Financials ZTE Corporation

Equities

000063

CNE000000TK5

Communications & Networking

End-of-day quote Shenzhen S.E. Other stock markets 13/06/2025			5-day change	1st Jan Change
31.48 ^CNY	-1.44%		-2.57%	-22.08%

13/06	Nubia Partners with Twitch Rivals At Twitchcon Europe 2025	CI
06/06	Blackrock, Inc's Long Position In H-Shares Of ZTE Decreases To 5.89% - HKEX	RE

Projected Income Statement: ZTE Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,01,451	1,14,522	1,22,954	1,24,251	1,21,299	1,32,429	1,44,685	1,51,407
Change	-	12.88%	7.36%	1.05%	-2.38%	9.18%	9.25%	4.65%
EBITDA ¹	9,036	12,859	12,853	14,098	13,880	14,050	14,895	15,605
Change	-	42.31%	-0.04%	9.68%	-1.55%	1.23%	6.01%	4.77%
EBIT ¹	5,471	8,676	8,795	9,172	9,342	9,290	10,758	11,348
Change	-	58.59%	1.37%	4.29%	1.85%	-0.56%	15.8%	5.49%
Interest Paid ¹	-420.5	-962.9	-163.2	1,101	-264.6	-140.5	-1,522	-366
Earnings before Tax (EBT) ¹	5,064	8,499	8,752	10,203	9,230	9,875	11,176	11,470
Change	-	67.82%	2.97%	16.59%	-9.54%	7%	13.17%	2.64%
Net income ¹	4,260	6,813	8,080	9,326	8,425	8,879	10,102	10,321
Change	-	59.94%	18.6%	15.41%	-9.66%	5.39%	13.77%	2.16%
Announcement Date	22/01/21	08/03/22	10/03/23	08/03/24	28/02/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	25,715	26,930	27,321	26,242	26,829	30,754	30,696	27,930	31,888	32,741	30,395	29,143	31,562	28,689	34,857	30,578	31,909	27,557	31,254	32,968	35,309	33,044	36,420	35,426	37,310	32,222	36,545
Change	-	4.73%	1.45%	-3.95%	2.24%	14.63%	-0.19%	-9.01%	14.17%	2.67%	-7.16%	-4.12%	8.3%	-9.1%	21.5%	-12.28%	4.35%	-13.64%	13.41%	5.48%	7.1%	-6.41%	10.22%	-2.73%	5.32%	-13.64%	13.42%
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,458	2,671	1,948	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8.66%	-27.06%	-	-	-	-
EBIT ¹	-	-	1,218	2,563	1,912	2,157	973.3	2,423	2,844	2,516	1,240	3,113	2,463	2,674	868.8	3,006	2,576	1,725	793.7	2,913	2,288	2,691	1,901	2,273	-	-	-
Change	-	-	-	110.5%	-25.41%	12.82%	-54.88%	148.95%	17.38%	-11.55%	-50.71%	151.03%	-20.88%	8.58%	-67.51%	246.01%	-14.32%	-33.01%	-54%	267.02%	-21.47%	17.65%	-29.36%	19.57%	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	141.3	-	-	73.54	-	-63.79	-110.1	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	845.8	-	-	2,300	1,240	3,089	2,970	2,402	1,742	3,207	3,070	2,247	705.2	2,928	2,718	2,489	2,794	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-46.08%	149.13%	-3.87%	-19.12%	-27.49%	84.11%	-4.25%	-26.81%	-68.62%	315.23%	-7.18%	-8.43%	12.25%	-	-	-	-
Net income ¹	1,077	-	1,655	-	1,897	1,774	960	-	-	2,254	1,260	2,642	2,830	2,369	1,485	2,741	2,991	2,174	518.4	2,453	2,718	2,800	629.4	2,902	-	-	-
Change	-	-	-	-	-	-6.47%	-45.89%	-	-	-	-44.09%	109.65%	7.1%	-16.29%	-37.33%	84.63%	9.14%	-27.33%	-76.15%	373.23%	10.8%	3%	-77.52%	361.05%	-	-	-
Announcement Date	28/08/20	28/10/20	22/01/21	28/04/21	27/08/21	25/10/21	08/03/22	25/04/22	26/08/22	26/10/22	10/03/23	21/04/23	18/08/23	23/10/23	08/03/24	25/04/24	16/08/24	21/10/24	28/02/25	22/04/25	-	-	-	-	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020 S2	2021 S1	2021 S2	2022 S2	2023 S2	2024 S1	2024 S2
Net sales ¹	54,251	53,071	61,451	63,136	63,546	62,487	58,812
Change	-	-2.18%	15.79%	2.74%	0.65%	-1.67%	-5.88%
EBITDA	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-
EBIT ¹	-	-	-	3,528	4,156	-	3,065
Change	-	-	-	-	17.8%	-	-
Charge d'intérêts	212.3	-	-	140.5	-	-	-
Earnings before Tax (EBT) ¹	2,223	5,527	2,972	3,540	4,144	-	2,952
Change	-	148.61%	-46.23%	19.11%	17.06%	-	-
Net income ¹	2,402	4,079	-	3,514	3,854	5,732	2,692
Change	-	69.77%	-	-	9.65%	48.76%	-53.03%
Announcement Date	22/01/21	27/08/21	08/03/22	10/03/23	08/03/24	16/08/24	28/02/25

