23 年业绩符合预期，三大业务毛利率持续提升 中兴通讯（000063.SZ）/通信 证券研究报告/公司点评 2024年3月10 日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利ina预nc测e1]及 估值 市场价格：30.18元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 122,954 124,251 139,761 155,707 172,307 分析师：陈宁玉 增长率yoy% 7% 1% 12% 11% 11% 执业证书编号：S0740517020004 净利润（百万元） 8,080 9,326 10,645 12,292 14,423 电话：021-20315728 增长率yoy% 19% 15% 14% 15% 17% 每股收益（元） 1.69 1.95 2.23 2.57 3.02 Email：chenny@zts.com.cn 每股现金流量 1.58 3.64 4.64 3.20 3.34 研究助理：杨雷 净资产收益率 14% 14% 13% 13% 14% Email：yanglei01@z ...

M N 11 Mar 2024 CMB International Global Markets | Equity Research | Company Update ZTE (000063 CH) Improved margins in 2023 Target Price RMB34.20 ZTE released its FY23 results. Revenue grew by 1.1% YoY to RMB124bn, in line with consensus and 3% higher than our forecast. Net profit increased by 15.4% (Previous TP RMB36.90) YoY to RMB9.3bn, 5% lower than consensus and in line with our forecasts. Gross Up/Downside 13.3% margin for 2023 was 41.5%, representing a 434bps increase from FY22. NPM Current Price RMB ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 11 日 中 兴通讯(000063.SZ) 证券研究报告 业绩稳健提升，增长依然是第一要务 系统设备 投资评级 买入-A 事件： 维持评级 2024 年 3月9日，公司发布2023 年年度报告。2023 年度，公司实 6个月目标价 34.95元 现营业收入 1242.51亿元，同比增长 1.05%；实现归母净利润 93.2 股价 (2024-03-08) 30.18元 6 亿元，同比增长15.41%；实现扣非归母净利润73.97 亿元，同比 增长 19.99%。 交易数据 业绩稳健提升，增长依然是第一要务： 总市值(百万元) 144,358.53 流通市值(百万元) 121,535.49 2023 年，公司持续在“连接+算力+能力+智力”技术进行高强度研发 总股本(百万股) 4,783.25 投入，底层核心技术持续创新，主力产品竞争力保持业界前列；整 体经营稳健有韧性，经营质量不断提升。公司紧跟客户业务转型步 流通股本(百万股) 4,027.02 伐及投资结构变化，不断打磨产品，以满足多样化客户、多场景的 12个月价格区间 ...

Compa n y U pda te Ch in a Resea rch Dep t . 2024年3月11日 中兴通讯（000063.SZ/00763.HK） Buy 买进 何利超 H70529@capital.com.tw 目标价(元) 35 盈利能力表现优异，关注第二曲线尤其是AI算力进展 公司基本资讯 结论与建议： 产业别 通信 公司发布2023年年报，2023年实现营业收入1,242.51亿元，同比增长1.05%； A股价(2024/3/11) 30.00 实现归母净利润93.26亿元，同比增长15.41%；实现扣非归母净利润74.00亿元， 深证成指(2024/3/11) 9581.53 同比增长19.99%。 股价12个月高/低 46.75/20.89 总发行股数(百万) 4783.25 单看第四季度，2023Q4现营业收入348.57亿元，同比增长14.68%；实现归 A股数(百万) 4027.02 母净利润14.85亿元，同比增长17.80%，业绩符合预期，维持“买进”评级。 A市值(亿元) 1208.11 主要股东 中兴新通讯有  各项业务毛利率快速爬升，带动整体盈利能力表现优异：分业务 ...

