[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）公司季报点评 2024 年 10 月 22 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |----------------------------------------------------------------|---------------| | 股票数据 | | | 10 [ Table_StockInfo 月 21 日收盘价（元） ] | 31.71 | | 52 周股价波动（元） | 20.89-34.27 | | 总股本 / 流通 A 股（百万股） | 4783/4027 | | 总市值 / 流通市值（百万元） | 151677/151656 | | 相关研究 | | | [Table_ReportInfo] 《服务器 / 存储助力政企业务高增，整体业绩 | | | 稳健发展》 2024.08.26 《经营稳健、毛利率进一步提升，加速向算力 | | | 深化拓展》 2024.03.16 | | | 《 Q3 收入短期承压、盈利持续改善，新一 ...

在今年外部环境仍旧复杂的背景下，中兴通讯(000063)主动求变，加速自身业务拓展，通过"连接+算 力"双轨发展的经营策略，保持住了稳健发展的态势。 2024年10月21日，中兴通讯发布2024年第三季度财报。 据财报显示，2024年1—9月，中兴通讯实现营业收入900.4亿元，同比增长0.7%；归母净利润79.1亿 元，同比增长0.8%；扣非归母净利润69.0亿元；经营性现金流净额80.5亿元。 中兴通讯在2024年三季度财报中通过稳健的经营策略继续展现出其独有的、持续的增长势头。 加强研发投入，以 自主创新推动高质量发展2024年以来，面对纷繁复杂的外部环境，中兴通讯继续保 持高强度的研发投入并高度重视研发效率，不断实现技术积累，以自主创新强化自身竞争力。 公司三季报显示，2024年前三季度公司研发投入186.4亿元，占营收的20.7%，研发强度位居A股上市公 司前列。 得益于此，截至2024年6月30日，公司拥有约9.15万件全球专利申请、累计全球授权专利约4.6万件，其 中AI专利申请约5000件，累计授权专利超2000件。 这使得公司在5G-A、全光网络、数据中心、交换机等领域的技术优势不断巩固，为 ...

