ZTE(000063) 甬兴证券·2025-04-25 12:07Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company's revenue has returned to a growth trajectory, achieving an operating income of 32.97 billion yuan in Q1 2025, a year-on-year increase of 7.8%. However, the net profit attributable to the parent company decreased by 10.5% to 2.45 billion yuan, and the non-recurring net profit fell by 26.14% to 1.96 billion yuan [1] - The strategic upgrade focusing on connectivity and computing power is showing initial results, with over 35% of revenue coming from the second curve business, and the government and enterprise business revenue doubling year-on-year, accounting for over 20% [1][2] - The company has solidified its market position in the connectivity sector through continuous technological innovation, maintaining a leading position in both wireless and wired products while increasing its market share among overseas operators [1] Revenue and Profit Forecast - The company is expected to see continued growth in AI computing power business, with projected net profits for 2025, 2026, and 2027 being 8.895 billion yuan, 10.117 billion yuan, and 12.858 billion yuan respectively [3] - Revenue forecasts for 2025, 2026, and 2027 are 129.833 billion yuan, 144.313 billion yuan, and 161.029 billion yuan, reflecting growth rates of 7.0%, 11.2%, and 11.6% respectively [5]