Improved margins in 2023; expect steady growth in 2024

M N 11 Mar 2024 CMB International Global Markets | Equity Research | Company Update ZTE (763 HK) Improved margins in 2023; expect steady BUY (Maintain) growth in 2024 Target Price HK$24.80 ZTE released its FY23 results. Revenue grew by 1.1% YoY to RMB124bn, in line with consensus and 3% higher than our forecast. Net profit increased by 15.4% (Previous TP HK$27.40) YoY to RMB9.3bn, 5% lower than consensus and in line with our forecasts. Gross Up/Downside 38.4% margin for 2023 was 41.5%, representing a 434bps ...