Citi maintains its 'Buy' rating on Lenovo Group with a target price of HK$31. Lenovo Group's Q1 results for FY2026/27 exceeded expectations, with significant year-on-year growth in revenue and non-GAAP net profit, and non-GAAP net profit margin improving to 4%. Citi is optimistic about its server demand outlook, profitability, and solid performance in personal computers, smartphones, and services businesses.