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中兴通讯：A defensive play with long runway for growth

admin2023-10-10 16:30 50人已围观 下载完整内容

简介中兴通讯(000063)ZTE’srecentupdateonAI-relateddevelopment:Atarecentinvestorrelationse

中兴通讯(000063)

ZTE’srecentupdateonAI-relateddevelopment:Atarecentinvestorrelationsevent,theCompanyshedlightonitsprogressinAIdevelopmentfortheB2Bsector.TheCompanyfeaturedafoundationalAImodel,aR&Dmodel(AI-assistedprogramming),atelecommodel(streamlinetelecomcarriers’operations),andanindustry-specificmodel(focusingonurbangovernance)aimedtoberolledoutbetweenyear-endandearly2024.CapitalizingontheAImomentumspurredbyChatGPTin1H23,theCompanyissettodebutnewcomputationalproductsandisontracktolaunchanAIserver,specificallyengineeredforintensivemodeltraining.

Weobserverisingpopularityofsatellitecommunication,asHuawei’sMate60Procouldsupportsatellitecalling.ZTE'sAxon50Ultracanalsofacilitatetwo-waycommunication(messages)viatheBeiDousatellitesystem.Inarecentmilestone,ZTEpartneredwithChinaTelecom,UNISOCandVivoandachievedthefirst-everdomestic5GNTN(non-terrestrialnetwork)fieldtestinChina.Thisaccomplishmentsignifiesthesuccessfulestablishmentofabi-directionalconnectionfor5GNTNmobilephones,directlylinkedtosatellitesinareal-worldsetting.WebelieveZTEwillbeakeybeneficiaryinthismarket,consideringmoreconsumerelectronicswillbeequippedwithsatellitecommunications.

5Gto6G,intothenextchapter:Withincreasinginterestinsatellitecommunications,themarketiswaitingfortheprogressof6Gdevelopment.CAICTpredictedthatthenumberof6Gterminalconnectionsofvarioustypeswillincreasebymorethan30timescomparedto2022,andtheaveragemonthlytrafficwillincreasebymorethan130times,whichwillsignificantlydrivethedemandfortelecommunicationequipment.GivenZTE’sstrongpresenceintherelevantfields,itiswell-positionedtoextenditsleadershipintothe6Gcompetition.

H-share:maintainBUYwithunchangedTPofHK$29.4.WeupdateTPofAsharetoRMB39.5basedon16.5x(3-yearavg.)rolloverFY24EP/E.MaintainBUY.Currently,theCompanyisexperiencingsteadygrowth,markedbyacontinuousincreaseinmarketshareandanoticeableenhancementingrossprofitmargins.Keyareasoffocusinclude:1)theCompany'sprogressintheservermarket,especiallyforAIservers,2)thedevelopmentandcommercializationprogressoffoundationallargemodelsintheirv2.0iteration,3)R&Deffortsinsatellitecommunication,aswellasinvestmentopportunitiesinrelatedindustrychains,and4)thelatestdevelopmentintherealmof6G.PotentialrisksincludeChina-UStradetensions,additionalcomponentrestriction/technologyban,and5Gdeploymentdelays.

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