ZTE(000063) 华鑫证券·2024-12-25 01:22Investment Rating - The report assigns a "Buy" rating to the company for the first time [9] Core Viewpoints - The company is a leading provider of communication information solutions in China, actively expanding its mobile and computing businesses, and is expected to benefit from the rapid development of AI [9] Summary by Sections Company Overview and Strategy - The company is known as the "Digital Economy Enabler" and has launched AI servers supporting the "one machine, multiple chips" architecture, a full-stack intelligent computing solution, and the self-developed Xingyun large model, which is widely used in industries such as industrial and communication [2] - The company holds a leading position in the telecom server market and has successfully won multiple centralized procurement projects from operators [2] - In the mobile business, ZTE is promoting AI-driven full-scenario smart ecosystem 3.0, with ZTE phones focusing on government and operator markets, Nubia phones targeting imaging and global layout, and Red Magic phones leading in the global gaming phone market [2] - The company will continue to deepen the "Connectivity + Computing Power" strategy, promoting the development of 5G-A, optical networks, and intelligent computing infrastructure to enhance core competitiveness and drive sustainable development [2] Financial Performance and Projections - The report forecasts the company's revenue for 2024-2026 to be 128.70, 137.39, and 147.79 billion yuan, respectively, with EPS of 2.07, 2.24, and 2.49 yuan [9][10] - The revenue growth rates for 2024-2026 are projected to be 3.6%, 6.7%, and 7.6%, respectively [10] - Net profit attributable to母公司股东 is expected to grow by 6.4%, 7.9%, and 11.2% in 2024-2026, reaching 9.93, 10.71, and 11.92 billion yuan [10] - The company's PE ratios for 2024-2026 are estimated at 17.7, 16.4, and 14.8 times, respectively [9] Product and Market Development - The company's AI servers and computing solutions are expected to drive growth, with the AI server market projected to grow significantly [2] - The company's mobile business is diversified, with ZTE, Nubia, and Red Magic phones targeting different markets and achieving significant success in the gaming phone sector [2] - The company's telecom server business continues to lead, with successful bids in multiple operator procurement projects [2] Technological Advancements - The company is actively developing technologies such as 5G-A, optical networks, and intelligent computing infrastructure to strengthen its position in the market [2] - The company's self-developed large models and AI solutions are expected to drive efficiency and innovation across various industries [2] Competitive Position - The company is a global leader in comprehensive communication information solutions, serving over 1/4 of the world's population and covering 160 countries and regions [2] - The company's business is divided into three main segments: operator networks, government business, and consumer business, with a focus on innovation and end-to-end solutions [2]