人民财讯11月18日电，重庆市经济和信息化委员会近日印发《重庆市加快推进人工智能终端产业创新蝶 变行动计划(2026—2030年)》，其中提出，在智算服务器方面，聚焦大模型训练与推理需求，推动智算 服务器搭载高性能GPU、NPU芯片，构建异构计算架构。支持企业研发液冷散热、高速互联等关键技 术，加强智算服务器与AI框架、工具链协同优化，打造高效稳定的智算基础设施。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company reported a revenue of 1,005.2 billion yuan for Q3 2025, representing a year-on-year growth of 11.6%, but the net profit attributable to shareholders decreased by 32.69% to 53.2 billion yuan [1]. - The operator business faced pressure, leading to a significant decline in profits, with a Q3 net profit of 2.64 billion yuan, down 87.84% year-on-year [2]. - The company is expanding its server business, achieving a 180% year-on-year growth in computing revenue, with server and storage revenue increasing by 250% [3]. - The company has developed core switching chip capabilities, achieving a key chip forwarding capacity of 12.8T, with plans to upgrade to 51.2T [4]. - The company is integrating AI into its operations, enhancing its "connection + computing" strategy, and expanding in both computing and terminal sectors [5]. - Profit forecasts for 2025-2027 have been adjusted to 73 billion, 83 billion, and 92 billion yuan respectively, with corresponding PE ratios of 28, 25, and 22 [6]. Summary by Sections Financial Performance - In Q3 2025, the company achieved an operating income of 289.67 billion yuan, a year-on-year increase of 5.11%, but a quarter-on-quarter decline of 24.93% [2]. - The gross profit margin for Q3 was 25.85%, down 14.5 percentage points year-on-year, primarily due to a decrease in the high-margin operator business [2]. - The company’s inventory increased to 461 billion yuan by the end of Q3, up from 420.6 billion yuan at mid-year [2]. Business Expansion - The computing revenue accounted for 25% of total revenue, with significant contributions from major internet and financial companies [3]. - The company is actively promoting AI applications in consumer and family scenarios, launching innovative AI-enabled products [5]. Investment Outlook - The report suggests that the company's strategy of deepening "connection + computing" is expected to create a second growth curve, despite current pressures on the operator business [6].

Core Viewpoint - ZTE Corporation is a leading player in the global 5G technology research and standard-setting, focusing on communication network equipment and components, with a strong technical foundation and full industry chain advantages [1] Group 1: Business Performance - In Q3 2025, ZTE's revenue reached 100.52 billion yuan, ranking first among 36 companies in the industry, significantly surpassing the second-ranked Zhongji Xuchuang at 25.005 billion yuan [2] - The net profit for the same period was 5.345 billion yuan, ranking third in the industry, with Zhongji Xuchuang leading at 7.57 billion yuan and Xinyi Sheng at 6.327 billion yuan [2] - ZTE's revenue grew by 11.63% year-on-year, while the net profit decreased by 32.69% due to a decline in operator network business revenue and changes in business structure [6] Group 2: Financial Ratios - As of Q3 2025, ZTE's debt-to-asset ratio was 64.88%, higher than the previous year's 63.63% and significantly above the industry average of 38.12% [3] - The gross profit margin for Q3 2025 was 30.55%, down from 40.43% in the previous year but slightly above the industry average of 30.08% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.88% to 442,600, while the average number of circulating A-shares held per shareholder increased by 0.89% to 9,100.06 [5] - Major shareholders, including Hong Kong Central Clearing Limited and various ETFs, saw a reduction in their holdings compared to the previous period [5] Group 4: Executive Compensation - The chairman, Fang Rong, received a salary of 200,000 yuan in 2024, unchanged from 2023, while the president, Xu Ziyang, earned 9.8 million yuan, a decrease of 1.48 million yuan from the previous year [4] Group 5: Future Outlook - ZTE's computing power business saw a significant growth of 180% year-on-year, with strong collaboration with major internet companies and expansion into emerging overseas markets [6] - The company is expected to achieve net profits of 7.76 billion yuan, 9 billion yuan, and 10.3 billion yuan from 2025 to 2027, maintaining a "buy" rating [6]

