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 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [4][15]. Core Views - The company has demonstrated steady revenue growth, achieving an operating income of 124.25 billion yuan in 2023, a year-on-year increase of 1.05%, and a net profit attributable to shareholders of 9.33 billion yuan, up 15.41% year-on-year [2][3]. - The company is actively seizing new market opportunities in "AI computing power + trusted innovation" while maintaining a focus on its core telecommunications business [1][8]. Financial Performance Summary - **Revenue and Profitability**: - 2023 operating income was 124.25 billion yuan, with a growth rate of 1.1% year-on-year. The net profit attributable to shareholders was 9.33 billion yuan, reflecting a growth rate of 15.4% year-on-year [2][3]. - The overall gross margin improved to 41.53%, an increase of 4.34 percentage points year-on-year, while the net margin rose to 7.44%, up 1.10 percentage points [3]. - **Segment Performance**: - Domestic market revenue reached 86.49 billion yuan, growing by 1.45%, with a gross margin of 43.27%. The international market generated 37.77 billion yuan, a slight increase of 0.15%, with a gross margin of 37.54% [3]. - The company’s operator, government enterprise, and consumer businesses reported revenues of 82.76 billion yuan, 13.58 billion yuan, and 27.91 billion yuan, respectively, with varying growth rates [3]. - **Future Projections**: - The forecast for net profit attributable to shareholders for 2024-2026 is 10.66 billion yuan, 11.98 billion yuan, and 13.38 billion yuan, respectively, with corresponding P/E ratios of 14, 12, and 11 [8]. Business Strategy Summary - **Operator Business**: - The company is expanding from connectivity to computing power, focusing on major national networks and maintaining a stable market share in domestic and international markets [3][8]. - **Government and Enterprise Business**: - The company is enhancing its self-developed products and solutions, targeting key industries such as internet and finance, while seizing opportunities in computing power and trusted innovation [8]. - **Consumer Business**: - The strategy centers on multi-terminal smart interconnectivity and ecosystem expansion, with a focus on AI-driven smart ecosystems. The company aims to maintain its leading market share in home terminal products and smartphones [8].

公司报告 | 年报点评报告 中兴通讯（000063） 证券研究报告 2024年03月10日 投资评级 业绩稳健增长韧性足，AI算力+网络+芯片有望驱动持续成长 行业 通信/通信设备 6个月评级 买入（维持评级） 当前价格 30.18元 事件： 目标价格 元 中兴通讯发布2023年度报告，实现营业收入1242.5亿元，同比增长1.05%； 实现归母净利润93.3亿元，同比增长15.4%；扣非归母净利润74.0亿元， 基本数据 同比增长20.0%。 A股总股本(百万股) 4,027.75 收入稳健，单季度营收恢复双位数增长 流通A股股本(百万股) 4,027.02 A股总市值(百万元) 121,557.47 单 Q4 来看，公司实现营业收入 348.6 亿元，同比增长 14.68%，我们预计 流通A股市值(百万元) 121,535.49 主要是国内运营商业务保持稳健，政企及海外市场有所回暖。公司在2023 年全球经济艰难复苏，较多不确定性下稳健经营，全年实现收入+1.05%增 每股净资产(元) 14.22 长，其中运营商业务+3.40%，政企业务-7.14%，消费者业务-1.33%。 资产负债率(%) 66.00 ...

M N 11 Mar 2024 CMB International Global Markets | Equity Research | Company Update ZTE (000063 CH) Improved margins in 2023 Target Price RMB34.20 ZTE released its FY23 results. Revenue grew by 1.1% YoY to RMB124bn, in line with consensus and 3% higher than our forecast. Net profit increased by 15.4% (Previous TP RMB36.90) YoY to RMB9.3bn, 5% lower than consensus and in line with our forecasts. Gross Up/Downside 13.3% margin for 2023 was 41.5%, representing a 434bps increase from FY22. NPM Current Price RMB ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 11 日 中 兴通讯(000063.SZ) 证券研究报告 业绩稳健提升，增长依然是第一要务 系统设备 投资评级 买入-A 事件： 维持评级 2024 年 3月9日，公司发布2023 年年度报告。2023 年度，公司实 6个月目标价 34.95元 现营业收入 1242.51亿元，同比增长 1.05%；实现归母净利润 93.2 股价 (2024-03-08) 30.18元 6 亿元，同比增长15.41%；实现扣非归母净利润73.97 亿元，同比 增长 19.99%。 交易数据 业绩稳健提升，增长依然是第一要务： 总市值(百万元) 144,358.53 流通市值(百万元) 121,535.49 2023 年，公司持续在“连接+算力+能力+智力”技术进行高强度研发 总股本(百万股) 4,783.25 投入，底层核心技术持续创新，主力产品竞争力保持业界前列；整 体经营稳健有韧性，经营质量不断提升。公司紧跟客户业务转型步 流通股本(百万股) 4,027.02 伐及投资结构变化，不断打磨产品，以满足多样化客户、多场景的 12个月价格区间 ...

23 年业绩符合预期，三大业务毛利率持续提升 中兴通讯（000063.SZ）/通信 证券研究报告/公司点评 2024年3月10 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：30.18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@z ...

