HK Stock Market Move | LENOVO GROUP (00992) surges over 10% to a new high driven by AI servers, company valuation is expected to see a significant increase.

LENOVO GROUP (00992) rose more than 10% in early trading, hitting a new high on the market. The stock price has doubled in the last month. As of the time of writing, it was up 8.17% to HK$25.96, with a trading volume of HK$3.7 billion. On the news front, American server giant Dell Technologies recently announced record first-quarter performance for the 2027 fiscal year, with all key indicators hitting new highs. The stock price surged over 32% last Friday, driving optimism in the market for AI infrastructure-related companies. It is worth mentioning that LENOVO GROUP's AI transformation has also been fully implemented, with AI-related revenue for the 2025/2026 fiscal year increasing by 105% year-on-year, accounting for 33% of total revenue. In the fourth quarter, AI revenue growth remained high at 84%, with quarterly net profit doubling and the core AI infrastructure business ISG successfully achieving a profit turning point. CM Haitong believes that Lenovo's current AI server pipeline is worth $21 billion, with over 5,800 AI deployment customers. According to Dell's performance disclosure, the current bottleneck in servers lies in component supply, while Lenovo's annual server manufacturing capacity exceeds 70,000 racks, including over 11,000 direct liquid cooling racks. GB300NVL72 has started shipping, and the Rubin platform is progressing as planned for implementation in the second half of the year, highlighting the supply chain organizational capabilities accumulated from years of international operations. Judging from Dell's stock price reaction, integrated machine manufacturers with AI server delivery capabilities, supply chain organizational capabilities, and large customer order capabilities are being revalued. Lenovo is expected to see a significant increase in valuation.