大华继显发表研报指，中兴通讯(00763.HK) 2024财年第四季业绩表现再次低于该行及市场预期，收入按年下降10.3%，盈利按年暴跌65.1%。虽然海外及政府与企业业务的增长依然强劲，但利润率受到冲击，尤其是政府与企业业务，主要由于产品组合的持续转变。
大华继显预计，中国国内电信资本开支将保持疲弱，而中兴通讯的营运开支可能保持稳定。大华继显维持对中兴通讯的“持有”评级，H股目标价由19元上调至26.5元。
另外，大华继显将中兴通讯2025及2026财年的净利润预测，分别下调8.4%及6.4%。主要考虑到政府与企业及消费业务的收入预测提高；营运商网络业务的收入预测降低；因政府与企业业务产品组合变化导致的利润率假设降低；以及营运费用减少，对营运开支比率实施更严格的控制。(js/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-03 12:25。)
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