Experts interpret Lenovo Financial Report: PC business has declined but it is still better than expected. Innovative business is expected to hedge the effect

Cover reporter Wu Yujia

On August 10, Lenovo Group announced the performance of the first fiscal quarter of the fiscal year 2022/23 (April-June this year): revenue of nearly 112 billion yuan, an increase of 0.2%year-on-year, excluding the influence of exchange rate fluctuations by 5%year-on-year; net net The profit was 3.4 billion yuan, an increase of 11%year -on -year; the net profit after adjustment of the non -Hong Kong financial reporting standards was 3.67 billion yuan, an increase of 35%year -on -year.

How to view the performance of Lenovo's stage? Guan Yuqing, the founder of the three -party research institution lens company, gave his own point of view.

Guan Yuqing believes that the PC business has declined, but the overall performance is still better than expected. The previous report of the research institution IDC showed that the PC shipments of major mainstream manufacturers in the second quarter (the second natural season are also the first fiscal quarter of Lenovo) have fallen significantly. 22.5%, Dell and Acer fell 5.3%and 19.2%, respectively, and Lenovo also declined by 12.5%; but from the financial report of Lenovo Q1 (second natural season), the IDG group income carrying Lenovo PC business only fell by 3 3 declined 3 %, The profit has only fallen by 2%, the impact is not as high as the previous expectations.

Ji Yuqing analysis believes that in the middle period, the global performance of the consumer electronics industry represented by PC may not be too optimistic, and the growth momentum of the consumer electronics industry that can be contributed by the epidemic factors and the needs of digital office needs is weakened or even faded down The industry returns to the stock market, which is the common challenge facing all major industries, including Lenovo, including Lenovo. He predicts that the growth of Lenovo's innovation business should be able to effectively hedge this effect.

According to the data disclosed by Lenovo, its PC revenue contribution rate has fallen from about 85%in the previous few years to the latest 63%, and the proportion of non -PC revenue has increased to 37%. ) The contribution rate has reached 8.2%, and the contribution rate of quarterly profits ($ 329 million) has reached 23.4%. These two indicators have increased by 1.5 and 3.8 percentage points compared with the same period last year.

Combined with the latest income structure and financial model analysis, Guan Yuqing believes that the SSG solution service business of Lenovo's SSG solution service business can basically hedge the impact of 1 percentage points on the profit of the IDG smart device business. The IDG smart device's business income volume is more than one -tenth of the income volume, and the operating profit margin is three times the latter (7.5% vs 22.5%). In the past quarter, Lenovo's SSG business revenue and profits have increased by 24%and 25%, respectively, which is also the key factor that can still achieve an overall profit increase of 11%when the IDG business revenue decreases by 3%.

How to view Lenovo's investment value? Guan Yuqing said that if from the perspective of sustainable growth, investors can focus on the innovation business of Lenovo, especially the gross profit margin of the solution service business, which can also represent the future industrial development trend and direction. new business. Compared with the PC business, these new businesses are too much higher in terms of growth space or future ceiling. In contrast, the PC business is a storage track, and the digital solution business of various industries is an incremental track. If Lenovo can continue to achieve the rapid growth of the scheme service business, even if its PC business has a certain moderate decline in a certain degree of decline, it is acceptable.

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