Hua Yuan Securities: First gives ZTE "buy" rating, company accelerates transformation towards "connection + computing power"

Huayuan Securities research report pointed out that ZTE is a global leading provider of comprehensive information and communication technology solutions. With the gradual platform period of 5G network construction, the company is accelerating its transformation towards "Connectivity + Computing Power". In the first half of 2025, the company achieved a revenue of 71.553 billion yuan, an increase of 14.51% year-on-year. Among them, revenue from government and enterprise business represented by servers and storage products doubled, and the company's performance is expected to return to a growth trajectory. Considering that the company is the fourth largest communication equipment supplier in the world, the basic network business of operator networks is solid, the second growth curve formed by computing power and terminal business is evident, and the self-developed underlying core technology is covered for the first time, the stock is rated as "Buy".