联想集团(00992.HK)：三大业务全面增长 有望持续受益于AI发展

Group 1: Financial Performance - In the fiscal year 2024/25, the company achieved revenue of $69.08 billion, a year-on-year increase of 21.4$1.38 billion, up 37.0% year-on-year [1] - In Q4, the company reported revenue of $16.98 billion, a year-on-year increase of 22.5$90 million, down 63.7% year-on-year and down 87.0% quarter-on-quarter, primarily due to non-cash losses from the fair value of stock warrants [1] Group 2: Market Position and Product Development - The company's PC market share reached 23.8%, with a strong competitive position [2] - AIPC accounted for 16% of total notebook sales in China, exceeding targets, with projections of a 25% penetration rate by 2025 and 80% by 2027 [2] - The company is advancing its "personal intelligent twin" initiative, planning to launch more products featuring the "Tianxi" personal super-intelligent system [2] Group 3: Business Segments Performance - The Infrastructure Solutions Group (ISG) reported Q4 revenue of $4.12 billion, a year-on-year increase of 62.6$2.15 billion, up 18.1% year-on-year, with a profit margin increase of 1.2 percentage points to 22.7% [3] - SSG's hybrid cloud service orders increased by 82% year-on-year, with GPU-as-a-service growing by 13 times [3] Group 4: Future Outlook - The company expects to benefit from the AI wave, with AIDC, AIPC products, and intelligent systems driving steady growth [4] - The forecast for net profit attributable to shareholders for FY2026/2027 has been adjusted to $1.6 billion and$1.76 billion, respectively, with a projected net profit of $1.97 billion for FY2028 [4] - The company maintains a "buy" rating based on the projected price-to-earnings ratios of 9.3, 8.4, and 7.5 for the respective years [4]