive growth with projected FY2025-2027 revenues of $66 1 billion $72 6 billion and $78 8 billion respectively and net profits attributable to shareholders of $1 211 billion $1 453 billion and $1 695 billion [2] Financial Performance - FY25Q2 revenue: $17 85 billion (YoY +24% QoQ +16%) [1] - FY25Q2 Non-IFRS net profit: $404 million (YoY +48% QoQ +28%) [1] - IDG revenue: $13 5 billion (YoY +17% QoQ +18%) [1] - ISG revenue: $3 305 billion (YoY +65% QoQ +5%) [2] - SSG revenue: $2 165 billion (YoY +13% QoQ +15%) [2] Market Data - Closing price (HKD): 9 07 [2] - Total shares outstanding: 12 405 million [2] - Net assets attributable to shareholders: $5 477 billion [2] - Total assets: $44 464 billion [2] - Net assets per share: $0 44 [2] Financial Projections - FY2025E revenue: $66 093 billion (YoY +16 2%) [2] - FY2026E revenue: $72 587 billion (YoY +9 8%) [2] - FY2027E revenue: $78 800 billion (YoY +8 6%) [2] - FY2025E net profit: $1 211 billion (YoY +19 8%) [2] - FY2026E net profit: $1 453 billion (YoY +20 0%) [2] - FY2027E net profit: $1 695 billion (YoY +16 7%) [2] Key Financial Ratios - FY2025E gross margin: 16 1% [2] - FY2025E operating margin: 3 5% [2] - FY2025E net margin: 1 8% [2] - FY2025E ROE: 18 8% [2] - FY2025E PE ratio: 11 9x [2] - FY2025E PB ratio: 2 3x [2]

Financial Performance - Revenue for the three months ended September 30, 2024, reached $17,850.094 million, a 23.4% increase compared to $14,409.786 million for the same period in 2023[9] - Gross profit for the six months ended September 30, 2024, was $5,355.599 million, up from $4,773.665 million in the same period last year, reflecting a 12.2% increase[9] - Operating profit for the three months ended September 30, 2024, was $650.599 million, compared to $514.000 million for the same period in 2023, marking a 26.5% increase[9] - Net profit attributable to equity holders for the six months ended September 30, 2024, was $601.897 million, up from $425.766 million in the same period last year, representing a 41.3% increase[9] - Total comprehensive income for the three months ended September 30, 2024, was $555.168 million, significantly higher than $234.835 million for the same period in 2023[11] - Basic earnings per share for the six months ended September 30, 2024, were 4.91 cents, compared to 3.57 cents for the same period in 2023, reflecting a 37.5% increase[9] - The company reported a consolidated pre-tax profit of $786.18 million, compared to $585.75 million in the previous year[27] - The company reported a net profit for the period ending September 30, 2024, was $472,467 thousand, compared to $425,766 thousand for the same period last year, indicating a year-over-year increase of about 10.96%[21] - The company reported a total comprehensive income of $503,140 thousand for the period, a significant improvement from $229,407 thousand in the previous year, representing an increase of approximately 119.4%[21] Revenue Growth - The company achieved a 4.8% revenue growth attributed to the implementation of the Supply Chain Intelligence (SCI) solution[8] - For the six months ended September 30, 2024, total revenue reached $33,297.15 million, a 22% increase from $27,309.71 million in the same period of 2023[27] - The Smart Devices Business Group generated revenue of $24,935.70 million, up 14% from $21,775.17 million year-over-year, with an operating profit of $1,818.36 million[27] - The Infrastructure Solutions Business Group reported revenue of $6,465.17 million, a significant increase from $3,915.53 million, although it incurred an operating loss of $73.00 million[27] - The Solutions Services Business Group achieved revenue of $4,049.89 million, up from $3,631.31 million, with an operating profit of $838.32 million[27] - Revenue from the Asia Pacific region increased to $6,095.13 million, a 28% rise from $4,768.52 million in the previous year[30] - The Americas region saw revenue growth to $11,363.64 million, up 16% from $9,764.81 million year-over-year[30] Cost and Expenses - Operating expenses increased by 9% year-over-year, with employee benefits costs rising by $137 million due to performance bonuses and sales commissions[100] - The company incurred depreciation and amortization expenses of $467.86 million for the six months ended September 30, 2024, slightly down from $472.55 million in the same period of 2023[31] - Financial income for the period was $45.54 million, while financial expenses totaled $143.06 million, resulting in a net financial cost[27] - Financial expenses for the six months ended September 30, 2024, totaled $399.507 million, compared to $387.804 million for the same period in 2023, an increase of 3.6%[43] - The company reported a tax expense of $149.410 million for the six months ended September 30, 2024, compared to $113.279 million for the same period in 2023, an increase of 32.0%[45] Assets and Liabilities - Total assets increased to $44,464,284 thousand as of September 30, 2024, compared to $38,750,954 thousand as of March 31, 2024, reflecting a growth of approximately 17.6%[13] - Total liabilities increased to $38,372,767 thousand as of September 30, 2024, from $32,669,767 thousand, reflecting a rise of approximately 17.4%[15] - The company’s equity attributable to owners decreased to $5,477,352 thousand from $5,582,593 thousand, a decline of approximately 1.9%[15] - The company’s total equity increased slightly to $6,091,517 thousand from $6,081,187 thousand, reflecting a growth of about 0.2%[15] - The company’s borrowings increased significantly to $6,609,053 thousand from $2,516,056 thousand, indicating a rise of approximately 162.5%[19] - The company’s cash flow from financing activities showed a net outflow of $674,259 thousand, compared to an outflow of $858,246 thousand in the previous year, a decrease of about 21.4%[19] Inventory and Receivables - Inventory rose significantly to $9,118,816 thousand, up from $6,702,677 thousand, marking an increase of about 36.5%[15] - Trade receivables rose to $9,450 billion as of September 30, 2024, compared to $8,131 billion at the end of March 2024, indicating a 16.2% increase[55] - The company reported a net loss provision for trade receivables of $163.795 million as of September 30, 2024, compared to $132.767 million at the end of March 2024, reflecting a 23.3% increase[57] Strategic Initiatives - The company is collaborating with DeepBrain AI to develop an AI avatar that retains the voice and personality of individuals with degenerative diseases, showcasing a 96% accuracy in realism[4] - The company has integrated over 800 independent data sources into SCI, accounting for approximately 80% of all supply chain data inputs[8] - Future outlook includes continued focus on market expansion and potential new product developments, although specific figures were not provided in the content[50] - The company aims to strengthen its end-to-end service solutions, particularly the TruScale as-a-service product portfolio, addressing customer pain points in hybrid work and multi-cloud management[186] Sustainability and Employee Engagement - The company is committed to achieving net-zero emissions by 2050 and is expanding its sustainability initiatives, including carbon offset services and reducing carbon transportation[186] - As of September 30, 2024, the company has approximately 70,200 global employees, with a compensation policy linked to performance and market competitiveness[188] - The long-term incentive plan aims to attract and retain talent, linking rewards to long-term performance and shareholder interests[190]

