大华继显发布研报称，维持中兴通讯(00763)“持有”评级，H股目标价由19港元上调至26.5港元。公司2024财年第四季业绩表现再次低于该行及市场预期，收入同比下降10.3%，盈利同比暴跌65.1%。

大华继显指出，中兴通讯2024财年第四季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。该行预计，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。

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;运营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。

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