Compa n y U pda te Ch in a Resea rch Dep t . 2024年3月11日 中兴通讯（000063.SZ/00763.HK） Buy 买进 何利超 H70529@capital.com.tw 目标价(元) 35 盈利能力表现优异，关注第二曲线尤其是AI算力进展 公司基本资讯 结论与建议： 产业别 通信 公司发布2023年年报，2023年实现营业收入1,242.51亿元，同比增长1.05%； A股价(2024/3/11) 30.00 实现归母净利润93.26亿元，同比增长15.41%；实现扣非归母净利润74.00亿元， 深证成指(2024/3/11) 9581.53 同比增长19.99%。 股价12个月高/低 46.75/20.89 总发行股数(百万) 4783.25 单看第四季度，2023Q4现营业收入348.57亿元，同比增长14.68%；实现归 A股数(百万) 4027.02 母净利润14.85亿元，同比增长17.80%，业绩符合预期，维持“买进”评级。 A市值(亿元) 1208.11 主要股东 中兴新通讯有  各项业务毛利率快速爬升，带动整体盈利能力表现优异：分业务 ...

证券研究报告 公 2024年03月11日 司 报 告 中兴通讯(000063) 行 业： 通信/通信设备 │ 公 投资评级： 增持（维持） 司 当前价格： 30.00元 业绩稳定增长，积极拓展算力第二曲线 年 目标价格： 36.30元 报 点 事件： 评 基本数据 公司发布 2023 年年报。2023 年公司实现营业收入 1242.51 亿元，同比增 总股本/流通股本(百万股) 4,783.25/4,782.52 长 1.05%；实现归母净利润 93.26亿元，同比增长15.41%；扣除非经常性 流通A股市值(百万元) 120,810.62 损益的归母净利润 74.00亿元，同比增长 19.99%。 每股净资产(元) 14.22 ➢ 营收稳健增长 资产负债率(%) 66.00 分业务来看，1）运营商网络业务实现营业收入 827.59 亿元，占营收比重 一年内最高/最低(元) 46.75/20.89 66.61%，同比增长3.4%，主要得益于无线产品、有线产品的营业收入增长； 2）政企业务营业收入135.83亿元，同比下降7.14%，主要由于国内集成类 股价相对走势 项目、数据中心和国际市场营业收入减少；3）消 ...

Investment Rating - Maintain BUY rating with an adjusted target price of HK$24.8, based on 10x 2024E P/E, close to its 3-year average [3][4] Core View - ZTE is expected to capitalize on emerging trends in the telecom industry, focusing on the evolution towards 5.5G/6G and AI compute power [3] - The company's profitability improved steadily due to operation optimization and cost reduction, including the use of self-developed components [3] - Revenue growth is projected to be steady, with FY24E revenue expected to reach RMB133.7bn, a 7.6% YoY increase [1][3] Financial Performance - FY23 revenue grew by 1.1% YoY to RMB124.3bn, in line with consensus and 3% higher than forecasts [3] - FY23 net profit increased by 15.4% YoY to RMB9.3bn, 5% lower than consensus but in line with forecasts [3] - Gross margin for FY23 was 41.5%, a 434bps increase from FY22, driven by cost optimization and favorable revenue mix [3] - FY24E net profit is projected to grow by 16.3% YoY to RMB10.8bn, with a net margin of 8.1% [1][3] Segment Performance - Carrier segment revenue increased by 3.4% YoY, driven by domestic market share gains and overseas progress [3] - Consumer segment sales declined by 1.3% YoY due to overseas inventory digestion and intensified competition, partially offset by domestic growth in family network business [3] - Enterprise & government segment sales declined by 7.1% YoY in 2023 due to a slowdown in investment [3] Valuation Metrics - FY24E P/E is projected at 7.3x, with ROE expected to reach 14.3% [1] - FY25E P/E is projected at 6.5x, with ROE expected to reach 14.5% [1] Market Data - Current price is HK$17.92, with an upside potential of 38.4% to the target price of HK$24.8 [4] - Market capitalization is HK$13.5bn, with an average 3-month turnover of HK$162mn [5]

Investment Rating - The report maintains a "Buy" rating for ZTE Corporation (000063) [1] Core Views - ZTE Corporation's growth remains a priority, focusing on expanding from "connectivity" to "computing power" [4] - The company achieved a revenue of 124.25 billion yuan in 2023, a year-on-year increase of 1.05%, with a net profit of 9.33 billion yuan, up 15.41% [2][10] - The report highlights strong profitability across all business segments, with a notable increase in gross margins [3][13] 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 15.41% and 19.99% respectively [2][10] - The fourth quarter saw a revenue of 34.86 billion yuan, marking a 14.68% increase year-on-year [2] Business Segments - The revenue from the carrier network business reached 82.76 billion yuan, up 3.40% year-on-year, driven by growth in wireless and wired products [3][10] - The enterprise business generated 13.58 billion yuan, down 7.14%, primarily due to declines in domestic integration projects and international markets [3][10] - Consumer business revenue was 27.91 billion yuan, a decrease of 1.33%, attributed to lower sales in international home terminals and mobile products [3][10] Profitability - ZTE's gross margin improved across all segments, with the carrier network business gross margin increasing by 2.89 percentage points to 49.11% [13] - The overall gross margin for 2023 reached 41.53%, an increase of 4.34% year-on-year [14] Future Outlook - The report forecasts ZTE's revenue for 2024-2026 to be 134.45 billion, 145.53 billion, and 153.63 billion yuan respectively, with net profits projected at 10.67 billion, 12.31 billion, and 13.45 billion yuan [5] - The company is expected to benefit from its ongoing investment in R&D and optimization of product structure [5][4]