Financial Performance - Revenue for Q3 2024 was RMB 27.56 billion, a decrease of 3.94% year-over-year[5] - Net profit attributable to shareholders in Q3 2024 was RMB 2.17 billion, down 8.23% year-over-year[5] - Operating profit for Q3 2024 was RMB 2,270,987 thousand, a decrease of 5.9% compared to RMB 2,414,137 thousand in Q3 2023[22] - Net profit for Q3 2024 was RMB 2,136,671 thousand, a decrease of 9.6% compared to RMB 2,364,563 thousand in Q3 2023[22] - Revenue for the first nine months of 2024 reached RMB 90,044,542 thousand, compared to RMB 89,393,443 thousand in the same period of 2023[21] - Operating profit for the first nine months of 2024 was RMB 8,548,503 thousand, slightly higher than RMB 8,516,862 thousand in 2023[21] - Net profit attributable to shareholders of the parent company for the first nine months of 2024 was RMB 7,906,403 thousand, compared to RMB 7,841,166 thousand in 2023[21] - Revenue for Q3 2024 was RMB 27,557,444 thousand, a decrease of 3.9% compared to RMB 28,688,649 thousand in Q3 2023[22] Cash Flow and Liquidity - Operating cash flow for Q3 2024 was RMB 1.05 billion, a significant decrease of 63.02% year-over-year[5] - Net cash flow from operating activities was RMB 8,049,065 thousand, a decrease of 13.1% from RMB 9,262,015 thousand in the previous year[23] - Net cash flow from investing activities decreased by 395.36%, from (4,319,503) to (21,397,176), mainly due to increased cash payments for investments[12] - Net cash flow from financing activities decreased by 242.19%, from 4,217,404 to (5,996,925), primarily due to reduced net borrowing[12] - Cash and cash equivalents stood at RMB 46,784,398 thousand, a significant increase from RMB 21,315,727 thousand at the end of 2023[19] - Cash and cash equivalents at the end of the period were RMB 31,576,058 thousand, a decrease of 44.1% from RMB 56,500,097 thousand at the end of the previous period[23] Assets and Liabilities - Total assets as of September 30, 2024, were RMB 199.69 billion, a slight decrease of 0.63% compared to the end of 2023[5] - Total assets as of September 30, 2024, amounted to RMB 199,694,343 thousand, a decrease from RMB 200,958,318 thousand at the end of 2023[19] - Current assets totaled RMB 140,002,948 thousand, down from RMB 158,504,553 thousand at the end of 2023[19] - Non-current assets increased to RMB 59,691,395 thousand from RMB 42,453,765 thousand at the end of 2023[19] - Total liabilities as of September 30, 2024, were RMB 127,058,767 thousand, a decrease from RMB 132,626,873 thousand at the end of 2023[20] - Current liabilities decreased to RMB 73,501,731 thousand from RMB 83,030,414 thousand at the end of 2023[20] - Non-current liabilities increased to RMB 53,557,036 thousand from RMB 49,596,459 thousand at the end of 2023[20] - Shareholders' equity as of September 30, 2024, was RMB 72,635,576 thousand, up from RMB 68,331,445 thousand at the end of 2023[20] Income and Expenses - Other income increased by 65.12% to RMB 2.43 billion, driven by increased VAT refunds and tax benefits[8] - Asset disposal income rose by 330.90% to RMB 87.48 million due to increased gains from non-current asset disposals[9] - Financial expenses decreased by 81.30% to a loss of RMB 165.9 million, mainly due to exchange rate fluctuations[8] - R&D expenses for the first nine months of 2024 amounted to RMB 18,640,816 thousand, slightly lower than RMB 19,060,762 thousand in 2023[21] - R&D expenses for Q3 2024 were RMB 5,914,921 thousand, a decrease of 5.7% compared to RMB 6,269,730 thousand in Q3 2023[22] - Interest income for the first nine months of 2024 was RMB 3,553,958 thousand, compared to RMB 2,980,876 thousand in 2023[21] - Interest income for Q3 2024 was RMB 972,375 thousand, a decrease of 14.8% compared to RMB 1,141,175 thousand in Q3 2023[22] - Other income for the first nine months of 2024 was RMB 2,433,179 thousand, significantly higher than RMB 1,473,568 thousand in 2023[21] - Other income for Q3 2024 was RMB 632,869 thousand, an increase of 32% compared to RMB 479,651 thousand in Q3 2023[22] - Income tax expenses for the first nine months of 2024 were RMB 677,296 thousand, slightly lower than RMB 704,561 thousand in 2023[21] - Income tax expense for Q3 2024 was RMB 110,503 thousand, an increase of 195% compared to RMB 37,475 thousand in Q3 2023[22] - Sales expenses for the first nine months of 2024 were RMB 6,380,307 thousand, compared to RMB 6,900,289 thousand in 2023[21] Shareholder Information - Zhongxing New holds 2,038,000 H shares of the company, held by Hong Kong Securities Clearing Company as a nominal holder[13] - As of September 30, 2024, the top 10 shareholders hold unrestricted shares, with Zhongxing New holding 20.09% of the shares[14][15] - Hong Kong Securities Clearing Company holds 15.73% of the company's H shares, excluding the 2,038,000 H shares held by Zhongxing New[16] - The top 10 shareholders and unrestricted shareholders did not participate in securities lending, with no shares lent out at the end of the period[17] Exchange Rate Impact - Comprehensive loss increased by 381.85% due to exchange rate fluctuations and other factors, resulting in a loss of (228,288) compared to (47,377) in the previous period[10] - Subsidiary's foreign currency translation loss decreased by 84.07%, from (4,075) to (649), primarily due to reduced exchange rate fluctuations[11] - The impact of exchange rate changes on cash and cash equivalents decreased by 134.30%, from 268,452 to (92,073), due to translation losses from exchange rate fluctuations[12] Investments and Financial Assets - The company's monetary funds decreased by 40.43% to RMB 46.78 billion due to new large-term deposits and structured deposits[8] - Trading financial assets surged by 9,132% to RMB 14.15 billion due to new structured deposits[8] - Prepayments increased by 141.71% to RMB 586 million due to increased procurement prepayments[8] Comprehensive Income and Loss - Total comprehensive income for the first nine months of 2024 was RMB 7,618,124 thousand, compared to RMB 7,705,363 thousand in 2023[21] - Total comprehensive income for Q3 2024 was RMB 1,873,620 thousand, a decrease of 20.8% compared to RMB 2,364,542 thousand in Q3 2023[22] - Minority interest loss for Q3 2024 was RMB 37,286 thousand, an increase of 738% compared to RMB 4,450 thousand in Q3 2023[22] Sales and Receivables - Sales of goods and services received cash of RMB 95,892,062 thousand, a 2.4% increase compared to RMB 93,639,500 thousand in the same period last year[23] - Accounts receivable decreased to RMB 20,840,387 thousand from RMB 34,822,340 thousand at the end of 2023[19] - Inventory levels slightly decreased to RMB 40,626,555 thousand from RMB 41,131,259 thousand at the end of 2023[19] Earnings Per Share - Basic earnings per share for the first nine months of 2024 were RMB 1.65, the same as in 2023[21] - Basic earnings per share for Q3 2024 were RMB 0.45, a decrease of 10% compared to RMB 0.5 in Q3 2023[22] Financial Statements - The company's balance sheet and quarterly financial statements are included in the report[18]

