通信/通信设备 公 司 研 中兴通讯（000063.SZ） 三大业务毛利率均实现增长，“连接+算力”加速拓展 究 2024年03月10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 证 书编号：S0790523120003 日期 2024/3/8 当前股价(元) 30.18  2023年业绩稳健增长，盈利能力持续增强，维持“买入”评级 公 一年最高最低(元) 46.75/20.89 2023年公司实现总营收1242.51亿元，同比增长1.05%，归母净利润93.26亿元， 司 同比增长15.41%，扣非归母净利润74亿元，同比增长19.99%，毛利率41.53%， 信 总市值(亿元) 1,443.59 息 流通市值(亿元) 1,215.35 同比增长4.34个百分点，净利率7.44%，同比增长1.10个百分点。2023年第四 更 总股本(亿股) 47.83 季度公司实现营收 348.57 亿元，同比增长 14.68%，归母净利润 14.85 亿元，同 新 报 流通股本(亿股) 40.27 比增长17.80%，扣非归母净利润2.98亿元，同比减少51.5 ...

Financial Performance and Key Metrics - Revenue in 2023 increased by 1.05% to 124,250.9 million RMB compared to 122,954.4 million RMB in 2022[14] - Net profit attributable to shareholders of the company increased by 15.41% to 9,325.8 million RMB in 2023 from 8,080.3 million RMB in 2022[14] - Operating cash flow surged by 129.70% to 17,405.7 million RMB in 2023 from 7,577.7 million RMB in 2022[14] - Total assets grew by 11.06% to 200,958.3 million RMB in 2023 from 180,953.6 million RMB in 2022[14] - Basic earnings per share increased by 14.62% to 1.96 RMB in 2023 from 1.71 RMB in 2022[15] - Weighted average return on equity (ROE) rose to 15.19% in 2023, up by 0.53 percentage points from 14.66% in 2022[15] - Revenue in Q4 2023 was 34,857.5 million RMB, the highest among all quarters in 2023[16] - Net profit attributable to shareholders in Q4 2023 was 1,484.6 million RMB, the lowest among all quarters in 2023[16] - Non-recurring gains and losses in 2023 totaled 1,926.2 million RMB, slightly up from 1,913.4 million RMB in 2022[18] - The company's debt-to-asset ratio decreased to 66.00% in 2023, down by 1.09 percentage points from 67.09% in 2022[15] - Software product VAT refund income reached 1,431.2 million yuan, driven by ongoing operational activities[19] - Revenue for 2023 reached 124.25 billion yuan, a 1.05% increase from 2022[120] - Net profit attributable to shareholders of the company was 9.33 billion yuan in 2023, up 15.4% from 2022[120] - Operating cash flow surged to 17.41 billion yuan in 2023, a 129.7% increase from 2022[120] - Total assets grew to 200.96 billion yuan in 2023, an 11.05% increase from 2022[120] - Debt-to-asset ratio improved to 66% in 2023, down from 67.09% in 2022[121] Dividend and Profit Distribution - The company proposed a profit distribution plan for 2023, offering a cash dividend of RMB 6.83 per 10 shares (tax included) to all shareholders[2] - The proposed 2023 profit distribution plan suggests a cash dividend of 6.83 yuan per 10 shares, with a total cash dividend not exceeding 3.303 billion yuan[151] - The cumulative distributable profit available to shareholders as of December 31, 2023, is approximately 25.22 billion yuan[151] - The company's cash dividends for 2023 amount to 3.27 billion yuan, accounting for 35.0% of the net profit attributable to ordinary shareholders[152] - The cumulative cash dividends for 2021-2023 are 6.58 billion yuan, representing 81.5% of the average annual net profit attributable to ordinary shareholders[152] - The company's 2022 annual profit distribution plan was approved, with a cash dividend of 4 yuan per 10 shares, totaling 1.895 billion yuan[150] Market and Business Performance - The company's GoldenDB distributed database achieved the top market share in the banking financial-grade distributed database market in 2022 and ranked first in the number of deployments in core, sub-core, and non-banking core systems in 2023[23] - The company's 5G base station shipments ranked second globally for four consecutive years, according to Dell'Oro Group[26] - The company's 5G core network shipments ranked second globally for four consecutive years, according to Dell'Oro Group[28] - The company's PowerPilot energy-saving solution reduced AAU power consumption to below 5W during idle periods, with RRU standby power consumption as low as 3W[26] - The company's SmartNIC intelligent network card improved forwarding performance by 2 times and saved 20% of CPU resources with the NEO cloud card[28] - The company's intelligent green UPF, based on R17 architecture, achieved a comprehensive power saving of over 25% with millisecond-level wake-up and zero service loss[28] - The company's operating system products have shipped over 200 million units globally, with applications in industries such as communications, automotive, and power[24] - The company's 5G-Advanced innovations included the deployment of a 5G vehicle-to-ground communication system in Shanghai, achieving a backhaul speed of over 2Gbps[27] - The company's Fit-it-all 5G private network products, including iCube, i5GC, Mini5GC, and Edge UPF, cater to diverse private network scenarios[28] - The company's 50G PON solution has been tested and piloted by over 30 global