Investment Rating - The investment rating for Lenovo Group is "Buy" (首次) [2] Core Views - Lenovo Group reported a strong performance in FY25H1 with revenue of $33.3 billion, a year-over-year increase of 21.9%, and a net profit of $600 million, up 41.4% year-over-year [2] - The ISG (Infrastructure Solutions Group) business showed exceptional growth, achieving revenue of $3.31 billion in FY25Q2, a year-over-year increase of 65.1% [2] - The company is expected to maintain a positive growth trajectory in the PC market, driven by the dual forces of industry recovery and its own AIPC (AI-Enhanced PC) products [2] Financial Performance Summary - FY25E revenue is projected at $65.13 billion, with a year-over-year growth of 14.5% [4] - The net profit for FY25E is estimated at $1.255 billion, reflecting a year-over-year increase of 24.1% [4] - The company’s ROE is expected to rise to 19% in FY25E [4] Business Segment Performance - The IDG (Intelligent Devices Group) business generated $13.51 billion in revenue for FY25Q2, a year-over-year increase of 17% [2] - The SSG (Solutions and Services Group) business achieved revenue of $2.17 billion in FY25Q2, with a year-over-year growth of 12.9% [2] - The ISG business is expected to continue benefiting from strong demand for AI servers, with a significant increase in orders for liquid-cooled servers [2] Future Outlook - Revenue projections for FY25-27 are $65.13 billion, $70.21 billion, and $75.36 billion respectively [4] - Net profit projections for FY25-27 are $1.255 billion, $1.608 billion, and $1.901 billion respectively [4] - The company is expected to maintain a P/E ratio of 11.5 in FY25E, decreasing to 7.6 by FY27E [4]

Investment Rating - The report maintains a "Buy" rating for Lenovo Group [6][8]. Core Views - Lenovo's Q2 fiscal revenue and net profit exceeded expectations, with revenue reaching $17.85 billion, a year-on-year increase of nearly 24%. However, the gross margin was below expectations at 15.7% [2][3]. - The IDG business group saw a revenue increase of 17% to $13.5 billion, driven by a significant rise in AI PC sales, which increased from 5% to 14% of total sales, contributing to an estimated 5% increase in average selling price (ASP) [3][4]. - The ISG business achieved a record revenue of $3.3 billion, growing 65% year-on-year, with expectations of turning profitable in the first half of FY 25-26 [5][6]. Financial Summary - Projected revenues for FY 24/25, FY 25/26, and FY 26/27 are $66 billion, $71.1 billion, and $79.3 billion, respectively, with year-on-year growth rates of 16.1%, 7.8%, and 11.4% [6][7]. - Expected net profits for the same periods are $1.3 billion, $1.5 billion, and $1.8 billion, reflecting year-on-year growth rates of 25.7%, 15.9%, and 19.5% [6][7]. - The report estimates a reasonable market value of HKD 137.5 billion, with a target price of HKD 11.1 per share, based on a 12x P/E ratio for FY 25-26 [6][8].