证券研究报告 | 半年报点评 gszqdatemark 2024 09 23 年 月 日 中兴通讯（000063.SZ） 经营稳健向上，聚焦"连接+算力"的 AI 产业机遇 具体：公司发布 2024 年半年度报告，2024 年上半年实现收入 624.9 亿 元，同比增长 2.9%，实现归母净利润 57.3 亿元，同比增长 4.8%，扣非 归母净利润 49.6 亿元，同比增长 1.1%。单 Q2 实现收入 319.1 亿元，同 比增长 1.1%，归母净利润 29.9 亿元，同比增长 5.7%。 经营稳健向上，聚焦""连接+算力"产业机遇。上半年受到全球宏观经济 影响，公司依旧保持积极发展态势，实现了平稳增长。从各业务来看，上 半年运营商网络实现 373.0 亿元，同比下滑 8.6%，主要受到国内整体投 资环境有所影响。政企业务上半年实现 91.7 亿元，同比增长 56.1%，主 要由于服务器及存储收入增长，公司聚焦"连接+算力"，把握住 AI 及信 创的增量市场，实现了政企业务的高速增长。消费者业务实现收入 106.2 亿元，同比增长 14.3%，主要由于家庭终端、手机产品均实现增长。 费用管控得当，利润率受产 ...

2024 年 8 月 21 日 何利超 H70529@capital.com.tw 目标价(元) 30 公司基本资讯 | --- | --- | --- | |----------------------|--------|--------------| | 产业别 | | 通信 | | A 股价(2024/08/20) | | 25.62 | | 深证成指(2024/08/20) | | 8252.87 | | 股价 12 个月高/低 | | 35.63/20.39 | | 总发行股数(百万) | | 4783.25 | | A 股数(百万) | | 4027.09 | | A 市值(亿元) | | 1031.74 | | 主要股东 | | 中兴新通讯有 | | | | 限公司 | | | | (20.09%) | | 每股净值(元) | | 14.72 | | 股价/账面净值 | | 1.74 | | | 一个月 | 一年 | | 股价涨跌(%) | -5.5 | -2.3 -24.2 | 近期评等 | --- | --- | --- | |------------|-------|-------| | ...

