%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨中兴通讯（ ） 000063.SZ [Table_Title] 加速“连接 算力”拓展，持续提升自主可控 + 报告要点 [2T3ab年le公_S司um三m大a产ry]品线毛利率改善显著，整体收入实现小幅增长，单看 23Q4 公司盈利能力波 动，减值计提有所转回；针对AI算力的需求爆发，公司加速“连接+算力”拓展，尤其是在智 算服务器产品线，并持续提升自主可控技术的占比。 ...

上 市 公 司 通信 2024 年03月 27 日 中兴通讯 (000063) 公 司 研 究 ——盈利能力提升，算力新曲线赋能 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：公司发布23年报，实现营收1242.5亿元，YoY+1.05%；归母净利润93.3亿元， YoY+15.41%；扣非归母净利润74.0亿元，YoY+19.99%。 证 市场数据： 2024年03月27日 券 收盘价（元） 26.15  业绩整体符合预期。单Q4来看，实现营收348.57亿元，YoY+14.68%；归母净利润14.85 研 一年内最高/最低（元） 46.75/20.89 亿元，YoY+17.80%。根据公司 23 年报（下同），公司 23 年毛利率为 41.53%，同比 究 市净率 1.8 报 息率（分红/股价） - +4.34pct；净利率7.44%，同比+1.10pct。 告 流通A股市值（百万元） 105307 上证指数/深证成指 2993.14/9222.47  运营商网络业绩支撑，主营业务毛利率均显著提升。分业务板块看，公司 23 年运营商网 注：“息率”以最近一年已 ...

Financial Performance - ZTE Corporation reported a revenue of CNY 124,250.9 million in 2023, representing a year-on-year increase of 1.05% from CNY 122,954.4 million in 2022[18]. - The net profit attributable to shareholders increased by 15.41% to CNY 9,325.8 million in 2023, compared to CNY 8,080.3 million in 2022[18]. - The net cash flow from operating activities surged by 129.70% to CNY 17,405.7 million in 2023, up from CNY 7,577.7 million in 2022[18]. - Total assets reached CNY 200,958.3 million, an increase of 11.06% from CNY 180,953.6 million in 2022[18]. - The company's total liabilities rose by 9.24% to CNY 132,626.9 million in 2023, compared to CNY 121,410.4 million in 2022[18]. - Basic earnings per share increased by 14.62% to CNY 1.96 in 2023, up from CNY 1.71 in 2022[19]. - The weighted average return on equity improved to 15.19%, up 0.53 percentage points from 14.66% in 2022[18]. - The gross profit margin for 2023 was 41.53%, up 4.34 percentage points year-on-year, driven by improvements in operator networks, government and enterprise, and consumer businesses[57]. - The revenue from the carrier network segment was CNY 82,758.9 million, growing by 3.40% year-on-year, with a gross margin of 49.11%, an increase of 2.89 percentage points[62]. - The enterprise business revenue decreased by 7.14% year-on-year to CNY 13,583.5 million, but the gross margin improved by 9.59 percentage points to 34.94%[63]. - The consumer business revenue was CNY 27,908.5 million, down 1.33% year-on-year, while the gross margin increased by 4.50 percentage points to 22.26%[65]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 6.83 per 10 shares to all shareholders, subject to approval at the shareholders' meeting[2]. - The proposed cash dividend for 2023 is 6.83 CNY per 10 shares, with a total cash distribution not exceeding 3.303 billion CNY, representing 35.0% of the net profit attributable to shareholders of 9.33 billion CNY[147]. - As of December 31, 2023, the company has accumulated distributable profits of approximately 25.22 billion CNY[147]. - The company has a total of 403,259 shareholders as of December 31, 2023, with 402,955 holding A-shares and 304 holding H-shares[127]. - The top 10 shareholders hold only unrestricted shares, indicating a stable shareholder structure[128]. Strategic Focus and Innovation - The company emphasizes the importance of maintaining strategic focus and innovation to navigate the increasingly competitive ICT industry[10]. - In 2024, the company aims for "strategic breakthrough" amidst complex environments and opportunities in 5G and AI-driven markets[10]. - The company plans to enhance its core competitiveness in wireless and wired products while rapidly developing its computing power business[11]. - The company is committed to precise growth strategies, focusing on accurate market positioning and resource allocation[11]. - The company aims to deepen digital transformation and optimize processes to improve operational efficiency[11]. - The company highlights the significance of ESG principles in its operations and governance[11]. - The company recognizes the dual nature of opportunities and challenges in the current technological revolution[11]. - The company is focused on leveraging its technological advantages to overcome difficulties and drive progress[11]. - The company aims to create value for customers and returns for shareholders while contributing to societal development[11]. - The company is committed to fostering a high-resilience organization and enhancing risk prevention capabilities[11]. Research and Development - Research and development investment amounted to CNY 26,783.3 million, a 14.34% increase from the previous year, representing 21.56% of operating revenue, up 2.51 percentage points[69]. - The company launched the world's first 5G cloud laptop "Yufeng 2" and achieved the top market share in the domestic cloud terminal market[62]. - The company is investing heavily in R&D, with a budget allocation of 10% of total revenue, focusing on 5G technology advancements[188]. - The group has 35,393 R&D personnel, representing 49.1% of the total workforce[199]. Market Expansion and International Presence - The company is actively expanding its overseas market presence, including a data center project for China Telecom in Indonesia[37]. - The company is focusing on the promotion of FTTR in the optical network terminal sector, enhancing smart home applications[55]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[182]. - The company is considering strategic acquisitions to enhance its technology portfolio, with a budget of 2 billion yuan allocated for potential mergers and acquisitions[188]. Corporate Governance - The company has established a multi-layered corporate governance system to enhance operational transparency and efficiency[123]. - The company has a mission to connect the world through networks and lead innovation for the future[122]. - The company has a compliance management committee overseeing adherence to laws and regulations impacting its operations[112]. - The company has established clear contracts with financial institutions to minimize operational risks[110]. - The company has a board diversity policy, currently with 22% female representation among board members[155]. Risk Management - The company faces various operational risks, including country risk, intellectual property risk, and exchange rate risk, which may impact its business operations[117][118][119]. - The company is committed to enhancing compliance management to mitigate risks associated with international operations across over 100 countries[117]. - The company has established a risk control system for derivative transactions to mitigate legal risks and enhance financial stability[110]. - The company is actively expanding its global low-cost financing channels to manage interest rate risk through diversified debt structures[120]. Employee and Workforce Information - As of December 31, 2023, the total number of employees in the group is 72,093, with an average age of 34.6 years[198]. - Female employees account for approximately 23.9% of the total workforce, totaling 17,233 individuals[198]. - The total employee compensation for the group in 2023 is approximately 30 billion yuan[200]. - Employee compensation includes salaries, bonuses, and allowances[200]. - The company has implemented a recruitment strategy focused on diversity in gender, age, education, and professional experience[199].

