jeopardyapril292022|东方证券：维持联想集团“买入”评级 目标价11.03港元

Oriental Securities released a research report sayingJeopardyapril292022To maintain Lenovo's (00992) "buy" rating, and forecast earnings per share for the 26th fiscal year of 230.24-25max, respectively.Jeopardyapril292022. 07 、 0Jeopardyapril292022.10, US $0.12, according to the comparable company's 24-year valuation of 14.37 times PE, the corresponding target price is HK $11.03.

The main points of Oriental Securities are as follows:

Lenovo has released a number of real AI PC products.

Lenovo officially unveiled a number of new AI PC products at Lenovo Innovation and Technology Conference, including ThinkPad T14p, ThinkBook16p, YOGA Book9i, YOGA

Pro16s, YOGA Air14 and Xiaoxin Pro, etc., to achieveJeopardyapril292022The AI defined by it

The five characteristics of PC: agents with embedded human model and natural interaction with users, personal knowledge base, local heterogeneous AI computing power, open artificial intelligence application ecology, and personal data and privacy security protection, have become the real AI in the Chinese market.

PC .

Personal agent Lenovo Xiaotian becomes the key to AI PC.

The built-in personal agent Lenovo Xiaotian is driven by the local Tianxi model, which can provide more accurate and personalized services. At the same time, Lenovo Xiaotian is a hybrid personal agent of end and cloud, which can still rely on local large model and personal knowledge base to deal with users' tasks offline, and its personal think tank, personal agent and other features can protect users' privacy and security. Lenovo Xiaotian is Lenovo AI.

The omnipotent partner of users in PC ecology can realize the functions of painting, file generation, purchasing goods, simultaneous translation and recording of meeting minutes, and provide fully personalized services for different types of users.

Build a rich AI ecology and create "one rock and three arrows".

Lenovo Group deploys "all-in-one multi-terminal" to infiltrate applications into AI tablets, AI phones and all kinds of smart IoT devices to build Tianxi ecology. In addition to personal terminal ecology, Lenovo also creates "one shot and three arrows" for different user groups, in which "one engine" refers to the Sky Agent engine, and the "three arrows" are government and enterprise program services for government and enterprise customers and small and medium-sized enterprises. And consumer services for individual users. Giant agent engine can support the industry agent built by Lenovo for industry customers, and the endogenous and external R & D, supply and marketing service agent. Lenovo Baiying Ecology relies on a sound IT service network, intelligent IT operation and maintenance, and a subscription model covering the whole scene to help customers of small and medium-sized enterprises reduce costs and increase efficiency. In addition, Lenovo launched a fully heterogeneous computing platform for ISG infrastructure business, which combined with a number of innovative technologies, so that users can automatically complete AI computing and publish models or reasoning services.