智通财经网·2025-09-03 09:07Group 1 - The core viewpoint of the report is that ZTE Corporation's target price has been raised significantly, indicating a positive outlook for the company's stock performance [1] - ZTE's revenue for the first half of the year increased by 15% year-on-year to 71.6 billion RMB, while net profit decreased by 12% to 5.1 billion RMB [1] - The shift in product mix towards higher shipment volume servers has negatively impacted gross margin and net margin, which fell by 8 and 2.1 percentage points to 32.5% and 7.1% respectively [1] Group 2 - The report anticipates that ZTE will maintain strong growth momentum in the coming years, supported by the AI infrastructure investment cycle and the trend of domestic semiconductor localization [1] - ZTE's projected net profits for 2025 to 2027 are estimated at 7.976 billion, 8.035 billion, and 9.568 billion RMB, reflecting a year-on-year decline of 5.3%, a slight increase of 0.7%, and a growth of 19.1% respectively [1]