Zhixin Finance has learned that AMTD International has issued a research report stating that it has given Lenovo Group (00992) a "shareholding" rating with a target price of HKD 12.1, and is expected to have net income of USD 1.2 billion and USD 1.45 billion in the 2024/25 and 2025/26 fiscal years, respectively. The company's Q4 fiscal performance met market expectations, and AIPC is a major turning point in the PC industry, driving attractive new product cycles for business users.

The report stated that Lenovo's demand momentum accelerated in the second half of last year, and Q4 continued its strong recovery, with sales and net income increasing by 9% and 118% year-on-year to USD 13.83 billion and USD 250 million, respectively. Q4 performance slightly exceeded our previous expectations. Among them, the SSG business of the Solution Services Group grew the fastest, and the pursuit of digital transformation and higher productivity by enterprise customers drove double-digit growth in the revenue of the Solution Services Group for the third consecutive year, with revenue and surplus profits increasing by 12% and 11% to USD 7.5 billion and USD 1.5 billion, respectively, in the 2023/24 fiscal year, with maintenance services revenue increasing by 29% year-on-year and project and solution service revenue increasing by 13% year-on-year.