此外，该行认为汇率影响与此前相近。回顾第二季度业绩，当时汇率波动对盈利产生了不利影响。本季 度汇率影响与第二季度相近，瑞典克朗(SEK)将带来小幅负面影响，欧元(EUR)则将带来小幅正面提 振。 摩根士丹利近日针对爱立信(ERIC.US)2025年第三季度业绩发布前瞻报告，核心聚焦Q3业绩预期、业务 调整影响及投资评级。瑞典头部企业爱立信Q3财报将于10月14日正式发布，该公司当前将面临"市场疲 软与业务韧性并存"的格局，摩根士丹利对其维持"中性"评级，目标价80.00瑞典克朗(SEK)。 从市场环境与Q3业绩核心预期看，整体市场增长疲软态势持续，电信客户对资本支出(capex)管控严 格，成为营收增长主要压力源。其中，北美作为爱立信核心市场(营收占比30-40%)，正面临高基数对比 压力——2024年Q3AT&T合同启动交付爬坡推高同期营收，2025年Q3无同等规模新合同支撑，区域营 收增速或受压制，进而拉低整体Q3销售额(预期561.08亿SEK，同比降9.2%)。 不过，移动网络业务成为关键亮点，其利润率韧性超出预期，管理层指引毛利率为48%-50%，较Q2基 础毛利率47%-48%实现环比提升，有望成 ...

Core Viewpoint - 263 Network Communication Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, primarily due to decreased business volume and income in its family network phone and mobile network services, as well as the absence of last year's investment property sale [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 385 million yuan, a year-on-year decrease of 17.89% [1] - The net profit attributable to shareholders was 35.82 million yuan, down 30.18% year-on-year [1] Strategic Positioning - The company positions itself as a "global internet communication cloud service provider," leveraging its advantages in communication resources and cloud communication technology [1] - It focuses on three key areas: global networking, intelligent communication, and digital services, in response to industry trends such as the acceleration of 5G commercialization, increased cloud computing penetration, and the emergence of generative artificial intelligence (AIGC) [1]

Core Insights - Nokia's recent financial performance has been weak, with a significant decline in comparable net profit and challenges in its mobile networks business [2][3] Financial Performance - In Q2, Nokia's comparable net profit fell by 28% year-on-year to €236 million, while revenue saw a slight increase of 2% to €4.47 billion, but a 1% decline when adjusted for currency effects [2] - The company's comparable operating profit margin decreased to 6.6%, down 2.9 percentage points from the previous year [2] - The patent licensing business contributed €255 million, which helped mitigate overall profitability concerns [2] Business Challenges - The mobile networks segment is facing significant issues, with U.S. operators reducing their reliance on Nokia; Verizon has shifted to Samsung, and AT&T has chosen Ericsson, leaving T-Mobile as the primary customer [2] - Revenue from the mobile networks division dropped from €10.4 billion in 2020, accounting for nearly half of total revenue, to €7.7 billion in 2024, now representing 40% of total revenue [2] - The profitability of this segment has deteriorated, with a loss of €75 million in the first half of this year, resulting in a profit margin of -2.2%, compared to a 9.5% profit margin in the same period last year [2] Strategic Focus - CEO Justin Hotard emphasized the company's commitment to investing in artificial intelligence, anticipating an "AI supercycle" that will drive demand for stronger network infrastructure [3] - Despite short-term profit pressures, the company continues to invest heavily in research and development to support future growth [3] Shareholder Sentiment - Shareholders are growing impatient, with some questioning the emphasis on "comparable profit" as a means to obscure the true financial situation [3] - Calls for deep reforms include divesting from more profitable segments and potentially relocating the headquarters to the U.S. to attract more investment [3]