Core Viewpoint - ZTE Corporation achieved a net profit attributable to shareholders of 5.322 billion yuan in the first three quarters of 2025, with 264 million yuan in Q3 2025, indicating strong performance in the domestic intelligent computing market and increasing overseas market share in the operator sector [1] Segment Summaries Network Segment - The network segment accounted for 50% of total revenue in the first three quarters of 2025, with ongoing advancements in integrated technologies such as space-ground integration and sensing integration [1] - The commercial rollout of 5G-A is ongoing, and efforts are being made to promote the evolution towards 6G [1] Computing Power Segment - The computing power segment saw a year-on-year revenue growth of 180%, contributing 25% to total revenue [1] - Revenue from servers and storage increased by 250%, while data center products grew by 120% [1] - ZTE's intelligent computing servers have entered partnerships with major domestic internet and financial companies such as BBAT, JD.com, and Meituan, and are expanding overseas collaborations [1] - The company has secured multiple core node projects in domestic data centers and is actively expanding into Latin America, North Africa, and Central Asia [1] Home and Personal Segment - The home and personal segment also contributed 25% to total revenue, with personal business revenue experiencing double-digit growth [1] - Overseas mobile phone sales increased by over 25%, with the launch of new models such as the Red Magic 11 Pro series and Nubia Z80 Ultra, which integrate the Doubao AI large model [1] AI and Infrastructure - The company is fully invested in AI, establishing a robust foundation for intelligent computing through self-developed chips, super-node servers, and high-speed switches [1] - With the commercial rollout of 5G-A and ongoing construction of computing power, the long-term development of the second curve business is viewed positively, maintaining a "buy" rating [1]

Core Viewpoint - ZTE Corporation is undergoing a critical transformation period, facing challenges in traditional operator business while experiencing strong growth in new business areas, particularly in computing power and enterprise services [5][6][7]. Financial Performance - For the first three quarters of 2025, ZTE achieved operating revenue of 100.52 billion yuan, a year-on-year increase of 11.63% [1]. - The net profit attributable to shareholders was 5.322 billion yuan, while the net profit after deducting non-recurring gains and losses was 3.879 billion yuan, reflecting a year-on-year decline of 43.77% [1]. - In Q3 2025, the company reported revenue of 28.967 billion yuan, a 5.11% increase year-on-year, but the net profit dropped by 87.84% to 264 million yuan [4]. Business Segments - The "second curve" business, represented by computing power, is rapidly growing, with revenue from this segment increasing by 180% year-on-year, accounting for 25% of total revenue [2]. - The enterprise business saw a significant growth of 130% year-on-year, with server and storage revenue up by 250% and data center product revenue up by 120% [2]. - Consumer business revenue remains stable, with home and personal business contributing 25% to total revenue [3]. Cost and Profitability Challenges - The company's operating costs reached 69.811 billion yuan, a year-on-year increase of 30.08%, primarily due to increased revenue scale and rising cost rates [4]. - The decline in operator network revenue, influenced by reduced investment in communication infrastructure by domestic operators, has led to pressure on gross margins [4]. Cash Flow - The net cash flow from operating activities for the first three quarters was 1.777 billion yuan, a significant decrease of 77.92% year-on-year, attributed to increased cash payments for goods and services [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The most challenging phase for the company may have passed, with optimism regarding the development of AI computing power [4] - The company's revenue for the first three quarters of 2025 reached 100.52 billion yuan, a year-on-year increase of 11.63%, while net profit attributable to shareholders decreased by 32.69% to 5.322 billion yuan [1][2] - The decline in domestic operators' capital expenditure has significantly impacted the company's performance, particularly in its network business, which accounted for 49% of revenue and had a gross margin of 53% in the first half of 2025 [1][3] Summary by Sections Operator Network - The domestic operator network market has seen a notable decline in capital expenditure, with a year-on-year decrease of 13.1% in Q3 2025 [3] - The pressure from declining capital expenditure is expected to ease, with projections indicating a decrease of approximately 9% for the full year 2025 [4] Computing Power Business - The computing power segment has experienced a significant year-on-year revenue growth of 180%, with server and storage revenue increasing by 250% [5] - The company has established close collaborations with major domestic internet companies, achieving large-scale commercial use of its intelligent computing servers [5] Home and Personal Business - The home and personal business segments have shown steady growth, with personal business revenue achieving double-digit growth [6] - The company has launched AI smartphones in collaboration with Doubao, integrating advanced AI capabilities into its products [6] Profit Forecast - The company is projected to achieve net profits of 7.6 billion yuan, 9 billion yuan, and 10.3 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of -9.8%, +19.0%, and +14.3% [13]