证券研究报告 公 2024年03月11日 司 报 告 中兴通讯(000063) 行 业： 通信/通信设备 │ 公 投资评级： 增持（维持） 司 当前价格： 30.00元 业绩稳定增长，积极拓展算力第二曲线 年 目标价格： 36.30元 报 点 事件： 评 基本数据 公司发布 2023 年年报。2023 年公司实现营业收入 1242.51 亿元，同比增 总股本/流通股本(百万股) 4,783.25/4,782.52 长 1.05%；实现归母净利润 93.26亿元，同比增长15.41%；扣除非经常性 流通A股市值(百万元) 120,810.62 损益的归母净利润 74.00亿元，同比增长 19.99%。 每股净资产(元) 14.22 ➢ 营收稳健增长 资产负债率(%) 66.00 分业务来看，1）运营商网络业务实现营业收入 827.59 亿元，占营收比重 一年内最高/最低(元) 46.75/20.89 66.61%，同比增长3.4%，主要得益于无线产品、有线产品的营业收入增长； 2）政企业务营业收入135.83亿元，同比下降7.14%，主要由于国内集成类 股价相对走势 项目、数据中心和国际市场营业收入减少；3）消 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3][10] Core Views - The company achieved steady revenue growth in 2023, with total revenue of 1242.51 billion yuan, a year-on-year increase of 1.05%, and a net profit attributable to shareholders of 93.26 billion yuan, up 15.41% year-on-year [3][4] - The gross margin improved to 41.53%, an increase of 4.34 percentage points year-on-year, while the net margin reached 7.44%, up 1.10 percentage points year-on-year [3][4] - The company is expected to benefit from the commercial rollout of 5G-A and ongoing construction of computing power facilities, supporting long-term growth [3][4] Financial Performance Summary - In 2023, the company's operator business generated revenue of 827.59 billion yuan, a year-on-year increase of 3.40%, with a gross margin of 49.11%, up 2.89 percentage points [4] - The consumer business revenue was 279.08 billion yuan, down 1.33% year-on-year, but the gross margin improved to 22.26%, an increase of 4.50 percentage points [4] - The enterprise business revenue declined by 7.14% to 135.84 billion yuan, but the gross margin increased by 9.59 percentage points to 34.94% [4] Research and Development - The company invested 267.83 billion yuan in R&D in 2023, a year-on-year increase of 14.34%, and holds 89,500 global patent applications and 45,000 granted patents [5]

Financial Performance and Key Metrics - Revenue in 2023 increased by 1.05% to 124,250.9 million RMB compared to 122,954.4 million RMB in 2022[14] - Net profit attributable to shareholders of the company increased by 15.41% to 9,325.8 million RMB in 2023 from 8,080.3 million RMB in 2022[14] - Operating cash flow surged by 129.70% to 17,405.7 million RMB in 2023 from 7,577.7 million RMB in 2022[14] - Total assets grew by 11.06% to 200,958.3 million RMB in 2023 from 180,953.6 million RMB in 2022[14] - Basic earnings per share increased by 14.62% to 1.96 RMB in 2023 from 1.71 RMB in 2022[15] - Weighted average return on equity (ROE) rose to 15.19% in 2023, up by 0.53 percentage points from 14.66% in 2022[15] - Revenue in Q4 2023 was 34,857.5 million RMB, the highest among all quarters in 2023[16] - Net profit attributable to shareholders in Q4 2023 was 1,484.6 million RMB, the lowest among all quarters in 2023[16] - Non-recurring gains and losses in 2023 totaled 1,926.2 million RMB, slightly up from 1,913.4 million RMB in 2022[18] - The company's debt-to-asset ratio decreased to 66.00% in 2023, down by 1.09 percentage points from 67.09% in 2022[15] - Software product VAT refund income reached 1,431.2 million yuan, driven by ongoing operational activities[19] - Revenue for 2023 reached 124.25 billion yuan, a 1.05% increase from 2022[120] - Net profit attributable to shareholders of the company was 9.33 billion yuan in 2023, up 15.4% from 2022[120] - Operating cash flow surged to 17.41 billion yuan in 2023, a 129.7% increase from 2022[120] - Total assets grew to 200.96 billion yuan in 2023, an 11.05% increase from 2022[120] - Debt-to-asset ratio improved to 66% in 2023, down from 67.09% in 2022[121] Dividend and Profit Distribution - The company proposed a profit distribution plan for 2023, offering a cash dividend of RMB 6.83 per 10 shares (tax included) to all shareholders[2] - The proposed 2023 profit distribution plan suggests a cash dividend of 6.83 yuan per 10 shares, with a total cash dividend not exceeding 3.303 billion yuan[151] - The cumulative distributable profit available to shareholders as of December 31, 2023, is approximately 25.22 billion yuan[151] - The company's cash dividends for 2023 amount to 3.27 billion yuan, accounting for 35.0% of the net profit attributable to ordinary shareholders[152] - The cumulative cash