CROSBY Research – Lenovo (992 HK): Strong PC business momentum persisted in Mar quarter, server business driven by strong demand of generative AI models

27 May 2024

Lenovo reported 4QFY24 results (Mar quarter), with revenue increased 9.5% YoY to US$13.8bn. All three business segments achieved positive revenue growth. GPM widened 0.6ppt YoY to 17.6% on increasing contribution from SSG segment’s high-margin business. Mar quarter net income surged 118% YoY to US$248m.

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