--- title: "聯想創紀錄的季度業績助力其 AI 雄心" description: "聯想集團報告了創紀錄的 2025/26 財年第三季度，收入增長 18% 至 222 億美元，主要得益於與人工智能相關的銷售增長 72%。儘管淨收入下降 21% 至 5.46 億美元，運營利潤仍增長 38% 至 9.48 億美元。該公司正在通過新的研發中心擴展其人工智能能力，並專注於混合人工智能。過去一年，聯想的股價下跌了 21.5%，為投資者提供了潛在的入場機會，市場共識目標價暗示有 31.3% " type: "news" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/276573140.md" published_at: "2026-02-23T07:26:53.000Z" --- # 聯想創紀錄的季度業績助力其 AI 雄心 > 聯想集團報告了創紀錄的 2025/26 財年第三季度，收入增長 18% 至 222 億美元，主要得益於與人工智能相關的銷售增長 72%。儘管淨收入下降 21% 至 5.46 億美元，運營利潤仍增長 38% 至 9.48 億美元。該公司正在通過新的研發中心擴展其人工智能能力，並專注於混合人工智能。過去一年，聯想的股價下跌了 21.5%，為投資者提供了潛在的入場機會，市場共識目標價暗示有 31.3% 的上漲空間。然而，在組件成本壓力和市場競爭的背景下，執行風險依然存在 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 - 聯想集團(ADR)](https://longbridge.com/zh-HK/quote/LNVGY.US.md) - [00992.HK - 聯想集團](https://longbridge.com/zh-HK/quote/00992.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | 聯想第三季收入創季度新高 楊元慶：集團成功兑現增長承諾 | 聯想集團（0992）公佈截至 2025 年 12 月 31 日止第三季業績，季內收入達 222 億美元，按年增 18%，創季度歷史新高。經調整利潤達 5.89 億美元，按年大幅增長 36%。人工智慧（AI）相關收入表現強勁，按年飆 72%， | [Link](https://longbridge.com/zh-HK/news/275726806.md) | | 聯想因 ‘人工智能的普及化’ 而措手不及 | 聯想在最新的財季報告中顯示利潤下降 21%，並因人工智能計算市場的變化而承擔了 2.85 億美元的重組費用。由於內存價格上漲，公司毛利率下降。此次重組反映了聯想在人工智能普及方面適應緩慢，從雲端設施的人工智能訓練轉向本地人工智能推理。儘管其 | [Link](https://longbridge.com/zh-HK/news/275904944.md) | | 諮詢業巨頭埃森哲下最後通牒「管理層不用 AI 將無緣晉升」 | 全球諮詢業巨頭埃森哲（Accenture）將員工晉升與使用 AI 工具掛鈎，副總監及高級經理被告知，若想晉升到管理崗位，必須常態化使用 AI。公司發言人表示，AI 戰略要求員工採用最新工具，以高效服務客户。埃森哲已重組，無法完成 AI 技能 | [Link](https://longbridge.com/zh-HK/news/276429594.md) | | OpenAI 夥塔塔集團印度拓 AI 基建 有望建成印度最大數據中心 | OpenAI 與印度塔塔集團合作開發 AI 基礎設施，計劃建設印度最大數據中心。TCS 將建造一座 100 兆瓦的數據中心，未來可能擴展至 1 吉瓦，預計投資在 350 億至 500 億美元之間。OpenAI CEO 奧特曼正在印度參加 A | [Link](https://longbridge.com/zh-HK/news/276312385.md) | | 全球人工智慧峯會呼籲打造安全可信強健 AI | 在新德裡舉行的全球人工智慧峯會閉幕，86 個國家及 2 個國際組織發布聯合宣言，呼籲發展安全、可信且強健的 AI。會議討論生成式 AI 的影響，強調節能 AI 系統的重要性，並提出自願性倡議以整合國際 AI 研究能力。宣言指出，AI 的益處 | [Link](https://longbridge.com/zh-HK/news/276518719.md) | --- > **免責聲明**：本文內容僅供參考，不構成任何投資建議。