联想集团：港股公司信息更新报告：AI PC商业模式升级，服务器受益CSP上行周期-20250224

Investment Rating - The investment rating for Lenovo Group (00992.HK) is "Buy" (maintained) [1] Core Views - Lenovo is expected to benefit from an upgrade in the AI PC business model and the upward cycle of CSP capital expenditures, leading to improved profitability in both AI PC and AI server segments [6] - The forecast for net profit attributable to shareholders for FY2025-2027 has been revised upwards to $1.602 billion,$1.750 billion, and $2.199 billion, representing year-on-year growth rates of 58.5$69.033 billion, with a year-on-year growth of 21.4% [9] - Net profit for FY2025 is expected to be $1.602 billion, with a year-on-year increase of 58.5$0.108, with a PE ratio of 16.3 [9]