AI penetration rate increases to 16% China Taiping Securities: Maintains "Buy" rating on Lenovo Group (00992.HK)

According to the Securities report released by Guotai Junan Securities, Lenovo Group's FY25Q4 revenue reached 17 billion US dollars, a year-on-year increase of 23%. Among the various businesses, IDG revenue was 11.8 billion US dollars (+13%), ISG revenue was 4.1 billion US dollars (+63%) and turned losses into profits, SSG revenue was 2.2 billion US dollars (+18%), and operating profit reached a new high. The penetration rate of AI PCs has increased to 16%, and demand growth is driven by hybrid artificial intelligence. It is predicted that the revenue from FY2026 to FY2028 will be 75.1/79.7/83.7 billion US dollars, and the target price has been adjusted to 14.7 Hong Kong dollars, maintaining a "hold" rating.