On August 30th, Acer Chairman and CEO Chen Junsheng announced that Acer plans to significantly increase the shipment of computers equipped with artificial intelligence (AI) capabilities. By the third quarter of 2025, Acer will increase the share of Copilot+PC in delivery volume to 40%.
According to Canalys' data, the global AI PC shipments in the second quarter of 2024 were 8.8 million units, accounting for 14% of the total PC shipments. It is expected that the global shipment of AI PCs will reach 44 million and 105 million units respectively in 2024 and 2025. Currently, with the gradual advancement of AI PC plans by major processor suppliers, it is expected that the supply and user adoption of AIPC will significantly increase in the second half of 2024 and beyond. Canalys Chief Analyst Ishan Dutt stated that channel partners have expressed a preference for AI PC related features. In a May channel survey, nearly 60% of respondents indicated that they expect consumers to be more inclined to choose devices with Copilot.
The global PC market shows signs of recovery in the second quarter of 2024, with shipments of desktop and laptop computers increasing by 3.4% year-on-year, reaching 62.8 million units. Among them, the performance of Apple Mac is particularly strong, with a year-on-year increase of 6% in shipments, which is significantly higher than the overall PC market growth rate. Currently, Lenovo, HP, and Dell still rank among the top three in the global PC market.
The three major PC manufacturers have all released impressive quarterly results. Specifically, Lenovo achieved a revenue of 15.447 billion US dollars in Q1 of the 2025 fiscal year, a year-on-year increase of 19.74%; The net profit attributable to the parent company was 243 million US dollars, a year-on-year increase of 38.25%. The proportion of non PC businesses is nearly 47%, reaching a new historical high. This fiscal quarter, Lenovo Group's core business, personal computer business, had a global market share of nearly 23%, operating profit margin of 8.8%, and high-end products accounted for 31.6%. According to Canalys' latest statistics, Lenovo's AI PC shipments have increased by as much as 228% month on month.
Dell Technologies' overall net revenue for the second quarter was $25.03 billion, with analysts expecting $24.12 billion; Infrastructure solutions revenue for the second quarter was $11.65 billion, with analysts expecting $10.58 billion; Adjusted earnings per share for the second quarter were $1.89, with analysts expecting $1.71; Adjusted operating profit for the second quarter was $2.03 billion, with analysts expecting $1.85 billion.
HP's net revenue for the third quarter was $13.52 billion, with analysts expecting $13.37 billion; Personal system revenue for the third quarter was $9.37 billion, with analysts expecting $9.15 billion; The adjusted operating profit margin for the third quarter is 8.1%, with analysts expecting 8.6%; Adjusted earnings per share for the third quarter were $0.83, with analysts expecting $0.86; Expected fourth quarter adjusted earnings per share of 0.89-0.99 US dollars, with analysts expecting 0.95 US dollars.
In addition, on July 9, 2024, Asus and Acer announced their performance for June 2024, both showing a growth trend, mainly benefiting from the end of quarter pickup effect and the shipment of AIPC new products. Asus' revenue in June reached NT $58.412 billion, a month on month increase of 30.32% and a year-on-year increase of 21.48%, setting a new high in 21 months; Acer's revenue in June was NT $28.193 billion, a month on month increase of 33.4% and a year-on-year increase of 7.1%, setting a new high in 24 months and maintaining a year-on-year growth trend in monthly revenue for 12 consecutive months.
Haitong Securities believes that the future penetration rate of AI PC is promising, and 2024 may become the first year of AI PC. The development of AI promotes the vigorous rise of products such as AI PC, AI servers, and AI phones in the market. In the overall AI era, attention should be paid to the domestic AI PC supply chain. Jianghai Securities' Zhou Biao research report pointed out that according to Counterpoint, global PC shipments in the second quarter of 2024 increased by 3.1% year-on-year, achieving two consecutive quarters of year-on-year growth. With the gradual launch of AIPC and the increase in market share of Windows on ARM PC, it is expected that the PC industry will usher in a wave of machine replacement peaks. It is recommended to pay attention to the whole machine manufacturer Raytheon Technology, as well as related industry chain companies Chunqiu Electronics, Huaqin Technology, Everbright Tongchuang, and Yingli Shares.