联想集团(0992.HK)FY2025年报点评：基本业务营运表现强劲 全速推进混合式人工智能落地

Core Viewpoint - Lenovo Group reported strong financial performance for FY2025, with significant revenue and profit growth, despite a decline in net profit in Q4 due to non-cash losses from warrants [1] Group 1: Financial Performance - For FY2025, Lenovo achieved revenue of approximately $69.077 billion, a year-on-year increase of 21.41$1.384 billion, up 37.01% [1] - In FY2025 Q4, the company reported revenue of approximately $16.984 billion, a year-on-year increase of 22.50$90 million, down 63.72% due to non-cash warrant losses [1] - Excluding non-cash expenses, the non-HKFRS net profit for Q4 was approximately $278 million, reflecting a year-on-year increase of 25$51 billion for FY2025, a 13% increase, with an operating profit margin of 7.2%, leading the industry [2] - In FY2025 Q4, IDG revenue was approximately $11.814 billion, also a 13$15 billion for FY2025, a significant year-on-year increase of 63%, and turned profitable in the second half of the fiscal year [2] - In FY2025 Q4, ISG revenue was approximately $4.12 billion, with a year-on-year growth of 63$8.5 billion for FY2025, a 13% increase, with operating profit reaching a record high of $1.8 billion, up 15$2.15 billion, reflecting an 18% year-on-year increase, with an operating profit margin of 22.7% [3] - The growth in support service orders was driven by improved user experience and the success of digital workplace solutions and hybrid cloud services [3] Group 5: Future Outlook - Revenue forecasts for FY2026 to FY2028 are projected at $76.37 billion,$82.73 billion, and $87.21 billion, respectively, with non-HKFRS net profits of$1.601 billion, $1.874 billion, and$2.218 billion [4] - The company maintains a "buy" rating, anticipating performance improvement driven by the accelerated integration of AI features across various devices [4]