dividends for 2021-2023 are 6.58 billion yuan, representing 81.5% of the average annual net profit attributable to ordinary shareholders[152] - The company's 2022 annual profit distribution plan was approved, with a cash dividend of 4 yuan per 10 shares, totaling 1.895 billion yuan[150] Market and Business Performance - The company's GoldenDB distributed database achieved the top market share in the banking financial-grade distributed database market in 2022 and ranked first in the number of deployments in core, sub-core, and non-banking core systems in 2023[23] - The company's 5G base station shipments ranked second globally for four consecutive years, according to Dell'Oro Group[26] - The company's 5G core network shipments ranked second globally for four consecutive years, according to Dell'Oro Group[28] - The company's PowerPilot energy-saving solution reduced AAU power consumption to below 5W during idle periods, with RRU standby power consumption as low as 3W[26] - The company's SmartNIC intelligent network card improved forwarding performance by 2 times and saved 20% of CPU resources with the NEO cloud card[28] - The company's intelligent green UPF, based on R17 architecture, achieved a comprehensive power saving of over 25% with millisecond-level wake-up and zero service loss[28] - The company's operating system products have shipped over 200 million units globally, with applications in industries such as communications, automotive, and power[24] - The company's 5G-Advanced innovations included the deployment of a 5G vehicle-to-ground communication system in Shanghai, achieving a backhaul speed of over 2Gbps[27] - The company's Fit-it-all 5G private network products, including iCube, i5GC, Mini5GC, and Edge UPF, cater to diverse private network scenarios[28] - The company's 50G PON solution has been tested and piloted by over 30 global operators, accelerating its commercial maturity[29] - The company's OTN 400G port shipments achieved the highest year-over-year growth rate globally, according to Omdia 2023Q3 report[29] - The company's edge router products were upgraded to GlobalData Leader's highest rating in 2023[30] - The company's data center switch domestic market share growth rate ranked first year-over-year, according to IDC 2023Q3 report[32] - The company's new data center solutions achieved a PUE as low as 1.13, with applications in Jiangsu and Guizhou[33] - The company's lithium battery shipments for communication energy storage maintained a year-over-year growth rate of over 50%[35] - The company's 5G FWA & MBB market share remained globally first[36] - The company's PON CPE, DSL CPE, and IP set-top box shipments ranked globally first, according to Dell'Oro Group and Omdia 2023Q3 reports[37] - The company's cloud computer terminal shipments exceeded 300,000 units in 2023, ranking first in domestic operator cloud terminal market share[38] - The company launched the first domestically produced C-V2X enabled vehicle networking chip and chip-level SoC solution, collaborating with leading automakers like Changan, Dongfeng, and FAW for intelligent driving scenarios[39] - The company's vCDN solution has reduced related equipment CAPEX by 20% for operators through dynamic resource adjustment based on business demand[39] - The company's R&D efficiency model has improved code writing efficiency by 30% by assisting developers in tasks such as requirement analysis, product design, and coding[40] - The company's ZChain blockchain platform is the first in the industry to pass the "Trusted Blockchain Evaluation" for code self-research rate and domestic environment compatibility[41] - The company has developed over 1,000 Digital Nebula partners and created digital benchmark projects in 15 industries, including urban lifelines, water conservancy, and emergency response[42] - The company's 5G laser SLAM navigation AGV achieved large-scale application in a complex environment at the Lynk & Co Zhangjiakou factory, winning the national first prize in the 6th MIIT "Blooming Cup" competition[44] - The company has implemented 50+ projects with leading enterprises like Baowu Group, Ansteel Group, and State Power Investment Corporation, promoting digital transformation in