Ge Long Hui A P P·2025-12-16 05:33Core Viewpoint - Morgan Stanley has revised its risk-return analysis for ZTE Corporation, lowering revenue forecasts for 2025 to 2027 due to disappointing Q3 performance, particularly in domestic 5G business [1] Revenue Forecasts - Revenue forecasts for ZTE are adjusted to 5%, 6%, and 7% for the years 2025, 2026, and 2027 respectively [1] Gross Margin Predictions - Gross margin predictions have been reduced by 0.9%, 0.5%, and 0.4% for the years 2025, 2026, and 2027 respectively, reflecting the underperformance in domestic 5G revenue [1] Earnings Forecasts - Earnings forecasts for ZTE have been lowered by 11.1%, 12.5%, and 10.9% for the years 2025, 2026, and 2027 respectively [1] Target Price Adjustment - The target price for ZTE has been decreased from HKD 35 to HKD 31.5, maintaining a rating of "in line with the market" [1]