Management remarks
Call period: 2027 Q1 · 2026-08-13
Guidance: Shao-Min Cheng: We expect total SSG TAM to grow to more than $850 billion by fiscal year '29, '30, with AI-led TAM growing meaningfully faster and nearly doubling over the same period.Demand and orders: Shao-Min Cheng: Our AI server pipeline expanded to $54 billion, up 157% quarter-on-quarter, driven by accelerating AI infrastructure momentum and a rapidly expanding customer base.Margins: Shao-Min Cheng: SSG delivered record quarterly revenue of $2.9 billion, up 28% year-on-year, with operating profit increasing 39% year-on-year to $697 million and operating margin expanding to a record 24.2%.Analyst Q&A
Analyst Ashley Gorakhpurwalla asked: I'll summarize by saying that upfront, we don't see the record operating income and operating margin as a factor of a onetime per quarter issue. And we do -- I do see it as indicative of the performance of the business. As you point out, is it a favorable mix of product or business? Management Lixi Yuan answered: I think you also talked about the AI pipeline. We have received questions on this topic. It's from Albert Hung from JPMorgan. He's asking what is the definition of the $54 billion AI server pipeline? Is it only GPU related and confirmed order wins? If so, how long do you think it will take Lenovo to fulfill these orders? In other words, how quickly can Lenovo ramp capacity and increase output?管理层陈述
电话会期间：2027 Q1 · 2026-08-13
指引：程少敏：我们预计，到2029财年、2030财年，SSG总可寻址市场（TAM）将增长至8500亿美元以上，其中AI驱动的TAM增长速度将显著更快，同期规模几乎翻倍。需求与订单：程少敏：得益于人工智能基础设施发展势头加快与客户基础快速扩张，我们的AI服务器业务储备规模已增至540亿美元，环比增长157%。利润率：程少敏：SSG季度营收达29亿美元，同比增长28%，创历史新高；营业利润同比增长39%至6.97亿美元，营业利润率升至创纪录的24.2%。分析师问答
分析师阿什利·戈拉赫普尔瓦拉称，我们认为创纪录的营业收入和营业利润率并非一次性季度因素，而是业务表现的体现，并询问这是否得益于有利的产品或业务结构。管理层厉希元回应称，有关540亿美元人工智能服务器管线的疑问来自摩根大通的阿尔伯特·洪，对方询问该管线是否仅与GPU相关且为已确认订单，以及联想完成这些订单所需时长，即联想能多快提升产能和产量。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
