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中兴通讯-2024 年第四季度业绩未达预期,但服务器及数据中心相关业务发展仍值得期待
2025-03-05 04:33
Summary of ZTE (0763.HK) Earnings Call Company Overview - **Company**: ZTE Corporation (0763.HK) - **Industry**: Telecommunications Equipment Key Financial Results - **4Q24 Revenue**: Rmb 31.3 billion, down 10% YoY, 23% below CitiE and 14% below BBGe [1][2] - **4Q24 Gross Margin**: 30.6%, a decline of 5.4 percentage points YoY, 12.4 percentage points below CitiE and 8.5 percentage points below BBGe [1][2] - **4Q24 Operating Expenses**: Rmb 9.5 billion, down 19% YoY, 37% below CitiE and 17% below BBGe [1][2] - **4Q24 Net Profit**: Rmb 518 million, a 65% decline YoY, 76% below CitiE and 70% below BBGe [1][2] - **FY24 Revenue**: Rmb 121.3 billion, down 2% YoY, 7% below CitiE and 4% below BBGe [2] - **FY24 Net Profit**: Rmb 8.4 billion, a 10% decline YoY, 16% below CitiE and 13% below BBGe [2] Segment Performance - **Carrier Network Revenue**: Declined 15% YoY to Rmb 70.3 billion, impacted by muted domestic telco investment [6] - **Government and Corporate Business Revenue**: Increased 37% YoY to Rmb 19 billion, driven by server and storage product sales [6] - **Consumer Business Revenue**: Grew 16% YoY to Rmb 32.4 billion, supported by household terminal and mobile product sales [6] Operational Insights - **Cost Control**: The company implemented stringent cost control measures, resulting in a significant reduction in operating expenses [1][2] - **Product Mix Impact**: The decline in gross margin was attributed to a higher mix of lower-margin server and terminal products [1][2] Future Outlook - **Investor Focus Areas**: Key topics for future earnings calls include revenue and net profit outlook, server and data center business outlook, operating expense control plans, and domestic/overseas telco segment outlook [1] - **Target Price**: The target price for ZTE is set at HK$19.80, indicating a potential share price return of -32.4% [4][10] - **Risks**: Potential risks include lower-than-expected computing infrastructure investment from Chinese telcos, faster-than-expected price declines in 5G BTS, and global market share pressure due to US-China disputes [11] Additional Insights - **Market Capitalization**: Approximately HK$140.16 billion (US$18.02 billion) [4] - **Dividend Yield**: Expected at 2.5% [4] - **Earnings Projections**: Expected diluted EPS for FY24 is Rmb 2.117, with a projected growth of 8.2% [3] This summary encapsulates the critical financial metrics, operational insights, and future outlook for ZTE Corporation, providing a comprehensive overview for potential investors and stakeholders.