智通财经APP获悉，大华继显发布研报称，联想集团(00992)第三财季业绩表现稳健，主要受惠于各业务 板块收入增长较预期强劲，以及经营利润率具韧性，维持"持有"评级，目标价由9.7港元微升至9.85港 元。 管理层指，公司已做好充分准备以应对内存及晶片成本上升带来的压力，透过提高平均售价、改善产品 组合及存货管理来缓解影响。该行将2026至2028财年的经调整净利润预测分别上调5.7%、9.7%及 4.3%，至18.33亿美元、17.7亿美元及21.78亿美元，以反映PC和智能手机出货量，以及方案与服务业务 (SSG)与IDG和SSG业务的影响因素。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and market position [8]. Core Insights - The company reported better-than-expected earnings, with a significant order backlog of $15.5 billion for AI servers, showcasing strong growth potential in this segment [2][8]. - The company’s revenue for FY25/26Q3 reached $22.204 billion, reflecting an 18.13% year-over-year increase, while adjusted net profit rose by 35.54% [8]. - The PC segment continues to lead the industry, with revenue of $15.755 billion in FY25/26Q3, a 14.30% increase year-over-year, outperforming global PC shipment growth [8]. - The Infrastructure Solutions Group (ISG) reported revenue of $5.176 billion, a 31.42% increase, with AI servers showing double-digit growth [8]. - The company is expected to effectively manage the impact of rising storage costs due to its robust supply chain and procurement capabilities [8]. Financial Data and Earnings Forecast - Projected revenues for FY25/26, FY26/27, and FY27/28 are $79.485 billion, $91.551 billion, and $105.244 billion respectively, with corresponding net profits of $1.672 billion, $2.029 billion, and $2.433 billion [7][9]. - The company’s net profit margin is expected to improve, with a projected PE ratio of 8.5x for FY25/26, decreasing to 5.9x by FY27/28 [8].

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (0992.HK) [6] Core Insights - The overall impact of storage price increases is manageable, and the strategic restructuring plan is expected to accelerate the return to profitability for the ISG business [1] - In FY26Q3, Lenovo's revenue reached $22.204 billion, representing an 18% year-over-year increase and a 9% quarter-over-quarter increase, with AI-related business revenue growing by 72% and accounting for 32% of total revenue [1] - The adjusted net profit for FY26Q3 was $589 million, a 36% year-over-year increase and a 15% quarter-over-quarter increase, primarily due to the exclusion of one-time restructuring costs [1] IDG Business (Intelligent Devices Group) - In FY26Q3, IDG business revenue was $15.755 billion, up 14% year-over-year and 4% quarter-over-quarter, driven by high growth in AI PC revenue and increased sales of high-end products [2] - The PC business revenue grew by 18% year-over-year, with Lenovo's global market share reaching 25.3%, an increase of 1.0 percentage points [2] - Smartphone sales and activations reached historical highs, supported by strong performance from high-end models [2] ISG Business (Infrastructure Solutions Group) - ISG business revenue in FY26Q3 was $5.176 billion, a 31% year-over-year increase and a 27% quarter-over-quarter increase, with AI server revenue showing high double-digit growth [3] - The company has a project reserve amounting to $15.5 billion, and the deployment of NVIDIA's solutions has been initiated [3] - A one-time restructuring cost of $285 million was incurred to optimize the product mix and improve productivity [3] SSG Business (Solutions and Services Group) - SSG business revenue in FY26Q3 was $2.652 billion, up 18% year-over-year and 4% quarter-over-quarter, marking 19 consecutive quarters of double-digit year-over-year growth [4] - The operating profit margin was 22.5%, close to historical highs, with maintenance services and project solutions being the core growth drivers [4] Profit Forecast, Valuation, and Rating - The FY26 net profit forecast has been raised by 4% to $1.682 billion due to better-than-expected FY26Q3 performance, while FY27 and FY28 net profit forecasts remain at $1.743 billion and $1.917 billion, respectively [4]