operators, accelerating its commercial maturity[29] - The company's OTN 400G port shipments achieved the highest year-over-year growth rate globally, according to Omdia 2023Q3 report[29] - The company's edge router products were upgraded to GlobalData Leader's highest rating in 2023[30] - The company's data center switch domestic market share growth rate ranked first year-over-year, according to IDC 2023Q3 report[32] - The company's new data center solutions achieved a PUE as low as 1.13, with applications in Jiangsu and Guizhou[33] - The company's lithium battery shipments for communication energy storage maintained a year-over-year growth rate of over 50%[35] - The company's 5G FWA & MBB market share remained globally first[36] - The company's PON CPE, DSL CPE, and IP set-top box shipments ranked globally first, according to Dell'Oro Group and Omdia 2023Q3 reports[37] - The company's cloud computer terminal shipments exceeded 300,000 units in 2023, ranking first in domestic operator cloud terminal market share[38] - The company launched the first domestically produced C-V2X enabled vehicle networking chip and chip-level SoC solution, collaborating with leading automakers like Changan, Dongfeng, and FAW for intelligent driving scenarios[39] - The company's vCDN solution has reduced related equipment CAPEX by 20% for operators through dynamic resource adjustment based on business demand[39] - The company's R&D efficiency model has improved code writing efficiency by 30% by assisting developers in tasks such as requirement analysis, product design, and coding[40] - The company's ZChain blockchain platform is the first in the industry to pass the "Trusted Blockchain Evaluation" for code self-research rate and domestic environment compatibility[41] - The company has developed over 1,000 Digital Nebula partners and created digital benchmark projects in 15 industries, including urban lifelines, water conservancy, and emergency response[42] - The company's 5G laser SLAM navigation AGV achieved large-scale application in a complex environment at the Lynk & Co Zhangjiakou factory, winning the national first prize in the 6th MIIT "Blooming Cup" competition[44] - The company has implemented 50+ projects with leading enterprises like Baowu Group, Ansteel Group, and State Power Investment Corporation, promoting digital transformation in the metallurgical steel industry[45] - The company has deployed 300+ projects nationwide in the mining sector, including the Zhongmei Shaanxi Da Haize Coal Mine 5G smart mining project, which won the 2023 GSMA 5G Energy Challenge Award[46] - The company assisted State Grid Shandong Electric Power in building China's first provincial-level 5G power demonstration network, which won the first prize in the 2023 World 5G Conference[47] - The company's urban lifeline solution, featuring the industry's only public-private integrated air-ground unmanned helicopter emergency communication solution, has been deployed in cities like Nanjing, Kunshan, and Changsha[50] R&D and Innovation - The company will continue to invest heavily in R&D for "connectivity + computing power" technologies, maintaining leading competitiveness in core products[8] - R&D expenses in 2023 were 25,289.2 million yuan, a year-on-year increase of 17.07%[69] - R&D expenses in 2023 reached 25,289.2 million yuan, a year-on-year increase of 17.07%, accounting for 20.35% of operating revenue, up 2.78 percentage points[71] - Total R&D investment in 2023 was 26,783.3 million yuan, a year-on-year increase of 14.34%, with the R&D investment to operating revenue ratio rising to 21.56%, up 2.51 percentage points[72] - The number of R&D personnel in 2023 was 35,393, a year-on-year decrease of 2.50%, but the proportion of R&D personnel to total employees increased to 49.09%, up 0.57 percentage points[72] Corporate Governance and Compliance - ZTE Corporation's 2023 annual financial report was audited by Ernst & Young Hua Ming LLP, which issued a standard unqualified audit opinion[2] - The company's 2023 annual report was approved at the 19th meeting of the 9th Board of Directors on March 8, 2024[2] - The report includes forward-looking statements about future plans and development strategies, which do not constitute substantive commitments to investors[2] - The report is prepared in both Chinese and English, with the Chinese version taking precedence in case of any discrepancies[2] - The report highlights the company's commitment to environmental and social responsibility, as well as corporate governance[3] - The company will strengthen its talent, compliance, and internal control strategies to build a high-resilience organization[9] - The company will integrate ESG principles throughout its operations and governance, aiming