Core Viewpoint - ZTE Corporation reported a revenue of 100.52 billion yuan for the first three quarters of the year, marking an 11.6% year-on-year increase, while net profit fell by 32.69% to 5.322 billion yuan [1] Financial Performance - The decline in revenue from operator networks was influenced by reduced investment in communication infrastructure by domestic operators, with domestic market revenue decreasing while international market revenue increased [2] - The government and enterprise business saw a significant revenue increase of 130%, while consumer business revenue remained stable [2] - Capital expenditure by the three major operators is expected to decline in the first half of 2025, with a noted shift towards increased investment in computing power [2] Strategic Shift - ZTE is transitioning towards a "connectivity + computing power" strategy, focusing on consolidating its domestic base while actively investing in future technologies such as intelligent computing and high-speed network access [3] - The company has segmented its business into four main areas: network, computing power, home, and personal, with computing power now accounting for 25% of revenue [3] Growth in Computing Power Segment - Revenue from computing power increased by 180% year-on-year, with server and storage revenue growing by 250% and data center product revenue increasing by 120% [4] - ZTE's self-developed DPU chips and high-capacity switching chips are facilitating the large-scale interconnection of domestic GPU cards, with its intelligent computing servers being adopted by major domestic internet and financial companies [4] Market Reaction - As of October 29, ZTE's A-share price fell by 6.46%, closing at 46.2 yuan per share, with a market capitalization of 221 billion yuan [5]

当运营商"捂起钱袋子"，作为上游设备厂商的盈利空间也被大幅压缩。 10月28日晚间，中兴通讯（000063.SZ）发布最新业绩报告，第三季度营收为289.67亿元，同比增长 5.11%；净利润为2.64亿元，同比下降87.84%。前三季度营收为1005.2亿元，同比增长11.63%，净利润 为53.22亿元，同比下降32.69%。 从业务层面看，传统通信业务的收缩是导致中兴利润下降的主要原因。 目前国内5G-A正在进入实质性发展阶段，但随着5G网络覆盖率的逐步完善，运营商在整体投资上也开 始有所放缓。 对于下半年投资，三大运营商释放的信号是将继续保持审慎精细高效的投资策略，主要聚焦AI、算 力、6G等战略性新兴产业。换言之，目前运营商的投资重点已经逐步转向AI、IDC、云等算网数智方 面，而作为移动网、宽带网这些传统连接的投资将逐步收缩。 这一趋势直接反映在中兴的业务结构中。 上半年，中兴运营商网络业务营收为350.6亿元，同比减少约6%。对此，中兴表示，这主要是由于国内 5G网络建设进入成熟期，运营商投资延续下降态势。 三季度财报中，中兴通讯并没有披露上述业务的更新数据，但相较于传统运营商业务，中兴显然将更 ...

Core Viewpoint - The decline in traditional communication business is the primary reason for ZTE's profit drop, as operators reduce their capital expenditures, impacting the profitability of upstream equipment manufacturers [1] Group 1: Financial Performance - ZTE's Q3 revenue was 28.967 billion yuan, a year-on-year increase of 5.11%, while net profit fell to 264 million yuan, a decrease of 87.84% [1] - For the first three quarters, ZTE's revenue reached 100.52 billion yuan, up 11.63% year-on-year, but net profit decreased by 32.69% to 5.322 billion yuan [1] Group 2: Industry Trends - The three major operators in China are expected to maintain a cautious and efficient investment strategy, focusing on strategic emerging industries such as AI, computing power, and 6G, while traditional investments in mobile and broadband networks will gradually shrink [2] - Capital expenditures for the three major operators in the first half of 2025 are projected to be 112.8 billion yuan, a decrease of 16.5% compared to the same period last year [1] Group 3: Business Structure - ZTE's operator network business revenue for the first half of the year was 35.06 billion yuan, a year-on-year decrease of approximately 6%, attributed to the maturity of domestic 5G network construction [3] - ZTE is shifting its focus towards emerging businesses, with computing power revenue growing by 180% year-on-year, accounting for 25% of total revenue [3] Group 4: Strategic Initiatives - ZTE is actively responding to the ongoing decline in domestic 5G investment by integrating AI into its ICT technology base [4] - The company has achieved large-scale high-performance interconnection of domestically produced GPU cards and has entered partnerships with major domestic internet and financial companies [4]