联想集团：AI PC拉动均价提升，ISG再创新高

Investment Rating - The report maintains a "Buy" rating for Lenovo Group [6][8]. Core Views - Lenovo's Q2 fiscal revenue and net profit exceeded expectations, with revenue reaching $17.85 billion, a year-on-year increase of nearly 24$13.5 billion, driven by a significant rise in AI PC sales, which increased from 5% to 14% of total sales, contributing to an estimated 5% increase in average selling price (ASP) [3][4]. - The ISG business achieved a record revenue of $3.3 billion, growing 65$66 billion, $71.1 billion, and$79.3 billion, respectively, with year-on-year growth rates of 16.1%, 7.8%, and 11.4% [6][7]. - Expected net profits for the same periods are $1.3 billion,$1.5 billion, and $1.8 billion, reflecting year-on-year growth rates of 25.7%, 15.9%, and 19.5% [6][7]. - The report estimates a reasonable market value of HKD 137.5 billion, with a target price of HKD 11.1 per share, based on a 12x P/E ratio for FY 25-26 [6][8].