Group 1 - The core viewpoint is that Lenovo Group is expected to enter a new growth phase due to the iteration of AIPC, recovery in the PC market, and alleviation of GPU supply chain issues in the server upstream [1] - Lenovo is a global ICT company with leading PC sales and is actively promoting the development of "devices + cloud" and "infrastructure + cloud" along with the implementation of intelligent solutions [3] Group 2 - The company's gross margin is expected to stabilize and recover, with projected overall gross margins for FY2025, FY2026, and FY2027 at 17.74%, 18.24%, and 18.74% respectively [2] - The Intelligent Devices Group (IDG) is projected to grow at rates of 8%, 7%, and 7% for FY2025, FY2026, and FY2027, while the company's overall revenue growth rates are expected to be 9.56%, 7.03%, and 6.44% for the same periods [4]
海通国际：联想集团有望开启新成长