华泰证券表示，公司短期业绩承压系运营商需求下行及确收节奏影响，公司长期围绕算力第二曲线发展 的逻辑并未改变。前三季度，该行观察到公司全栈算力布局持续迎来突破：1）芯片方面，公司自研 DPU（定海系列）及大容量交换芯片（凌云及天屹系列），实现国产GPU卡大规模高性能互联；2）智 算服务器方面，公司已进入阿里、腾讯、字节、百度、京东等国内多家互联网厂商及金融、电力头部企 业核心业务场景，公司亦打造面向高性能训练及推理的正交超节点系统，支撑打造万卡及以上的超大规 模集群。 中兴通讯（000063）(00763)绩后重挫逾10%，截至发稿，跌10.67%，报35.34港元，成交额10.38亿港 元。 消息面上，10月28日晚，中兴通讯发布2025年前三季度业绩，该集团取得营业收入1005.2亿元，同比增 加11.63%；归属于上市公司普通股股东的净利润53.22亿元，同比减少32.69%。单季度来看，该公司第 三季度实现营业收入289.7亿元，同比增加5%，归母净利润2.64亿元，同比减少88%。华泰证券认为， 利润下滑主因公司高毛利率的运营商业务收入同比下滑、占比降低，而收入结构偏向于低毛利率算力业 务。 ...

Investment Rating - Strongly Recommended (Maintain) [3] Core Insights - The company reported a revenue of 100.52 billion yuan for Q3 2025, a year-on-year increase of 11.63%, but the net profit attributable to shareholders decreased by 32.69% to 5.32 billion yuan [1] - The company's revenue from computing power increased by 180% year-on-year, accounting for 25% of total revenue, becoming the second-largest revenue pillar after consumer business [7] - The operator network revenue faced pressure due to a decline in domestic telecom infrastructure investment, while the enterprise business grew by 130% year-on-year [7] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 289.67 billion yuan, a year-on-year increase of approximately 5.11%, but the net profit dropped by 87.84% to 264 million yuan [7] - The company’s R&D expenses for the first three quarters were 17.81 billion yuan, accounting for 18% of revenue, indicating a strong commitment to innovation [7] - The projected total revenue for 2025 is estimated at 140.51 billion yuan, with a year-on-year growth of 16% [9] Market Position and Strategy - The company is focusing on a "connection + computing power" strategy, enhancing its AI infrastructure deployment [7] - The company maintains a strong market share in core areas, with its 5G base station and core network shipments ranking second globally [7] - The consumer business, including home and personal segments, accounted for 25% of total revenue, showing robust growth [7] Valuation Metrics - The current price-to-earnings (PE) ratio is projected to be 32.6 for 2025, indicating a valuation that reflects growth expectations [9] - The price-to-book (PB) ratio is expected to be 3.1 for 2025, suggesting a premium valuation relative to book value [9]

Core Viewpoint - The profitability of ZTE Corporation has been significantly impacted by the reduction in investment from telecom operators, leading to a decline in net profit despite a slight increase in revenue [3][4]. Financial Performance - In Q3, ZTE reported revenue of 28.967 billion yuan, a year-on-year increase of 5.11%, while net profit fell by 87.84% to 264 million yuan [3]. - 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 [3]. Business Segment Analysis - The contraction in traditional communication business is the primary reason for ZTE's profit decline [4]. - The capital expenditure of the three major telecom operators in China decreased by 16.5% year-on-year, totaling 112.8 billion yuan in the first half of 2025 [4]. - Revenue from ZTE's operator network business fell by approximately 6% in the first half of the year, attributed to the maturity of domestic 5G network construction [6]. Strategic Shift - ZTE is shifting its focus towards emerging businesses, particularly in the computing sector, which saw a revenue increase of 180% year-on-year, accounting for 25% of total revenue [6]. - The company has developed self-researched DPU chips and large-capacity switching chips, achieving large-scale high-performance interconnection of domestically produced GPU cards [7]. - ZTE's new orthogonal super-node system for high-performance training and inference is designed to support large-scale intelligent computing clusters [7]. Market Reaction - On October 28, ZTE's stock closed at 39.56 HKD, down 4.86%, while its A-share closed at 49.39 yuan, down 3.76% [7].

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]