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Slideshow China's Lenovo inches closer to a global tech title Tweet Share this Email Print Related News Exclusive: HP's $600 million GM services deal at risk: sources Fri, Jul 13 2012 Analysis: Tech Inc's invincible aura fades Wed, Jul 11 2012 ZTE shares slump to three-year low on earnings fears, EU spat Tue, Jul 10 2012 UPDATE 4-Apple pays $60 mln to settle China iPad trademark dispute Mon, Jul 2 2012 Dell to buy Quest Software for $2.4 billion Mon, Jul 2 2012 Analysis & Opinion Beware â€œblame Chinaâ€ earnings phenomenon Central bank stimulus won’t solve the crisis Related Topics Tech » 1 of 2. The logo of Lenovo is seen on a computer monitor during a news conference in Hong Kong May 27, 2010. Credit: Reuters/Tyrone Siu By Lee Chyen Yee HONG KONG | Sun Jul 15, 2012 6:37pm EDT HONG KONG (Reuters) - Lenovo Group Ltd is on track to overtake Hewlett-Packard Co as the world's biggest PC maker by sales as soon as this year, making it the first Chinese company to grab the top spot globally in a technology sector. The ThinkPad maker's rise highlights the advance of China's technology firms on the world stage in recent years thanks to a combination of aggressive pricing, overseas acquisitions and their taking advantage of a fast-growing home market. Analysts, however, also warn that Lenovo's rapid gains in market share have come at the expense of profit margins, while the company faces slowing growth in the market for personal computers and tough rivals in the tablet PC space. "It's just a matter of time before Lenovo becomes No. 1 and it won't be surprising at all if it happens later this year," said Frederick Wong, executive director at Avant Capital Management (Hong Kong) Ltd, which owns shares in Lenovo. He added, however, that competition in the tablet sector and a weak PC market outlook could put pressure on Lenovo. Lenovo, which became the world's No. 2 PC vendor in the third quarter of 2011, had a 14.9 percent global market share in the April-June quarter this year, a mere 0.6 percentage point away from HP's 15.5 percent, according to research firm IDC's latest data. Figures from industry tracker Gartner show an even narrower gap, with Lenovo just 0.2 percentage point from HP. In another technology sector, China's Huawei Technologies Co Ltd, the world's No.2 maker of telecom equipment, had been expected to surpass Sweden's Ericsson in 2011 sales. But slow telecom spending, stiff competition in the handset market and difficulties in tapping the massive U.S. market held it back. SWITCHING LANES Lenovo's rise has been helped by its purchase of Germany's Medion and a joint venture with Japan's NEC Corp last year, as well as its acquisition of IBM Corp's PC business in 2005. Investors have rewarded Lenovo for its market share gains, sending its stock up by around 16 percent this year and outpacing rivals HP, third-ranked Dell Inc and No. 4 Acer Inc, whose stocks have dropped over the same period. Lenovo currently trades at a multiple of 12.5 times forward earnings, the second-highest among the top-five PC makers and well above the 4.6 times multiple for HP, Thomson Reuters Starmine data showed. But profit margins have suffered. Lenovo had a 1.4 percent operating margin in the latest quarter, lower than HP's 7.4 percent and Dell's 6.2 percent, the data showed. "HP, Dell and Acer have switched lanes in the PC race and passed the baton to Lenovo in terms of focusing on sales rather than margins," said Dickie Chang, an analyst at IDC in Hong Kong. Another risk is slowing growth in the PC market as the global economy, including Lenovo's home turf and stronghold China, eases. China accounts for about 42 percent of Lenovo's total revenue, with the bulk of that coming from PC sales. Global PC shipment growth was largely flat in the second quarter, marking the seventh straight quarter of low 0 to 5 percent growth for the industry. "We remain positive on Lenovo's market share expansion, but the absolute growth is nevertheless being negatively impacted by a slower market," Jefferies said in a report. Jefferies has an "underperform" rating on Lenovo with a price target of HK$5.70. Overall PC demand could pick up this year with the launch of Windows 8, though the catch is that competition in the sector for tablet PCs -- not Lenovo's strongest area -- will heat up because the operating system is designed to run on laptops and tablets. Mizuho analyst Charles Park forecasts the PC market will grow by just 3 percent this year. Lenovo's tablets, its LePads, will also face competition from new products, including the next versions of Amazon.com Inc's Kindle Fire and Apple Inc's iPad, as well as Google Inc's Nexus 7 and Microsoft Corp's Surface. (Additional reporting by Vikram Subhedar; Editing by Anne Marie Roantree and Chris Gallagher) Tech Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. 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For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (8) RudyHaugeneder wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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