2024 年 11 月 18 日 联想集团 (992.HK) 三大业务板块增长迅猛，人工智能成关键驱动 事件：联想集团公布了 2024/25 财政年度中期业绩，截至 2024 年 9 月 30 日止三 个月(2024/25 Q2)，总收入约 178.5 亿美元，同比增长 24%，受益于全球对人工 智能领域的投资热潮，三大业务板块均有所增长；受低毛利率的 ISG 业务收入增 长较高影响，整体毛利率同比下降 1.8 个百分点至 15.7%，；归母净利润约 3.59 亿美元，同比大幅增长 44%。 报告摘要 数据来源：公司资料，国证国际预测 | --- | --- | |-----------------------|---------------------------| | | 公司动态分析 证券研究报告 | | | 电脑及周边器材 | | 投资评级： | 买入 | | | 维持 评级 | | 6 个月目标价 | 11.0 港元 | | 股价 2024-11-15 | 9.17 港元 | | 总市值 ( 百万港元） | 113,750.7 | | 流通市值(百万港元） | 113,750.7 | | 总股本(百 ...

核心观点 ⚫ 公司营收和归母净利润在上半财年分别同增 22%及 41%，在第二财季分别增长 24% 和 44%至 178.5 和 3.59 亿美元。第二财季自由现金流 7.4 亿美元，同增近 6 倍。 ⚫ IDG 智能设备业务集团上半财年的收入增长 15%，主要受惠于个人计算机与智能手 机超越市场的增长以及具备五项特征的人工智能个人计算机迅速上升所带动。个人 电脑营收同比上升 12%，全球市场出货量份额为 23.8%，根据 IDC 数据，第二财季 全球份额进一步提升至 24%；智能手机营收同比上升 43%，在北美、EMEA 欧洲-中东-非洲区域和亚太市场分别同比增长 20%、35%和 282%；平板电脑营收同比上 升 19%。营运效率及销售均价的上升使经营溢利率处于 7.3%的行业领先水平。联 想已开发针对不同市场的个人人工智能代理，具有五大特征包括配备 AI Agent 的人 工智能计算机在第二财季占中国笔记本计算机总出货量的 14%。 ⚫ ISG 基础设施方案业务集团的收入上半财年同比增长 65%至 65 亿美元，创新高。 其中，存储、软件和服务总营业额同比上升 35%，海神液冷服务器营业额同比上升 48 ...

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992.HK) [1] Core Views - The company reported better-than-expected performance for FY2025 Q2, with total revenue of $17.85 billion, up 23.87% year-on-year and 15.56% quarter-on-quarter, and a net profit of $3.59 billion, up 43.80% year-on-year and 47.29% quarter-on-quarter [1] - The high-end product strategy is showing results, particularly with the Edge and Razr smartphone series, which have seen strong overseas sales [1] - The Infrastructure Solutions Group (ISG) is narrowing its operating losses and improving its market position, with a revenue increase of 65.12% year-on-year [1] - The Solutions and Services Group (SSG) has stable operating profit margins and increasing sustainable revenue, with a revenue increase of 12.85% year-on-year [1] - The company expects to benefit from the AI wave, with adjusted net profit forecasts for FY2025, FY2026, and FY2027 being $1.26 billion, $1.47 billion, and $1.76 billion respectively [1] Summary by Sections Financial Performance - For FY2025 H1, Lenovo achieved revenue of $33.297 billion, a year-on-year increase of 21.92%, and a net profit of $6.02 billion, up 41.36% [1] - FY2025 Q2 revenue was $17.85 billion, with a year-on-year growth of 23.87% and a quarter-on-quarter growth of 15.56% [1] Business Segments - **Intelligent Devices Group (IDG)**: Revenue of $13.514 billion in FY2025 Q2, up 17.37% year-on-year; PC market share reached 23.98% [1] - **Infrastructure Solutions Group (ISG)**: Revenue of $3.305 billion in FY2025 Q2, up 65.12% year-on-year; operating loss narrowed [1] - **Solutions and Services Group (SSG)**: Revenue of $2.165 billion in FY2025 Q2, up 12.85% year-on-year; operating profit margin at 20.4% [1] Profitability and Valuation - The report adjusts net profit forecasts for FY2025, FY2026, and FY2027 to $1.26 billion, $1.47 billion, and $1.76 billion respectively, with corresponding P/E ratios of 11.4, 9.8, and 8.2 [1]

证券时报网讯，中金维持联想集团"跑赢行业"评级，目标价12.6港元。 联想集团2025财年第二季度收入同比增23.9%，归母净利润同比增43.9%，净利率环比增0.2个百分点至 1.8%，均高于预期。 中金看好联想PC业务及AI服务器需求，预计AIPC产品将推动市场复苏，到2027年渗透率将接近80%。 校对：姚远 ...