【中泰电子|联想集团】AI Server Demand Strong, Lenovo ISG Expected to Enter Phase of Accelerated Profit Delivery!

English summary

ISG: AI server orders sufficient & profitability optimization, entering phase of accelerated profit delivery. Hand backlog orders sufficient: The company currently has AI server hand backlog orders of US$21 billion; additionally, recently signed large new orders exceed ISG's revenue this year, and subsequent ISG business volume growth is expected to accelerate. Profitability continues to optimize: FY26/27 ISG operating margin target moves towards 3.5%-4.5%, and medium-to-long term 7%+, benchmarked against industry levels. High delivery flexibility: The company has 30+ production bases globally, with high delivery flexibility; the US production base is expected to complete renovation in July-August, focusing on AI servers, further expanding overseas capacity, with sufficient supply capability. IDG: PC business has strong resilience. AIPC penetration improvement drives ASP increase; in autumn 2026, AI PCs equipped with RTX Spark will be launched. The company is one of the first core partners of NVIDIA and Microsoft's RTX Spark AI PC. The company's PC business has 70% To B customer proportion, smooth price transmission, and under adverse cycles, both volume and profit are expected to continue to outperform alpha. ...