External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

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><p><em>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.</em></p>

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

ZTE Corp H

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