to bridge the digital divide and uphold its responsibility as a leading ICT enterprise[9] - The company has established a Compliance Management Committee to oversee compliance with laws and regulations that significantly impact its business and operations[118] - The company's Board of Directors consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors[112] - The company's Supervisory Board consists of five members, including two shareholder representatives and three employee representatives[112] - The company's board of directors consists of 9 members, including 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors, with 22% being female directors[159][161] - The board held 18 meetings in 2023, including 5 via teleconference and 13 via written resolution[163] - Key decisions in 2023 included approval of overseas project office leadership changes, asset sales, quarterly reports, and equity transfers in subsidiaries and affiliated companies[164] - The board's independent non-executive directors have professional qualifications and extensive experience in finance, law, and compliance[161] - The company has implemented a Board Diversity Policy, aiming to enhance diversity in gender, age, cultural background, and professional expertise[161] - The chairman and CEO roles are clearly separated, with the chairman responsible for board leadership and the CEO handling daily operations and management[162] - Board members have terms of 3 years, with independent non-executive directors limited to a maximum of 6 years[160] - The board ensures compliance with Hong Kong Stock Exchange Listing Rules and Corporate Governance Code[157] - The nomination committee reviewed the board's composition in 2023 and confirmed the current structure meets diversity requirements[161] - Board members attended all required meetings in 2023, with detailed records maintained for future reference[165] - The company held a total of 18 board meetings in 2023, with all directors attending the majority of meetings, except for Fang Rong and Zhuang Jiansheng, who each delegated attendance once[166] - Independent non-executive directors accounted for the majority of board committee members and served as conveners, actively participating in meetings and providing valuable insights[167] - Directors received ongoing professional development through training and seminars, with Li Zixue and Li Buqing attending external lectures on regulatory compliance and director responsibilities[168] - The company purchased directors' and officers' liability insurance to mitigate legal risks associated with their duties[169] - The Audit Committee held 6 meetings in 2023, reviewing financial reports, internal controls, and audit-related matters, and provided three review opinions on the company's financial statements[172][173] - The Audit Committee supervised the external audit process, holding three meetings with auditors to ensure timely progress and adherence to regulations[173] - The company's internal control and risk management systems were reviewed by the Audit Committee, with recommendations provided for improvement[173] - The Remuneration and Compensation Committee, consisting of 5 members, was responsible for setting and reviewing executive compensation and performance evaluation policies[174] - The Compensation and Assessment Committee held 4 meetings in 2023 to discuss and review senior management performance assessments, annual performance bonuses, and the 2020 stock option incentive plan[175] - The 2020 stock option incentive plan's second vesting period conditions were met, and adjustments were made to the number of exercisable options and participants, with some options being canceled[176] - The 2020 stock option incentive plan's third vesting period conditions were met, and adjustments were made to the number of exercisable options and participants, with some options being canceled[176] - The company's compensation policy for directors and senior management is determined based on their roles, performance, and the company's actual operating conditions[177] - The Nomination Committee held 1 meeting in 2023 to discuss board structure, diversity policies, and amendments to the Nomination Committee's working rules[179] - The Export Compliance Committee held 4 meetings in 2023 to discuss and review export compliance matters[182] - The company's independent directors held their first meeting in 2023 to review and approve daily related-party transactions for procurement, sales, and leasing[184] - The Supervisory Board held 7 meetings in 2023 to oversee the company's operations, financial status, stock option incentive plan, related-party transactions, and the performance of directors and senior management[185] Shareholder Information