标题：ZTE 2015 Annual Results and Event Comments：Set on new journey after recording turnover of over Rmb100bn in 2015
发布日期：2016-04-12 7:17:46
内容： Event: The Company announced its 2015 results, registering turnover ofRmb100.19bn (+23% YoY) and net profit attributable to shareholders ofRmb3.21bn (+21.8%). In addition, it announced to resuming trading ofits shares since Apr 7th 2016 while continuing cooperating with the USgovernment probe. Comments: Revenue exceeded Rmb100bn and profit grew robustly The key to robust profit growth was successful execution of itsM-ICT strategy To lead China’s independent R&D in telecom technologies infuture with the “export restriction” largely resolved Set on new journey again on senior management reshuffle Risks: expiry of the temporary export license granted by the US, less than expected CAPEX by telecomcarriers. Reiterate BUY. The Company staged outstanding performance in 2015, reflecting initial result of itsstrategies. In addition, it will continue benefiting from CAPEX by global telecom carriers or CAPEX IN inInternet infrastructure by Internet companies amid mounting data consumption in future. In the short term,Chinese carriersˇ cutting CAPEX has weighted down on it while in the mid to long term, we are firmlyoptimistic about it on development of emerging businesses. We trim its 2016/17E EPS estimates to Rmb0.94/1.07 from Rmb1.05/1.11 and forecast its 2018E EPS to be Rmb1.17. Reiterate the TP of Rmb24and our BUY rating.
发布日期：2016-04-12 7:17:46
内容： Event: The Company announced its 2015 results, registering turnover ofRmb100.19bn (+23% YoY) and net profit attributable to shareholders ofRmb3.21bn (+21.8%). In addition, it announced to resuming trading ofits shares since Apr 7th 2016 while continuing cooperating with the USgovernment probe. Comments: Revenue exceeded Rmb100bn and profit grew robustly The key to robust profit growth was successful execution of itsM-ICT strategy To lead China’s independent R&D in telecom technologies infuture with the “export restriction” largely resolved Set on new journey again on senior management reshuffle Risks: expiry of the temporary export license granted by the US, less than expected CAPEX by telecomcarriers. Reiterate BUY. The Company staged outstanding performance in 2015, reflecting initial result of itsstrategies. In addition, it will continue benefiting from CAPEX by global telecom carriers or CAPEX IN inInternet infrastructure by Internet companies amid mounting data consumption in future. In the short term,Chinese carriersˇ cutting CAPEX has weighted down on it while in the mid to long term, we are firmlyoptimistic about it on development of emerging businesses. We trim its 2016/17E EPS estimates to Rmb0.94/1.07 from Rmb1.05/1.11 and forecast its 2018E EPS to be Rmb1.17. Reiterate the TP of Rmb24and our BUY rating.
