IDG：领先行业增长，有效化解零部件短缺及成本上涨。FY3Q26 该业务实现营收158 亿美元， YoY+14%。2025 年个人电脑全年市场份额为 24.9%，创历史新高，季度市场份额同比提升1pct 至 25.2%，保持了唯一一家市场份额突破25%企业的纪录；AI PC 营收实现高双位数同比增长。摩托罗拉 智能手机业务于本季度创下销量及激活量的历史新高。在存储等零部件短缺及成本上涨的挑战下，IDG 业务凭借优异的供应链管理能力及成本控制，进一步提高竞争力，实现了运营利润率的稳定和营业额的 进一步增长。 ISG：增长势头强劲，潜在订单储备充足。FY3Q26 该业务实现营收52 亿美元，yoy+31%，创历史新 高。人工智能服务器业务实现年比年高双位数的营业额增长，订单储备高达155 亿美元。得益于云基础 设施及企业基础设施业务客户采用率的提升，海神液冷技术方案的营业额年比年增长300%。集团对ISG 业务进行了战略性重组，从而在季内产生了一次性重组费用2.85 亿美元。通过优化成本结构、调整产品 组合及加强销售组织，预计未来三年将实现每年逾2 亿美元的成本节省，为实现可持续的盈利奠定基 础。 SSG：业绩持 ...

Lenovo Group Limited 聯想集團有限公司 （於香港註冊成立之有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （港幣櫃台股份代號：992 / 人民幣櫃台股份代號：80992） 公告 (1) 修訂與富士通的持續關連交易的現有年度上限 及 (2) 續訂與富士通的持續關連交易 茲提述本公司於二零一七年十一月二日刊發的合營公告及於二零一八年五月二日、二零一八年 五月十八日、二零二零年二月二十一日、二零二三年三月三十一日、二零二四年三月二十八日 及二零二五年二月二十八日刊發的持續關連交易公告。除另有所指外，本公告所用詞彙具有持 續關連交易公告所定義的相同涵義。 修訂製造協議 (FIT) 截至二零二六年三月三十一日止財政年度的現有年度上限 董事會（包括獨立非執行董事）已批准修訂製造協議 (FIT) 截至二零二六年三月三十一日止財 政年度的年度上限。此修訂反映 FCCL 於本財政年度期間接獲大量的打印機訂單。 續訂持續關連交易 由於相關 ...

联想集团（0992.HK）FY3Q26 业绩点评 供应链管理能力彰显，业绩稳健增长 glmszqdatemark 事件：2 月 12 日，联想集团发布 2025/26 财年第三季度业绩，FY3Q26（对应 自然年 4Q25）公司实现营收 222.04 亿美元，YoY+18%；实现调整后净利润 5.89 亿 美元，YoY+36%。 FY3Q26 业绩表现亮眼。所有业务集团均实现年比年双位数增长，集团整体营业 额突破财季历史最高纪录，达 222 亿美元，yoy+18%。在剔除非经营性非现金项目及 一次性收益与费用后，调整后净利润达到 5.89 亿美元，yoy+36%，调整后净利润率 提升至 2.7%。人工智能相关营业额 yoy+72%，占集团整体营业额近三分之一（32%）。 IDG：领先行业增长，有效化解零部件短缺及成本上涨。FY3Q26 该业务实现营 收 158 亿美元，YoY+14%。2025 年个人电脑全年市场份额为 24.9%，创历史新高， 季度市场份额同比提升 1pct 至 25.2%，保持了唯一一家市场份额突破 25%企业的纪 录；AI PC 营收实现高双位数同比增长。摩托罗拉智能手机业务于本季度创下 ...

