Goldman Sachs issued a research report stating that LENOVO GROUP's (00992) quarterly performance for the period ending last December exceeded expectations. Revenue increased by 18% year-over-year to $22 billion, surpassing the bank's and market consensus estimates by 8% and 7%, respectively. The gross profit margin remained stable at 15.1% (compared to 15.4% in the second fiscal quarter ending September), largely in line with the bank's and market consensus expectations of 15.2% and 15.4%. The adjusted operating expense ratio improved from 11.7% in the previous quarter to 11%, outperforming the bank's forecast of 12.1%. This drove adjusted operating profit up 28% year-over-year to $903 million, which was 39% higher than the bank's projection. Adjusted net profit rose 35% year-over-year to $589 million, exceeding the bank's estimate by 50%. The firm maintains a "Buy" rating with a target price of HK$11.98.