Core Insights - The company reported a revenue of 100.52 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 11.63% [2] - The net profit attributable to shareholders decreased by 32.69% to 5.322 billion yuan [2] - In Q3 alone, the company achieved a revenue of 28.97 billion yuan, a 5% year-on-year increase, but the net profit dropped by 88% to 264 million yuan [2] Revenue and Profit Analysis - The decline in profit is attributed to a decrease in high-margin operator business revenue, which has a lower proportion in the overall revenue structure, shifting towards lower-margin computing power business [2] - The company is facing short-term performance pressure due to a downturn in operator demand and the impact of revenue recognition timing [2] Long-term Strategy and Developments - The long-term strategy focusing on the second curve of computing power development remains unchanged [2] - The company has made significant breakthroughs in its full-stack computing power layout, including: 1. Development of self-researched DPU (Dinghai series) and high-capacity switching chips (Lingyun and Tianyi series), enabling large-scale high-performance interconnection of domestic GPU cards [2] 2. Entry into core business scenarios of major domestic internet companies and leading enterprises in finance and electricity, including Alibaba, Tencent, ByteDance, Baidu, and JD.com [2] 3. Creation of an orthogonal super-node system aimed at high-performance training and inference, supporting the establishment of super-large clusters with over 10,000 cards [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's revenue for the first three quarters of 2025 reached 100.52 billion yuan, a year-on-year increase of 11.63%, with a net profit attributable to shareholders of 5.32 billion yuan. The growth was primarily driven by international operator market revenue and a 130% increase in government and enterprise business revenue, despite pressure on domestic operator revenue [3][4] - The company is accelerating its breakthrough in the domestic intelligent computing market, with a significant increase in overseas market share for operators. The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 8.069 billion, 9.016 billion, and 9.774 billion yuan, respectively [3][4] - The company has maintained a strong growth rate in its intelligent computing server and data center products, with a 180% year-on-year increase in the computing segment, contributing 25% to total revenue [4][5] Financial Summary - For 2025, the company expects revenue of 128.38 billion yuan, with a year-on-year growth of 5.8%. The net profit attributable to shareholders is projected to be 8.069 billion yuan, reflecting a decline of 4.2% year-on-year [7][9] - The gross margin is expected to decrease from 41.5% in 2023 to 34.9% in 2025, while the net margin is projected to be 6.3% in 2025 [7][9] - Research and development expenses for the first three quarters of 2025 reached 17.814 billion yuan, accounting for 17.72% of total revenue [5][9]

Core Viewpoint - ZTE Corporation's stock plummeted over 10% following the release of its Q3 2025 earnings report, indicating market concerns over declining profits despite revenue growth [1] Financial Performance - For the first three quarters of 2025, ZTE reported a revenue of 100.52 billion yuan, an increase of 11.63% year-on-year [1] - The net profit attributable to shareholders decreased by 32.69% to 5.322 billion yuan [1] - In Q3 alone, the company achieved a revenue of 28.97 billion yuan, a year-on-year increase of 5%, but the net profit dropped significantly by 88% to 264 million yuan [1] Market Analysis - Huatai Securities attributed the profit decline primarily to a decrease in high-margin operator business revenue, which has a lower proportion in the overall revenue structure, shifting towards lower-margin computing services [1] - The company is facing short-term performance pressure due to declining operator demand and revenue recognition timing [1] Strategic Developments - Despite short-term challenges, ZTE's long-term strategy focusing on computing capabilities remains unchanged [1] - The company has made significant progress in its full-stack computing layout, including: 1. Development of self-researched DPU (Dinghai series) and high-capacity switching chips (Lingyun and Tianyi series), enabling large-scale high-performance interconnection of domestic GPU cards [1] 2. Entry into core business scenarios of major domestic internet companies and leading enterprises in finance and power, with a focus on high-performance training and inference systems [1]

Core Viewpoint - ZTE Corporation's stock plummeted over 10% following the release of its Q3 2025 earnings report, indicating market concerns over declining profits despite revenue growth [1] Financial Performance - For the first three quarters of 2025, ZTE reported a revenue of 100.52 billion yuan, an increase of 11.63% year-on-year [1] - The net profit attributable to shareholders decreased by 32.69% to 5.322 billion yuan [1] - In Q3 alone, ZTE achieved a revenue of 28.97 billion yuan, a year-on-year increase of 5%, but the net profit dropped significantly by 88% to 264 million yuan [1] Market Analysis - Huatai Securities attributed the profit decline primarily to a decrease in high-margin operator business revenue, which has a lower proportion in the overall revenue structure, shifting towards lower-margin computing services [1] - The company is facing short-term performance pressure due to declining operator demand and the impact of revenue recognition timing [1] Strategic Developments - Despite short-term challenges, ZTE's long-term strategy focusing on computing capabilities remains unchanged [1] - The company has made significant progress in its full-stack computing layout, including: 1. Development of self-researched DPU (Dinghai series) and high-capacity switching chips (Lingyun and Tianyi series), enabling large-scale high-performance interconnection of domestic GPU cards [1] 2. Entry into core business scenarios of major domestic internet companies and leading enterprises in finance and power, with a focus on high-performance training and inference systems [1]