ZTE(000063) 每日经济新闻·2025-04-29 13:12Core Viewpoint - The telecommunications industry is shifting focus from 5G infrastructure to AI infrastructure investment, with companies like ZTE Communications aiming to capitalize on growth opportunities in the AI era [1][2]. Group 1: AI and Infrastructure Investment - ZTE Communications is transitioning from a fully connected model to a "connection + computing power" model, anticipating significant growth driven by AI over the next 3 to 5 years [1][2]. - IDC predicts that the global AI market will exceed $800 billion by 2028, with a compound annual growth rate (CAGR) of over 32%, prompting major internet companies and operators to increase investments in computing infrastructure [1]. Group 2: Revenue and Business Segments - In 2024, ZTE Communications expects a 2.38% year-on-year decline in revenue due to the overall investment environment, but the company is optimistic about returning to growth driven by AI [2]. - The revenue from ZTE's second curve business, which includes computing and terminals, accounted for over 35% in Q1, while the enterprise business revenue doubled, making up over 20% [2]. Group 3: Shift in Revenue Sources - The operator network, previously ZTE's highest revenue source, saw a 15.02% decline in revenue to 703.27 billion yuan in the previous year, influenced by the domestic investment environment [3]. - By 2024, the operator business's revenue share is projected to decrease to 57.98%, while consumer business revenue will rise to 26.72%, and enterprise business revenue will reach 15.3% [3]. Group 4: Growth in Enterprise Business - The surge in AI adoption is driving demand for intelligent computing, with intelligent computing servers becoming a core growth engine for ZTE [4]. - The company anticipates significant growth in the enterprise market, driven by the digitalization needs of industries like short video and live streaming [4]. Group 5: Strategic Focus on Key Industries - ZTE is targeting major clients in the internet, finance, and power sectors, with significant investments in AI infrastructure from leading companies like Alibaba, which plans to invest 380 billion yuan over three years [5]. - The company has adopted a "large enterprise-small team" model to enhance responsiveness to clients, integrating R&D, supply chain, and sales resources [5]. Group 6: Consumer Business Challenges and Strategies - ZTE's consumer business, including smartphones, is viewed as a core growth area, with over 26% of total revenue coming from this segment last year [8]. - The company plans to increase investment in mobile phones, focusing on brand and channel development, and enhancing product competitiveness through collaboration with AI technology firms [9].