ZTE(000063) 开源证券·2024-03-09 16:00Investment 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]