External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>ZTE released 3Q24 results. 3Q revenue was RMB27.6bn, down 3.9% YoY and 13.6% QoQ. GPM was 40.4% in 3Q24 (vs. 39.0%/44.6% in 2Q24/3Q23).</li><li>NP was RMB2.2bn, down 8.2% YoY and 27.3% QoQ. The decline was mainly due to lower telecom spending in China (~5% decrease in domestic telcos’ capex in 2024) and the delayed progress in ZTE’s AI servers.</li><li>Looking forward, we expect the company’s overall growth to be flat this year and grow 8.2% in 2025E, driven by double-digit growth in overseas carrier/consumer/enterprise &amp; gov’t segments, partially offset by domestic telecom weakness.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ZTE released 3Q24 results. 3Q revenue was RMB27.6bn, down 3.9% YoY and 13.6% QoQ. GPM was 40.4% in 3Q24 (vs. 39.0%/44.6% in 2Q24/3Q23).NP was RMB2.2bn, down 8.2% YoY and 27.3% QoQ. The decline was mainly due to lower telecom spending in China (~5% decrease in domestic telcos’ capex in 2024) and the delayed progress in ZTE’s AI servers.Looking forward, we expect the company’s overall growth to be flat this year and grow 8.2% in 2025E, driven by double-digit growth in overseas carrier/consumer/enterprise &amp; gov’t segments, partially offset by domestic telecom weakness.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ZTE (763 HK) - Stable GPM Despite Domestic Telecom Headwinds

<ul><li>ZTE’s announced 1H24 results. Revenue increased by 2.9% YoY to RMB62.5bn, while net profit grew by 4.8% YoY to RMB5.7bn in 1H24.</li><li>Despite the headwinds from declining capex of domestic telcos for ZTE’s carrier business, non-carrier businesses managed to grew double-digits (14.3% and 56.1% YoY growth in consumer and gov’t/enterprise segments).</li><li>On a quarterly basis, Q2 revenue increased by 1.1% YoY / 4.4% QoQ, while net profit increased by 5.7% YoY / 9.1% QoQ. GPM declined sequentially to 39%, mainly due to unfavorable product mix (i.e., lower contribution from high-margin carrier segment). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ZTE’s announced 1H24 results. Revenue increased by 2.9% YoY to RMB62.5bn, while net profit grew by 4.8% YoY to RMB5.7bn in 1H24.Despite the headwinds from declining capex of domestic telcos for ZTE’s carrier business, non-carrier businesses managed to grew double-digits (14.3% and 56.1% YoY growth in consumer and gov’t/enterprise segments).On a quarterly basis, Q2 revenue increased by 1.1% YoY / 4.4% QoQ, while net profit increased by 5.7% YoY / 9.1% QoQ. GPM declined sequentially to 39%, mainly due to unfavorable product mix (i.e., lower contribution from high-margin carrier segment). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>ZTE announced 1H24 results. Revenue increased by 2.9% YoY to RMB62.5bn, while net profit grew by 4.8% YoY to RMB5.7bn in 1H2.</li><li>Despite the headwinds from declining capex of domestic telcos for ZTE’s carrier business, non-carrier businesses managed to grew double-digits (14.3% and 56.1% YoY growth in consumer and govt/enterprise segments).</li><li>On a quarterly basis, 2Q24 revenue increased by 1.1% YoY / 4.4% QoQ, while net profit increased by 5.7% YoY / 9.1% QoQ.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ZTE announced 1H24 results. Revenue increased by 2.9% YoY to RMB62.5bn, while net profit grew by 4.8% YoY to RMB5.7bn in 1H2.Despite the headwinds from declining capex of domestic telcos for ZTE’s carrier business, non-carrier businesses managed to grew double-digits (14.3% and 56.1% YoY growth in consumer and govt/enterprise segments).On a quarterly basis, 2Q24 revenue increased by 1.1% YoY / 4.4% QoQ, while net profit increased by 5.7% YoY / 9.1% QoQ.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<li>This is the Brand Spanking New and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see the relationships easily. We used to do it. </li>
<li>We decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. </li>
<li>We hope this new version serves readers even better. Feedback is actively solicited to see if we can improve it from here. </li>
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This is the Brand Spanking New and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see the relationships easily. We used to do it. 
We decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. 
We hope this new version serves readers even better. Feedback is actively solicited to see if we can improve it from here. 


