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Citi: ZTE (00763.HK) 1Q Revenue In Line; Net Profit Misses
Recommend 9 Positive 17 Negative 9 |
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Citi said in a research report that ZTE (00763.HK) recorded 1Q revenue of RMB35 billion, up 6% YoY and 3% above market expectations. However, gross margin declined 6 ppts YoY to 28.3% due to product mix, 2.7 ppts below market forecasts, partly offset by a 12% drop in operating expenses. Operating profit fell 13% YoY to RMB1.6 billion, 22% below market expectations. Citi expects ZTEs revenue growth to be driven by new initiatives such as AI servers, other computing power-related products and consumer businesses, which should offset weakness in its telecommunications network business. The broker maintained a Neutral rating with a TP of HKD25.4. (ec/a) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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