Q1 业绩保持稳健增长，“连接+算力”双轮驱动 中兴通讯（000063.SZ）/通信 证券研究报告/公司点评 2024年4月26 日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利ina预nc测e1]及 估值 市场价格：28.74元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 122,954 124,251 139,761 155,707 172,307 分析师：陈宁玉 增长率yoy% 7% 1% 12% 11% 11% 执业证书编号：S0740517020004 净利润（百万元） 8,080 9,326 10,645 12,292 14,423 电话：021-20315728 增长率yoy% 19% 15% 14% 15% 17% 每股收益（元） 1.69 1.95 2.23 2.57 3.02 Email：chenny@zts.com.cn 每股现金流量 1.58 3.64 4.64 3.20 3.34 研究助理：杨雷 净资产收益率 14% 14% 13% 13% 14% Email：yanglei01@ ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved steady growth in Q1 2024, with operating revenue of 30.58 billion yuan, a year-on-year increase of 4.9%, and a net profit attributable to shareholders of 2.74 billion yuan, up 3.7% year-on-year [2]. - The company is accelerating its transition from full connectivity to "connectivity + computing power," expanding its market space [2]. - The company has seen a resurgence in rapid growth in its government and enterprise sectors, with both segments returning to a fast growth trajectory [2]. - The gross profit margin for Q1 was 42.0%, reflecting a 6.0 percentage point increase quarter-on-quarter, although it decreased by 2.5 percentage points year-on-year [2]. - The company reported a net profit margin of 9.03%, which is an increase of 0.1 percentage points year-on-year and 4.8 percentage points quarter-on-quarter [2]. - The company’s operating cash flow for Q1 reached 2.98 billion yuan, a year-on-year increase of 28.3%, indicating healthy cash flow [2]. Summary by Sections Financial Performance - Q1 2024 operating revenue was 30.58 billion yuan, with a year-on-year growth of 4.9% [2]. - The net profit attributable to shareholders was 2.74 billion yuan, reflecting a 3.7% year-on-year increase [2]. - The company’s gross profit margin was 42.0%, with a quarter-on-quarter increase of 6.0 percentage points [2]. - The net profit margin improved to 9.03%, with a quarter-on-quarter increase of 4.8 percentage points [2]. Business Strategy - The company is focusing on enhancing its capabilities in the connectivity sector, particularly in 5G-A, optical networks, and 6G technologies [2]. - In the computing power sector, the company is enhancing its ability to provide full-stack solutions, including hardware infrastructure and AI applications [2]. - The company’s R&D expenses for Q1 were 6.38 billion yuan, representing a 20.9% R&D expense ratio, which supports ongoing product innovation [2]. Future Outlook - The company expects net profits attributable to shareholders to reach 10.84 billion yuan in 2024, 12.45 billion yuan in 2025, and 13.85 billion yuan in 2026, with corresponding PE multiples of 13, 11, and 10 [2][3].

通信/通信设备 公 司 研 中兴通讯（000063.SZ） 深度参与 5G-A 多个场景，持续拥抱 AI 浪潮 究 2024年04月26日 ——公司信息更新报告 投资评级：买入（维持） 蒋颖（分析师） jiangying@kysec.cn 日期 2024/4/25 证 书编号：S0790523120003 当前股价(元) 27.80  业绩持续增长，政企及消费者业务持续改善，维持“买入”评级 公 一年最高最低(元) 46.75/20.89 2024年4月25日，公司发布2024年第一季度报告，2024Q1公司实现营收305.78 司 信 总市值(亿元) 1,329.74 亿元，同比增长 4.93%，实现归母净利润 27.41 亿元，同比增长 3.74%，实现扣 息 流通市值(亿元) 1,119.51 非归母净利润26.49亿元，同比增长7.93%，2024Q1，对于运营商市场，公司加 更 总股本(亿股) 47.83 速从全连接转向“连接+算力”，持续拓展国内市场空间，海外持续突破大国大T， 新 报 流通股本(亿股) 40.27 保持增长态势。此外，公司政企和消费者业务持续改善，收入均重回增长快车道。 告 近 ...

