中兴通讯"连接+算力"业务转型进展卓有成效。公司是国内领先的ICT设备供应商，业务聚焦运营商网 络、政企业务和消费者业务三大板块，产品覆盖全系列的无线、有线、云计算、终端产品和专业通信服 务。公司提出"连接+算力"转型，成效显著。 公司占据国内超节点产业核心位置。（1）国内极度稀缺的机内高速互联芯片（Scale Up Switch）。25 年8月， IDC重磅发布《中国大模型推理算力市场分析报告，2025》中兴通讯全栈开放智算平台取得亮 眼成绩在算力架构、网络和存储增强、安全与合规等关键指标上斩获满分。最核心的是，公司首次展示 了在机内高速互联芯片（Scale Up Switch）的布局。（2）已发布超节点服务器方案。中兴通讯智算超 节点，内部搭载的是百度昆仑心P800，GPU间通信带宽达到400GB/S-1.6TB/S。 连接业务：5G建设逐步进入平台期，中兴积极布局5G-A、6G新方向。中兴通讯稳居全球电信市场领先 地位，2024年在全球电信设备市场份额约11%。 5G网络建设与用户普及已基本完成，截至2025年7月， 中国已建成459.8万个5G基站，5G普及率超79%。因此，国内三大运营商资本开支持续 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][11]. Core Insights - In 2024, the company reported a revenue of 121.299 billion RMB, a decrease of 2.38% year-on-year, and a net profit attributable to shareholders of 8.425 billion RMB, down 9.66% year-on-year [1]. - The operator business is under short-term pressure, while the government-enterprise and consumer sectors are experiencing rapid growth, with government-enterprise revenue increasing by 36.68% and consumer revenue by 16.12% [1]. - The company is capitalizing on AI opportunities, with overseas data center orders growing by over 100% year-on-year, driven by high-performance training servers and cost-effective inference servers [2]. - The self-developed chip business is opening up growth space for the company, with significant advancements in chip design capabilities and high-performance hardware [3]. Summary by Sections Financial Performance - In Q4, the company achieved a revenue of 31.254 billion RMB, a decline of 10.34% year-on-year, and a net profit of 518 million RMB, down 65.08% year-on-year [1]. - The company expects revenues of 130.537 billion RMB, 140.723 billion RMB, and 153.672 billion RMB for 2025, 2026, and 2027 respectively, with net profits projected at 9.533 billion RMB, 11.081 billion RMB, and 12.528 billion RMB [3][6]. Business Segments - The operator network business generated 70.327 billion RMB, a decrease of 15.02% year-on-year, primarily due to the overall investment environment in the country [1]. - The government-enterprise business's gross margin was 15.33%, down 19.58 percentage points, affected by declining margins in servers and storage [1]. Market Opportunities - The company is leveraging AI developments to mitigate cyclical fluctuations caused by declining capital expenditures in the operator sector, which is expected to stabilize performance [2]. - The introduction of self-developed high-density switches and chips is anticipated to enhance the company's competitive edge and valuation [3].