广发证券重申联想集团买入评级及48港元目标价，称AI服务器订单强劲、近期抛售过度

Lenovo (LNGVY) was in focus on Tuesday as GF Securities reiterated its Buy rating and HK$48 price target on the Chinese tech giant, citing strength in its server business and “rising AI wins.” “Lenovo’s share price was down 16% over the past week, due to the bearish view on enterprise AI adoption and Neoclouds’ financing concerns amid higher interest rates,” GF Securities analyst Evan Lee wrote in a note to clients. “That said, we view the recent sell-off as overdone, as Lenovo’s earnings remain in an upward revision cycle, anchored by rising AI wins, sustainable ISG profitability (~10%), and solid general server demand for [Microsoft] ( MSFT ) (~double YoY). With ISG set to outgrow IDG in terms of group sales mix next year, we see Lenovo transforming from a traditional PC OEM into an IT solutions provider, justifying a higher valuation multiple.” Delving deeper, Lee said the company's Infrastructure Solutions Group, which houses its server sales, is seeing strength, as its artificial intelligence backlog accelerates due to incremental wins from tier-2 neoclouds and Asia. “Of note, we project AI server sales of $15bn and $43bn, driving total ISG revenue to surge +130% and +75% YoY in FY27E/28E,” Lee explained, adding that the segment's margins will remain around 9% to 10% before moving higher. And while the Infrastructure Solutions Group segment is seeing strength, Lenovo's PC business, like the rest of the industry, is hurting due to rising memory costs and other issues. However, Lee believes the segment's margins could remain “resilient” at 6.8% to 7%, due to “ disciplined supply chain management and higher commercial mix.” Lenovo is set to report quarterly results on Nov. 19.