联想集团：FY1Q25业绩点评：营收表现亮眼，混合式人工智能进展显著

Investment Rating - The report maintains a "Buy" rating for Lenovo Group [2]. Core Views - Lenovo Group reported a significant revenue increase of 20% year-over-year (YoY) for FY1Q25, reaching $15.447 billion, with a net profit of$243 million, reflecting a 38% YoY growth [2]. - The company has successfully transitioned to a growth phase, with a notable increase in non-PC business revenue, which now accounts for 47% of total revenue, marking a 5 percentage point increase YoY [2]. - The strategic focus on AI PCs and high-end smartphones has yielded positive market feedback, with AI PC shipments increasing by 228% quarter-over-quarter [2]. Revenue Performance - FY1Q25 revenue reached $15.447 billion, representing a 20$11.422 billion in revenue, up 11% YoY, with a 7.3% operating profit margin [2]. Business Segments - The Infrastructure Solutions Group (ISG) saw a revenue increase of 65% YoY, reaching $3.16 billion, driven by the growth of AI servers and traditional server expansion [2]. - The company has established a strategic partnership with the Saudi Public Investment Fund, which includes a$2 billion investment to support expansion in the Middle East and Africa [2]. Financial Forecast - Projected net profits for FY25, FY26, and FY27 are $1.215 billion,$1.545 billion, and $1.902 billion, respectively, with corresponding price-to-earnings (P/E) ratios of 13, 10, and 8 [2][4].