Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [21]. Core Views - The company is transitioning towards a "Connection + Computing Power" model as operator network revenues face pressure, with a focus on ICT solutions for telecom operators and enterprise clients [8][12]. - In 2024, the company reported a revenue of 121.3 billion yuan, a decrease of 2.38% year-on-year, and a net profit of 8.4 billion yuan, down 9.66% year-on-year [5]. - The company is enhancing its market share in the enterprise and consumer sectors, with revenue contributions from operator networks, enterprise business, and consumer business at 58.0%, 15.3%, and 26.7% respectively [8]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 31.25 billion yuan, a decline of 10.34% year-on-year, with a net profit of 518 million yuan, down 65.08% year-on-year [5]. - The domestic market revenue was 82.01 billion yuan, a decrease of 5.18%, while international market revenue reached 39.29 billion yuan, an increase of 4.04% [8]. Business Structure and Market Position - The company is shifting its business structure towards enterprise and consumer markets, with a steady increase in market share [8]. - The operator network revenue was 70.33 billion yuan, down 15.02%, while the gross margin improved to 50.90% [9]. Growth Opportunities - The enterprise business revenue grew by 36.68% year-on-year to 18.57 billion yuan, driven by increased demand for servers and storage solutions [10]. - The consumer business revenue increased by 16.12% year-on-year to 32.41 billion yuan, supported by the growth of smart home applications and AI-enabled devices [10]. Future Projections - The company expects net profits of 8.85 billion yuan, 9.33 billion yuan, and 9.90 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 20.16X, 19.10X, and 18.01X [12].

证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202518 中兴通讯股份有限公司 关于按照《香港上市规则》公布 2025 年 2 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。 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 2025 年 2 月 28 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 2025 年 3 月 7 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: 2025年2月28日 狀態: 新提交 本月底法定/註冊股本總額： RMB 4,783,534,887 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 致：香港交易及結算所有限公司 公司 ...

证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202517 中兴通讯股份有限公司 关于按照《香港上市规则》公布 2024 年度股东大会通函及表决代理委托书的公告 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。 特此公告。 中兴通讯股份有限公司董事会 2025 年 3 月 7 日 此 乃 要 件 請 即 處 理 閣下對本通函的任何部分或對應採取的行動如有任何疑問，應諮詢 閣下的股票經紀或其他註冊證 券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售名下所有中興通訊股份有限公司的股份， 閣下應將本通函連同隨附的表決代理委託 書一併立刻交予購買人或受讓人或經手買賣的銀行、持牌證券交易商或其他代理人，以轉交給購買 人或受讓人。 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通函的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 ZTE CORPORATION 中兴通讯股份有限公司根据《香港联合交易所有限公司 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - The company reported a revenue of 121.299 billion yuan in 2024, a decrease of 2.38% year-on-year, and a net profit attributable to shareholders of 8.425 billion yuan, down 9.66% year-on-year [1] - The wireless business is under pressure due to the maturity of 5G network construction and a decline in overall investment from domestic operators [1] - The enterprise business saw significant growth, with revenue doubling to 18.6 billion yuan, driven by increased demand from domestic internet and financial clients [2] - The company is focusing on AI-driven growth, with plans for a comprehensive upgrade of its AI computing capabilities by 2025 [3] - Profit forecasts for 2025 to 2027 indicate a gradual recovery, with net profits expected to be 8.657 billion yuan, 9.282 billion yuan, and 10.072 billion yuan respectively [4] Summary by Sections Revenue and Profitability - In 2024, the company achieved a revenue of 121.299 billion yuan, with a year-on-year decline of 2.38% and a net profit of 8.425 billion yuan, down 9.66% [1][5] - The revenue for the fourth quarter of 2024 was 31.254 billion yuan, reflecting a year-on-year decrease of 10.34% [1] Business Segments - **Operator Network**: Revenue from this segment was 70.3 billion yuan, down 15% year-on-year, with a gross margin of 50.90% [1] - **Enterprise Business**: Revenue reached 18.6 billion yuan, up 37% year-on-year, with a gross margin of 15.33% [2] - **Consumer Business**: Revenue was 32.4 billion yuan, an increase of 16% year-on-year, with a gross margin of 22.66% [2] Future Outlook - The company anticipates continued pressure on wireless investments as 5G networks mature, but expects growth in AI-related infrastructure and products [1][3] - The company plans to enhance its AI computing capabilities significantly by 2025, which is expected to drive a revaluation of its value [3] Financial Forecasts - Projected net profits for 2025, 2026, and 2027 are 8.657 billion yuan, 9.282 billion yuan, and 10.072 billion yuan respectively, with corresponding P/E ratios of 20, 19, and 18 [4][5]