Financial Performance - Operating revenue for Q1 2024 reached RMB 30,578,301 thousand, an increase of 4.93% compared to RMB 29,142,882 thousand in Q1 2023[5] - Net profit attributable to ordinary shareholders was RMB 2,740,979 thousand, up 3.74% from RMB 2,642,269 thousand in the same period last year[5] - The net profit attributable to ordinary shareholders after deducting non-recurring gains and losses was RMB 2,649,236 thousand, reflecting a 7.93% increase from RMB 2,454,518 thousand in Q1 2023[5] - Basic earnings per share for Q1 2024 was RMB 0.57, slightly up from RMB 0.56 in Q1 2023[21] - The company reported a significant reduction in operating costs, which decreased to RMB 17,728,784 thousand in Q1 2024 from RMB 27,670,016 thousand in Q1 2023[21] Cash Flow - The cash flow from operating activities was RMB 2,982,601 thousand, representing a 28.25% increase from RMB 2,325,584 thousand in the previous year[4] - In Q1 2024, the net cash flow from operating activities was RMB 2,982.6 million, a decrease of 29.3% compared to RMB 4,219.1 million in Q1 2023[22] - Total cash inflow from operating activities was RMB 36,175.3 million, while cash outflow was RMB 33,192.7 million, resulting in a net cash inflow of RMB 2,982.6 million[22] - Cash flow from investment activities showed a net outflow of RMB 15,060.9 million, compared to RMB 12,148.2 million in the same period last year, indicating increased investment expenditures[22] - Cash inflow from financing activities was RMB 88,967.8 million, with a net cash inflow of RMB 5,958.7 million, reflecting strong borrowing activity[22] Assets and Liabilities - Total assets as of March 31, 2024, amounted to RMB 208,466,634 thousand, a 3.74% increase from RMB 200,958,318 thousand at the end of 2023[5] - The total liabilities as of March 31, 2024, amounted to RMB 137,217,281 thousand, an increase from RMB 128,983,119 thousand at the end of 2023[20] - The company's total equity rose to RMB 71,249,353 thousand as of March 31, 2024, compared to RMB 61,895,721 thousand at the end of 2023[20] - The total liabilities to equity ratio as of March 31, 2024, was approximately 192.5%, indicating a high leverage position[20] Shareholder Information - As of March 31, 2024, the total number of shareholders is 482,843, with 482,539 holding A shares and 304 holding H shares[16] - The top 10 shareholders hold a total of 20.09% of the shares, with ZTE Corporation being the largest shareholder at 95,894,400 A shares[16] - The top 10 shareholders have no related party relationships or concerted actions among them[16] Research and Development - The company has ongoing research and development efforts, with intangible assets valued at RMB 7,758,763,000 as of March 31, 2024[18] - Research and development expenses increased significantly to RMB 6,375,823 thousand in Q1 2024, compared to RMB 1,778,519 thousand in Q1 2023, reflecting a focus on innovation[21] Non-Recurring Items and Other Income - Non-recurring gains totaled RMB 91,743 thousand after tax, with significant contributions from various non-operating income sources[4] - The company reported a significant decrease in financial expenses, down 64.86% to RMB (63,793) thousand, primarily due to reduced foreign exchange losses[13] - Investment income saw a drastic decline of 568.61%, resulting in a loss of RMB (131,304) thousand, attributed to the disposal of equity assets by subsidiaries[13] - Other comprehensive income after tax for Q1 2024 was RMB (51,244) thousand, compared to RMB (17,699) thousand in Q1 2023[21] Inventory and Receivables - The company has a total of 41,681,016 in inventory as of March 31, 2024, showing a slight increase from 41,131,259 as of December 31, 2023[18] - The company reported a total of 19,819,165 in accounts receivable, which is a decrease from 20,821,526 as of the end of 2023[18] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[21]