2024年03月26日 公司研究●证券研究报告 中兴通讯（ ） 公司快报 000063.SZ 通信 | 系统设备Ⅲ 运营商业务主导增长，算力基建带来长期价值 增持-B(维持) 投资评级 股价(2024-03-25) 27.52元 投资要点 交易数据 事件： 中兴通讯发布2023年年报。2023年度公司实现营业收入1,243亿元，同 总市值（百万元） 131,635.08 比增长1.05%；实现归母净利润93亿元，同比增长15.41%。 流通市值（百万元） 110,823.61 总股本（百万股） 4,783.25 盈利能力持续提升，毛利率全线增长：2023年，公司实现营业收入1,243亿元， 流通股本（百万股） 4,027.02 同比增长1.05%。公司毛利率为41.53%，同比上升4.34pct，主要由于运营商网络、 12个月价格区间 44.53/22.33 政企和消费者业务三大业务的毛利率均有提升；营业成本为727亿元，同比下降 5.93%，主要由于政企和消费者业务成本减少。2023年，公司盈利能力持续提升， 一年股价表现 归属于上市公司普通股股东的净利润为93亿元，同比增长15.41%；归属于上市公 ...

1、召开时间：北京时间 2024 年 3 月 28 日（星期四）16:00-17:30 证券代码（A/H）：000063/763 证券简称(A/H)：中兴通讯 公告编号：202415 中兴通讯股份有限公司 关于召开 2023 年度业绩说明会并征集问题的公告 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"公司"）拟于 2024 年 3 月 28 日召开 2023 年 度业绩说明会，业绩说明会将采用网络直播的方式举行，欢迎广大投资者积极参与。 一、业绩说明会的安排 电话：0755-26770282 传真：0755-26770286 2、召开方式：网络直播 3、出席人员：执行董事、总裁徐子阳先生，执行副总裁、财务总监李莹女士，执行 副总裁、首席运营官谢峻石先生，董事会秘书、公司秘书丁建中先生。 4、会议语言：中文 5、接入方式：投资者可登陆全景网（https://ir.p5w.net/c/000063/）参与 2023 年度业 绩说明会。 二、征集问题事项 公司现就 2023 年度业绩和经营情况提前向投资者征集相关问题，敬请投资者于 ...

