联想集团(00992.HK)：全年业绩稳步增长 AIPC+手机+服务器三轮发力

Core Viewpoint - The company is experiencing steady revenue growth and a positive turnaround in net profit for FY2025, despite some quarterly performance pressures due to accounting standards [1][2]. Financial Performance - For FY2025, the company achieved a revenue of $69.077 billion, representing a year-on-year increase of 21.41$1.384 billion, showing a year-on-year growth of 37.01%, marking a positive shift in net profit growth [1] - In Q4 of FY2025, the company reported a revenue of $16.984 billion, which is a year-on-year increase of 22.50$90 million, reflecting a year-on-year decline of 63.72% and a quarter-on-quarter decline of 87.02%, primarily impacted by Hong Kong accounting standards [1] Profitability Metrics - The gross margin for FY2025 was 16.1%, down by 1.2 percentage points, mainly due to the rapid increase in smartphone product revenue, which has a lower gross margin - The operating expense ratio was 13.7%, down by 1.4 percentage points, with specific reductions in sales and distribution, administrative, R&D, and financial expense ratios [2] - The net profit margin for FY2025 was 2.1%, up by 0.2 percentage points, indicating an improvement in profitability [2] Growth Drivers - The company is expected to benefit from three key growth areas: AI PCs, smartphones, and servers - AI PC shipments are projected to reach approximately 61.8 million units in 2024, with a global market share of about 23.5%, showing a year-on-year increase of 0.8 percentage points - The smartphone segment, particularly Motorola, is expected to grow by 23% year-on-year in 2024, outperforming the overall market growth of 4% [3] - The server business has turned profitable in the second half of FY2025, with increased demand from major internet companies for AI servers, which is anticipated to contribute to incremental performance [3]