and Equity Structure - The company has a total of 403,259 shareholders as of December 31, 2023, with 402,955 A-share holders and 304 H-share holders[133] - As of February 29, 2024, the total number of shareholders increased to 476,911, with 476,607 A-share holders and 304 H-share holders[133] - The top 10 shareholders hold unrestricted shares, with the largest shareholder, ZTE New Communication Co., Ltd., holding 20.09% of the shares[134] - ZTE New Communication Co., Ltd. reduced its holdings by 46.9 million shares in 2023[134] - Hong Kong Securities Clearing Company Limited holds 15.73% of the shares, making it the second-largest shareholder[134] - The third-largest shareholder, Hong Kong Securities Clearing Company Limited (A-shares), increased its holdings by 11,034,954 shares in 2023[134] - The National Social Security Fund 113 Portfolio holds 0.95% of the shares, with a reduction of 22,011,136 shares in 2023[134] - The Central Huijin Asset Management Co., Ltd. holds 0.88% of the shares, with no change in holdings in 2023[134] - The Basic Pension Insurance Fund 802 Portfolio holds 0.66% of the shares, with a reduction of 16,304,780 shares in 2023[134] - The National Social Security Fund 110 Portfolio increased its holdings by 21,628,521 shares in 2023, holding 0.45% of the shares[134] - Total share capital increased by 47,139,044 shares to 4,783,251,552 shares due to the exercise of stock options[142][144] - BlackRock, Inc. holds 52,932,651 H-shares, representing 1.11% of total shares and 7.01% of H-shares[140] - Capital Research and Management Company holds 38,410,000 H-shares, representing 0.80% of total shares and 5.08% of H-shares[140] - The top five shareholders each hold 958,940,400 A-shares, representing 20.05% of total shares and 23.81% of A-shares[140] - Unlimited sale condition shares increased by 47,139,044 shares to 4,782,523,309 shares, accounting for 99.98% of total shares[142] - Restricted shares remained unchanged at 728,243 shares, accounting for 0.02% of total shares[142] - The company issued ultra-short-term financing bonds during the reporting period[144] - No changes in restricted shares for directors and senior management, totaling 728,243 shares[143] - The company has no internal employee shares or preferred shares[144] - The company's public shareholding meets the minimum requirements of the Hong Kong Stock Exchange Listing Rules[145] - Shareholders holding more than 10% of the company's shares can request or convene an extraordinary general meeting[145] - Shareholders holding more than 3% of the company's shares can propose temporary motions for the general meeting[145] Strategic Plans and Future Outlook - The company's overall operations remained stable and resilient in 2023, with continuous improvement in operational quality, despite facing challenges beyond growth[8] - The company plans to accelerate the expansion from connectivity to computing power, solidifying its position as a core supplier[8] - In 2024, the company aims to focus on strategic opportunities in digitalization, intelligence, and low-carbon technologies, while strengthening innovations in 5G-A, all-optical networks, computing infrastructure, AI large models, and 5G new applications[8] - The company will prioritize growth in 2024, enhancing existing markets, exploring new markets, and seizing variable opportunities, with a focus on improving the competitiveness of connectivity products and rapidly scaling up computing power-related businesses[9] - The company will deepen digital transformation and process optimization to improve overall operational and business flow efficiency[9] - The company will align with national high-quality development strategies, contributing to the global digital economy while creating value for customers, employees, shareholders, and society[9] - The company plans to accelerate the development of its second-curve business, focusing on computing power and AI-driven technologies[122]

中兴通讯（000063.SZ）2023年报点评 业绩稳健增长，算力全栈部署激发未来潜力 2024年03月09日 [T able_Author] 分析师：马天诣 执业证号：S0100521100003 邮箱：matianyi@mszq.com ➢ 事件: 2024 年 3 月 8 日，公司发布 2023 年报，2023 年公司实现营收 推荐 维持评级 1242.51亿元，同比增长1.05%；实现归母净利润93.26亿元，同比增长15.41%； 当前价格： 30.18元 实现扣非归母净利润74.00亿元，同比增长19.99%。23Q4公司实现营业收入 348.6亿元，同比增长14.68%；实现归母净利润14.85亿元，同比增长17.80%。 2023年度拟派发现金分红总额占归母净利润比例达35%。 ➢ 主营业务稳健经营，盈利能力显著提升。 相关研究 1.中兴通讯（000063.SZ）2023 年三季报点 收入侧：稳健经营主要支撑来自于运营商网络，Q4收入利润实现两位数增长。 评：稳健发展凸显韧性，毛利率持续提升-20 运营商网络营业收入827.59亿元，同比增长3.40%，主要由于无线产品、有线 23/10/26 ...

智通财经APP获悉，中兴通讯(00763)早盘再涨超4%，月内累涨逾20%。截至发稿，涨4.41%，报16.56港 元，成交额1.68亿港元。 消息面上，2024世界移动通信大会上，华为举办了全套5.5G产品解决方案发布会，并正式发布通信行业 首个大模型，据了解，该大模型的作用包括帮助通信运营商提升运维效率等。同时华为表示，2024年是 5G-A商用元年。 华泰证券分析指出，5.5G时期的网络带宽有望通过提升频率利用率等路径实现，从而带来无线主设备以 及上游的天线、射频器件（滤波器、功率放大器等）、PCB、光模块/光器件等环节需求的增长。 ...