the metallurgical steel industry[45] - The company has deployed 300+ projects nationwide in the mining sector, including the Zhongmei Shaanxi Da Haize Coal Mine 5G smart mining project, which won the 2023 GSMA 5G Energy Challenge Award[46] - The company assisted State Grid Shandong Electric Power in building China's first provincial-level 5G power demonstration network, which won the first prize in the 2023 World 5G Conference[47] - The company's urban lifeline solution, featuring the industry's only public-private integrated air-ground unmanned helicopter emergency communication solution, has been deployed in cities like Nanjing, Kunshan, and Changsha[50] R&D and Innovation - The company will continue to invest heavily in R&D for "connectivity + computing power" technologies, maintaining leading competitiveness in core products[8] - R&D expenses in 2023 were 25,289.2 million yuan, a year-on-year increase of 17.07%[69] - R&D expenses in 2023 reached 25,289.2 million yuan, a year-on-year increase of 17.07%, accounting for 20.35% of operating revenue, up 2.78 percentage points[71] - Total R&D investment in 2023 was 26,783.3 million yuan, a year-on-year increase of 14.34%, with the R&D investment to operating revenue ratio rising to 21.56%, up 2.51 percentage points[72] - The number of R&D personnel in 2023 was 35,393, a year-on-year decrease of 2.50%, but the proportion of R&D personnel to total employees increased to 49.09%, up 0.57 percentage points[72] Corporate Governance and Compliance - ZTE Corporation's 2023 annual financial report was audited by Ernst & Young Hua Ming LLP, which issued a standard unqualified audit opinion[2] - The company's 2023 annual report was approved at the 19th meeting of the 9th Board of Directors on March 8, 2024[2] - The report includes forward-looking statements about future plans and development strategies, which do not constitute substantive commitments to investors[2] - The report is prepared in both Chinese and English, with the Chinese version taking precedence in case of any discrepancies[2] - The report highlights the company's commitment to environmental and social responsibility, as well as corporate governance[3] - The company will strengthen its talent, compliance, and internal control strategies to build a high-resilience organization[9] - The company will integrate ESG principles throughout its operations and governance, aiming to bridge the digital divide and uphold its responsibility as a leading ICT enterprise[9] - The company has established a Compliance Management Committee to oversee compliance with laws and regulations that significantly impact its business and operations[118] - The company's Board of Directors consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors[112] - The company's Supervisory Board consists of five members, including two shareholder representatives and three employee representatives[112] - The company's board of directors consists of 9 members, including 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors, with 22% being female directors[159][161] - The board held 18 meetings in 2023, including 5 via teleconference and 13 via written resolution[163] - Key decisions in 2023 included approval of overseas project office leadership changes, asset sales, quarterly reports, and equity transfers in subsidiaries and affiliated companies[164] - The board's independent non-executive directors have professional qualifications and extensive experience in finance, law, and compliance[161] - The company has implemented a Board Diversity Policy, aiming to enhance diversity in gender, age, cultural background, and professional expertise[161] - The chairman and CEO roles are clearly separated, with the chairman responsible for board leadership and the CEO handling daily operations and management[162] - Board members have terms of 3 years, with independent non-executive directors limited to a maximum of 6 years[160] - The board ensures compliance with Hong Kong Stock Exchange Listing Rules and Corporate Governance Code[157] - The nomination committee reviewed the board's composition in 2023 and confirmed the current structure meets diversity requirements[161] - Board members attended all required