本报讯 （记者向炎涛）2月12日，联想集团（以下简称"联想"）发布截至2025年12月31日的2025/2026财 年第三财季业绩。该财季集团营收达到1575亿元，同比增长超过18%，再创历史新高；经调整后的净利 润同比增长36%，远超市场预期。 本财季，联想集团三大业务全部实现双位数强劲增长：IDG智能设备业务集团营收超过1100亿元，同比 增长14.3%；ISG基础设施方案业务集团营收达到367亿元，同比增长超31%；SSG解决方案与服务业务 集团营收同比增长18%，运营利润率进一步提升至22.5%。 与此同时，AI相关业务已成为联想集团重要增长引擎。第三财季，联想AI相关营收同比增长72%，占集 团总营收比重提升至32%。 在个人智能领域，联想押注个人AI双胞胎，并以超级智能体构建差异化竞争壁垒。第三财季，联想正 式发布超级智能体联想Qira，标志着构建跨平台、跨设备统一AI终端入口迈出关键一步。在这个过程 中，联想集团持续巩固AI PC全球领先地位，并扩展AI设备装机规模，为个人超级智能体构建最广泛的 入口基础。 在企业智能领域，联想在混合式AI优势集的框架下，帮助企业打造企业超级智能体，释放AI商业 ...

（文章来源：每日经济新闻） 每经AI快讯，2月13日，联想集团(00992.HK)绩后涨近3%，截至发稿涨2.56%，报9.23港元，成交额9.04 亿港元。 ...

上 市 公 司 公 司 研 究 / 公 司 点 计算机 2026 年 02 月 13 日 联想集团 (00992) ——业绩超预期，AI 服务器在手订单 155 亿美元 报告原因：有业绩公布需要点评 | 市场数据： | 2026 年 02 月 12 日 | | --- | --- | | 收盘价（港币） | 9.00 | | 恒生中国企业指数 | 9175.18 | | 52 周最高/最低（港币） | 13.60/6.57 | | H 股市值（亿港币） | 1,116.42 | | 流通 H 股（百万股） | 12,404.66 | | 汇率（港币/人民币） | 0.8888 | 一年内股价与基准指数对比走势： -41% 9% 59% HSCEI 联想集团 资料来源：Bloomberg 相关研究 买入（维持） 《联想集团（00992）点评：业绩超预期， AI 服务器维持高增》 2025/11/22 《联想集团（00992）点评：PC 复苏超预 期，AI 服务器高速增长》 2025/08/14 《联想集团（00992）深度：被低估的 ICT 全 栈 供 应 商 （ GenAI 系列之 59 ） 》 2025/0 ...

消息面上，2月12日，联想集团发布公告，截至2025年12月31日止第三季度，集团取得稳健财务表现。 集团收入同比增长18%，达创纪录的222亿美元，三大业务集团的收入均取得双位数同比增长。人工智 能相关收入同比增长72%，占集团总收入的32%。本季度调整后权益持有人应占溢利达5.89亿美元，同 比增长36%，增速达收入增长的两倍。已呈报的权益持有人应占溢利为5.46亿美元。 联想集团(00992)绩后涨近3%，截至发稿，涨2.56%，报9.23港元，成交额9.04亿港元。 基础设施方案业务集团第三季度营收创季度新高，达52亿美元，经营表现较上一季有所提升。AI服务 器的需求保持稳健，营收取得高双位数同比增长，并具备155亿美元强劲项目储备支持。此外，基础设 施方案业务集团进一步扩大客户群，推动云基础设施业务收入创新高。海神液冷收入实现超高速增长。 ...

智通财经APP获悉，联想集团(00992)绩后涨近3%，截至发稿，涨2.56%，报9.23港元，成交额9.04亿港 元。 消息面上，2月12日，联想集团发布公告，截至2025年12月31日止第三季度，集团取得稳健财务表现。 集团收入同比增长18%，达创纪录的222亿美元，三大业务集团的收入均取得双位数同比增长。人工智 能相关收入同比增长72%，占集团总收入的32%。本季度调整后权益持有人应占溢利达5.89亿美元，同 比增长36%，增速达收入增长的两倍。已呈报的权益持有人应占溢利为5.46亿美元。 基础设施方案业务集团第三季度营收创季度新高，达52亿美元，经营表现较上一季有所提升。AI服务 器的需求保持稳健，营收取得高双位数同比增长，并具备155亿美元强劲项目储备支持。此外，基础设 施方案业务集团进一步扩大客户群，推动云基础设施业务收入创新高。海神液冷收入实现超高速增长。 ...

