理解市場 | 中興通訊再跌近 5% 高毛利率運營商業務下滑 富瑞稱第三季業績遠遜預期
ZTE's stock price fell nearly 5% again, down 4.68% as of the time of writing, at HKD 33.42, with a trading volume of HKD 789 million. The company's operating revenue for the first three quarters was CNY 100.52 billion, an increase of 11.63% year-on-year; net profit was CNY 5.322 billion, a decrease of 32.69% year-on-year. In the third quarter, operating revenue was CNY 28.97 billion, an increase of 5% year-on-year, and net profit attributable to the parent company was CNY 264 million, a decrease of 88% year-on-year. According to a report by Jefferies, revenue, core operating profit, and net profit for the third quarter of 2025 are expected to increase by 5%, decrease by 115%, and decrease by 88% year-on-year, respectively, with gross margin dropping from 40% to 26%
According to the Zhitong Finance APP, ZTE Corporation (00763) has fallen nearly 5% again, with a drop of 4.68% as of the time of writing, priced at HKD 33.42, with a transaction volume of HKD 789 million.
In terms of news, ZTE Corporation released its performance for the first three quarters, reporting an operating income of CNY 100.52 billion, an increase of 11.63% year-on-year; net profit of CNY 5.322 billion, a decrease of 32.69% year-on-year. In terms of single quarters, the company achieved an operating income of CNY 28.97 billion in the third quarter, an increase of 5% year-on-year, with a net profit attributable to the parent company of CNY 264 million, a decrease of 88% year-on-year. Huatai Securities believes that the decline in profit is mainly due to the year-on-year decline in the company's high-margin operator business revenue and its reduced proportion, while the revenue structure is leaning towards low-margin computing power business.
Credit Suisse released a research report stating that ZTE's revenue, core operating profit, and net profit for the third quarter of 2025 are expected to increase by 5% year-on-year, but decrease by 115% and 88% respectively, significantly lower than market expectations. The gross profit margin fell from 40% to 26% year-on-year, leading to a 33% decline in gross profit. This is due to delays in the delivery of telecommunications equipment, causing some operator revenue to be deferred from the third quarter to the fourth quarter, as well as weak telecommunications demand. Therefore, the bank expects the gross profit margin to improve in the fourth quarter. However, overall, as Chinese telecommunications companies further cut capital expenditures, high-profit telecommunications revenue may see a double-digit decline in 2025. The bank does not see new business areas (servers, switches) providing sufficient offsets
