Improved margins in 2023
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2024-06-13 11:14:38
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PLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGEMOREREPORTSFROMBLOOMBERG:RESPCMBR<GO>ORhttp://www.cmbi.com.hk1MN11Mar2024CMBInternationalGlobalMarkets|EquityResearch|CompanyUpdateZTE(000063CH)Improvedmarginsin2023ZTEreleaseditsFY23results.Revenuegrewby1.1%YoYtoRMB124bn,inlinewithconsensusand3%higherthanourforecast.Netprofitincreasedby15.4%YoYtoRMB9.3bn,5%lowerthanconsensusandinlinewithourforecasts.Grossmarginfor2023was41.5%,representinga434bpsincreasefromFY22.NPMshowedas
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