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.

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