联想集团(00992.HK)：AIPC销量全球领先 ISG连续两季度实现盈利

Core Insights - Lenovo Group reported FY2025 total revenue of $69.077 billion, a year-on-year increase of 21.5$1.384 billion, up 37.0% [1] - For Q4 FY2025, the company achieved revenue of $16.984 billion, a 22.8$90 million, a decline of 63.7% due to a $118 million loss related to derivative financial liabilities [1] - Non-HKFRS net profit for Q4 FY2025 was$278 million, a 25.1% increase year-on-year, aligning with expectations, and the non-HKFRS net profit margin improved by 0.2 percentage points to 2.1% [1] Industry Trends - The AI PC segment exceeded sales targets in its first year, with the company’s IDG revenue growing 13% to $11.81 billion [2] - According to IDC, global personal PC shipments increased by 4.9$4.12 billion in Q4 FY2025, a 63% year-on-year increase, with cloud infrastructure revenue growing by 92% [2] Future Outlook - The company anticipates synchronized expansion in domestic and international intelligent computing and traditional computing demands, with the ISG segment expected to achieve sustainable high growth through dual engines of cloud and enterprise infrastructure [3] - Adjustments to FY2026/27 non-HKFRS net profit estimates have been made, with a decrease of 2.6% and 7.8% to $1.649 billion and$1.913 billion respectively [3] - The current stock price corresponds to 9.3x and 8.1x FY2026/27 P/E ratios, with a target price of HKD 13.40, reflecting a 40% upside potential [3]