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<Research>Citi Trims ZTE (00763.HK) TP to $25.4, Keeps Neutral Rating
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ZTE (00763.HK) reported FY2025/ 4Q25 revenues of RMB133.9 billion/ RMB33.4 billion each, largely in line with expectations, Citi Research issued a research report saying. However, net profit was RMB5.6 billion/ RMB296 million, missing forecasts, mainly due to a decline in gross margins by 7.7/ 1.3 ppts to 30.3%/ 29.4%, respectively. Key highlights include the decline in the carrier business exceeded the broker's estimation, with the carrier business expected to continue declining in 2026, mainly due to reduced capital expenditure by domestic operators, partially offset by growth in international carrier business; and the expansion of overseas smartphone sales was a growth driver for consumer business in 2025, potentially improving its product mix in 2026, etc.. Therefore, Citi Research trimmed its target price for ZTE from $29.2 to $25.4, with rating kept at Neutral. AASTOCKS Financial News Website: www.aastocks.com |
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