LENOVO GROUP(00992) 东吴证券·2025-02-25 03:48Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992.HK) [1] Core Insights - Lenovo Group's performance exceeded market expectations, driven by AIPC and AIDC contributing to revenue growth [8] - The company reported a revenue of USD 52.09 billion for the first three quarters of FY2025, a year-on-year increase of 21.1%, and a net profit of USD 1.3 billion, up 69.7% year-on-year [8] - For FY2025 Q3, Lenovo achieved a revenue of USD 18.8 billion, reflecting a 19.6% year-on-year growth, and a net profit of USD 690 million, which is a 105.6% increase year-on-year [8] Financial Performance Summary - Total revenue for FY2023 was USD 61.947 billion, with a year-on-year decrease of 13.5%. Projections for FY2024, FY2025, FY2026, and FY2027 are USD 56.895 billion, USD 68.295 billion, USD 76.183 billion, and USD 81.973 billion respectively, with expected growth rates of -8.16%, +20.04%, +11.55%, and +7.60% [1] - The net profit attributable to shareholders for FY2023 was USD 1.608 billion, with a year-on-year decrease of 20.79%. Projections for FY2024, FY2025, FY2026, and FY2027 are USD 1.011 billion, USD 1.561 billion, USD 1.578 billion, and USD 1.681 billion respectively, with expected growth rates of -37.15%, +54.50%, +1.08%, and +6.55% [1] - The latest diluted EPS for FY2023 was USD 0.13, with projections for FY2024, FY2025, FY2026, and FY2027 being USD 0.08, USD 0.13, USD 0.13, and USD 0.14 respectively [1] Business Segment Performance - The Intelligent Devices Group (IDG) reported a revenue of USD 13.78 billion for FY24 Q3, a year-on-year increase of 11.5%, driven by a recovery in commercial PC demand [8] - The Infrastructure Solutions Group (ISG) achieved a revenue of USD 3.94 billion for FY25 Q3, a year-on-year increase of 59.2%, benefiting from strong server demand [8] - The Solutions and Services Group (SSG) reported a revenue of USD 2.26 billion for FY25 Q3, maintaining double-digit growth for fifteen consecutive quarters [8]