Summary of ZTE (0763.HK) Earnings Call Company Overview - **Company**: ZTE Corporation (0763.HK) - **Industry**: Telecommunications Equipment Key Financial Results - **4Q24 Revenue**: Rmb 31.3 billion, down 10% YoY, 23% below CitiE and 14% below BBGe [1][2] - **4Q24 Gross Margin**: 30.6%, a decline of 5.4 percentage points YoY, 12.4 percentage points below CitiE and 8.5 percentage points below BBGe [1][2] - **4Q24 Operating Expenses**: Rmb 9.5 billion, down 19% YoY, 37% below CitiE and 17% below BBGe [1][2] - **4Q24 Net Profit**: Rmb 518 million, a 65% decline YoY, 76% below CitiE and 70% below BBGe [1][2] - **FY24 Revenue**: Rmb 121.3 billion, down 2% YoY, 7% below CitiE and 4% below BBGe [2] - **FY24 Net Profit**: Rmb 8.4 billion, a 10% decline YoY, 16% below CitiE and 13% below BBGe [2] Segment Performance - **Carrier Network Revenue**: Declined 15% YoY to Rmb 70.3 billion, impacted by muted domestic telco investment [6] - **Government and Corporate Business Revenue**: Increased 37% YoY to Rmb 19 billion, driven by server and storage product sales [6] - **Consumer Business Revenue**: Grew 16% YoY to Rmb 32.4 billion, supported by household terminal and mobile product sales [6] Operational Insights - **Cost Control**: The company implemented stringent cost control measures, resulting in a significant reduction in operating expenses [1][2] - **Product Mix Impact**: The decline in gross margin was attributed to a higher mix of lower-margin server and terminal products [1][2] Future Outlook - **Investor Focus Areas**: Key topics for future earnings calls include revenue and net profit outlook, server and data center business outlook, operating expense control plans, and domestic/overseas telco segment outlook [1] - **Target Price**: The target price for ZTE is set at HK$19.80, indicating a potential share price return of -32.4% [4][10] - **Risks**: Potential risks include lower-than-expected computing infrastructure investment from Chinese telcos, faster-than-expected price declines in 5G BTS, and global market share pressure due to US-China disputes [11] Additional Insights - **Market Capitalization**: Approximately HK$140.16 billion (US$18.02 billion) [4] - **Dividend Yield**: Expected at 2.5% [4] - **Earnings Projections**: Expected diluted EPS for FY24 is Rmb 2.117, with a projected growth of 8.2% [3] This summary encapsulates the critical financial metrics, operational insights, and future outlook for ZTE Corporation, providing a comprehensive overview for potential investors and stakeholders.

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][11]. Core Insights - In 2024, the company reported a revenue of 121.299 billion RMB, a decrease of 2.38% year-on-year, and a net profit attributable to shareholders of 8.425 billion RMB, down 9.66% year-on-year [1]. - The operator business is under short-term pressure, while the government-enterprise and consumer sectors are experiencing rapid growth, with government-enterprise revenue increasing by 36.68% and consumer revenue by 16.12% [1]. - The company is capitalizing on AI opportunities, with overseas data center orders growing by over 100% year-on-year, driven by high-performance training servers and cost-effective inference servers [2]. - The self-developed chip business is opening up growth space for the company, with significant advancements in chip design capabilities and high-performance hardware [3]. Summary by Sections Financial Performance - In Q4, the company achieved a revenue of 31.254 billion RMB, a decline of 10.34% year-on-year, and a net profit of 518 million RMB, down 65.08% year-on-year [1]. - The company expects revenues of 130.537 billion RMB, 140.723 billion RMB, and 153.672 billion RMB for 2025, 2026, and 2027 respectively, with net profits projected at 9.533 billion RMB, 11.081 billion RMB, and 12.528 billion RMB [3][6]. Business Segments - The operator network business generated 70.327 billion RMB, a decrease of 15.02% year-on-year, primarily due to the overall investment environment in the country [1]. - The government-enterprise business's gross margin was 15.33%, down 19.58 percentage points, affected by declining margins in servers and storage [1]. Market Opportunities - The company is leveraging AI developments to mitigate cyclical fluctuations caused by declining capital expenditures in the operator sector, which is expected to stabilize performance [2]. - The introduction of self-developed high-density switches and chips is anticipated to enhance the company's competitive edge and valuation [3].

