ZTE(000063) 申万宏源·2024-12-31 01:06Investment Rating - The report maintains a "Buy" rating for the company, highlighting its strong R&D innovation attitude, optimized cost structure, and the empowering effect of self-developed chips on its core business [1]. Core Insights - The company has shown significant potential for profit release due to improvements in gross margin and expense ratio, as well as optimized operating profit content. The report adjusts the profit forecast for 2024-2026 to 9.857 billion, 10.666 billion, and 11.743 billion respectively, with corresponding PE ratios of 20, 18, and 17 times [1][8]. - The company’s consumer and government enterprise businesses exhibit significant elasticity, with a notable increase in demand driven by AI and 5G technologies [1][13][14]. Financial Summary - Total revenue for 2022 was 122.954 billion, with projections for 2023 at 124.251 billion, and expected growth to 148.564 billion by 2026, reflecting a CAGR of approximately 6.9% [3][15]. - The net profit for 2022 was 7.792 billion, with forecasts of 9.241 billion for 2023 and 11.743 billion for 2026, indicating a steady growth trajectory [3][15]. - The company’s gross margin is projected to stabilize around 41.3% in 2024, with a slight decline to 40.6% by 2026 [15]. Business Segments - The company’s R&D expenses reached 186.4 billion in the first three quarters of 2024, accounting for 20.7% of revenue, indicating a strong commitment to innovation [13]. - The consumer business is expected to benefit from the growing demand for AI-enabled devices, with a strategic focus on "AI for All" [14]. - The company has maintained a leading position in the 5G market, with significant shipments of 5G base stations and core networks, ranking second globally [8][14].