Financial Performance - The total revenue for Q1 2024 reached RMB 30,578,301 thousand, representing a 4.93% increase compared to RMB 29,142,882 thousand in Q1 2023[4] - The net profit attributable to shareholders was RMB 2,740,979 thousand, up 3.74% from RMB 2,642,269 thousand in the same period last year[4] - The net profit after deducting non-recurring gains and losses was RMB 2,649,236 thousand, reflecting a 7.93% increase from RMB 2,454,518 thousand in Q1 2023[4] - The gross profit margin for Q1 2024 was approximately 42.3%, compared to 44.5% in Q1 2023, indicating a slight decline in profitability[15] - The company reported a significant increase in other income, which rose by 68.85% to RMB 856,207 thousand, primarily due to VAT rebate policies[7] Cash Flow and Liquidity - The net cash flow from operating activities increased by 28.25% to RMB 2,982,601 thousand, compared to RMB 2,325,584 thousand in the previous year[4] - In Q1 2024, ZTE Corporation reported cash inflow from operating activities of RMB 36,175,298 thousand, a slight decrease of 1.35% compared to RMB 36,669,666 thousand in Q1 2023[16] - The total cash and cash equivalents at the end of Q1 2024 stood at RMB 44,943,538 thousand, down from RMB 49,744,372 thousand at the end of Q1 2023[16] - The company experienced a net decrease in cash and cash equivalents of (RMB 6,069,629 thousand) in Q1 2024, compared to an increase of RMB 2,672,643 thousand in Q1 2023[16] - Cash and cash equivalents reached RMB 86.88 billion, up from RMB 78.54 billion at the end of 2023, indicating a significant liquidity improvement[13] Assets and Liabilities - Total assets as of March 31, 2024, amounted to RMB 208,466,634 thousand, a 3.74% increase from RMB 200,958,318 thousand at the end of 2023[4] - The total liabilities increased to RMB 137,217,281 thousand as of March 31, 2024, compared to RMB 132,626,873 thousand at the end of 2023[14] - The company reported a total of RMB 166.08 billion in current assets, up from RMB 158.50 billion at the end of 2023[13] - Accounts receivable decreased to RMB 19.82 billion from RMB 20.82 billion, reflecting improved collection efficiency[13] - Inventory levels increased to RMB 41.68 billion from RMB 41.13 billion, suggesting potential growth in sales or production[13] Shareholder Information - As of March 31, 2024, the total number of shareholders is 482,843, with the top 10 shareholders holding 20.09% of the shares[10] - The top 10 shareholders include significant institutional investors, indicating strong market confidence[11] - The company has no preferred shares outstanding, simplifying its capital structure[12] Research and Development - Research and development expenses amounted to RMB 6,375,823 thousand, an increase from RMB 5,933,282 thousand in Q1 2023, reflecting a focus on innovation[15] Financing Activities - Cash inflow from financing activities reached RMB 88,967,764 thousand, an increase from RMB 64,557,990 thousand in Q1 2023[16] - The net cash flow from financing activities was RMB 5,958,678 thousand, compared to RMB 5,516,541 thousand in Q1 2023[16] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[15]

证券代码（A/H）：000063/763 证券简称(A/H)：中兴通讯 公告编号：202421 | 合伙人名称 | 类型 | 出资额 | | | --- | --- | --- | --- | | | | （单位：万元人民币） | | | 中兴众创（西安）投资管理有限公司 | 有限责任公司 | | 250 | | 中兴通讯股份有限公司 | 股份有限公司 | | 7,800 | | 无锡市德科立光电子技术股份有限公司 | 股份有限公司 | | 6,000 | | 西安市创新投资基金合伙企业（有限合伙） | 有限合伙企业 | | 5,950 | | 合 计 | - | | 20,000 | 本公司将严格按照相关法律法规的要求，对众投湛卢二期基金的后续进展情况及时 履行信息披露义务。敬请广大投资者注意投资风险。 特此公告。 中兴通讯股份有限公司 关于参与认购的众投湛卢二期基金募集完毕的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述 或重大遗漏。 中兴通讯股份有限公司（以下简称"中兴通讯"或"本公司"）于 2022 年 12 月 15 日召开的第九届董事会第九次会议审议通过了 ...

