Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In Q1 2025, the company reversed the trend of declining revenue, with government and enterprise business doubling year-on-year, leading to a quarter-on-quarter revenue increase. The company is focusing on growth driven by its second curve business, particularly in computing power and terminal sectors [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 32.97 billion yuan, a year-on-year increase of 8% and a quarter-on-quarter increase of 5%. The net profit attributable to shareholders was 2.45 billion yuan, down 11% year-on-year, while the net profit excluding non-recurring items was 1.96 billion yuan, a decrease of 26%. The operating cash flow net amount was 1.85 billion yuan, down 38% year-on-year [6][12]. Business Growth - The company’s government and enterprise business saw a year-on-year doubling, contributing to the revenue growth. The second curve business revenue accounted for over 35% of total revenue, with government business making up over 20%. The company aims to deepen its investment in AI, leveraging opportunities in communication and computing infrastructure [12][12]. Margin and Cost Control - The overall gross margin for Q1 2025 was 34.27%, a decrease of 7.75 percentage points year-on-year, attributed to the rapid growth of low-margin government business. The net profit margin was 7.5%, down 1.6 percentage points year-on-year. The company maintained good cost control, with sales, management, R&D, and financial expense ratios at 7.0%, 2.9%, 18.0%, and -1.0% respectively [12][12]. Future Outlook - The company is expected to continue focusing on its second curve business, particularly in computing power and terminal sectors. Forecasted net profits for 2024-2026 are 8.73 billion yuan, 9.13 billion yuan, and 9.72 billion yuan, with corresponding year-on-year growth rates of 4%, 5%, and 7% [12][12].

中兴通讯（000063.SZ）2025 年一季报点评 公司销售毛利率 34.3%，同比下降 7.8pct，主因收入结构变化，毛利率较低的政 企业务增速较快拉公司整体毛利率；净利率 7.5%，同比下降 1.6pct，销售/管理 /研发/财务费用率同比提升 0.3pct/下降 0.9pct/下降 2.8pct/下降 0.8pct，费用 管控成效凸显，一定程度上对冲毛利率的下降，净利率下降幅度有限。 ➢ 大力拓展智算、AI 终端等业务，AI 融合引领创新。 公司充分把握国内头部互联网公司、运营商、行业公司等加大算力投资的机遇， 深化市场拓展，扩大合作规模。智算一体机方面全面支持 DeepSeek 系列模型， 在电信、电力、政务等多个行业落地。在终端领域，公司积极推动 AI 端侧应用， 强化 AI 手机和 AI 家庭布局。面向个人、公司发布努比亚 Flip 2，全尺寸内嵌 DeepSeek 大模型，面向海外推出 nubia Neo 3 系列游戏手机；面向家庭，提 供 AI 家庭网络、AI 家庭算力、AI 家庭智能屏以及 AI 家庭机器人"四大件"， 推动家庭智能化升级。 ➢ 投资建议：考虑公司业务结构变化导致毛利率承 ...