Yongxing Securities: AI Emerges as Core Growth Driver, Maintains "Buy" Rating for Lenovo (00992)

Stock News12-02

Yongxing Securities released a research report stating that Lenovo Group's (00992) Q2 performance exceeded market expectations, with AI becoming its core growth engine. The firm remains optimistic about Lenovo's potential to sustain growth through its hybrid AI strategy and maintains a "Buy" rating.

By business segment: - **AIPC Drives IDG Growth**: The Intelligent Devices Group (IDG) reported revenue of RMB 108.1 billion, up 12% YoY. In Q2, Lenovo achieved a record 25.6% global market share in PCs, a 1.8 percentage point increase YoY. AI PC penetration rose to 33% of total shipments, with Lenovo securing a 31.1% share in the global Windows AI PC market.

- **AI Infrastructure Boosts ISG Performance**: The Infrastructure Solutions Group (ISG) posted Q2 revenue of RMB 29.3 billion, up 24% YoY, driven by surging AI infrastructure demand, new CSP client acquisitions, and enterprise/SMB transformation. However, ISG reported an operating loss of $118 million due to increased investments in AI capabilities, business transformation, and product expansion.

- **High-Value Services Fuel SSG Growth**: The Solutions and Services Group (SSG) saw H1 revenue rise 19% YoY, with operating margin climbing to 22% and operating profit up 28% YoY. Premium support services drove double-digit revenue growth, while managed services and project/solution services accounted for 58.9% of SSG's income.

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However, ISG reported an operating loss of $118 million due to increased investments in AI capabilities, business transformation, and product expansion.</p>\n<p>- **High-Value Services Fuel SSG Growth**: The Solutions and Services Group (SSG) saw H1 revenue rise 19% YoY, with operating margin climbing to 22% and operating profit up 28% YoY. 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