证券代码（A/H）：000063/763 证券简称（A/H）：中兴通讯 公告编号：202418 中兴通讯股份有限公司 第九届董事会第二十一次会议决议公告 本公司及董事会全体成员保证董事会决议公告的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 中兴通讯股份有限公司（以下简称"公司"或"本公司"）已于 2024 年 4 月 11 日以电子邮件的方式向公司全体董事发出了《关于召开中兴通讯股份有限 公司第九届董事会第二十一次会议的通知》。2024 年 4 月 25 日，公司第九届董 事会第二十一次会议（以下简称"本次会议"）以电视电话会议方式在公司深圳 总部等地召开。本次会议由董事长李自学先生主持，应到董事 9 名，实到董事 9 名，公司监事会成员及相关人员列席了本次会议。本次会议的召开符合有关法律、 行政法规、部门规章和《中兴通讯股份有限公司章程》的有关规定，会议合法、 有效。 本次会议审议通过《二〇二四年第一季度报告》。 表决情况：同意 9 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会审议通过。 特此公告。 中兴通讯股份有限公司董事会 2024 年 4 月 26 日 ...

证券代码（A/H）：000063/763 证券简称（A/H）：中兴通讯 公告编号：202419 中兴通讯股份有限公司 第九届监事会第十六次会议决议公告 中兴通讯股份有限公司监事会 2024 年 4 月 26 日 经审核，监事会认为董事会编制和审议公司二〇二四年第一季度报告的程序 符合法律、行政法规及中国证监会、深圳证券交易所及香港联合交易所有限公司 等监管机构的各项规定，报告内容真实、准确、完整地反映了公司的实际情况， 不存在虚假记载、误导性陈述或者重大遗漏。 表决情况：同意 5 票，反对 0 票，弃权 0 票。 特此公告。 本公司及监事会全体成员保证监事会决议公告的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 中兴通讯股份有限公司（以下简称"公司"）已于 2024 年 4 月 11 日以电子 邮件的方式向公司全体监事发出了《关于召开公司第九届监事会第十六次会议的 通知》。2024 年 4 月 25 日，公司第九届监事会第十六次会议（以下简称"本次 会议"）以电视电话会议方式在公司深圳总部等地召开。本次会议由监事会主席 谢大雄先生主持，应到监事 5 名，实到监事 5 名。本次会议的召开符合有关 ...

证券代码（A/H）：000063/763 证券简称(A/H)：中兴通讯 公告编号：202417 中兴通讯股份有限公司 关于按照《香港上市规则》公布 董事会会议通告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 本公司及董事會全體成員保證信息披露的內容真實、準確和完整，沒有虛假記載、誤導性陳述或重大遺 漏。 中興通訊股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議 將於二零二四年四月二十五日（星期四）在中華人民共和國（「中國」）廣東省深圳 市南山區高新技術產業園科技南路中興通訊大廈舉行，藉以（其中包括）批准本公司 及其附屬公司截至二零二四年三月三十一日止三個月之第一季度業績及其發佈，以及 處理任何其他事項（如有）。 根据《深圳证券交易所股票上市规则》关于境内外同步披露的要求，特将有 关公告同步披露如下，供参阅。 特此公告。 中兴通讯股份有限公司董事会 2024 年 4 月 16 日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 ...

证券代码（A/H）：000063/763 证券简称(A/H)：中兴通讯 公告编号：202416 中兴通讯股份有限公司 中兴通讯股份有限公司根据《香港联合交易所有限公司证券上市规则》（简 称"《香港上市规则》"）规定，在香港联合交易所有限公司披露易网站 （www.hkexnews.hk）刊登了截至 2024 年 3 月 31 日的证券变动月报表。 根据《深圳证券交易所股票上市规则》关于境内外同步披露的要求，特将有 关公告同步披露如下，供参阅。 特此公告。 中兴通讯股份有限公司董事会 关于按照《香港上市规则》公布 2024 年 3 月份证券变动月报表的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 2024 年 4 月 3 日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中興通訊股份有限公司 呈交日期: 2024年4月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註 ...