证券研究报告 通信 报告日期：2024 年 08 月 21 日 坚持"连接+算力"主航道，政企业务快速增长 ——中兴通讯（000063.SZ）2024 年半年报点评报告 华龙证券研究所 最近一年走势 市场数据 2024 年 08 月 20 日 当前价格（元） 25.62 52 周价格区间（元） 20.89-36.50 总市值（百万元） 122,546.90 流通市值（百万元） 103,174.06 总股本（万股） 478,325.16 流通股（万股） 402,709.04 近一月换手（%） 25.57 分析师：彭棋 执业证书编号：S0230523080002 邮箱：pengq@hlzqgs.com 事件： 2024 年 8 月 16 日，中兴通讯发布 2024 年半年报：2024 年上半 年公司实现营业收入 624.87 亿元，同比增长 2.94%；实现归属上市公 司股东的净利润 57.32 亿元，同比增长 4.76 %。 投资评级：增持（首次覆盖） 观点： 上半年公司业绩整体保持稳健。2024 年上半年，公司整体业绩保 持稳健，实现营业收入 624.87 亿元，同比增长 2.94%。分业务来 看，2024 ...

系统设备 中兴通讯（000063.SZ） 增持-A(维持) 算力、手机等第二曲线业务加速拓展，经营维持稳中有进 2024 年 8 月 20 日 公司研究/公司快报 投资要点： 公司近一年市场表现 市场数据：2024 年 8 月 20 日 收盘价（元）： 25.62 总股本（亿股）： 47.83 流通股本（亿股）： 40.27 流通市值（亿元）： 1,031.74 基础数据：2024 年 6 月 30 日 每股净资产（元）： 14.79 每股资本公积（元）： 5.74 每股未分配利润（元）： 7.77 资料来源：最闻 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 公司发布 2024 年中报。2024H1 公司实现营收 624.87 亿元，同比+2.94%；归 母净利润 57.32 亿元，同比+4.76%；扣非后归母净利润 49.64 亿元，同比 +1.11%。其中，24Q2 单季度实现营收 319.09 亿元，同比+1.10%，环比+4.4%； 归母净利润 29.91 亿元，同 ...

证券研究报告 | 公司动态点评 2024 年 08 月 18 日 中兴通讯（000063.SZ） 24H1 业绩稳健增长，把握数智化趋势及 AI 浪潮发展，助力公司长 期发展 | --- | --- | --- | --- | --- | --- | |----------------------|---------|---------|---------|---------|---------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 122,954 | 124,251 | 131,209 | 142,873 | 156,261 | | 增长率 yoy（%） | 7.4 | 1.1 | 5.6 | 8.9 | 9.4 | | 归母净利润（百万元） | 8,080 | 9,326 | 10,117 | 11,253 | 12,568 | | 增长率 yoy（%） | 18.6 | 15.4 | 8.5 | 11.2 | 11.7 | | ROE（%） | 13.1 | 13.5 | 13.7 | 13.3 | 13.1 | ...

证券研究报告 非金融公司|公司点评|中兴通讯（000063） 2024 年半年报点评： 政企业务快速增长，盈利能力持续提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月20日 证券研究报告 |报告要点 公司发布 2024 年半年度报告，营业收入为 624.87 亿元，同比增长 2.94%；归母净利润为 57.32 亿元，同比增长 4.76%；扣非归母净利润为 49.64 亿元，同比增长 1.11%；经营活动现金净流 量为 70.00 亿元，同比增长 8.94%。公司净利率为 9.14%，同比提升 0.26 个百分点，持续提 升盈利能力。公司政企业务快速增长，服务器及存储产品出货大增。公司国际市场营收同比实 现双位数增长，其中，亚洲市场（不含中国）营收增长明显，同比增长 22.76%。 |分析师及联系人 张宁 张建宇 SAC：S0590523120003 SAC：S0590524050003 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月20日 中兴通讯(000063) 2024 年半年报点评： 政企业务快速增长，盈利能 ...

业绩保持稳健，深 化"连 接+算力 " 中兴通讯（000063.SZ）/通信 证券研究报告/公司点评 2024 年 8 月 18 日 [Table_Industry] [Table_Title] 评级：买入（维持） [Table_Finance 公司盈利预测及估值 1] | --- | --- | --- | --- | --- | --- | |--------------------------------------------|----------------------|----------------------|--------------------|--------------------|------------------| | 市场价格：26.04 元 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：陈宁玉执业证书编号：S0740517020004 | 122,954 7% 8,080 | 124,251 1% 9,326 | 139,761 12% 10,645 | 155,707 11% 12,292 | 172,30711%14,4 ...