（原标题：诺基亚(NOK.US)精简业务 押注AI基础设施热潮） 智通财经APP获悉，诺基亚公司(NOK.US)正押注人工智能热潮，通过精简业务，聚焦于可连接AI数据 中心的网络基础设施领域。 诺基亚首席执行官贾斯汀·霍塔德周三在公司资本市场日活动前接受采访时表示，此举将在未来几年实 现两位数的营业利润增长。 公司宣布，到2028年，年度营业利润将达到27亿欧元(约合31亿美元)至32亿欧元区间。 周三，诺基亚股价在赫尔辛基证券交易所跌幅一度达6.3%，连续第五个交易日下跌。上月，芯片巨头 英伟达公司同意以10亿美元收购诺基亚股权后，其股价曾大幅飙升，但随后受市场对AI泡沫的普遍担 忧影响，部分涨幅回吐。截至发稿，该股美股盘前下跌5.88%。 第三季度，AI和云服务客户占公司净销售额的6%，但高管们称该领域是公司"最大的机遇"。 诺基亚与全球市值最高的公司英伟达达成的10亿美元合作协议，让这家芯片巨头获得了诺基亚3%的股 份。 去年，诺基亚收购了英飞朗公司(Infinera Corp.)，以拓展AI数据中心网络产品业务;还聘请了芬兰前驻美 大使，向各国政府推广国防通信服务。 分析师马修·布洛克斯汉姆与卡米拉· ...

Core Viewpoint - Morgan Stanley maintains a "neutral" rating on Ericsson (ERIC.US) ahead of its Q3 2025 earnings report, with a target price of 80.00 SEK, citing a mixed market environment characterized by both softness and resilience in business operations [1] Group 1: Q3 Performance Expectations - The overall market growth remains weak, with telecom customers strictly controlling capital expenditures, which is a major pressure on revenue growth [1] - North America, accounting for 30-40% of Ericsson's revenue, faces high base comparison pressure, leading to a projected Q3 revenue decline of 9.2% year-on-year to 56.108 billion SEK [1] - Mobile network business is expected to be a key highlight, with management guiding a gross margin of 48%-50%, up from 47%-48% in Q2, potentially serving as a positive surprise for Q3 performance [1] Group 2: Impact of Iconectiv Sale - The sale of iconectiv, completed in mid-August 2025, will contribute approximately 9.9 billion SEK in revenue and 7.6 billion SEK in one-time EBIT profit, impacting core profitability metrics without separating from underlying business trends [2] - Q3 EBITA is expected to reach 13.8 billion SEK, significantly higher than Q2's 7.4 billion SEK, with net cash projected to increase to 4.5 billion SEK [2] - Management has not committed to special dividends or stock buybacks, postponing discussions on cash return plans until the full-year 2026 financial report [2] Group 3: Financial Model Adjustments - The financial model has been adjusted due to the sale of iconectiv, which previously contributed about 4 billion SEK in annual revenue and 2 billion SEK in EBIT [3] - For 2025, revenue is expected to be 23.3 billion SEK, with EBIT projected at 3 billion SEK and EPS at 7.10 SEK, a significant improvement from 2024 [3] - Starting in 2026, revenue and EBIT are expected to decline in the mid-single digits due to the exclusion of iconectiv from consolidated financials, with EPS projected at 5.94 SEK [3] Group 4: Valuation and Scenario Analysis - Morgan Stanley uses a 2026 expected EV/EBIT multiple of 8x to estimate the target price, reflecting a stable 5G capex environment similar to the 4G maturity phase [4] - Three scenarios are established: a bull case with a target price of 95.00 SEK if the 5G cycle extends, a base case of 80.00 SEK assuming market stabilization, and a bear case of 58.00 SEK if telecom capex declines sharply [4]

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]