联想集团业绩超预期 服务器盈利能力进一步提升

Computers &Peripherals + 1QFY27 OP margin beat due to strong cost-control+ Servers generated another record-high operating profit+Retain Buy; raise TP to HKD48.20 (from HKD18.90), implyingc38%upside 48.2018.90 1QFY27 (June-Q) strong beat: Revenue of USD22bn, +4% q-0-q and +19% y-0-y,wasinlinewithHSBCe/consensus.GPMof19.9%camein358bps/396bpsaboveHSBCe/consensus.AdjustedOPMof6.8%camein256bps/403bpsaboveHSBCe/consensus.Pretax incomeofUSD1.3bnbeatHSBCe/consensusby74%/118%.AdjustedEPSofUSD8.66centsbeatHSBCe/consensusby76%/141%. PC YoY growth should outperform industry in CY2H26 with stable profitability:Lenovo's IDG (PC/smartphone/tablet) revenue grew 27% y-o-y to USD17.1bn, with OPMat 7.1% (flat y-o-y) and positioned it as industry-leading as the business held profitabilitywhile growing. For FY27, management expects IDG run rate to be in the mid-teens y-o-y,implying flatter growth into 2HFY27, due to a double-digit y-o-y PC unit decline in2HFY27,offset by an ASP increase. Lenovo continues to expect IDG's margin to remainat a similar level going forward due to a further shift to high-end products. The companysees commercial demand as more resilient than consumer demand thanks toimproved premium/AIPC mix and faster cost pass-throughamid ongoing memorytightness. The long-term driver remains the Al PC adoption cycle, supported by sharegains in Commercial and high-end products. Thus, we believe that Lenovo's PC segmentmargin will remain at an escalated level due to the flexibility of its product portfolio. Servers/lSG accelerates,withrecord pipelineand margins:ISG (servers/storage)delivered record revenue of USD8.5bn (+98% y-o-y) and operating profitof USD777m, with OPM at 9.1%. Growth was broad-based, with both CSP andEnterprise/SMB revenues nearly doubling y-o-y,reinforcing the “dual engine” thesisrather than a one-off mix benefit. Management cited record-high Al server pipelinelorder book of USD54bn (+157% q-0-q) and highlighted strong demandacrossB200/B300/GB300platformsalongside capacityexpansion,underpinningconfidenceinsustainedservermomentum.Webelievethatthemarginoutperformanceissupportedbystrongcustomerdemandandafavourablecustomermix vs other server brand/ODM peers. Carol Juan*Analyst, TechnologyHSBC Securities (Taiwan) Corporation Limitedcarol.cc.juan@hsbc.com.tw+886266312862 Lorraine Ou*ResearchAssociateHSBC Securities (Taiwan) Corporation Limitedlorraine.yt.ou@hsbc.com.tw+886 2 6631 2867 Retain Buy rating; raise TP to HKD48.20 (from HKD18.90): We raise ourFY27/FY28eadjusted EPSforecastsbyc127%/c87%toreflecttherobustOPMoutlookfrom ISG and resilient OPM fromPC.We roll over ourvaluation base to FY28e EPS ofHKD3.44 (fromFY27eEPS ofHKD1.58).OurFY28eEPS estimate is c69%aboveconsensus. We raise our target PE multiple to 14x (based on 1.5SD above the 2018-22average), from 12x. Our TP implies c38% upside and we maintain our Buy rating. *Emplyedbyanon-USaffliateofHSBCSecurties(USA)Inc,andnot registered/qualified pursuant to FINRA regulations HSBC13thAnnual ChinaConference Shenzhen|1-2September2026 Find out more Issuer of report: HSBC Securities (Taiwan)Corporation Limited Disclosures & Disclaimer This report must be read with the disclosures and the analyst certifications inthe Disclosure appendix, and with the Disclaimer, which forms part of it. ViewHSBC Global InvestmentResearch at:https:/www.research.hsbc.com TheUSD2bnconvertiblebondandUSD212mworthof warrants issued inJanuary2025willcontinue to have a material impact on Lenovo's quarterly income statement as“notional interest"and"fair value gains/losses on derivatives financial liabilities relating to warrantsover the nextthree years. As a result, we believe it would be appropriate to value Lenovo using non-HKFRsEPS as it better reflects Lenovo's operating performance. Financials Source: Company data, Bloomberg, HSBC estimates Downside risks: (1) Rising losses in the server We raise ourFY27/FY28e adjusted EPS forecasts by business; (2) slower recovery in PC demand; and(3) slower GPU server ramp-up. 80992 HK (CMP RMB30.00) is raised to RMB41.20 (fromRMB16.15), as we apply our FX team's end-2026 forecast forRMB-HKD of 1.17 to our target price for the primary shares. Disclosure appendix The following analyst(s), economist(s), or strategist(s) who is(are) primarily responsible for this report, including any analyst(s) whose name(s) appear(s) as author of an individual section or sections of the report and any analyst(s) named as the coveringanalyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) orissuer(s), any views or forecasts expressed in the section(s) of which such individual(s) is(are) named as author(s), and any otherviews orforecasts expressed herein, including anyviews expressed onthe back page ofthe researchreport, accurately reflecttheir personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to the specifi