智通财经网·2025-12-16 08:55Core Viewpoint - Morgan Stanley has updated its risk-reward analysis for ZTE Corporation (00763) based on disappointing Q3 performance, leading to downward revisions in revenue and profit forecasts for 2025 to 2027 [1] Revenue Forecasts - Revenue forecasts for ZTE for 2025, 2026, and 2027 have been reduced to 5%, 6%, and 7% respectively, reflecting underperformance in domestic 5G business revenue [1] Gross Margin Predictions - Gross margin predictions have been lowered by 0.9%, 0.5%, and 0.4% for the years 2025, 2026, and 2027 respectively, in line with the revised revenue outlook [1] Earnings Forecasts - Earnings forecasts for ZTE have been adjusted downwards by 11.1%, 12.5%, and 10.9% for 2025, 2026, and 2027 respectively [1] Target Price Adjustment - The target price for ZTE has been reduced from HKD 35 to HKD 31.5, with a rating of "in line with the market" [1]