国信证券指，基础设施方案业务集团收入同比高增。受AI需求拉动，叠加公司在液冷领域核心优势（Neptune方案），公司基础设施方案业务快速增长，2025财年第二财季实现收入33.05亿美元，同比升65.1%、按季升4.6%；经营方面，2025自然年有望实现盈利。Guosen Securities released a research report stating that Lenovo Group (00992) is the global leader in AI personal computers, with continuous growth in smart phone and server businesses. It maintains an "outperform the market" rating, raises revenue forecasts, and expects revenue for the fiscal years 2025 to 2027 to be 66 billion, 71.9 billion, and 76.7 billion RMB respectively, with year-on-year growth rates of 16%, 9%, and 7%. Considering the decline in gross margin caused by changes in product structure, profit forecasts are lowered to 1.25 billion, 1.39 billion, and 1.578 billion RMB.
Lenovo Group continues to strengthen its AI efforts, integrating AI deeply into its own products. According to the company's financial report, in the second fiscal quarter of 2025, AI computers (with five key characteristics, including AI assistant) accounted for 14% of laptop shipments in China, with a rapid increase in AI PC penetration rate.
Smart phones are experiencing rapid growth in the Asia-Pacific region, Europe-Middle East-Africa, and North American markets. Motorola's smart phones achieved double-digit year-on-year growth, while foldable screen phones are tapping into the high-end market.
Guosen Securities pointed out that the group's infrastructure solutions business saw a high year-on-year growth in revenue. Driven by AI demand and the company's core advantages in the liquid cooling field (Neptune solution), the company's infrastructure solutions business is growing rapidly. In the second fiscal quarter of 2025, revenue reached 3.305 billion US dollars, a year-on-year increase of 65.1% and a quarterly increase of 4.6%. In terms of operations, profitability is expected to be achieved in the natural year 2025.
