LENOVO GROUP(00992) 东吴证券·2025-02-25 05:40Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992.HK) [1] Core Insights - Lenovo Group's performance exceeded market expectations, with FY2025 Q3 revenue reaching USD 18.8 billion, a year-on-year increase of 19.6%, and net profit of USD 690 million, up 105.6% year-on-year [8] - The company is expected to benefit from the AI wave, with AIDC and AIPC products driving steady growth in performance [8] Financial Performance Summary - FY2023A total revenue was USD 61.947 billion, with a year-on-year decrease of 13.5% - FY2024A total revenue is projected at USD 56.895 billion, a further decrease of 8.16% - FY2025E total revenue is expected to rise to USD 68.295 billion, reflecting a growth of 20.04% [1] - FY2023A net profit was USD 1.608 billion, down 20.79% year-on-year, while FY2025E net profit is projected to increase to USD 1.561 billion, a growth of 54.5% [1] - The latest diluted EPS for FY2025E is expected to be USD 0.13, with a P/E ratio of 13.25 [1] Business Segment Performance - The Intelligent Devices Group (IDG) reported a revenue of USD 13.78 billion in FY24Q3, up 11.5% year-on-year, driven by a recovery in commercial PC demand [8] - The Infrastructure Solutions Group (ISG) achieved a revenue of USD 3.94 billion in FY25Q3, a significant increase of 59.2% year-on-year, benefiting from strong server demand [8] - The Solutions and Services Group (SSG) generated USD 2.26 billion in revenue in FY25Q3, maintaining double-digit growth for fifteen consecutive quarters [8]