丨证券研究报告丨 [Table_scodeMsg2] 联想集团（00992.HK） cjzqdt11111 [Table_scodeMsg1] 港股研究丨公司点评丨联想集团（00992.HK） [Table_Title] 龙头穿越周期，多项业务创历史新高 报告要点 [Table_Summary] 联想 FY2026Q3（对应日历年 2025Q4，下同）实现营收 222.04 亿美元，同比增长 18%；毛 利率 15.1%，同比下降 0.6pct；归母净利润 5.46 亿美元，同比下降 21%，主因一次性重组费 用、认股权证的非现金公允价值收益等非现金项目的影响；经调整净利润 5.89 亿美元，同比增 长 36%。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 龙头穿越周期，多项业务创历史新高 [Table_Summary2] 事件描述 联想 FY2026Q3（对应日历年 2025Q4，下同）实现营收 222.04 亿美元 ...

Core Viewpoint - Lenovo Group has achieved a record high in global PC market share, with accelerated growth in AI business, leading to overall performance exceeding expectations [1] Group 1: Performance Highlights - Lenovo reported a revenue of $22.204 billion for Q3 FY26, representing an 18% year-on-year increase; Non-HKFRS net profit reached $589 million, up 36% year-on-year [2] - AI-related business grew by 72% year-on-year, contributing 32% to total revenue, making it a key growth driver for the company [2] - The company demonstrated effective cost control, resulting in an operating profit margin increase of 0.6 percentage points to 4.3%, indicating ongoing recovery in profitability [2] Group 2: Market Position and Supply Chain - According to IDC, Lenovo's global PC market share reached 24.9% in 2025, a historic high, with Q4 2025 alone achieving 25.3% [3] - Lenovo has outpaced industry average PC sales growth for ten consecutive quarters, attributed to its strong global supply chain management and product innovation capabilities [3] - The company has implemented long-term contracts and flexible pricing strategies to mitigate cost pressures from rising prices of key components, maintaining a stable operating profit margin of 7.3% in the IDG business [3] Group 3: AI Server Business - The Infrastructure Solutions Group (ISG) reported a revenue of $5.176 billion for the quarter, a 31% year-on-year increase, with AI server revenue showing high double-digit growth [4] - The project order backlog for AI servers reached $15.5 billion, indicating strong demand and future growth potential [4] - ISG is undergoing a one-time restructuring to enhance efficiency, with expectations of achieving profitability in Q4 FY26 [4] Group 4: Profit Forecast and Valuation - Based on the continuous increase in PC market share and effective cost management, the profit forecast for FY26 Non-HKFRS net profit has been raised by 6.5% to $1.801 billion, while FY27 profit estimates remain largely unchanged [5] - The current stock price corresponds to Non-HKFRS P/E ratios of 8.2x and 7.5x for FY26 and FY27, respectively, significantly lower than some comparable companies [5] - The company’s valuation is expected to have upside potential driven by AI-driven growth and improved profitability [5]

盈利端虽受战略性重组一次性费用影响，净利润同比有所下滑，但剔除非经营性项目后，调整后归母净 利润达 5.9 亿美元，同比增长 36%，调整后净利润率提升至 2.7%，核心盈利表现亮眼。成本端，公司 费用管控成效显著，费用 / 收入比同比大幅下降 1.3 个百分点至 10.8%；研发端，在持续加大 AI 等核心 领域投入的同时，研发费用投放效率提升，研发费用同比增长 3% 至 6.4 亿美元，为长期发展筑牢技术 根基。 对于联想集团未来业绩，国投证券国际给出乐观预期，预计 2025/26 财年和 2026/27 财年的经调整净利 润分别为 18.2 亿美元(yoy+26.2%)和 21.0 亿美元(yoy+21.0%)。从长期财务预测来看，2026-2028 财年公 司收入将持续稳步增长，毛利率逐步回升，ROE 维持在 20% 以上的较高水平，盈利能力与运营效率持 续优化，存货、应收账款周转天数不断改善，整体财务状况向好。 2026 年 2 月 13 日，国投证券国际发布联想集团(992.HK)最新研报，公司 25/26 财年第三季度业绩交出 超亮眼答卷，收入突破财季历史最高纪录，所有业务集团均实现双位数增长， ...

