LENOVO GROUP (00992) reported a sequential increase in revenue for two quarters. Yang Yuanqing: Having a comprehensive AI roadmap.

On November 16, 2023, LENOVO GROUP announced its performance for the second quarter of the 2023/24 fiscal year ending on September 30, 2023. The overall revenue reached 104.4 billion Chinese yuan, increasing for two consecutive quarters. The gross profit margin increased to 17.5% year-on-year, reaching a new high for the second quarter. Non-PC businesses accounted for over 40%, increasing nearly 3 percentage points year-on-year. Highlights of the performance: - Revenue for the second quarter exceeded 100 billion yuan, reaching 104.4 billion yuan. Net profit was nearly 2 billion yuan, increasing for two consecutive quarters. - Non-PC businesses accounted for over 40%, increasing nearly 3 percentage points year-on-year. - IDG's personal computer shipment market share was nearly 24%, with a revenue growth of 13.6% quarter-on-quarter. Smartphone shipment volume increased by nearly 11% year-on-year, with high-end products accounting for 23%. - SSG achieved a revenue of 13.9 billion yuan and an operating profit of 2.78 billion yuan, both reaching a historical high. - ISG's storage business market share jumped to the third in the world. High-performance computing revenue increased by 12% year-on-year, with a growth rate surpassing the industry average. "It is because of our steadfast promotion of the intelligent transformation strategy over the years that Lenovo has already had a panoramic AI product roadmap when the AI boom in generative AI and large models has started today. This includes a diverse range of intelligent terminals such as AI computers, smartphones, tablets, as well as AI-driven and optimized infrastructure, solutions, and services," said Yang Yuanqing, Chairman and CEO of LENOVO GROUP. "This is Lenovo's unique advantage, enabling us to establish the strongest partnerships and seize the enormous opportunities created by the AI revolution together."