--- title: "联想创纪录的季度业绩助力其 AI 雄心" description: "联想集团报告了创纪录的 2025/26 财年第三季度，收入增长 18% 至 222 亿美元，主要得益于与人工智能相关的销售增长 72%。尽管净收入下降 21% 至 5.46 亿美元，运营利润仍增长 38% 至 9.48 亿美元。该公司正在通过新的研发中心扩展其人工智能能力，并专注于混合人工智能。过去一年，联想的股价下跌了 21.5%，为投资者提供了潜在的入场机会，市场共识目标价暗示有 31.3% " type: "news" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/276573140.md" published_at: "2026-02-23T07:26:53.000Z" --- # 联想创纪录的季度业绩助力其 AI 雄心 > 联想集团报告了创纪录的 2025/26 财年第三季度，收入增长 18% 至 222 亿美元，主要得益于与人工智能相关的销售增长 72%。尽管净收入下降 21% 至 5.46 亿美元，运营利润仍增长 38% 至 9.48 亿美元。该公司正在通过新的研发中心扩展其人工智能能力，并专注于混合人工智能。过去一年，联想的股价下跌了 21.5%，为投资者提供了潜在的入场机会，市场共识目标价暗示有 31.3% 的上涨空间。然而，在组件成本压力和市场竞争的背景下，执行风险依然存在 Lenovo has evolved far beyond its roots as the world’s largest PC maker, rising to #196 on the Fortune Global 500 and serving millions across 180 markets. Today it spans a full-stack portfolio: AI-enabled devices—PCs, workstations, smartphones, tablets—plus infrastructure solutions across servers, storage, edge computing, and software-defined systems. All of it supports a single ambition: “Smarter Technology for All,” delivered through three segments blending hardware with end-to-end IT solutions and services. That integration runs through Lenovo’s Intelligent Devices Group, which anchors customer experience, while the Infrastructure Solutions Group powers enterprise AI deployments and modern storage architectures. The Solutions and Services Group then ties the ecosystem together—ranging from attached support to subscription-based As a Service offering across domestic and international markets. It’s a rare blend of scale and scope, positioning Lenovo to capture value across the stack as digital transformation accelerates. But hardware leadership alone won’t define Lenovo’s next chapter—AI innovation will. The company is expanding its global R&D footprint with new Lenovo AI Technology Centers in Edinburgh, London, and Riyadh, alongside a Digital Trust Lab in Tel Aviv. The focus is hybrid-AI: foundation models, agentic AI, and real-world deployment at scale. That ambition sharpened at Tech World @ CES with the unveiling of Lenovo and Motorola Qira, a personal AI super-agent delivering context-aware assistance across PCs, smartphones, tablets, and wearables. Positioned as a Personal Ambient Intelligence System, Qira captures Lenovo’s hybrid-AI vision: one unified intelligence that travels with the user. ## Record quarter Lenovo turned in a breakout performance in Q3 25/26, with revenue climbing 18% y/y to USD 22.2bn as artificial intelligence emerged as the company's defining growth engine. AI-related revenue rocketed 72% y/y to claim nearly one-third of the group's total sales, while all three divisions posted double-digit gains. Operating profit jumped 38% y/y to USD 948m, even as gross margin gave up 60 basis points to 15.1% under the weight of component cost pressures and supply constraints. However, net income dipped by 21% y/y to USD 546m, marking an EPS of USD 4.4 (vs USD 5.7 in Q3 24/25). In addition, management initiated a strategic overhaul of Infrastructure Solutions Group (ISG) during the quarter, targeting annual run-rate savings exceeding USD 200m over three years, with profitability expected by Q4 FY25/26. The company is positioned to capture multi-year AI demand, backed by a USD 15.5bn AI server pipeline and high double-digit AI server revenue growth. ## Upside potential A weaker spell in profitability has nevertheless set the stage for a potentially attractive entry point: Lenovo’s shares are down 21.5% over the past 12 months, leaving the company at a market value of USD 14.8bn. Looking ahead, forecasts imply a c.5.1% dividend yield, above the three-year average yield of 4.1%, The company is currently trading on a forward P/E of 9.1x versus a three-year average of 11.9x—suggesting the valuation is currently below its recent norm. Street sentiment has remained constructive, with a consensus split of 17 ‘Buy’ ratings and 7 ‘Hold’ calls. The average target price is USD 1.6, implying 31.3% upside from the current level—an outlook that points to meaningful recovery potential if execution stays on track. ## The tightrope test Lenovo's pivot to AI-powered infrastructure and services is compelling in theory, yet execution remains the proving ground. Component inflation and supply bottlenecks have already squeezed margins, while the ISG restructuring carries integration risk. Beyond the balance sheet, the company faces intensifying competition in smartphones and tablets and tariff uncertainty across key markets. PC leadership offers stability, but cyclical exposure and macro softness could test resilience. The pipeline is robust, the valuation depressed—but translating ambition into durable profitability will require flawless execution in an unforgiving landscape. For investors, the reward hinges on whether Lenovo can navigate these crosscurrents without stumbling. ### Related Stocks - [LNVGY.US - 联想集团(ADR)](https://longbridge.com/zh-CN/quote/LNVGY.US.md) - [00992.HK - 联想集团](https://longbridge.com/zh-CN/quote/00992.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Lenovo Caught Napping By 'Democratization Of AI' | Lenovo reported a 21% profit decline in its latest fiscal quarter, taking a $285 million restructuring charge due to a s | [Link](https://longbridge.com/zh-CN/news/275904944.md) | | Why Smart Money Buys When AI Stocks Pull Back | Why Smart Money Buys When AI Stocks Pull Back | [Link](https://longbridge.com/zh-CN/news/276517144.md) | | Samsung Electronics Introduces Bespoke AI Ice Water Purifier | Samsung Electronics Introduces Bespoke AI Ice Water Purifier | [Link](https://longbridge.com/zh-CN/news/276557783.md) | | 1 incredible artificial intelligence (AI) infrastructure stock to buy with $150 right now | Chip stocks may get all of the attention, but this company is gaining share in AI data centers. | [Link](https://longbridge.com/zh-CN/news/276610139.md) | | Coforge Limited Advances EvolveOps.AI: Agentic AI-Powered IT Operations Platform for Mission Zero Resiliency from Edge to Cloud | Coforge Limited has announced advancements in EvolveOps.AI, an AI-powered IT operations management platform designed for | [Link](https://longbridge.com/zh-CN/news/276379288.md) | --- > **免责声明**：本文内容仅供参考，不构成任何投资建议。