Hong Kong's tech sector traded broadly lower on September 16, with the Hang Seng Index declining. In contrast, by 11:48 AM, LENOVO GROUP shares had climbed nearly 8% against the trend, keeping its market capitalization comfortably above the HK$400 billion mark.

Speaking at the "AI Investment Summit" hosted by Sina Finance on the same day, Lenovo's Senior Vice President and Chief Financial Officer, Zheng Xiaoming, stated that the company's current valuation remains significantly below that of Dell, despite the gap in revenue and net profit between the two companies being far smaller than the disparity in their valuations. "We are clearly undervalued by the market," he remarked.

Beyond valuation differences, the sustained ramp-up in AI infrastructure business is emerging as a fresh growth pillar for Lenovo. Zheng noted that the growth opportunities the company sees are not merely speculative, as real orders are already materializing, alongside numerous client projects that are actively progressing. In earlier discussions, he also revealed that Lenovo's potential business opportunity pipeline for AI servers has expanded from around US$10-20 billion at an early stage to over US$50 billion.

Zheng believes that demand for AI infrastructure remains a long-term trend, with enterprises still in the early phases of AI investment. As internal data, organizational structures, and processes complete their transformation, enterprise-level inference demand is expected to be released at scale. Lenovo's coverage of training, inference, and endpoint devices positions it well to continuously capture AI investment demand.

Regarding profitability, Zheng stated that Lenovo will maintain a balance between growth and profit, with a long-term net margin target of 5% to 8%. He also expressed confidence that, drawing on its capabilities in technology, channels, and supply chain, Lenovo has the potential to gradually reach Dell's profit levels. As business scale expands and the share of high-value-added operations increases, margin improvement is also expected to become a key driver for the company's next phase of growth.

Additionally, Zheng pointed out that there remains room for further optimization in areas such as customer acquisition, pricing, storage, and services. He described the market opportunity as a "multi-year opportunity," emphasizing that the company's growth does not rely solely on external markets, as internal business improvements also offer considerable headroom. Having completed a storage business acquisition in April this year, Lenovo expects further integration of storage and service operations to continue boosting overall margins going forward.

Sina Finance clarifies that all meeting records are compiled from on-site shorthand and have not been reviewed by the speakers. The publication of this article on Sina.com is intended solely for information dissemination and does not imply endorsement of the views expressed or confirmation of their accuracy.