meetings in 2023, with detailed records maintained for future reference[165] - The company held a total of 18 board meetings in 2023, with all directors attending the majority of meetings, except for Fang Rong and Zhuang Jiansheng, who each delegated attendance once[166] - Independent non-executive directors accounted for the majority of board committee members and served as conveners, actively participating in meetings and providing valuable insights[167] - Directors received ongoing professional development through training and seminars, with Li Zixue and Li Buqing attending external lectures on regulatory compliance and director responsibilities[168] - The company purchased directors' and officers' liability insurance to mitigate legal risks associated with their duties[169] - The Audit Committee held 6 meetings in 2023, reviewing financial reports, internal controls, and audit-related matters, and provided three review opinions on the company's financial statements[172][173] - The Audit Committee supervised the external audit process, holding three meetings with auditors to ensure timely progress and adherence to regulations[173] - The company's internal control and risk management systems were reviewed by the Audit Committee, with recommendations provided for improvement[173] - The Remuneration and Compensation Committee, consisting of 5 members, was responsible for setting and reviewing executive compensation and performance evaluation policies[174] - The Compensation and Assessment Committee held 4 meetings in 2023 to discuss and review senior management performance assessments, annual performance bonuses, and the 2020 stock option incentive plan[175] - The 2020 stock option incentive plan's second vesting period conditions were met, and adjustments were made to the number of exercisable options and participants, with some options being canceled[176] - The 2020 stock option incentive plan's third vesting period conditions were met, and adjustments were made to the number of exercisable options and participants, with some options being canceled[176] - The company's compensation policy for directors and senior management is determined based on their roles, performance, and the company's actual operating conditions[177] - The Nomination Committee held 1 meeting in 2023 to discuss board structure, diversity policies, and amendments to the Nomination Committee's working rules[179] - The Export Compliance Committee held 4 meetings in 2023 to discuss and review export compliance matters[182] - The company's independent directors held their first meeting in 2023 to review and approve daily related-party transactions for procurement, sales, and leasing[184] - The Supervisory Board held 7 meetings in 2023 to oversee the company's operations, financial status, stock option incentive plan, related-party transactions, and the performance of directors and senior management[185] Shareholder Information and Equity Structure - The company has a total of 403,259 shareholders as of December 31, 2023, with 402,955 A-share holders and 304 H-share holders[133] - As of February 29, 2024, the total number of shareholders increased to 476,911, with 476,607 A-share holders and 304 H-share holders[133] - The top 10 shareholders hold unrestricted shares, with the largest shareholder, ZTE New Communication Co., Ltd., holding 20.09% of the shares[134] - ZTE New Communication Co., Ltd. reduced its holdings by 46.9 million shares in 2023[134] - Hong Kong Securities Clearing Company Limited holds 15.73% of the shares, making it the second-largest shareholder[134] - The third-largest shareholder, Hong Kong Securities Clearing Company Limited (A-shares), increased its holdings by 11,034,954 shares in 2023[134] - The National Social Security Fund 113 Portfolio holds 0.95% of the shares, with a reduction of 22,011,136 shares in 2023[134] - The Central Huijin Asset Management Co., Ltd. holds 0.88% of the shares, with no change in holdings in 2023[134] - The Basic Pension Insurance Fund 802 Portfolio holds 0.66% of the shares, with a reduction of 16,304,780 shares in 2023[134] - The National Social Security Fund 110 Portfolio increased its holdings by 21,628,521 shares in 2023, holding 0.45% of