The Brand Spanking New Extra Spiffy 🦄H/A-Share Discount/Premium Weekly (As of 11 Aug 2023)

<ul><li>ZTE released its FY23 results. Revenue grew by 1.1% YoY to RMB124bn, in line with consensus and 3% higher than our forecast.</li><li>Net profit increased by 15.4% YoY to RMB9.3bn, 5% lower than consensus and in line with our forecasts.</li><li>Gross margin for 2023 was 41.5%, representing a 434bps increase from FY22. NPM showed a similar trend, reaching 7.5% in FY23 from 4.2%/5.9%/6.6% in FY20-22.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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% YoY to RMB9.3bn, 5% lower than consensus and in line with our forecasts.Gross margin for 2023 was 41.5%, representing a 434bps increase from FY22. NPM showed a similar trend, reaching 7.5% in FY23 from 4.2%/5.9%/6.6% in FY20-22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ZTE (000063 CH) - Improved Margins in 2023

China

ZTE Corporation develops and markets switches, access servers, videoconferencing systems, mobile communication systems, data communication devices, and optical communication devices.  The Company also offers networking solutions for setup, refurbishment and optimization of networks.

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Zte Corp A (000063 CH)

ZTE (763 HK) - Stable GPM Despite Domestic Telecom Headwinds

ZTE released 3Q24 results. 3Q revenue was RMB27.6bn, down 3.9% YoY and 13.6% QoQ. GPM was 40.4% in 3Q24 (vs. 39.0%/44.6% in 2Q24/3Q23).

CMB International

ZTE (000063 CH) - Mixed 1H24 Results

ZTE’s announced 1H24 results. Revenue increased by 2.9% YoY to RMB62.5bn, while net profit grew by 4.8% YoY to RMB5.7bn in 1H24.

CMB International

ZTE (763 HK) - Mixed 1H24 Results

The stock is currently trading at 7x 2024E P/E, 1-SD below its 3-year historical avg. Maintain BUY rating with adjusted TP at HK$22.17.

CMB International

ZTE (000063 CH) - Improved Margins in 2023

ZTE released its FY23 results. Revenue grew by 1.1% YoY to RMB124bn, in line with consensus and 3% higher than our forecast.

CMB International

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ZTE (763 HK) - Stable GPM Despite Domestic Telecom Headwinds

ZTE released 3Q24 results. 3Q revenue was RMB27.6bn, down 3.9% YoY and 13.6% QoQ. GPM was 40.4% in 3Q24 (vs. 39.0%/44.6% in 2Q24/3Q23).

CMB International

ZTE (000063 CH) - Mixed 1H24 Results

ZTE’s announced 1H24 results. Revenue increased by 2.9% YoY to RMB62.5bn, while net profit grew by 4.8% YoY to RMB5.7bn in 1H24.

CMB International

ZTE (763 HK) - Mixed 1H24 Results

The stock is currently trading at 7x 2024E P/E, 1-SD below its 3-year historical avg. Maintain BUY rating with adjusted TP at HK$22.17.

CMB International

The Brand Spanking New Extra Spiffy 🦄H/A-Share Discount/Premium Weekly (As of 11 Aug 2023)

Quiddity's New & Improved And Really Quite Spiffy H/A Discount Monitor. All the H/A Pairs, universe & sector metrics, with interactive tables and...

Travis Lundy

ZTE (000063 CH) - Improved Margins in 2023

ZTE released its FY23 results. Revenue grew by 1.1% YoY to RMB124bn, in line with consensus and 3% higher than our forecast.

CMB International