通信/通信设备 公 司 中兴通讯（000063.SZ） 5G-A 扬帆风正劲，踏 AI 增长新浪潮 研 究 2024年02月07日 ——公司深度报告 投资评级：买入（维持） 蒋颖（分析师） 日期 2024/2/6 jiangying@kysec.cn 当前股价(元) 23.08 证 书编号：S0790523120003 一年最高最低(元) 46.75/20.89  全球ICT领域龙头，研发赋能“连接+算力”，打造第二曲线新增长引擎 总市值(亿元) 1,103.97 流通市值(亿元) 929.44 公司是全球领先的综合通信与信息技术解决方案提供商，拥有 ICT 行业完整的、端 总股本(亿股) 47.83 到端的产品和解决方案，处于行业领先地位。公司基于 ICT 全栈核心能力和强大的 流通股本(亿股) 40.27 底层研发实力，锚定“连接+算力”构建高效数字底座。短期来看，公司研发能力 公 近3个月换手率(%) 138.74 司 股价走势图 赋能效果显著，运营商网络毛利率持续优化，盈利能力不断提升；中长期来看，AI 深 时代，以算力为代表的第二曲线业务有望迎来快速增长，网络建设加速走向 5G- 度 中兴通讯 沪 ...

中兴通讯股份有限公司2023年第三季度报告 证券代码（A/H）：000063/763 证券简称(A/H)：中兴通讯 公告编号：202353 中兴通讯股份有限公司 2023 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 本公告在境内和香港同步刊登。本公告根据《深圳证券交易所股票上市规则》规定在境内刊登。 本公告依据《香港联合交易所有限公司证券上市规则》第 13.09(2)条及第 13.10B 条的披露义务及 香港法例第 571 章《证券及期货条例》第XIVA部内幕消息条文而公布。 §1 重要提示 1.1 中兴通讯股份有限公司（以下简称“中兴通讯”、“本公司”或“公司”）董事会、 监事会及董事、监事、高级管理人员保证本季度报告内容的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.2 本季度报告已经于 2023 年 10 月23日召开的本公司第九届董事会第十五次会议审议 通过，独立非执行董事庄坚胜先生因工作原因未能出席本次会议，委托独立非执行董事 蔡曼莉女士行使表决权。 1.3 本公司董事长李自学先生、财 ...

证券代码：000063.SZ/0763.HK 证券简称：中兴通讯 | --- | --- | --- | --- | |----------------|-----------------------------|----------------------------------------------------|------------------------------| | | | | 编号：2023-02 | | 投资者关系 | □特定对象调研 | □分析师会议 | | | 活动类别 | □媒体采访 ■业绩说明会 | | | | | □新闻发布会 □路演活动 | | | | | □现场参观 | | | | | □其他 | （请文字说明其他活动内容） | | | 活动参与人员 | 详见后附参会机构名单 | | | | 时间 | 2023 年 8 月 22 日 | | | | 地点 | 公司深圳总部 | | | | 形式 | 电话会议 | | | | 上市公司 | | | | | 接待人员姓名 | | | | | | 问题 1 | ：去年上半年公司收入同比保持双位数增长，今年上半年 | | | | | ...

二〇二三年半年度报告 中兴通讯股份有限公司 ZTE CORPORATION 重要提示 1. 本公司董事会、监事会及董事、监事、高级管理人员保证本报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2. 本报告已经于2023年8月18日召开的本公司第九届董事会第十二次会议审议通过， 董事方榕女士因工作原因未能出席本次会议，委托董事诸为民先生行使表决权。 3. 本公司董事长李自学先生、财务总监李莹女士和会计机构负责人许建锐先生声明： 保证本报告中的财务报告真实、准确、完整。 ...

中兴通讯股份有限公司2023年第一季度报告 证券代码（A/H）：000063/763 证券简称(A/H)：中兴通讯 公告编号：202329 中兴通讯股份有限公司 2023 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 本公告在境内和香港同步刊登。本公告根据《深圳证券交易所股票上市规则》规定在境内刊登。 本公告依据《香港联合交易所有限公司证券上市规则》第 13.09(2)条及第 13.10B 条的披露义务及 香港法例第571章《证券及期货条例》第XIVA部内幕消息条文而公布。 §1重要提示 1.1 中兴通讯股份有限公司（以下简称“中兴通讯”、“本公司”或“公司”）董事会、 监事会及董事、监事、高级管理人员保证本季度报告内容的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.2 本季度报告已经于 2023 年 4 月 21 日召开的本公司第九届董事会第十一次会议审议 通过，所有董事均亲自出席了本次会议。 1.3 本公司董事长李自学先生、财务总监李莹女士和会计机构负责人许建锐先生声明： 保证本季度报告中的财 ...