the shares[134] - Total share capital increased by 47,139,044 shares to 4,783,251,552 shares due to the exercise of stock options[142][144] - BlackRock, Inc. holds 52,932,651 H-shares, representing 1.11% of total shares and 7.01% of H-shares[140] - Capital Research and Management Company holds 38,410,000 H-shares, representing 0.80% of total shares and 5.08% of H-shares[140] - The top five shareholders each hold 958,940,400 A-shares, representing 20.05% of total shares and 23.81% of A-shares[140] - Unlimited sale condition shares increased by 47,139,044 shares to 4,782,523,309 shares, accounting for 99.98% of total shares[142] - Restricted shares remained unchanged at 728,243 shares, accounting for 0.02% of total shares[142] - The company issued ultra-short-term financing bonds during the reporting period[144] - No changes in restricted shares for directors and senior management, totaling 728,243 shares[143] - The company has no internal employee shares or preferred shares[144] - The company's public shareholding meets the minimum requirements of the Hong Kong Stock Exchange Listing Rules[145] - Shareholders holding more than 10% of the company's shares can request or convene an extraordinary general meeting[145] - Shareholders holding more than 3% of the company's shares can propose temporary motions for the general meeting[145] Strategic Plans and Future Outlook - The company's overall operations remained stable and resilient in 2023, with continuous improvement in operational quality, despite facing challenges beyond growth[8] - The company plans to accelerate the expansion from connectivity to computing power, solidifying its position as a core supplier[8] - In 2024, the company aims to focus on strategic opportunities in digitalization, intelligence, and low-carbon technologies, while strengthening innovations in 5G-A, all-optical networks, computing infrastructure, AI large models, and 5G new applications[8] - The company will prioritize growth in 2024, enhancing existing markets, exploring new markets, and seizing variable opportunities, with a focus on improving the competitiveness of connectivity products and rapidly scaling up computing power-related businesses[9] - The company will deepen digital transformation and process optimization to improve overall operational and business flow efficiency[9] - The company will align with national high-quality development strategies, contributing to the global digital economy while creating value for customers, employees, shareholders, and society[9] - The company plans to accelerate the development of its second-curve business, focusing on computing power and AI-driven technologies[122]

中兴通讯（000063.SZ）2023年报点评 业绩稳健增长，算力全栈部署激发未来潜力 2024年03月09日 [T able_Author] 分析师：马天诣 执业证号：S0100521100003 邮箱：matianyi@mszq.com ➢ 事件: 2024 年 3 月 8 日，公司发布 2023 年报，2023 年公司实现营收 推荐 维持评级 1242.51亿元，同比增长1.05%；实现归母净利润93.26亿元，同比增长15.41%； 当前价格： 30.18元 实现扣非归母净利润74.00亿元，同比增长19.99%。23Q4公司实现营业收入 348.6亿元，同比增长14.68%；实现归母净利润14.85亿元，同比增长17.80%。 2023年度拟派发现金分红总额占归母净利润比例达35%。 ➢ 主营业务稳健经营，盈利能力显著提升。 相关研究 1.中兴通讯（000063.SZ）2023 年三季报点 收入侧：稳健经营主要支撑来自于运营商网络，Q4收入利润实现两位数增长。 评：稳健发展凸显韧性，毛利率持续提升-20 运营商网络营业收入827.59亿元，同比增长3.40%，主要由于无线产品、有线 23/10/26 ...

证券代码（A/H）：000063/763 证券简称(A/H)：中兴通讯 公告编号：202412 为了促进集团业务的顺利开展，公司及其子公司 2024 年度拟为子公司提供 合计不超过 4.15 亿美元担保额度，占公司 2023 年 12 月 31 日经审计的归属于上 市公司普通股股东净资产的 4.33%。 （一）公司为子公司提供担保额度的情况 公司2024年拟为3家子公司提供合计不超过3亿美元履约担保额度，用于销售 类项目。具体如下： 1、担保人：中兴通讯股份有限公司 2、被担保人：中兴通讯（孟加拉）有限公司、中兴通讯（泰国）有限公司、中 兴通讯印度尼西亚有限责任公司。被担保人情况及基本财务数据请见附录。 中兴通讯股份有限公司 关于二〇二四年度拟为子公司提供担保额度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 中兴通讯股份有限公司（简称"公司"或"中兴通讯"）于2024年3月8日召 开第九届董事会第十九次会议，审议通过公司及其子公司2024年度拟为子公司提 供合计不超过4.15亿美元担保额度。根据《上市公司监管指引第8号——上市公司 资金往来、对外担保 ...

中兴通讯 2023 年度可持续发展报告 中兴通讯 2023 年度可持续发展报告 2024 年 3 月 1 / 91 | | | | 关于本报告 4 | | --- | | CEO 致辞 5 | | COO 致辞 6 | | 中兴通讯的 2023 8 | | 关于中兴通讯 8 | | 数说中兴通讯 2023 年 8 | | 奖项与认可 9 | | 可持续发展战略与管理 10 | | 可持续发展战略与治理 10 | | 实质性议题分析 11 | | 目标与年度进展 13 | | 利益相关方沟通与参与 15 | | 行稳致远，追求高质量增长 18 | | 强化治理，防范新兴风险 18 | | 稳步推进公司治理 18 | | 充分防控经营风险 19 | | BCM 强化企业韧性 20 | | 税务管理合规透明 21 | | 合规经营，保障业务稳健 23 | | 强化合规运营管理 23 | | 坚决遏制腐败贿赂 26 | | 稳固出口管制合规 28 | | 数据安全隐私保护 29 | | 完善强化举报体系 30 | | 以人为本，支持员工进步 32 | | 保障员工职场权益 32 | | 打造人才发展机制 36 | | ...