服务器业务方面，高盛看好公司通过扩大CSP客户渗透及提升AI服务器占比，实现收入规模与盈利能力 同步改善。基于收入上调及费用率优化，高盛将FY2026净利润预测上调13%。 近日，高盛发布研报称，联想FY3Q26业绩公布后维持积极看法，认为其在存储成本上行周期中受冲击 相对较小，得益于领先的市场地位、规模优势以及较高的商用机型占比。 ...

Core Insights - Lenovo Group reported a record high revenue for the third quarter of the fiscal year 2025/26, achieving $22.2 billion, a year-on-year increase of 18% [1] - Adjusted net profit surged by 36% to $589 million, with profit growth outpacing revenue growth, indicating a significant improvement in profitability [1] - AI-related revenue became a key growth driver, soaring by 72% and accounting for 32% of total revenue, showcasing the successful implementation of the AI strategy [1] Business Segment Performance - The Intelligent Devices Group (IDG) generated approximately $15.755 billion in revenue, a year-on-year increase of 14.3%, with global PC market share rising to 25.3% [2] - The Infrastructure Solutions Group (ISG) reported revenue of about $5.176 billion, a substantial increase of 31.42%, with cloud infrastructure revenue reaching new highs and operational losses significantly improving [2] - The Solutions and Services Group (SSG) achieved revenue of approximately $2.652 billion, up 17.52%, with operating profit margin nearing historical highs at 22.5% [2] Future Outlook - Forecasts for adjusted net profit for fiscal years 2026-2028 are $1.731 billion, $2.023 billion, and $2.268 billion, with respective growth rates of 15%, 17%, and 12% [3] - The company is expected to maintain steady revenue and profit growth, with improving financial metrics such as decreasing debt-to-asset ratios and increasing liquidity ratios [3] - Lenovo's mixed AI strategy across AI terminals, infrastructure, and services is anticipated to continue benefiting from the global AI industry development [3][4]

经济观察网 联想控股（03396.HK）股价在2026年2月23日出现显著上涨，主要原因与市场对其关联公司 联想集团近期动态的积极反应有关。 股价异动原因 根据中关村在线的报道，作为全球最大的个人电脑制造商，联想集团于2026年2月宣布，受人工智能驱 动数据中心建设导致DRAM供应短缺、成本持续走高的影响，计划自3月起上调部分台式机与笔记本电 脑产品的价格。这一举措被市场解读为联想集团能够将上游原材料成本压力有效传导至下游消费者，有 助于维持其盈利能力。受此消息影响，市场对联想集团及其控股公司联想控股的未来业绩预期有所改 善。 股票近期走势 截至2026年2月23日11:02，联想控股股价报8.95港元，较前一日收盘价8.38港元上涨6.80%。当日电脑器 材行业板块整体上涨2.69%，恒生指数上涨2.66%。 以上内容基于公开资料整理，不构成投资建议。 ...

Group 1: Company Developments - Lenovo Holdings completed an increase in its stake in Lenovo Group, acquiring approximately 115 million shares for about HKD 1.125 billion, raising its total ownership to 32.34% [1] - Lenovo Group launched its "Smarter AI for all" strategy at the CES 2026, introducing AI servers and the Lenovo Qira personal intelligent agent, with AI business revenue accounting for 30% [1] - Lenovo Group reported a 15% year-on-year revenue growth and a 25% increase in net profit for the second quarter of the 2025/26 fiscal year, achieving record highs [1] Group 2: Industry Environment - The Hong Kong Securities and Futures Commission has mandated a comprehensive review of the listing application process, affecting 70% of active projects, which may impose stricter scrutiny on Lenovo Holdings for any future capital operations [1] - Rising upstream chip costs and US-China trade tensions may pressure Lenovo Group's profits, necessitating attention to Lenovo Holdings' risk management strategies regarding its subsidiaries [2] - Lenovo Holdings has not announced any special dividend or buyback plans recently, but the upcoming annual report may reveal new capital allocation strategies [2]