升聯想目標價至 12.8 港元 里昂：得益於 PC 業務穩健 維持 “跑贏大市” 評級
Recently, the internationally renowned investment bank Credit Lyonnais released a view stating that it expects Lenovo's revenue in the second quarter of fiscal year 2026 (FY2Q26) to grow by 13% year-on-year and 7% quarter-on-quarter, reaching USD 20.1 billion, higher than the previously estimated 11% year-on-year growth, mainly driven by higher PC revenue. Lenovo's PC shipments increased by 17% year-on-year and 14% quarter-on-quarter. Thanks to its robust PC business, the target price has been raised to HKD 12.8, maintaining an "outperform" rating. Credit Lyonnais believes that by business group: IDG revenue is expected to grow by 11% year-on-year to USD 15 billion, with an operating profit margin stable at 7.1%. ISG revenue is expected to grow by 20% year-on-year to USD 4 billion, with an improvement in operating profit margin. SSG revenue is expected to grow by 17% year-on-year. Overall, Credit Lyonnais expects the adjusted net profit margin to improve both quarter-on-quarter and year-on-year to 2.2%, with adjusted net profit growing by 14% year-on-year to USD 436 million. At the same time, Credit Lyonnais estimates the reported net profit to be USD 260 million, which includes a non-cash warrant fair value loss of USD 176 million and convertible bond interest
According to the Zhitong Finance APP, recently, the internationally renowned investment bank Credit Lyonnais released a view stating that it expects Lenovo (00992) to achieve a year-on-year revenue growth of 13% and a quarter-on-quarter growth of 7% in the second quarter of fiscal year 2026 (FY2Q26), reaching USD 20.1 billion, higher than the previously estimated 11% year-on-year growth, mainly driven by higher PC revenue. Lenovo's PC shipments increased by 17% year-on-year and 14% quarter-on-quarter. Benefiting from its robust PC business, the target price has been raised to HKD 12.8, maintaining an "outperform" rating.
Credit Lyonnais believes that, by business group:
It expects IDG revenue to grow by 11% year-on-year to USD 15 billion, with an operating profit margin remaining stable at 7.1%.
It expects ISG revenue to grow by 20% year-on-year to USD 4 billion, with an improvement in operating profit margin.
It expects SSG revenue to grow by 17% year-on-year.
Overall, Credit Lyonnais expects the adjusted net profit margin to improve both quarter-on-quarter and year-on-year to 2.2%, with adjusted net profit increasing by 14% year-on-year to USD 436 million. At the same time, Credit Lyonnais estimates the reported net profit to be USD 260 million, which includes a non-cash warrant fair value loss of USD 176 million and convertible bond interest