Core Viewpoint - The global technology industry is experiencing a stark contrast, with major players like Microsoft, Google, and Amazon announcing significant AI capital expenditure plans, yet facing market declines due to ROI concerns, resulting in a collective market value loss of nearly $900 billion [1] Group 1: Lenovo's Performance Amidst Market Challenges - Lenovo Group's third-quarter performance for the fiscal year 2025/26, reported on February 12, 2026, showcased a record revenue of $22.2 billion (157.5 billion RMB), an 18% year-on-year increase, with adjusted net profit growth reaching 36%, double the revenue growth rate [1][2] - Lenovo's resilience during supply chain disruptions and the downturn of global tech giants is attributed to its strong delivery capabilities and operational discipline, allowing it to maintain steady performance [2][3] - The company has consistently demonstrated strong delivery resilience during past supply chain crises, regaining its position as the world's leading PC manufacturer even when the market faced stagnation [2][3] Group 2: Supply Chain Management and Operational Strategy - Lenovo's unique operational strategy, termed "global resources, local delivery," enables it to integrate resources across various regions, ensuring consistent procurement and delivery despite supply chain disruptions [4] - The company's "ODM+" model allows it to mitigate localized disruptions and maintain operational continuity, earning recognition as a global supply chain leader [4] - Lenovo's proactive asset management, including signing annual framework agreements with key suppliers, has secured supply and cost stability, providing a competitive edge during market volatility [7][8] Group 3: Market Position and Competitive Advantage - Lenovo's global PC market share increased from 23.7% in the fiscal year 2024/25 to 25.3%, enhancing its bargaining power with suppliers during periods of component shortages [6] - The company's scale advantage allows it to achieve optimal procurement prices, positioning it favorably against competitors amid rising costs [6][8] - Lenovo's customer base, predominantly composed of enterprise and government clients, enables it to absorb cost pressures more effectively than competitors reliant on price-sensitive consumer markets [8][9] Group 4: Long-term Operational Discipline - Lenovo's operational discipline and risk management culture have allowed it to avoid common pitfalls during supply chain disruptions, maintaining stable inventory levels and cash flow [9][10] - The company has successfully locked in low-cost components through strategic inventory management, preventing significant financial losses during price fluctuations [10] - Lenovo's ability to navigate supply chain challenges is attributed to its evolution beyond a traditional PC company, leveraging its position within the global supply chain and AI ecosystem [11][12] Group 5: Future Outlook and AI Integration - Lenovo is well-positioned to capitalize on the AI industry's growth, integrating hardware and software to meet emerging demands for computational power and infrastructure [12][13] - The company's strategy of combining AI PCs, smartphones, and servers with a robust service framework is expected to enhance its order stability and cash flow, solidifying its leadership in the global AI ecosystem [12][13]

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (0992.HK) [1][11] Core Insights - The strategic restructuring is expected to accelerate the ISG business back to profitability, indicating a positive outlook for the company's future development [2] - In FY2026Q3, Lenovo achieved revenue of approximately $22.204 billion, representing an 18% year-over-year increase and an 8.6% quarter-over-quarter increase. The gross margin was around 15%, with a net profit of $546 million, down 21% year-over-year but up 60% quarter-over-quarter [5][6] Summary by Sections Financial Performance - In FY2026Q3, Lenovo's adjusted net profit was approximately $589 million, a 36% year-over-year increase, reflecting operational leverage improvements and a higher contribution from high-end product offerings [6] - The smart devices business group saw a 14% year-over-year revenue increase, with operating profit rising by 15%, driven by higher average selling prices and improved product mix [6] Business Segments - The infrastructure solutions group reported record revenue of $5.2 billion, a 31% year-over-year increase, aided by an expanding customer base in cloud infrastructure [7] - The solutions services group achieved an 18% year-over-year revenue growth, marking 19 consecutive quarters of double-digit growth, with operating profit margin reaching 22.5% [8] Profitability Forecast - Revenue projections for FY2026 to FY2028 are estimated at $80.144 billion, $87.600 billion, and $93.235 billion, respectively, with non-HKFRS net profits of $1.796 billion, $1.973 billion, and $2.111 billion [9][10]