¹CNY in Million

Estimates

Forecast Balance Sheet: ZTE Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-382	-10,881	-10,596	-28,407	13,798	5,193	8,494	7,347
Change	-	-2,748.43%	2.62%	-168.09%	148.57%	-62.36%	63.57%	-13.5%
Announcement Date	22/01/21	08/03/22	10/03/23	08/03/24	28/02/25	-	-	-

¹CNY in Million

Estimates

Cash Flow Forecast: ZTE Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	6,462	5,466	4,928	4,005	3,479	5,060	4,697	4,637
Change	-	-15.42%	-9.84%	-18.73%	-13.12%	45.45%	-7.18%	-1.27%
Free Cash Flow (FCF) ¹	3,770	10,258	2,650	13,401	8,001	5,745	9,490	6,108
Change	-	172.06%	-74.17%	405.71%	-40.3%	-28.19%	65.19%	-35.64%
Announcement Date	22/01/21	08/03/22	10/03/23	08/03/24	28/02/25	-	-	-

¹CNY in Million

Estimates

Forecast Financial Ratios: ZTE Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	8.91%	11.23%	10.45%	11.35%	11.44%	10.61%	10.29%	10.31%
EBIT Margin (%)	5.39%	7.58%	7.15%	7.38%	7.7%	7.02%	7.44%	7.5%
EBT Margin (%)	4.99%	7.42%	7.12%	8.21%	7.61%	7.46%	7.72%	7.58%
Net margin (%)	4.2%	5.95%	6.57%	7.51%	6.95%	6.7%	6.98%	6.82%
FCF margin (%)	3.72%	8.96%	2.16%	10.79%	6.6%	4.34%	6.56%	4.03%
FCF / Net Income (%)	88.51%	150.56%	32.8%	143.7%	94.96%	64.7%	93.94%	59.18%
Profitability
ROA	2.92%	4.27%	4.62%	4.88%	4.13%	4.12%	4.3%	4.25%
ROE	10.18%	14.49%	14.66%	15.19%	11.97%	11.29%	11.26%	10.99%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	0.99x	0.61x	0.08x	-
Debt / Free cash flow	-	-	-	-	1.72x	1.55x	0.13x	-
Capital Intensity
CAPEX / Current Assets (%)	6.37%	4.77%	4.01%	3.22%	2.87%	3.85%	3.33%	3.08%
CAPEX / EBITDA (%)	71.52%	42.51%	38.34%	28.41%	25.07%	34.82%	30.42%	28.36%
CAPEX / FCF (%)	171.39%	53.28%	185.96%	29.88%	43.49%	88.09%	49.49%	75.92%
Items per share
Cash flow per share ¹	2.218	3.385	1.6	3.64	2.4	2.902	3.304	3.188
Change	-	52.63%	-52.74%	127.5%	-34.07%	20.92%	13.86%	-3.52%
Dividend per Share ¹	0.2	0.3	0.4	0.683	0.617	0.6828	0.7109	0.7598
Change	-	50%	33.33%	70.75%	-9.66%	10.67%	4.12%	6.88%
Book Value Per Share ¹	9.385	10.89	12.38	14.22	15.22	16.56	17.99	19.36
Change	-	16.03%	13.71%	14.85%	7.04%	8.78%	8.68%	7.61%
EPS ¹	0.92	1.47	1.71	1.96	1.76	1.895	2.034	2.16
Change	-	59.78%	16.33%	14.62%	-10.2%	7.68%	7.33%	6.17%
Nbr of stocks (in thousands)	46,10,461	47,26,548	47,36,113	47,83,252	47,83,535	47,83,535	47,83,535	47,83,535
Announcement Date	22/01/21	08/03/22	10/03/23	08/03/24	28/02/25	-	-	-