Lenovo Group is scheduled to unveil its first-quarter financial results for the fiscal year 2026-2027 on August 13. Even before the earnings announcement, its share price has already soared past HK$30, propelling its market capitalization close to HK$380 billion. The market's focus has now shifted to the anticipated increase in AI server shipments and the enhanced profitability of ISG (Infrastructure Solutions Group). In light of this, Soochow Securities has issued a report reaffirming its 'Buy' rating for Lenovo Group. The report highlights that the AI server sector is entering a new era of capacity expansion, with Lenovo's ISG business currently experiencing concurrent revenue growth and profit resurgence. Lenovo boasts robust delivery capabilities, and its innovative solutions, such as liquid cooling technology, are poised to elevate the value and profitability of individual projects. Soochow Securities projects that Lenovo's Non-GAAP net profit attributable to shareholders for the fiscal years FY27 to FY29 will amount to US$3.13 billion, US$4.16 billion, and US$5.21 billion, respectively. The firm applies a 20x P/E multiple for FY27, translating to a target price of HK$39.6. The primary focus of this Q1 earnings report will be on whether AI server orders can pick up momentum and whether ISG's profit margins can sustain their upward trajectory. Should these indicators prove favorable, the market's valuation rationale for Lenovo may transition from perceiving it as a leading PC manufacturer to recognizing it as an AI infrastructure platform.