LENOVO GROUP(00992) 东吴证券·2025-02-25 05:23Investment 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 projections for FY2025E are USD 68.295 billion, with a year-on-year growth of 20.04% [1] - The net profit forecast for FY2025E is USD 1.561 billion, representing a significant increase of 54.50% compared to the previous year [1] - The latest diluted EPS is projected at USD 0.13 for FY2025E, 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 for FY24Q3, 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 in FY25Q3, up 59.2% year-on-year, benefiting from strong server demand [8] - The Solutions and Services Group (SSG) maintained double-digit growth for fifteen consecutive quarters, with FY25Q3 revenue reaching USD 2.26 billion, a year-on-year increase of 11.7% [8]