Investment Rating - The report maintains a "Buy" rating for ZTE Corporation (000063) with a target price not specified [9]. Core Views - ZTE Corporation reported a revenue of 121.3 billion yuan for 2024, a year-on-year decline of 2.38%, and a net profit attributable to shareholders of 8.42 billion yuan, down 9.66% year-on-year [1]. - The company is facing pressure in its operator business but is experiencing rapid growth in consumer and government enterprise sectors, driven by AI integration and a shift towards "connection + computing" strategies [2][3]. Summary by Sections Revenue Breakdown - Operator Business: Revenue of 70.33 billion yuan in 2024, down 15.02% year-on-year, primarily due to the overall investment environment for operators [2]. - Government Enterprise Business: Revenue of 18.57 billion yuan, up 36.68% year-on-year, with significant growth in sectors like internet and finance [2]. - Consumer Business: Revenue of 32.41 billion yuan, up 16.12% year-on-year, with over 40% growth in mobile phone product revenue [3]. Profitability Analysis - The overall gross margin for 2024 was 37.91%, a decrease of 3.57 percentage points year-on-year [4]. - The operator business gross margin was 50.90%, an increase of 1.79 percentage points, while the government enterprise business gross margin fell to 15.33%, down 19.58% year-on-year [4]. Cost Management - The net profit margin for 2024 was 6.89%, a decline of 0.55 percentage points year-on-year, with a reduction in expense ratios across various categories [5]. - R&D expenses reached 24.03 billion yuan, accounting for approximately 20% of revenue, with over 5,000 AI patent applications filed [5]. AI and Future Growth - The company is deeply integrating AI into its operations, focusing on building a diverse domestic intelligent computing ecosystem and expanding its product offerings in AI terminals [6][7]. - ZTE is actively participating in the construction of intelligent computing centers and enhancing its market competitiveness in AI-enabled products [6][7]. Financial Health - The asset-liability ratio has been decreasing, from 73.1% at the end of 2019 to 64.7% at the end of 2024, indicating improved financial stability [8]. - Operating cash flow for 2024 was 11.48 billion yuan, maintaining a positive net cash flow for 25 consecutive quarters [8]. Earnings Forecast - The forecast for net profit attributable to shareholders is adjusted to 9.2 billion yuan for 2025 and 10.5 billion yuan for 2026, with a projected PE ratio of 20/18/16 times for the respective years [9].