[Table_MainInfo] 公司研究/信息设备/通信设备 证券研究报告 中兴通讯（000063）公司年报点评 2024年03月16日 [Table_InvestInfo] 经营稳健、毛利率进一步提升，加速向算 投资评级 优于大市 维持 力深化拓展 股票数据 0[3Ta月b1le5_日S收to盘ck价（In元fo）] 29.00 [Table_Summary] 52周股价波动（元） 20.89-46.75 投资要点： 总股本/流通A股（百万股） 4783/4027 总市值/流通市值（百万元） 138714/138693 公司发布2023年度报告，营收1242.5亿元，同比+1.05%；毛利率41.5%，  相关研究 同比+4.34pct；归母净利润 93.3 亿元，同比+15.4%；扣非归母净利润 74.0 [《Ta Qb 3le收_入R短ep期o承rtI压nf、o盈] 利持续改善，新一代 亿元，同比+20.0%。Q4营收348.57亿元，同比+14.68%，毛利率36.04%， 智算方案发布》2023.10.26 同比-0.44pct；归母净利润 14.85 亿元，同比+17.80%，扣非后归母净利润 ...

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Investment Rating - The report maintains a "Buy" rating for ZTE Corporation (000063.SZ) [1][4][16] Core Views - ZTE Corporation achieved a revenue of 124.25 billion yuan in 2023, a year-on-year increase of 1.1%, and a net profit attributable to shareholders of 9.33 billion yuan, up 15.4% year-on-year [1][5] - The company aims to maintain growth in 2024, focusing on enhancing its "connection + computing power" strategy [2][11] Summary by Sections Financial Performance - In 2023, ZTE's revenue was 124.25 billion yuan, with a net profit of 9.33 billion yuan and a non-recurring net profit of 7.40 billion yuan, reflecting year-on-year growth of 15.4% and 20.0% respectively [1][5] - The fourth quarter of 2023 saw revenue of 34.86 billion yuan, a 14.7% increase year-on-year, and a net profit of 1.49 billion yuan, up 17.8% year-on-year [1][5] Business Segments - The operator network business accounted for 66.6% of total revenue, growing by 3.4% year-on-year, while the enterprise business represented 10.9% of revenue, decreasing by 7.1% [2][6] - Consumer business made up 22.5% of revenue, with a slight decline of 1.3% year-on-year, primarily due to reduced revenue from international home terminals and mobile products [2][6] Cost and Profitability - The overall gross margin for 2023 was 41.53%, an increase of 4.34 percentage points year-on-year, driven by improvements in both enterprise and consumer business margins [2][8] - Research and development expenses increased by 17% year-on-year, with a focus on 5G-related products, chips, servers, and storage technologies [2][8] Future Outlook - ZTE plans to strengthen its core competitiveness in wireless and wired fields while advancing its computing power capabilities in infrastructure and software platforms [2][11] - The company expects net profits for 2024, 2025, and 2026 to be 10.32 billion yuan, 10.99 billion yuan, and 11.495 billion yuan respectively, with corresponding price-to-earnings ratios of 14, 13, and 13 times [2][15]

