On August 15th, Goldman Sachs released a report indicating that Lenovo Group's net income for the first fiscal quarter ending in June increased by 38% year-on-year to 0.243 billion US dollars, which was 5% higher than the market forecast. Income increased by 20% year-on-year, which was 8% and 9% higher than the bank's and market's forecast, respectively. Quarter operating expenses ratio fell further by 0.6 percentage points to 13.4%, indicating the company's scale and more rigorous cost control. The bank maintains a positive view on Lenovo Group and predicts that its performance in the second half of this fiscal year (the fourth quarter of this year and the first quarter of next year) will be stronger, based on the recovery of personal computers and general servers under new chips and Windows 11. Next-generation personal computers that use Qualcomm, AMD and Intel chips respectively and support AI technology will also be launched next year, which will promote sales growth. In addition, the increase in server sales market share and the upgrade of product portfolio mean that the company's strategy of providing AI solutions for enterprises has taken effect. The bank set Lenovo Group's target price at HKD 13.98, and rated it as "buy", and included it in the "conviction buy" list.