Investment Rating - The report maintains a "Buy" rating for ZTE Corporation (000063) with a target price not specified [9]. Core Views - ZTE Corporation's revenue for 2024 is reported at 121.3 billion yuan, a year-on-year decline of 2.38%, with a net profit attributable to shareholders of 8.42 billion yuan, down 9.66% year-on-year [1]. - The company is facing pressure in its operator business but is experiencing rapid growth in consumer and government enterprise sectors, driven by a strategic shift towards AI and computing power [2][3]. - The overall gross margin for 2024 is reported at 37.91%, a decrease of 3.57 percentage points year-on-year, influenced by the revenue structure and declining margins in the government enterprise business [4]. Summary by Sections Revenue Performance - Operator business revenue for 2024 is 70.33 billion yuan, down 15.02% year-on-year, primarily due to the overall investment environment for operators [2]. - Government enterprise business revenue reached 18.57 billion yuan, an increase of 36.68% year-on-year, with significant growth in domestic government enterprise revenue [2]. - Consumer business revenue is reported at 32.41 billion yuan, up 16.12% year-on-year, with strong sales in AI-enabled products [3]. Profitability Analysis - The gross margin for the operator network business is 50.90%, up 1.79 percentage points year-on-year, while the government enterprise business gross margin is 15.33%, down 19.58 percentage points [4]. - The net profit margin for 2024 is 6.89%, a decrease of 0.55 percentage points year-on-year, with a focus on controlling expenses [5]. Strategic Initiatives - ZTE is integrating AI into its operations, focusing on the "Connection + Computing Power" strategy, which is expected to drive growth in the ICT industry over the next 3-5 years [6]. - The company is expanding its AI product offerings, including AI smartphones and smart home devices, to enhance market competitiveness [7]. Financial Health - The asset-liability ratio has decreased from 73.1% at the end of 2019 to 64.7% at the end of 2024, indicating improved financial stability [8]. - Operating cash flow for 2024 is reported at 11.48 billion yuan, maintaining a positive cash flow for 25 consecutive quarters [8]. Future Outlook - The profit forecast for 2025-2026 has been adjusted to 9.2 billion yuan and 10.5 billion yuan respectively, reflecting the challenges in the operator business and the ongoing transition towards AI [9].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company is undergoing a structural adjustment in revenue for 2024, with a focus on "computing power + connectivity" [4][10]. - Revenue for 2024 is projected at 121.299 billion yuan, a decrease of 2.38%, with a net profit of 8.425 billion yuan, down 9.66% year-on-year [10][4]. - The company plans to distribute a cash dividend of 6.17 yuan per 10 shares to all shareholders [10]. Revenue Structure Adjustment - The ICT industry is experiencing structural changes due to adjustments in investment, leading to revenue pressure for the company [2]. - The company's operator network revenue is expected to be 70.3 billion yuan in 2024, a decrease of 15.02% year-on-year [2]. - The company is increasing R&D investment in the government and enterprise market, with expected revenue of 18.6 billion yuan in 2024, a growth of 36.68% year-on-year [2]. - Consumer business revenue is projected to grow by 16.1% year-on-year, driven by AI opportunities and a strong performance in mobile products, which saw revenue growth of over 40% [2]. Financial Performance and Cost Management - The overall gross margin for 2024 is expected to be 37.91%, down 3.57 percentage points year-on-year, primarily due to the increased revenue share of lower-margin server products [2][14]. - The company has effectively managed costs, with R&D, sales, and management expense ratios decreasing by 0.54%, 0.81%, and 0.84% respectively [3][14]. - The company is focusing on key projects to enhance operational efficiency [3]. Future Outlook - For 2025, the company aims to continue leveraging "computing power + connectivity" to expand its computing and mobile business [4][19]. - The company is pushing for a diversified domestic intelligent computing ecosystem and plans to enhance its AI mobile product offerings [17][19]. - The profit forecast for 2025 is adjusted to a net profit of 8.884 billion yuan, with corresponding PE ratios of 20.8X [4][21].

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company experienced a revenue decline of 2.38% year-on-year in 2024, with total revenue reaching 121.299 billion yuan. The net profit attributable to shareholders decreased by 9.66% to 8.425 billion yuan [1] - The operator network business faced pressure, but the computing power and terminal business showed growth potential, indicating a shift in focus towards AI and computing solutions [4] Summary by Sections Overall Performance - The company's revenue from operator networks was 70.327 billion yuan, down 15.02% year-on-year, while the gross margin improved to 50.90%, an increase of 1.79 percentage points. The enterprise business revenue grew by 36.68% to 18.566 billion yuan, although its gross margin decreased by 19.58 percentage points. Consumer business revenue increased by 16.12% to 32.406 billion yuan, with a gross margin of 22.66%, up 0.57 percentage points. The company effectively controlled sales, management, and R&D expenses, which decreased by 0.81, 0.84, and 0.54 percentage points respectively [2] Computing Power - The company accelerated its penetration into major industry clients, with a significant increase in revenue from servers for internet giants and large banks, supporting nearly 60% growth in domestic enterprise revenue. International market orders for data centers more than doubled year-on-year. The company is involved in building distributed high-performance domestic computing resource pools and has developed proprietary chips to support various computing acceleration hardware [3] Terminals - The company expanded its AI terminal offerings, with mobile phone product revenue growing over 40%. The home broadband terminal shipments exceeded 100 million units, maintaining the top global market share for four consecutive years. The company launched innovative mobile devices and collaborated with operators to develop AI smartphones, with notable sales in the gaming phone segment [4] Financial Forecast - The company is projected to achieve net profits of 8.744 billion yuan in 2025, 9.313 billion yuan in 2026, and 10.152 billion yuan in 2027, with corresponding PE ratios of 21, 20, and 18 [5][9]