Investment Rating - Target price: HKD 24.80 (previously HKD 27.40), with a potential upside of 38.4% from the current price of HKD 17.92 [1] - Maintains a "Buy" rating for ZTE Corporation (763 HK) based on a 10x FY24E P/E ratio, close to its three-year average [2] Core Views - ZTE's FY23 revenue reached RMB 124 billion, up 1.1% YoY, in line with Bloomberg expectations and 3% above the firm's forecast [2] - FY23 net profit grew 15.4% YoY to RMB 9.3 billion, 5% below Bloomberg expectations but in line with the firm's forecast [2] - FY23 gross margin improved to 41.5%, up 4.34 percentage points from FY22, driven by operational optimization and cost reduction through in-house components [2] - FY23 net profit margin rose to 7.5%, up from 4.2%/5.9%/6.6% in FY20-22 [2] - 4Q23 revenue grew 14.7% YoY and 21.5% QoQ, while net profit increased 17.8% YoY but declined 37.3% QoQ due to product mix changes and higher employee benefits and marketing expenses [2] - ZTE is expected to benefit from telecom industry trends, focusing on 5.5G/6G and AI computing capabilities [2] Financial Summary Revenue and Profit - FY21A-FY25E revenue: RMB 114.5 billion, RMB 123.0 billion, RMB 124.3 billion, RMB 133.7 billion, RMB 142.6 billion [1] - FY21A-FY25E net profit: RMB 6.8 billion, RMB 8.1 billion, RMB 9.3 billion, RMB 10.8 billion, RMB 12.2 billion [1] - FY21A-FY25E revenue growth: 12.9%, 7.4%, 1.1%, 7.6%, 6.7% [1] - FY21A-FY25E net profit growth: 31.4%, 18.6%, 15.4%, 16.3%, 12.5% [1] Margins and Ratios - FY21A-FY25E gross margin: 35.2%, 37.2%, 41.5%, 41.9%, 42.0% [1] - FY21A-FY25E P/E ratio: 11.2x, 9.6x, 8.4x, 7.3x, 6.5x [1] - FY21A-FY25E ROE: 13.2%, 13.8%, 13.7%, 14.3%, 14.5% [1] Business Segments - Carrier network revenue grew 3.4% YoY, driven by domestic wireline and wireless market optimization and overseas strategic progress [2] - Consumer business revenue declined 1.3% YoY due to overseas inventory digestion and competition, partially offset by domestic home network growth [2] - Government and enterprise revenue fell 7.1% YoY, impacted by industry investment and key customer construction timing [2] Forecast Comparison - FY24E revenue: RMB 133.7 billion (firm) vs. RMB 152.8 billion (Bloomberg consensus), 12% lower [7] - FY24E net profit: RMB 10.8 billion (firm) vs. RMB 11.2 billion (Bloomberg consensus), 3% lower [7] - FY24E gross margin: 41.9% (firm) vs. 37.7% (Bloomberg consensus), 4.2 percentage points higher [7] - FY24E net margin: 8.1% (firm) vs. 7.3% (Bloomberg consensus), 0.8 percentage points higher [7] Shareholder Structure - BlackRock holds 7.1% and Vanguard holds 4.2% of ZTE's shares [4] Stock Performance - 1-month absolute return: 21.9%, relative return: 18.4% [5] - 3-month absolute return: 7.2%, relative return: 7.1% [5] - 6-month absolute return: -25.6%, relative return: -17.2% [5] Financial Statements Income Statement - FY21A-FY25E operating income: RMB 114.5 billion, RMB 123.0 billion, RMB 124.3 billion, RMB 133.7 billion, RMB 142.6 billion [9] - FY21A-FY25E operating profit: RMB 8.5 billion, RMB 10.6 billion, RMB 11.0 billion, RMB 12.2 billion, RMB 12.9 billion [9] - FY21A-FY25E net profit: RMB 6.8 billion, RMB 8.1 billion, RMB 9.3 billion, RMB 10.8 billion, RMB 12.2 billion [9] Balance Sheet - FY21A-FY25E total assets: RMB 168.8 billion, RMB 181.0 billion, RMB 201.0 billion, RMB 194.6 billion, RMB 206.5 billion [9] - FY21A-FY25E total liabilities: RMB 115.5 billion, RMB 121.4 billion, RMB 132.6 billion, RMB 118.8 billion, RMB 122.4 billion [9] - FY21A-FY25E total equity: RMB 51.5 billion, RMB 58.6 billion, RMB 68.0 billion, RMB 75.6 billion, RMB 84.0 billion [9] Cash Flow - FY21A-FY25E net operating cash flow: RMB 15.7 billion, RMB 7.6 billion, RMB 17.4 billion, RMB 29.3 billion, RMB 11.6 billion [10] - FY21A-FY25E net investment cash flow: RMB -10.6 billion, RMB -1.3 billion, RMB -20.9 billion, RMB -2.3 billion, RMB -2.6 billion [10] - FY21A-FY25E net financing cash flow: RMB 2.8 billion, RMB 1.5 billion, RMB 7.4 billion, RMB -16.2 billion, RMB -8.0 billion [10]

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 通信 ＃investSuggestion＃ ＃ ＃d 中yCo 兴mp 通any＃讯 （ 000063 ） investSug 增持 ( 维ges持tion ）Ch 0 业00 绩00 稳9 性＃ ，tit 自le＃ 健增 长夯实韧 研 产 品核心竞争力提升 ange＃ ＃ createTime1＃ 2024年 03月 11 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ sum 事ma 件ry＃ ⚫ ： 2023年，公司实现营业收入1242.5亿元，同比增长1.05%；归母净利 司 日期 2024-03-11 润93.3亿元，同比增长15.4%；扣非归母净利润74.0亿元，同比增长20.0%。 点 收盘价（元） 30.00 2023年度拟派发现金分红总额占归母净利润比例达35%。 评 总股本（百万股） 4,783.25 ⚫ 1、公司稳健经营，盈利能力提升：2023 年，公司聚焦经营质量，成本优化 报 流通股本（百万股） 4,027.02 带动盈利能力提升。单四季度，国内FTTR、海外运营商业务等发展向好，营 净资产（百 ...