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2026-06-29 11:58:26 CICC issued a research report stating that LENOVO GROUP (00992.HK) held its US Investor Day in New York, where management systematically elaborated on its hybrid AI strategy and profit enhancement roadmap. The Chief Financial Officer reiterated the target of achieving USD100 billion in annual revenue within one to two years, and outlined three net margin targets: net margin above 3% within one to two years; net margin above 5% within three to five years (corresponding to revenue of USD130 billion); and a long-term net margin above 8% in more than five years (corresponding to revenue of USD150 billion). CICC noted that the Infrastructure Solutions Group (ISG) will serve as the primary engine for value re-rating. LENOVO GROUP expects the global AI infrastructure market to reach USD1.3 trillion by 2030. Leveraging differentiated technological advantages such as liquid cooling, ISG's profit margin is expected to align with that of the Intelligent Devices Group (IDG) over the medium to long term. In addition, for the IDG business, the company aims to drive PC operating margin toward double-digit levels. Together with premiumization of smartphones and new native AI product categories, this forms IDG癒礎s quality enhancement pathway. CICC maintained its Outperform rating on LENOVO GROUP. Considering that ISG profitability has improved significantly and potential AI server orders have reached USD21 billion, the market is expected to revalue its server asset value. Meanwhile, the company癒礎s long-term net margin target of 8% also provides clear guidance. Based on a target 18x 2027 forecast PE and referencing valuations of comparable industry peers, CICC raised its TP by 50% to HKD30. (ad/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |